Beam Global (NASDAQ:BEEM) reported a sharply lower first-quarter revenue total but said its backlog grew and early second-quarter activity suggests a rebound, as management pointed to order timing, international expansion and new product applications as key factors shaping 2026.
Chief Financial Officer Lisa Potok said revenue for the first quarter of 2026 was $3.1 million, down 51% from $6.3 million in the first quarter of 2025. She attributed the decline to two large orders moving out of the quarter, seasonal weakness in European operations and “the ongoing reduction in federal government EV spending.”
“Perhaps most importantly, our Q2 2026 revenue through today has already exceeded our 1st quarter results, a clear signal that the business is accelerating,” Potok said.
Revenue Drops, But Backlog Builds
President, CEO and Chairman Desmond Wheatley said the first-quarter revenue result was “not what we’d like” but argued it did not reflect a fundamental weakness in the business. He said the first quarter has historically been slow for the company, particularly in Europe, where holidays and weather can delay deployments of streetlights, traffic portals and other infrastructure products.
Wheatley said two large EV ARC deployments shifted from the first quarter into the second quarter, adding that the company had not lost the orders and expects to recognize the revenue. He also said Beam had expected more material revenue from its new Middle East operations, but that regional activity was slowed by the war in the Middle East.
“Those, like everything else in the region, seem to have been put on hold while the authorities and decision-makers prioritize dealing with the immediate impact of the war,” Wheatley said.
Still, Wheatley said the company made its first EV ARC sale for public charging in Abu Dhabi after the quarter, and later told analysts that a unit displayed at a trade event was sold and deployed to a customer within 24 hours of the event’s close.
Margins Pressured By Lower Volume
Potok said Beam reported a gross loss of $4.4 million, or negative 13.3%, compared with gross profit of $0.5 million, or 7.9%, in the prior-year period. She said gross results included $0.7 million of non-cash depreciation and intangible amortization in cost of revenues. Excluding those items, adjusted non-GAAP gross margin was 9.4%, compared with 20.6% a year earlier.
Wheatley said the lower gross margin reflected fixed overhead being spread across fewer delivered units, not weakening unit economics. He said unit economics continue to improve and are “currently running at greater than 30% across our entire portfolio,” with EV ARC unit economics closer to 40%, particularly when produced in Serbia.
Operating expenses were $6.3 million, compared with $16 million in the first quarter of 2025. Potok noted that the prior-year quarter included a $10.8 million non-cash goodwill impairment charge. Excluding that charge, operating expenses rose by about $1 million, primarily due to a $1.8 million non-cash provision for credit losses tied to a single customer balance.
Net loss was $6.9 million, compared with a net loss of $15.5 million a year earlier. Potok said the 2026 first-quarter loss included $3.5 million of non-cash charges. Excluding those items, non-GAAP net loss was $3.7 million, compared with $3 million in the first quarter of 2025.
International and Commercial Sales Grow
Beam said international customers accounted for 51% of first-quarter revenue, up from 25% in the year-earlier quarter. Revenue from non-government commercial entities increased 48% year over year and represented 78% of total revenue.
Wheatley framed those figures as evidence that Beam’s diversification strategy is working as U.S. federal government orders for EV charging products have stopped. “Simply put, even absent what was previously our largest customer contributing to our revenues, we’re returning to growth in sales and backlog,” he said.
Potok also highlighted several operational developments during the quarter and shortly thereafter, including:
- A first EV ARC sale in Abu Dhabi for public EV charging.
- The launch of a patented autonomous wireless charging system for autonomous vehicles.
- Selection to supply patented battery systems for drones.
- A record $1.7 million in Beam Europe smart city infrastructure orders in one week across Romania, Croatia, Montenegro, Serbia and Italy.
- The company’s largest residential EV ARC order to date in New York.
Management Highlights Autonomous Vehicles, Drones and Africa
Wheatley said the company is especially focused on opportunities in autonomous vehicles and drones. He argued that autonomous vehicle operators face a charging challenge because current models often rely on centralized depots where vehicles must be plugged in manually. Beam’s patented wireless off-grid charging technology, he said, could allow autonomous fleets to recharge throughout their service zones.
On drones, Wheatley said Beam is producing batteries for unmanned vehicles operating in the air, on land and on or under water. He said some customer work cannot be discussed publicly because of confidentiality, but described the market as early-stage and rapidly growing.
During the question-and-answer session, Wheatley said Beam’s Beamflight product could support off-grid drone operations in areas such as wildlife protection, military or contested environments, and industrial monitoring. He also discussed potential use of Beam Patrol, a package that includes electric motorcycles and off-grid charging, for law enforcement and anti-poaching applications.
Wheatley also described recent meetings in East Africa with government officials, United Nations representatives, nongovernmental organizations and commercial enterprises. He said Beam’s ability to deploy power and mobility infrastructure without construction or electrical work drew interest in those markets, but he did not announce specific African orders on the call.
Liquidity Remains a Focus
Potok said Beam’s working capital decreased by $2.7 million to $6.2 million at March 31. Excluding the non-cash credit loss provision, she said the underlying operational decrease was about $0.9 million. Cash increased by $1 million during the quarter.
Both Potok and Wheatley emphasized that Beam remains debt-free, with no going-concern qualification and an unused $100 million credit facility. Wheatley said the company has sufficient cash and working capital to continue pursuing the opportunities outlined on the call.
“We continue to be debt-free, except for a couple of vehicle leases, and have sufficient cash and working capital to continue to execute,” Wheatley said.
About Beam Global (NASDAQ:BEEM)
Beam Global (NASDAQ:BEEM) is a developer of solar-powered infrastructure solutions designed to support the transition to clean energy and electric transportation. Headquartered in California, the company specializes in producing off-grid EV charging units, solar canopy systems and energy storage solutions that can be rapidly deployed in urban, rural and remote environments. By integrating photovoltaic panels with battery storage and charging hardware, Beam Global’s products aim to reduce reliance on grid power and lower carbon emissions at charging locations.
The company’s flagship product, EV ARC, is a standalone, solar-powered electric vehicle fast-charging kiosk that requires no construction, trenching or utility upgrades.
