Beam Global (NASDAQ:BEEM) Q4 2022 Earnings Conference Call March 29, 2023 4:30 PM ET
Company Participants
Kathy McDermott - Chief Financial Officer
Desmond Wheatley - President, Chief Executive Officer and Chairman
Conference Call Participants
Christopher Souther - B. Riley
Tate Sullivan - Maxim Group
Craig Irwin - Roth MKM
Noel Parks - Tuohy Brothers Investment Research
Abhi Sinha - Northland
Operator
Good day, and welcome to the Beam Global Year-End 2022 Financial Results and Corporate Update Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Kathy McDermott, CFO. Please go ahead.
Kathy McDermott
Great. Thank you very much. Good afternoon, and thank you for participating in Beam Global's 2022 year-end conference call. We appreciate you joining us today to hear an update on our business.
Joining me is Desmond Wheatley, President, CEO and Chairman of Beam. Desmond will be providing an update on recent activities at Beam, and also following that will be a question-and-answer session.
But first, I'd like to communicate to you that during this call, management will be making forward-looking statements, including statements that address Beam's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports filed with the SEC.
The content of this call contains time-sensitive information that is accurate only as of today, March 29, 2023. Except as required by law, Beam disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.
Next, I would like to provide an overview of our financial results for Beam's fourth quarter and year ended December 31, 2022.
Revenues for the fourth fiscal quarter of 2022 set a new record for the company of $7.9 million, a 126% increase over $3.5 million reported in Q4 of 2021. Revenues for the year ended December 31, 2022 were a record $22 million, a 144% increase over $9 million reported in the same period of 2021.
The increase in revenue was driven primarily by increased sales to federal, state and local customers, which is benefited from federal and state funding programs as well as our GSA contract, which streamlines the contracting process. Revenues have also increased enterprise customers for fleets and workplace charging, and we also recorded revenues of $5.2 million for our energy storage business from our recent acquisition of All Cell Technologies.