Beam Global (NASDAQ:BEEM) Q3 2023 Earnings Conference Call November 14, 2023 8:30 AM ET
Company Participants
Kathy McDermott - Chief Financial Officer
Desmond Wheatley - Chairman, Chief Executive Officer & President
Conference Call Participants
Tate Sullivan - Maxim Group
Chris Souther - B. Riley
James McCulloch - Private Investor
Abhi Sinha - Northland Capital
Noel Parks - Tuohy Brothers Investment Research
Chris Pierce - Needham & Company
Operator
Good day, and welcome to the Beam Global Third Quarter 2023 Financial Results and Corporate Update. All participants will be in listen-only mode. [Operator Instructions] I would now like to turn the conference over to Kathy McDermott, CFO. Please go ahead.
Kathy McDermott
Thank you. Good morning, and thank you for participating in Beam Global's 2023 third quarter conference call this early morning. We appreciate you joining us today to hear an update on our business. Joining me is Desmond Wheatley, President, CEO and Chairman of the Board of Beam Global. Desmond will be providing an update on recent activities at being followed by 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 seems 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 until - only through today, November 14, 2023. Except as required by law, be disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.
Next, I'd like to provide an overview of our financial results for beam third quarter and the first 9 months of 2023. The revenues for the third quarter of 2023 continued strong at $16.5 million, a 149% increase over $6.6 million revenue reported in the third quarter of 2022. Revenues for the first 9 months of 2023 were $47.3 million, a 236% increase over $14.1 million reported for the same period in 2022.
Our revenue growth in 2023 is primarily driven by an increase in deliveries to federal agencies. We also increased our energy storage revenues by $2.5 million year-to-date compared to the same period in 2022. 10% of our revenues year-to-date are international sales, primarily for our energy storage business, but we're looking forward to beginning production of EV ARCs [ph] at our new Serbian facility to expand our EV charging sales into Europe.