Beam Global (NASDAQ:BEEM) Q4 2023 Results Conference Call April 17, 2024 4:30 PM ET

Company Participants

Lisa Potok - CFO
Desmond Wheatley - President, CEO and Chairman

Conference Call Participants

Christopher Souther - B. Riley
Sameer Joshi - HC Wainwright
Tate Sullivan - Maxim Group

Operator

Good day, everyone, and welcome to the Beam Global Full Year 2023 Operating Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Lisa Potok, CFO. Please go ahead.

Lisa Potok

Hello. Good afternoon, and thank you for participating in Beam Global's 2023 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 followed by a Q&A 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 beams 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, April 17, 2024. 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, 2023. Revenue for the first -- for the fourth fiscal quarter of 2023 set another new record for the company of $20 million, a 154% increase over the $7.9 million reported in Q4 of '22. Revenues for the year ended December of '23, were a record $67.4 million, which was a 206% increase over the $22 million reported in the same period ending 2022. This increase was primarily due to sales to federal state and local customers as a result of large orders received in late 2022 for the U.S. Army, Veterans Affairs, New York City and more.

We recorded revenues of $8.5 million for our energy storage business from our 2022 acquisition of AllCell Technologies and $3.4 million for our new Beam Europe subsidiary as a result of the Amiga acquisition that closed in October of 2023. Our gross profit for the quarter ended December 31 of '23 was $0.4 million or 2% of sales compared to a gross loss of $0.7 million or 9% of sales in the same quarter of the prior year. Gross profit for the year ended December 31 of '23 was $1.2 million or 2% of sales compared to a gross loss of $1.7 million or 7% of sales in the same period for the prior year.