Beam Global (NASDAQ:BEEM) Q2 2024 Earnings Conference Call August 13, 2024 4:30 PM ET

Company Participants

Desmond Wheatley - Chairman, President, Chief Executive Officer
Lisa Potok - Chief Financial Officer

Conference Call Participants

Sameer Joshi - HC Wainwright
Andrew Brennan - ROTH Capital
Noel Parks - Tuohy Brothers
Tate Sullivan - Maxim Group

Operator

Good day, and welcome to the Beam Global Second Quarter 2024 Operating Results 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 Lisa Potok, Chief Financial Officer. Please go ahead.

Lisa Potok

Hi, good afternoon and thank you for participating in Beam Global's second quarter of ‘24 operating results conference call. We appreciate you joining us today to hear an update on our business.

Joining me is Desmond Wheatley, our President, CEO and Chairman of Beam. Desmond will be providing an update on recent activities at Beam followed by a question-and-answer section.

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 and 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, August 13, 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 second quarter of ‘24. Our second quarter revenues of $14.8 million, increasing 2% over Q1 of ‘24. 31% of our revenue in second quarter was derived from commercial customers.

For the six-month ended June 30th of ‘24, our revenues were $29.4 million. We have a backlog of $11 million, and our pipeline of prospective customers has increased to over $183 million, although we cannot be sure of when or if those prospective orders will turn into actual sales.

We generated a record gross margin for the second quarter in a row with a gross margin of 16%. The margin improved six percentage points compared to Q1 of ‘24. Our gross profits included a $300,000 for non-cash depreciation and intangible amortization, which negatively impacts our profits. Net of these non-cash items, our gross margin was 18%.