Beam Global (NASDAQ:BEEM) Q3 2024 Results Conference Call November 15, 2024 4:30 PM ET
Company Participants
Lisa Potok - Chief Financial Officer
Desmond Wheatley - Chairman, President, Chief Executive Officer
Conference Call Participants
Tate Sullivan - Maxim Group
Noel Parks - Tuohy Brothers
Operator
Hello, and welcome to the Beam Global Third Quarter 2024 Operating Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to hand the call to Lisa Potok, Chief Financial Officer. Please go ahead.
Lisa Potok
Hi. Good afternoon and thank you for participating in Beam Global's third quarter ‘24 operating results conference call. We appreciate you joining us today to hear an update on our business.
Joining me is Desmond Wheatley, the President, CEO and Chairman of Beam. Desmond will be providing an update on recent activities at Beam 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 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 10-Q and other periodic -- I'm sorry, 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, November 15, 2024, except as required by law being disclaimed any obligations to publicly update or revised 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 being's third quarter of 2024.
Our third quarter revenues are $11.5 million. This is the second highest third quarter revenues in the history of the company, 47.9% of our revenue in third quarter was derived from commercial customers. This is an increase of 80% over quarter three of 2023. For the nine months into September 30th of ‘24, our revenues for $41 million. We have grown our pipeline of prospective customers to over $200 million, although we cannot be sure of when or if those prospective orders will turn into actual sales.
Our backlog is $7 million for the USA and an additional $3.6 million for Europe for a total of $10.6 million as of November 7th. We generated GAAP gross margin of 10.7% compared to 1.7% in 2023, so we have an improvement of 9 percentage points compared to Q3 of ‘23. Our gross profits, non-GAAP included $800,000 for non-cash depreciation and intangible amortization, which negatively impacts our profits. Net of these non-cash items, our gross margin would've been 17.6%, this is non-GAAP.