BEEM

Beam Global

NASDAQ · TECHNOLOGY · MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES

0.91

−0.02 −2.36%

USD · close Oct 23

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MKT CAP $20.6MP/E —DIV YIELD —FCF YIELD -62.77%REV TTM $26.5M −20.5%NET INCOME −$17.1MNET DEBT $133K52W 0.87 – 3.01SEC XBRL · TTM TO Invalid Date

How BEEM rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

58%

of sentences unchanged

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new sentences

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sentences removed

Length

−174

words, now 8,188

New in FY2025

For our fiscal years ended December 31, 2025 and December 31, 2024, we experienced net losses of $27.0 million and $11.3 million, respectively, including cash and non-cash expenses under generally accepted accounting principles.
Non-cash expenses including depreciation, amortization, non-cash compensation and contingent consideration included in the above losses are $ 15.3 million a nd $1.1 million for fiscal years ended December 31, 2025 and December 31, 2024, respectively.
Further, as of December 31, 2025, we had an accumulated deficit of $131.6 million.
Our revenues are sometimes concentrated in a small number of customers and our revenue may decrease significantly if we were to lose one of these customers .
We have a few large customers including the City of Dallas, Upscale Developers, and US Department of State that gen erated 4%, 3%, and 3%, respectively, of revenues in 2025.
Our customer concentration may fluctuate from period to period based on the timing and size of customer orders, which are often project-based in nature.
The loss of any significant customer, a reduction in orders, delays in customer purchasing decisions, changes in government funding or procurement priorities, or the inability to replace such customers with new customers on comparable terms could result in significant revenue volatility and could materially adversely affect our business, results of operations and financial condition.
Our revenue growth, in part, depends on consumers ’ willingness to adopt EVs.
Our growth is highly dependent upon the adoption of EVs.
As part of our business strategy, we intend to make acquisitions to add complementary companies, products or technologies, such as our acquisitions of All Cell, Amiga and Telcom and joint ventures such as with The Platinum Group.
Our acquisitions and joint ventures may not achieve our goals, and we may not realize benefits from any acquisition or joint venture.
We would expect to finance any future acquisitions or joint venture through one or a combination of equity, debt or cash from operations.
The sale of equity to finance any such acquisition or joint venture could result in dilution to our stockholders.
In the future, we may not be able to find other suitable acquisition or joint venture candidates, and we may not be able to complete acquisitions or joint ventures on favorable terms, if at all.
Our acquisition and joint venture strategy could require significant management attention, disrupt our business and harm our business, revenue and financial results.
We may also encounter significant difficulties in integrating the joint venture and acquisitions with Beam Global and its operations.
Amiga and Telcom are private Serbian companies were not subject to an audit by an accounting firm under U.S.
GAAP standards and were not previously subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC or other corporate governance requirements.
GAAP standards and have not been subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC, or other corporate governance requirements to which public reporting companies may be subject.
Our inability to successfully integrate our acquisitions could adversely affect our operations and may require additional financing.
The integration of our acquisitions requires significant management attention and resources and may divert focus from other strategic priorities.
We may encounter operational, financial and administrative challenges in integrating these businesses, including aligning systems, controls and processes.
We have experienced operating losses and may require additional financing to support our operations and integration efforts.
There can be no assurance that we will successfully integrate these acquisitions or realize the anticipated benefits, and any failure to do so could adversely affect our business, financial condition and results of operations.
As a result of the acquisitions of Amiga and Telcom, Beam Global expects to generate an increasing portion of its revenue internationally in the future and may become subject to various additional risks relating to its international activities, which could adversely affect its business, operating results and financial condition.
Beam Global has limited experience operating internationally and, though we have retained the majority of the local management, former owners and teams who are familiar with operating in their respective regions, engaging in international business involves a number of difficulties and risks, including: ● the challenges associated with building local brand awareness, obtaining local key opinion leader support and clinical support, implementing reimbursement strategies and building local marketing and sales teams; ● required compliance with foreign regulatory requirements and laws, including regulations and laws; ● trade relations among the U.S. and those foreign countries in which Beam Global’s future customers, distributors, manufacturers and suppliers have operations, including protectionist measures such as tariffs and import or export licensing requirements, whether imposed by the U.S. or such foreign countries; ● difficulties and costs of staffing and managing foreign operations; ● difficulties protecting, procuring or enforcing intellectual property rights internationally; ● required compliance with anti-bribery laws, such as the U.S.
In the event that Beam Global dedicates significant resources to its international operations and is unable to manage these risks effectively, Beam Global’s business, operating results and financial condition may be adversely affected.
With the acquisitions in Serbia and our recent growth into the Middle East, we are subject to foreign currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenues.
In addition, since our financial statements are denominated in U.S. dollars, changes in foreign currency exchange rates, especially the Euro, the Serbian Dinar and the UAE Dirham, between the U.S. dollar and other currencies will impact our results of operations, financial condition, and cash flows.
A significant portion of our revenue is derived from our core product category, and a decline in demand for these products could adversely affect our business.
We have historically been dependent on revenues from our EV ARC™ products for a substantial portion of our revenue.
While we have expanded our product offerings to include new products such as BeamBike™ and BeamSpot™, energy storage products following our acquisition of All Cell Technologies, Inc. in 2022, steel structures with integrated electronics from our acquisition of Amiga d.o.o Belgrade in 2023, and specialized power electronics from our acquisition of Telcom in 2024, there can be no assurance that these products will achieve or maintain market acceptance or generate significant revenue.
If demand for our EV ARC™ products declines, or if our newer products fail to gain traction, our business, results of operations, financial condition and liquidity could be materially adversely affected.
Changes in trade policy, including the imposition or expansion of tariffs, export controls, sanctions and other trade restrictions, could increase our costs, disrupt our supply chain and adversely affect our business.
Trade policies in the United States and other jurisdictions are rapidly evolving and may result in the imposition, expansion or modification of tariffs, duties, import or export restrictions, sanctions or other trade barriers affecting the products we purchase or sell.
While certain of our current suppliers or components may not be subject to existing tariffs or may benefit from exemptions, such exemptions may be reduced or eliminated, and new tariffs or restrictions may be imposed on additional components, including those used in our batteries and electronic systems.
In recent periods, the United States has imposed tariffs and other trade measures on imports from China and may expand such measures to additional countries or products.
Ongoing trade tensions, including between the United States and China, and the potential for retaliatory actions by affected countries, create uncertainty and may further disrupt global supply chains, increase costs, limit the availability of components, delay shipments or require us to identify alternative suppliers, which may not be available on favorable terms or at all.
The imposition or expansion of tariffs or other trade restrictions could increase our cost of goods sold and reduce our margins.
If we seek to pass increased costs on to our customers, demand for our products may decline.

and 28 more.

Gone since FY2024

For our fiscal years ended December 31, 2024 and December 31, 2023, we experienced net losses of $11.3 million and $16.1 million, respectively, including cash and non-cash expenses under generally accepted accounting principles.
Non-cash expenses including depreciation, amortization, non-cash compensation and contingent consideration included in the above losses are $1.1 million and $4.3 million for fiscal years ended December 31, 2024 and December 31, 2023, respectively.
Further, as of December 31, 2024, we had an accumulated deficit of $104.6 million.
Our revenues are concentrated in a small number of customers and our revenue may decrease significantly if we were to lose one of these customers .
We have a few large customers including the U.S.
Army and the Department of Homeland Security that generated 15% and 7%, respectively, of revenues in 2024.
In addition, we were awarded several federal contracts in 2022, that may not be renewed in the future.
The contract with the State of California can be used by a diverse group of state and local agencies within the state or across the country for the purchase of our products.
The receipt of orders under this contract has been irregular and can create fluctuation in our revenues.
In addition, there is no obligation for this customer to purchase any additional units, or to renew the contract when it expires.
The State of California contract will expire on June 23, 2025.
Our revenue growth, in part, depends on consumers’ willingness to adopt electric vehicles.
Our growth is highly dependent upon the adoption of electric vehicles (“EV”).
As part of our business strategy, we intend to make acquisitions to add complementary companies, products or technologies, such as our acquisitions of All Cell, Amiga and Telcom.
Our acquisitions may not achieve our goals, and we may not realize benefits from any acquisition.
We would expect to finance any future acquisitions through one or a combination of equity, debt or cash from operations.
The sale of equity to finance any such acquisitions could result in dilution to our stockholders.
In the future, we may not be able to find other suitable acquisition candidates, and we may not be able to complete acquisitions on favorable terms, if at all.
Our acquisition strategy could require significant management attention, disrupt our business and harm our business, revenue and financial results.
We may also encounter significant difficulties in integrating Amiga with Beam and its operations.
Amiga and Telcom are private Serbian companies that have not been subject to an audit by an accounting firm under U.S.
GAAP standards and has not previously been subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC or other corporate governance requirements.
GAAP standards and has not been subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC, or other corporate governance requirements to which public reporting companies may be subject.
Our inability to successfully integrate Amiga and Telcom’s operations could adversely affect our operations; potential need for additional financing.
Our acquisitions require significant attention and resources, which could reduce the likelihood of achievement of other corporate goals.
We have experienced significant operating losses.
As a result, we may need additional financing to help fund our business and satisfy our obligations, which will require additional management time to address.
There is no assurance that we will realize the benefits of the acquisitions that we hope will be achieved.
As a result of the acquisitions of Amiga and Telcom, Beam expects to generate an increasing portion of its revenue internationally in the future and may become subject to various additional risks relating to its international activities, which could adversely affect its business, operating results and financial condition.
Beam has limited experience operating internationally and engaging in international business involves a number of difficulties and risks, including: · the challenges associated with building local brand awareness, obtaining local key opinion leader support and clinical support, implementing reimbursement strategies and building local marketing and sales teams; · required compliance with foreign regulatory requirements and laws, including regulations and laws; · trade relations among the United States and those foreign countries in which Beam’s future customers, distributors, manufacturers and suppliers have operations, including protectionist measures such as tariffs and import or export licensing requirements, whether imposed by the United States or such foreign countries; · difficulties and costs of staffing and managing foreign operations; · difficulties protecting, procuring or enforcing intellectual property rights internationally; · required compliance with anti-bribery laws, such as the U.S.
In the event that Beam dedicates significant resources to its international operations and is unable to manage these risks effectively, Beam’s business, operating results and financial condition may be adversely affected.
With the acquisitions in Serbia, we are subject to foreign currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenues.
In addition, since our financial statements are denominated in U.S. dollars, changes in foreign currency exchange rates, especially the Euro and the Serbian Dinar, between the U.S. dollar and other currencies will impact our results of operations, financial condition, and cash flows.
A significant portion of our revenue is derived from our core product category.
We are dependent on revenues from our EV ARC™ products to be successful in the future.
We also have energy storage products following our acquisition of All Cell Technologies, Inc. in 2022, steel structures with electronic integration from our acquisition of Amiga d.o.o Belgrade in 2023, specialized power electronics from our acquisition of Telcom in 2024, we offer our Solar Tree® product and we intend to bring our BeamSpot™ product to market, no assurance can be given that our sales will continue to have market acceptance or that they will continue to grow in the future.
The loss or reduction of sales of this product category could have a material adverse effect on our business, results of operations, financial condition, and liquidity.
Tariffs imposed pursuant to Section 201 of the Trade Act of 1974 could significantly and adversely affect our business, revenues, margins, results of operations, and cash flows.
We currently have no plans to use solar modules which are subject to tariffs, however on January 23, 2018, the President of the United States issued Proclamation 9693, which approved recommendations to impose safeguard tariffs on imported solar cells and modules, based on the investigations, findings, and recommendations of the U.S.
International Trade Commission (the “International Trade Commission”).

and 39 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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