Beam Global (BEEM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $3.1 million, down 51% year-over-year due to order timing, seasonality, and reduced US federal EV spending, while backlog grew 50% to $9 million, driven by smart city and energy storage applications.

• Q2 2026 revenue to date has already surpassed Q1, indicating accelerating business momentum.

• International customers accounted for 51% of Q1 2026 revenue, up from 25% in Q1 2025, with commercial (non-government) sales representing 78%.

• First EV ARC sale in Abu Dhabi, record smart city infrastructure orders in Europe, and largest residential EV ARC order in New York.

• Company remains debt-free with a $100 million unused credit facility.

Financial highlights

• Q1 2026 revenue was $3.1 million, down from $6.3 million in Q1 2025.

• Gross loss of $0.4 million (gross margin -13.3%) versus a $0.5 million gross profit (7.9%) in Q1 2025.

• Adjusted non-GAAP gross margin was 9.4%, down from 20.6% in the prior year.

• Net loss was $6.9 million (including $3.5 million non-cash charges); non-GAAP net loss was $3.7 million, compared to $3 million in Q1 2025.

• Working capital was $6.2 million at March 31, 2026; cash increased by $1 million during the quarter to $2 million.

Outlook and guidance

• Revenue and backlog are expected to grow, with Q2 already matching or exceeding Q1 revenue halfway through the quarter.

• Management expects margin improvement as sales volumes recover and cost reduction initiatives continue.

• Diversification strategy is driving geographic and product expansion, with expectations for increased global demand for EV infrastructure.

• Expects significant contributions from autonomous vehicle charging and drone markets.

• Middle East conflict has delayed some opportunities, but resolution could unlock further growth.