Beam Global Files 2023 Annual Report on Form 10-K

TL;DR

<b>Beam Global has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

Beam Global (BEEM) filed a Annual Report (10-K) with the SEC on April 16, 2024. Beam Global filed its 2023 Form 10-K on April 16, 2024, reporting on the fiscal year ending December 31, 2023. The company was formerly known as Envision Solar International, Inc. and Casita Enterprises, Inc. Beam Global is incorporated in Nevada (NV). The company's principal business address is 5660 Eastgate Drive, San Diego, CA 92121. The filing includes data related to common stock, warrants, and financial statement components for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Beam Global, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Beam Global's financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical financial data, including revenue, net income, and debt levels, as presented in this filing, is essential for making informed investment decisions and evaluating potential risks.

Risk Assessment

Risk Level: medium — Beam Global shows moderate risk based on this filing. The filing indicates potential customer concentration risk, with specific customers accounting for significant portions of sales revenue and accounts receivable in 2023, which could impact financial stability if these relationships deteriorate.

Analyst Insight

Investors should closely examine Beam Global's revenue streams and customer diversification strategies to understand the sustainability of its growth and mitigate risks associated with customer concentration.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-16 — Filing Date (As of date)
• 2023-01-01 — Fiscal Year Start (Fiscal year for the report)
• 2022-12-31 — Prior Fiscal Year End (Comparison period)

Key Players & Entities

• Beam Global (company) — Filer name
• Envision Solar International, Inc. (company) — Former company name
• Casita Enterprises, Inc. (company) — Former company name
• NV (location) — State of incorporation
• 5660 Eastgate Drive (address) — Business address
• San Diego (location) — City in business address
• CA (location) — State in business address
• BEEM (ticker) — Ticker symbol

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to significant reliance on a few customers for a substantial portion of its sales revenue and accounts receivable, as detailed for Customers 1, 2, and 3 in 2023.

Industry Context

Beam Global operates in the renewable energy sector, focusing on solar-powered EV charging infrastructure and energy storage solutions.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Review Beam Global's detailed financial statements for the fiscal year 2023.
2. Analyze the company's customer concentration risk and its mitigation strategies.
3. Assess Beam Global's operational performance and future growth prospects based on the 10-K disclosures.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the annual overview of the company's financial and operational status.

Key Financial Figures

• $0.001 — market on which traded Common stock, $0.001 par value BEEM Nasdaq Capital Market
• $41.1 billion — y market size is projected to grow from $41.1 billion in 2021 to $116.6 billion by 2030; and
• $116.6 billion — d to grow from $41.1 billion in 2021 to $116.6 billion by 2030; and it is expected to grow at
• $150 billion — er outages cost the United States up to $150 billion per year according to the United States

Filing Documents

• beam_i10k-123123.htm (10-K) — 1237KB
• beam_ex0401.htm (EX-4.1) — 24KB
• beam_ex2101.htm (EX-21.1) — 2KB
• beam_ex2301.htm (EX-23.1) — 2KB
• beam_ex2302.htm (EX-23.2) — 2KB
• beam_ex3101.htm (EX-31.1) — 10KB
• beam_ex3102.htm (EX-31.2) — 10KB
• beam_ex3201.htm (EX-32.1) — 4KB
• beam_ex3202.htm (EX-32.2) — 4KB
• beam_ex9701.htm (EX-97.1) — 59KB
• 0001683168-24-002470.txt (&nbsp;) — 6964KB
• beem-20231231.xsd (EX-101.SCH) — 53KB
• beem-20231231_cal.xml (EX-101.CAL) — 71KB
• beem-20231231_def.xml (EX-101.DEF) — 269KB
• beem-20231231_lab.xml (EX-101.LAB) — 480KB
• beem-20231231_pre.xml (EX-101.PRE) — 419KB
• beam_i10k-123123_htm.xml (XML) — 924KB

Business

Business 2 ITEM 1A

Risk Factors

Risk Factors 14 ITEM 1B Unresolved Staff Comments 24 ITEM 1C Cybersecurity 24 ITEM 2

Properties

Properties 25 ITEM 3

Legal Proceedings

Legal Proceedings 25 ITEM 4 Mine Safety Disclosures 25 PART II 26 ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 2 6 ITEM 6 [Reserved] 26 ITEM 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 ITEM 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 33 ITEM 9A

Controls and Procedures

Controls and Procedures 33 ITEM 9B Other Information 35 ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III 36 ITEM 10 Directors, Executive Officers and Corporate Governance 36 ITEM 11

Executive Compensation

Executive Compensation 36 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 ITEM 13 Certain Relationships and Related Transactions, and Director Independence 36 ITEM 14 Principal Accounting Fees and Services 36 PART IV 37 ITEM 15 Exhibits and Financial Statement Schedules 37 ITEM 16 Form 10-K Summary 40 i PART I References in this Report to "we," "us," "our," the "Company" or "Beam" means Beam Global, a Nevada corporation, and its subsidiaries. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking other matters, as well as management's beliefs and assumptions and other statements regarding matters that are not historical facts. These "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "should," "would," "could," "will," "opportunity," "potential" or "may," and variations of such words or other words that convey uncertainty of future events or outcomes, we are making forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause the Company's actual results to be materially different from any future results expressed or implied by the Company in those statements. The most important factors that could prevent the Company from achieving its stated goals include, but are not limited to, the following: (a) volatility or decline of the Company's stock price, or absence of stock price appreciation; (b) fluctuation in quarterly res

forward-looking statements

forward-looking statements. The forward-looking statements made in this annual report on Form 10-K relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances or to reflect new information or the occurrence of unanticipated events, except as required by law. ITEM 1. BUSINESS. Overview Beam is a clean-technology innovation company headquartered in San Diego, California with factories in San Diego, Chicago and Kraljevo, Serbia in Europe. We develop, manufacture, and sell high-quality, renewably energized products for electric vehicle charging infrastructure, energy storage, energy security, disaster preparedness, street lighting, telecommunications, and energy infrastructure. Our Electric Vehicle (EV) charging infrastructure products are powered by locally generated renewable energy and enable vital and highly valuable services in locations where it is either too expensive, disruptive, or impossible to connect to a utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable. We do not compete with EV charging companies; rather, we assist these companies by offering infrastructure solutions that replace the time consuming and expensive process of construction and electrical work which are usually required to install traditional grid-tied EV chargers. We also do not compete with utility companies. Our products enable utilities and others to deliver reliable and low-cost electricity to EV chargers and, in the case of a grid failure, to first responders and others, through our integrated emergency power panels. We also provide energy storage technologies that make commodity battery cells safer, longer lasting and more energy efficient. Our battery management systems (BMS), and associated packaging, make batteries safer and usable in a variety of mobility, energy-security, and stationa

View Full Filing

View this 10-K filing on SEC EDGAR