By Stephen Nakrosis
Shares of Beam Global were trading higher after the company reported a narrower loss per share for 2024, and the chief executive said there are excellent opportunities for growth this year.
The stock rose 11% to $1.95 in post-market trading, after ending the day's regular session up 4.1% at $1.76. The stock touched a 52-week low of $1.50 this week, and has dropped 44% this year.
Beam reported a loss per share of 77 cents for 2024, compared with a loss per share of $1.30 the previous year.
Revenue fell 27% to $49.3 million from $67.4 million in 2023. Beam said that was more than double any previous year's revenue in the company's history, excluding 2023.
"We believe that the decrease in revenue is a result of order timing, uncertainty in the U.S. government's zero emission vehicle strategy related to the presidential election," Chief Executive Officer Desmond Wheatley said. "These matters have mainly impacted our larger federal customers, and we do not believe that they signify any fundamental reduction in global demand for our products."
Wheatley also said Beam believes its geographic and product portfolio expansions provide it with opportunities for growth this year, in spite of political and economic uncertainty in the U.S.
Beam Global is a provider of sustainable infrastructure products and technologies for electric vehicle charging, energy storage, and other industries.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 11, 2025 18:54 ET (22:54 GMT)
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