Needham Reiterates Hold Rating on Beam Global (BEEM)

Needham analyst Vikram Bagri reiterated a Hold rating on Beam Global (NASDAQ: BEEM).

The analyst commented: "We reiterate our Hold rating post Q4 results and company commentary. BEEM missed consensus revenue estimates, citing elevated uncertainty among government clients for the second consecutive quarter, with government revenues accounting for ~60% of BEEM's '24 revenues. Similarly to Q3, gross margins were a bright spot, with BEEM flexing pricing power and manufacturing efficiencies. BEEM is leaning in to newer product lines beyond their higher ticket EV ARC product, but the timing and magnitude of potential new revenue streams is more unknown than known at this time. We reiterate our Hold rating, with revenue visibility likely to remain low given current DC posturing towards renewables and EV adoption, with BEEM's geographic and end market expansion unable to offset EV ARC softness at this time."

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Shares of Beam Global closed at $1.76 yesterday.

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