BEEM

Beam Global is a going concern in the literal filing sense. The 10-K states outright that if the company cannot raise capital it 'could be required to seek dissolution and liquidation, bankruptcy protection or other alternatives that would likely result in our shareholders losing some or all of their investment.' That is not boilerplate given the numbers: the company exited FY2025 with just $969K of cash (down 78.8% YoY) against operating cash flow of -$10.5M. Even stripping the $15.3M of non-cash charges from the $27.0M net loss, the cash-consumptive loss is roughly $11.7M — more than ten times the cash on hand. The only way out is an equity raise, and shares already grew 36.4% in a single year; further dilution at a $27.3M market cap will be severe.

The business itself is contracting, not just the balance sheet. Revenue fell 42.8% to $28.2M, and the trajectory since the FY2023 peak of $67.4M is a two-year collapse (67.4M → 49.3M → 28.2M). MD&A attributes this to federal customers falling from ~30% of revenue in 2024 to under 5% in 2025 as 'federal executive priorities' reversed electrification initiatives and EV tax credits expired. Management's diversification pitch — non-government revenue rising to 72% and international to 42% via the Serbian/Amiga/Telcom acquisitions — is real but did not stop total revenue from nearly halving; commercial revenue grew only 8% while the federal channel evaporated. The 'increased pipeline' is explicitly unconverted: 'we cannot be sure of when, or if, those prospective orders will turn into actual sales.'