Beam Global (BEEM) 2025 Q1 法說會逐字稿

Good day and welcome to the Beam Global first-quarter 2025 operating results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Beam Global 2025 年第一季營運業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Lisa Potok, Chief Financial Officer. Please go ahead.

現在，我想將會議交給財務長 Lisa Potok。請繼續。

Hi, good afternoon and thank you for participating in Beam Global's first-quarter 2025 operating results conference call. We appreciate you joining us today and hear an update on our business. Joining me is Desmond Wheatley, President and CEO and Chairman of Beam. Desmond will be providing an update on recent activities at Beam, followed by a question-and-answer session.

大家下午好，感謝您參加 Beam Global 2025 年第一季經營業績電話會議。感謝您今天加入我們並了解我們的業務最新進展。與我一起出席的是 Beam 總裁兼執行長兼董事長 Desmond Wheatley。德斯蒙德將介紹 Beam 的最新活動，然後進行問答環節。

But first, I'd like to communicate to you that during this call, management will be making forward-looking statements, including statements that address Beam's expectations for future performance or operational results. Forward-looking statements involve risk and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports filed with the SEC.

但首先，我想告訴大家，在本次電話會議中，管理層將做出前瞻性陳述，包括涉及 Beam 對未來業績或營運結果的預期的陳述。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Beam 最近提交的 10-K 表格和向美國證券交易委員會提交的其他定期報告中描述的風險因素。

The content of this call contains time-sensitive information that is accurate only as of today, May 15, 2025. Except as required by law, being disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次通話內容包含時間敏感訊息，僅截至今天（2025 年 5 月 15 日）準確。除法律要求外，本公司不承擔公開更新或修改任何資訊以反映本次電話會議後發生的事件或情況的義務。

Next, I would like to provide an overview of our financial results for Beam's Q1 of '25. For the first quarter of '25, our revenues were $6.3 million. Our revenues were diverse across commercial entities and state and local governments, with a significant rebalancing towards enterprise customers, whereas 53% of our revenues were derived from commercial customers compared to only 16% in the same period in 2024.

接下來，我想概述一下 Beam 25 年第一季的財務表現。25 年第一季度，我們的營收為 630 萬美元。我們的收入來自商業實體、州和地方政府，並且明顯向企業客戶傾斜，而我們的 53% 收入來自商業客戶，而 2024 年同期這一比例僅為 16%。

Additionally, our international customers comprise 25% of all revenue in Q1 of 25% versus 11% in Q1 of 24%. We believe that this decrease in revenue is mainly a result of the uncertainty in the US government's Zero-Emission-Vehicle strategy related to the Presidential election. Our backlog as of the end of Q1 of '25 is $6.3 million. Our gross profits for Q1 of '25 was $0.5 million or an 8% gross margin versus our gross profit of $1.5 million or 10% gross margin in Q1 of '24. The gross profit included a non-cash negative impact of $1 million for depreciation and amortization of intangible assets resulting from the all-sale acquisition and our gross margin net of these non-cash items, which of course is non-GAAP, was 21% for Q1 of '25 versus 12% in Q1 of '24.

此外，我們的國際客戶在第一季佔總營收的 25%，而上一季為 24%。我們認為，收入的下降主要是由於總統大選導緻美國政府零排放汽車戰略的不確定性。截至 25 年第一季末，我們的積壓訂單為 630 萬美元。我們 25 年第一季的毛利為 50 萬美元，毛利率為 8%，而 24 年第一季的毛利為 150 萬美元，毛利率為 10%。毛利包括全出售收購導致的無形資產折舊和攤銷的 100 萬美元非現金負面影響，扣除這些非現金項目後的毛利率（當然是非 GAAP）為 21%，而 24 年第一季為 12%。

We have continued to recognize the synergies and the positive gross margin contributions from our acquisitions. And we expect the company's revenue to grow in the future and our fixed overhead absorption to continue to improve, resulting in even higher gross margins.

我們繼續認識到收購帶來的協同效應和正面的毛利率貢獻。我們預計公司未來收入將會成長，固定間接費用吸收率將持續提高，從而實現更高的毛利率。

In Q1 of '25, our operating expenses of $16 million included $10.8 million of goodwill impairment. This impairment was recognized because our market capitalization no longer exceeded our net assets at the end of Q1 of '25 due to the decrease in our stock price since December of '24. Our operating expenses net of the non-cash items for Q1 '25 are $4.1 million compared to the Q1 of '24 of $3.8 million, a variance of $200,000 or 6%. The company believes the goodwill impairment reported in Q1 '25 is not a negative indicator of our historic or current operating results and not a negative indicator of future performance, as the company has taken significant steps to diversify its geographical reach and product offerings while focusing on our strategic growth.

2025 年第一季度，我們的營運費用為 1,600 萬美元，其中包括 1,080 萬美元的商譽減損。確認這一減值是因為自 2024 年 12 月以來我們的股價下跌，導致 2025 年第一季末我們的市值不再超過我們的淨資產。我們 25 年第一季扣除非現金項目的營運費用為 410 萬美元，而 2024 年第一季為 380 萬美元，差異為 20 萬美元，即 6%。公司認為，25 年第一季報告的商譽減損並不是我們歷史或當前經營業績的負面指標，也不是未來業績的負面指標，因為公司在專注於策略成長的同時，已採取重大措施實現地域覆蓋和產品供應多元化。

The Q1 '25 net loss of $15.5 million also included the $12.5 million non-cash expense items such as the goodwill impairment that we just discussed, our depreciation and amortization, stock-based comp, and provisions for credit losses in '25 compared to a net loss of $3 million with non-cash expenses of $1.1 million in '24. So the Q1 '25 net loss excluding the non-cash items, which is non-GAAP, was $2.8 million compared to $2.1 million for Q1 of '24.

25 年第一季的淨虧損為 1,550 萬美元，其中還包括 1,250 萬美元的非現金支出項目，例如我們剛剛討論過的商譽減值、折舊和攤銷、股票補償以及 25 年的信貸損失準備金，而 24 年的淨虧損為 300 萬美元，非現金支出為 110 萬美元。因此，25 年第一季不包括非現金項目的淨虧損（非 GAAP）為 280 萬美元，而 24 年第一季為 210 萬美元。

Our cash balance at the end of March was $2.5 million compared to the $4.6 million at the end of '24. And our net cash used for operating activities was $1.8 million for Q1 of '25 compared to $3 million for Q1 of 24. We have historically met our cash needs through a combination of debt and equity financing, and more recently through our increasing gross profit contributions.

我們 3 月底的現金餘額為 250 萬美元，而 24 年底的現金餘額為 460 萬美元。25 年第一季度，我們用於經營活動的淨現金為 180 萬美元，而 24 年第一季為 300 萬美元。我們過去一直透過債務和股權融資相結合的方式來滿足我們的現金需求，最近則透過增加毛利貢獻來滿足我們的現金需求。

I will turn the call over to Desmond to provide a business update.

我將把電話轉給德斯蒙德，讓他提供業務更新資訊。

Thank you, Lisa, and thanks as always to the rest of you who've dialed in to listen to this call or who are joining us through the webinar link.

謝謝你，麗莎，也一如既往地感謝撥入收聽本次電話會議或透過網路研討會連結加入我們的其他各位。

Let me start off by making a couple of important statements. Sales of our flagship product EV ARC increased in the first quarter. We're navigating our way through a series of uncertainties in the US market, and while we're hitting speed bumps along the way, we now believe that we have the pieces in place to return to growth in this quarter and in future quarters.

首先，我要發表幾點重要聲明。我們的旗艦產品 EV ARC 的銷售量在第一季有所成長。我們正在努力應對美國市場的一系列不確定因素，儘管我們一路上遇到了一些障礙，但我們現在相信，我們已經做好了一切準備，能夠在本季和未來幾季恢復成長。

Our Battery business is doing some of the most interesting and promising work it's ever done. Our international expansion strategy is gaining momentum and bearing fruit. We have sufficient cash and working capital to continue to operate the business into the future. We have no debt and no going concern. We're generating gross profits which, net of non-cash items, are still north of 20%. We have proposals out and items in our pipeline which would simply not have been possible this time last year before we introduced our fantastic new product lineup and expanded beyond the US market.

我們的電池業務正在做一些有史以來最有趣、最有前景的工作。我們的國際擴張策略正在蓬勃發展並取得成果。我們擁有足夠的現金和營運資金來繼續經營未來業務。我們沒有債務，也沒有持續經營。我們產生的毛利扣除非現金項目後仍在 20% 以上。我們已經提出了一些提案，並且正在籌備一些項目，而這些在去年這個時候，在我們推出出色的新產品系列並拓展到美國市場以外之前，是根本不可能實現的。

Losing the immediate benefits of US federal government sales has been tough on us, but we are managing through that, and we've created a foundation for growth which is resistant to those sorts of upheavals and which I believe will create opportunities for growth which far outstrip anything that we've ever done before.

失去美國聯邦政府銷售的直接利益對我們來說是艱難的，但我們正在努力克服這一困難，並且我們已經建立了能夠抵禦此類動蕩的增長基礎，我相信這將創造遠遠超過我們以前所做的任何事情的增長機會。

Before I go any further, I'd like to apologize for the late notice that we gave for this earnings call. We usually like to give at least a week's notice prior to these calls. But in this instance, we had some last-minute items clear up with our auditors, and as a result, we did not have certainty that we were going to be filing until closer to this date than we would normally like.

在繼續之前，我想為我們遲遲沒有召開本次收益電話會議而道歉。我們通常會在接到這些電話之前至少提前一周通知。但在這種情況下，我們在最後一刻與審計師清理了一些事項，因此，我們不確定我們是否會在比通常希望的更接近這個日期之前提交文件。

I'm going to start off by talking about the item in particular which made us late for the call because it's somewhat confusing and while it has no impact on the operations of the company, it involves a large number which if you don't know how it was derived, could appear to be very negative. We have elected in this quarter to take an impairment charge against the goodwill which we've had on our books as a result of the very excellent acquisitions that we've done over the last couple of years.

我將首先談談導致我們遲到的那個項目，因為它有點令人困惑，雖然它對公司的運營沒有影響，但它涉及大量數字，如果你不知道它是如何得出的，可能會顯得非常負面。由於過去幾年我們進行的非常出色的收購，我們在本季選擇對我們帳面上的商譽計提減損費用。

Just to remind you, those acquisitions are the acquisition of the battery company in 2022, the acquisition of our new European headquarters and factory in 2023, and the acquisition of our power electronics group in 2024. Now each of these acquisitions has been excellent for us. The deal structures are good. Beam Global and our shareholders got excellent value, and our long-term strategy, as well as the short-term benefits we're receiving from those companies have been vastly improved as a result of us making those acquisitions.

提醒您，這些收購包括 2022 年收購電池公司、2023 年收購我們新的歐洲總部和工廠以及 2024 年收購我們的電力電子集團。現在，每一次收購對我們來說都是非常有利的。交易結構良好。Beam Global 和我們的股東獲得了極好的價值，而且由於我們進行了這些收購，我們的長期策略以及從這些公司獲得的短期利益都得到了極大改善。

We as a management team are of the opinion that those companies are worth a good deal more today than they were when we acquired them. We're also of the opinion that the whole is far greater than the sum of the parts, and the contribution that these acquisitions have made to our global presence and growth is hard to overstate, especially given the uncertainties in the North American market.

作為管理團隊，我們認為這些公司現在的價值比我們收購時高出許多。我們也認為，整體遠大於部分總和，這些收購對我們的全球影響力和成長的貢獻難以估量，特別是考慮到北美市場的不確定性。

And yet we're going to take an impairment charge against the goodwill that came along with them. Why would we do that? Well, the simple answer to that question is that GAAP accounting requires it. And the reason that GAAP accounting requires it is that because our share prices declined since 12/31/24. We are now in the incredible position of trading not just at a fraction of our revenues, but actually at less than the value of our assets. That's to say our market cap is now lower than the value of the assets that the company owns.

然而，我們將對隨之而來的商譽提列減損損失。我們為什麼要這麼做？嗯，這個問題的簡單答案是 GAAP 會計要求這樣做。而 GAAP 會計要求這樣做的原因是我們的股價自 2024 年 12 月 31 日起下跌。我們現在處於一種令人難以置信的境地，我們的交易額不僅只相當於我們收入的一小部分，而且實際上還低於我們資產的價值。也就是說我們的市值現在低於公司擁有的資產價值。

GAAP accounting does not allow for that condition to exist, and in order to balance those two numbers, we have to take an impairment charge against our goodwill. It is of course very frustrating because we believe, and the data certainly backs this up, that as I've already said, the value of the companies that we bought and the goodwill that came with them is worth more today than it was when we bought them.

GAAP 會計不允許這種情況存在，為了平衡這兩個數字，我們必須對商譽提列減損費用。這當然非常令人沮喪，因為我們相信，而且數據也確實支持這一點，正如我已經說過的，我們收購的公司的價值以及隨之而來的商譽現在比我們收購時更有價值。

Nevertheless, it's not for us to question the wisdom of GAAP accounting, so we've taken the impairment. This impairment has two significant impacts to our financials. The first one is that you'll see a significant reduction in the value of the assets that we hold on to our books. And the second is that when we take the impairment, it actually hits our P&L in the quarter in which we take it. The impairment's about $11 million and so you'll see an $11 million reduction in our assets and also an $11 million negative impact to our net.

儘管如此，我們不應該質疑 GAAP 會計的合理性，因此我們承擔了損失。這種損害對我們的財務狀況有兩個重大影響。第一個是，你會看到我們帳面上持有的資產價值大幅下降。第二，當我們提列減損時，它實際上會在提列當季影響我們的損益。減損約為 1,100 萬美元，因此您會看到我們的資產減少 1,100 萬美元，同時我們的淨資產也會受到 1,100 萬美元的負面影響。

Now I stress, and I stress again that these are non-cash items that do not impact the operations of the company at all. We do not actually believe that there are any negative impacts to the real value of our assets or the business. And as I've already stated, we actually think that the value of our acquisitions is greater today than it was when we made them.

現在我要強調，我再次強調，這些都是非現金項目，不會對公司的營運產生任何影響。我們實際上並不認為這會對我們的資產或業務的實際價值產生任何負面影響。正如我已經說過的，我們實際上認為，我們收購的價值現在比當時更高。

It's not a simple process, and it's certainly not a trivial matter to put these impairments together. And so our accounting team, which is Lean, and our auditors have been working together to make sure that we've done it in exactly the right way. That explains why we're later than we wanted to be in having certainty on the timing of our filings and, hence, later than we wanted to be on giving you notice for the call. So you have my apologies for the tardiness, and you also have an explanation for these entirely GAAP-accounting-driven adjustments to our financials which I stress again are non-cash and have no impact on the operational viability of the company or in my opinion it's true value.

這不是一個簡單的過程，將這些損害放在一起當然不是一件小事。因此，我們的精實會計團隊和審計師一直在共同努力，以確保我們以正確的方式完成工作。這就解釋了為什麼我們在確定文件提交時間方面比我們希望的要晚，因此，我們在通知您電話會議方面也比我們希望的要晚。因此，我對您的遲到表示歉意，並且您也應該對這些完全由 GAAP 會計驅動的財務調整做出解釋，我再次強調，這些調整是非現金的，不會對公司的營運可行性或在我看來的真實價值產生影響。

I'm going to keep the rest of this earnings call pretty brief because we of course just four weeks ago went through a comprehensive discussion around our full-year 2024 results and subsequent events which covered much of the first quarter. I also talked a lot in that call about our new products and our activities and further plans for expansion.

我將簡短地介紹本次財報電話會議的剩餘部分，因為就在四周前，我們就 2024 年全年業績以及後續事件進行了全面討論，其中涵蓋了第一季度的大部分內容。在那次電話會議中，我還詳細談論了我們的新產品、我們的活動以及進一步的擴張計劃。

Everybody's been working very hard at Beam Global, and I'm happy about the advances we continue to make, but I'm not going to take a whole lot of your time talking about things that have happened during the last four weeks. If you're looking for more information about our new product portfolio and about our international expansion plans and activities and you didn't get to hear the earnings call we did four weeks ago, you can still find a transcript of it online, and I'm pretty sure there's actually still a recording of it somewhere too. Give Luke Higgins, our internal IR Manager, a call or drop him a note if you want some help finding that.

Beam Global 的每個人都非常努力地工作，我很高興我們不斷取得進步，但我不會佔用大家太多的時間來談論過去四周發生的事情。如果您想了解有關我們的新產品組合以及我們的國際擴張計劃和活動的更多信息，而您沒有聽到我們四周前的財報電話會議，您仍然可以在網上找到它的記錄，而且我很確定實際上在某個地方仍然有它的錄音。如果您需要幫助，請給我們的內部 IR 經理 Luke Higgins 打電話或給他留個言。

One of the things I told you during the last call was that I expected to see a couple of tough quarters. The fourth quarter of 2024 was one of those, and so was the first quarter of 2025. Our revenues of $6.3 million were about half what they were during the same period the prior year. That's disappointing, but it's not surprising.

我在上次電話會議上告訴你們的一件事是，我預計未來幾季將會非常艱難。2024 年第四季就是其中之一，2025 年第一季也是如此。我們的收入為 630 萬美元，約為去年同期的一半。這令人失望，但並不令人驚訝。

During the first quarter of 2024, more than half of our revenues came from federal government orders, and as I explained to you during the last earnings call, the current administration has instructed the GSA, or the General Services Administration, to make no further acquisitions of electric vehicles or electric-vehicle-charging infrastructure for the time being.

2024 年第一季度，我們超過一半的收入來自聯邦政府訂單，正如我在上次財報電話會議上向您解釋的那樣，現任政府已指示 GSA（美國總務管理局）暫時不要進一步收購電動車或電動車充電基礎設施。

We've been working hard to create new opportunities for the company which are immune to any variations in federal government order cadence, but that's a process, not an event. And while we've seen good results from our efforts in terms of an increase in our first-quarter orders, those orders have not yet resulted in an increase in reported revenue or even a replacement of the revenues which we lost due to the cessation of the US Federal government's investment in electric vehicle charging infrastructure.

我們一直在努力為公司創造新的機會，這些機會不受聯邦政府命令節奏變化的影響，但這是一個過程，而不是一個事件。雖然我們的努力取得了良好的效果，第一季的訂單有所增加，但這些訂單尚未帶來報告收入的增加，甚至沒有彌補因美國聯邦政府停止對電動車充電基礎設施的投資而造成的收入損失。

You may hear the US Marine Corps flying over our officers at the moment. Nothing I can do about that. Apologies.

此刻，您可能聽到美國海軍陸戰隊飛過我們的軍官上空的聲音。我對此無能為力。抱歉。

In fact, the fact is that our diversification strategies are starting to deliver fruit. Sales orders in the first quarter were up 23% over the fourth quarter of 2025, even though they did not materially include any Federal government orders. We now believe that we have the pieces in place to return to growth in this and future quarters. We've adjusted our sales efforts to concentrate on non-Federal prospects, and we've taken advantage of the moves that we've been making over the last couple of years to grow our geographic footprint through our expansion into Europe.

事實上，我們的多元化策略已開始取得成果。第一季的銷售訂單比 2025 年第四季成長了 23%，儘管其中並未實質地包含任何聯邦政府訂單。我們現在相信，我們已經做好了一切準備，可以在本季和未來幾季恢復成長。我們調整了銷售力度，將重點放在非聯邦地區，並利用過去幾年採取的舉措，透過向歐洲擴張來擴大我們的地理覆蓋範圍。

In fact, international revenues contributed over 25% of our first-quarter numbers, and Q1 is typically the slowest quarter of the year for the legacy businesses which we've acquired in Europe. As I say, even during the worst quarter, our European operations contributed significantly to our overall revenues and gross profit. We generated 41% year-over-year growth in non-government sales, which is a testament to the efficacy of our strategy to grow and expand our commercial business, which, as I've always mentioned before, I believe in the future will be the largest contributor to Beam Global's revenue profits.

事實上，國際收入占我們第一季業績的 25% 以上，而對於我們在歐洲收購的傳統業務而言，第一季通常是一年中發展最慢的一個季度。正如我所說，即使在最糟糕的季度，我們的歐洲業務也為我們的整體收入和毛利做出了重大貢獻。我們的非政府銷售額年增了 41%，這證明了我們發展和擴大商業業務策略的有效性，正如我之前提到的，我相信未來商業業務將成為 Beam Global 收入利潤的最大貢獻者。

At the same time, we did still get significant revenue generation from government customers, just not the Federal government. I think this is positive, and it demonstrates that while the Federal government is not proceeding for the moment with the electrification of transportation, state governments and municipal municipalities still are, and they have historically contributed fairly large percentages of our revenues.

同時，我們確實仍然從政府客戶那裡獲得了可觀的收入，只是不是聯邦政府。我認為這是積極的，它表明雖然聯邦政府暫時沒有推進交通電氣化，但州政府和市政當局仍在推進，而且從歷史上看，它們為我們的收入貢獻了相當大的比例。

There are even indications that several of our state and municipal customers will actually increase their activities in light of the Federal government hesitance. Notably, California's government has committed to replacing federal activity and maintaining the pace of growth in EV charging infrastructure. California continues to be one of our most important customers. Similarly, we have good reason to believe that activity with one or more of our significant municipal customers may actually increase for us this year.

甚至有跡象表明，鑑於聯邦政府的猶豫，我們的一些州和市客戶實際上會增加他們的活動。值得注意的是，加州政府已承諾取代聯邦政府的活動並維持電動車充電基礎設施的成長速度。加州仍然是我們最重要的客戶之一。同樣，我們有充分的理由相信，今年我們與一個或多個重要市政客戶的活動實際上可能會增加。

To further demonstrate that our diversification strategy is working, in Q1 of 2025, we shipped EV ARC units, ARC mobility trailers, energy storage systems, lighting poles, and smart city infrastructure solutions to locations across California, Arizona, Colorado, Florida, Michigan, Oregon, and internationally in Croatia, Serbia, Romania, and Spain. We're continuing our strategy of expanding our sales team through the leveraging of outside sales resources. We have a full-time manager of resellers at our European operations, and in the US, our Vice President of Sales spends a great deal of time recruiting and training resellers to expand our market here as well.

為了進一步證明我們的多元化策略正在發揮作用，2025 年第一季度，我們向加州、亞利桑那州、科羅拉多州、佛羅裡達州、密西根州、俄勒岡州以及克羅埃西亞、塞爾維亞、羅馬尼亞和西班牙等地運送了 EV ARC 裝置、ARC 移動拖車、儲能係統、燈桿和智慧城市基礎設施解決方案。我們將繼續實施透過利用外部銷售資源來擴大銷售團隊的策略。我們在歐洲的業務部門有一名專職經銷商經理，在美國，我們的銷售副總裁花費大量時間招募和培訓經銷商，以擴大我們在這裡的市場。

A great example of the sorts of things that the distributors are pulling off is that EV ARC is today on full view at the Feria Internacional de Defensa y Seguridad, which is one of the largest defense and security trade shows in Europe. EV ARC is on prominent display at the center of the show and has been visited by various public institutions, the Department of Defense, the Guardia Civil, who incidentally are already big user of zero-electric motorcycles and the charging infrastructure, the Army, the Navy, the Air Force, and several large industry corporations, as well as about 40,000 visitors, in fact, 44,000 is the latest number I just got.

經銷商所取得的成就的一個很好的例子是，EV ARC 今天在國際國防和安全博覽會上全面亮相，這是歐洲最大的國防和安全貿易展之一。EV ARC 在展會中心的顯眼位置展出，並已吸引了各種公共機構、國防部、國民警衛隊（這些機構恰好是零電動摩托車和充電基礎設施的大用戶）、陸軍、海軍、空軍和幾家大型工業公司以及約 40,000 名參觀者前來參觀，事實上，44,000 人是我剛剛得到的最新數字。

We actually have zero-electric motorcycles liveried for law enforcement present with EV ARC and our partner in the electric motorcycle industry, Zero Motorcycles, an American company, is with us there as we demonstrate our BeamPatrol solution to law enforcement and the military.

實際上，我們與 EV ARC 合作推出了為執法部門塗裝的零電動摩托車，我們在電動摩托車行業的合作夥伴，一家美國公司 Zero Motorcycles 也與我們一起向執法部門和軍隊展示了我們的 BeamPatrol 解決方案。

Our partner in Spain, Geci, made the investment in attending this trade show and transporting an EV ARC there. This is a fantastic example of how our force multiplication strategy with external sales resources is getting Beam Global's products tremendous exposure in a greatly expanded theater without us having to invest operational dollars to make it happen. I love working with Geci, and they love us and our products.

我們在西班牙的合作夥伴 Geci 投資參加了貿易展並向那裡運送了一輛 EV ARC。這是一個絕佳的例子，說明我們如何利用外部銷售資源的力量倍增策略，讓 Beam Global 的產品在大大擴展的領域中獲得巨大的曝光率，而無需我們投入營運資金來實現這一目標。我喜歡與 Geci 合作，他們也喜歡我們和我們的產品。

I'll do everything I can to support them, but the great thing is they don't need a lot of my support. They're a well-established aerospace engineering organization that's been in business for many years and has fantastic relationships across the globe. I feel lucky to have them as a partner, and they feel lucky to be representing our products to their tremendous portfolio of relationships. By the way, tomorrow, Geci will deploy EV ARC prominently at the Valencia Grand Prix Circuit, another first of us which will come with tremendous exposure.

我會盡我所能支持他們，但最棒的是他們並不需要我太多的支持。他們是一家成熟的航空航天工程組織，已經營業多年，並在全球範圍內擁有良好的關係。我很幸運能有他們作為合作夥伴，他們也很幸運能向他們龐大的客戶群展示我們的產品。順便說一句，明天，Geci 將在瓦倫西亞大獎賽賽道上重點部署 EV ARC，這是我們的另一個首創，將帶來巨大的曝光率。

So we're making growth in our commercial sector happening. We're continuing to see sales to government entities outside of the Federal government, and perhaps most importantly, we're laying the groundwork for what we believe will be significant growth in Europe, the Middle East, and Africa. All of this is to say that while our first-quarter results are not what we'd like them to be, we still feel good about 2025. We believe that we will see a return to growth in this in future quarters, and we remain confident about our trajectory towards positive cash flow.

因此，我們的商業領域正在實現成長。我們繼續看到對聯邦政府以外政府實體的銷售，或許最重要的是，我們正在為我們認為的歐洲、中東和非洲的顯著成長奠定基礎。所有這些都表明，儘管我們的第一季業績不如我們所願，但我們對 2025 年仍然充滿信心。我們相信，未來幾季我們將看到這一領域的恢復成長，我們對實現正現金流的軌跡仍然充滿信心。

Our gross margins are inevitably impacted by reduced volumes because of the fixed overhead allocations which have to be absorbed by the smaller number of unit sales. Nevertheless, we continued to produce positive gross margins in the first quarter, which net and non-cash items were still north of 20%. While we're seeing some inflationary impacts directly from tariffs and also indirectly from the impact of tariffs on domestic producers, we're still managing to make consistent improvements in our gross profitability at the unit economics level.

由於固定間接費用分配必須透過較少的單位銷售量來吸收，因此我們的毛利率不可避免地會受到銷售下降的影響。儘管如此，我們在第一季仍然保持著正的毛利率，其中淨利潤和非現金項目的毛利率仍然在 20% 以上。雖然我們看到關稅直接帶來了一些通膨影響，也間接地帶來了關稅對國內生產商的影響，但我們仍然設法在單位經濟層面持續提高總獲利能力。

Now, of course, none of us know where these tariffs will be at the end of next quarter, or for that matter at the end of next week, but it certainly seems at the moment, as though the indications are that we will continue to see a reversal of the worst impacts of tariffs as the administration finds reasons to reduce them. We certainly hope so. We make our products in the United States and we are BABA compliant, meaning that we are Build America, Buy American compliant. So we're doing all the right things in terms of supporting manufacturing in the United States. That's something we care a great deal about and always have.

當然，現在我們都不知道下個季度末或下週末這些關稅會是多少，但目前看來，似乎有跡象表明，隨著政府找到降低關稅的理由，我們將繼續看到關稅最壞影響的逆轉。我們當然希望如此。我們在美國生產產品，並且符合 BABA 標準，這意味著我們符合「建造美國，購買美國貨」的原則。因此，我們在支持美國製造業所做的一切都是正確的。這是我們一直都非常關心的事情。

But if you make a complex product as we do, and if you rely on raw materials like steel and animal -- aluminum, which are fungible, even if you buy those from US producers like we do, the tariffs can still have an inflationary impact. Thankfully, because we've always positioned ourselves to have a US manufactured product, those tariffs should be less impactful to us than to many others.

但是，如果你像我們一樣生產複雜的產品，並且依賴鋼鐵和動物鋁等可替代的原材料，即使你像我們一樣從美國生產商那裡購買這些原材料，關稅仍然會產生通膨影響。值得慶幸的是，由於我們始終致力於生產美國製造的產品，因此這些關稅對我們的影響應該比對其他許多公司的影響要小。

Of course our European operations, when selling into Europe or into the Middle East or Africa, are not affected by these tariffs. This is another reason that we are focusing on growth in these very large and very promising markets. Just next week I will be returning to the Middle East. We're spending time in Jordan, where our new BeamWell products will be demonstrated to the Royal Jordanian Armed Forces as a precursor, we hope, to its first deployment in Gaza.

當然，當我們的歐洲業務向歐洲、中東或非洲銷售產品時，不會受到這些關稅的影響。這是我們專注於這些非常龐大且非常有前景的市場成長的另一個原因。下週我將返回中東。我們將在約旦停留一段時間，向約旦皇家武裝部隊展示我們的新 BeamWell 產品，希望這能為產品在加薩的首次部署做好準備。

BeamWell arrived in Jordan about a week ago and is in the process of being transported to a Royal Jordanian Armed Forces facility in Amman, the capital of Jordan. I'll be there to take meetings with military and other government officials and dignitaries and to demonstrate the efficacy of the product by showing them how it can convert saltwater into fresh water, provide electricity for cooking and the refrigeration of medical supplies, as well as showing off the highly ruggedized electric scooters bundled with it, which will provide mobility to the people whose job it is to deliver aid in that highly distressed region.

BeamWell 大約一週前抵達約旦，目前正在運輸至約旦首都安曼的約旦皇家武裝部隊設施。我將在那裡與軍方和其他政府官員及政要會面，並向他們展示該產品如何將海水轉化為淡水，如何為烹飪提供電力以及如何冷藏醫療用品，從而展示該產品的功效，同時還將展示與之捆綁銷售的高度堅固的電動滑板車，這將為在該高度受災地區提供援助的人們提供出行便利。

Gaza is of course a fluid and constantly changing environment, but we're confident that whether aid is delivered by NGOs or by US contractors working with the Israelis, our products can provide essential support to their mission. They will need rapidly deployed electricity, fresh water, and mobility, and they're going to want to be able to provide that without relying on centralized grid infrastructure which no longer exists.

加薩當然是一個流動且不斷變化的環境，但我們相信，無論援助是由非政府組織還是與以色列人合作的美國承包商提供的，我們的產品都能為他們的使命提供必要的支持。他們需要快速部署的電力、淡水和機動性，並且他們希望能夠在不依賴不再存在的集中式電網基礎設施的情況下提供這些。

We have a long and successful history of deploying infrastructure for military and civilian applications which solve for those needs. We have an American made product and we have excellent relationships in the region. Deploying Beam Global's projects in that region will provide a great deal of benefit to everybody involved in the crisis, as well as also providing a highly visible demonstration to assist in the growth of the more commercial aspects of our business there.

我們在部署軍事和民用基礎設施以滿足這些需求方面有著悠久而成功的歷史。我們擁有美國製造的產品，並且在該地區擁有良好的關係。在該地區部署 Beam Global 的計畫將為所有捲入危機的人帶來巨大的利益，同時也將提供一個高度可見的示範，以幫助我們在那裡的業務更加商業化地發展。

When I leave Jordan, I'll go to the United Emirates. We're working to create opportunities which we believe will result in significant sales of our products in that market. Many of you will be aware that there are some very large projects underway in the Gulf states which are ideally suited to benefit from Beam Global products. Masdar City in Abu Dhabi is one example. NEOM in Saudi Arabia is another. If you spend five minutes googling those projects, I'm certain you'll come away with the impression that they create fantastic opportunities for Beam Global and everything that we produce. That's why I'll be returning there again directly after my trip to Jordan.

離開約旦後，我將前往阿聯酋。我們正在努力創造機會，我們相信這將使我們的產品在該市場上銷售量大增。你們中的許多人可能都知道，海灣國家正在進行一些非常大的項目，這些項目非常適合從 Beam Global 產品中受益。阿布達比的馬斯達爾城就是一個例子。沙烏地阿拉伯的 NEOM 就是另一個例子。如果您花五分鐘在谷歌上搜尋這些項目，我相信您會發現它們為 Beam Global 和我們生產的所有產品創造了絕佳的機會。這就是為什麼我去約旦旅行後會立即再次回到那裡。

As I mentioned earlier, we continue to be very happy with the contributions that we're getting from the acquisitions that we've made. Let's spend a couple of minutes now talking about our Battery business. We continue to advance our Battery programs with a strong focus on high-performance, safety-critical applications.

正如我之前提到的，我們對透過收購所獲得的貢獻感到非常高興。現在讓我們花幾分鐘來談談我們的電池業務。我們繼續推進我們的電池計劃，重點是高性能、安全關鍵的應用。

Our team is actively delivering next-generation-battery systems to defense customers while simultaneously developing and quoting additional phases and new programs that push the boundaries of power and performance. These efforts are driving innovation and thermal management where our proprietary phase change composite, or PCC, now paired with active cooling, is delivering levels of performance and longevity we believe are unmatched in the industry.

我們的團隊正在積極向國防客戶提供下一代電池系統，同時開發和引用突破功率和性能界限的附加階段和新程序。這些努力正在推動創新和熱管理，我們專有的相變複合材料（PCC）現在與主動冷卻相結合，提供了我們認為業內無與倫比的性能和壽命水平。

In parallel, we're seeing strong momentum across multiple markets. We're working with two major automotive companies on next-generation-battery solutions for their recreational power sports and micro mobility segments. In marine-defense applications we're exploring underwater energy storage opportunities where our proprietary PCC technologies offer significant advantages over -- and particularly for drones.

同時，我們看到多個市場都呈現強勁勢頭。我們正在與兩家大型汽車公司合作，為他們的休閒動力運動和微型移動領域提供下一代電池解決方案。在海洋防禦應用方面，我們正在探索水下儲能機會，其中我們專有的 PCC 技術具有顯著優勢——尤其是對於無人機而言。

By potentially eliminating the need for traditional active cooling systems, we can reduce system complexity while enhancing reliability and energy density, critical factors in demanding submerged environments. This innovative approach positions us to deliver high-performance solutions that meet the unique challenges of marine defense operations.

透過潛在地消除對傳統主動冷卻系統的需求，我們可以降低系統複雜性，同時提高可靠性和能量密度，這是嚴苛的水下環境中的關鍵因素。這種創新方法使我們能夠提供高效能解決方案，以應對海上防禦行動的獨特挑戰。

In the commercial sector, our Battery systems are a natural fit for the growing ETRU market, where the shift away from diesel engines aligns closely with our ESS business. We also continue to support industrial customers with solutions for automated mobile robots, guided vehicles, and electrified machinery. All of this reflects our growing reach and the versatility of our core technology across multiple high-tech and high-growth sectors.

在商業領域，我們的電池系統非常適合不斷成長的 ETRU 市場，該市場從柴油引擎的轉變與我們的 ESS 業務密切相關。我們也持續為工業客戶提供自動移動機器人、導引車和電動機械解決方案。所有這些都反映了我們不斷增長的影響力以及我們核心技術在多個高科技和高成長領域的多功能性。

These fantastic advantages came about as a result of the acquisition that we made in 2022. In fact, we have nothing but good results coming from all three acquisitions that we made. Going back to the comments I made at the beginning of the call, you can see why the Beam Global management team, rather than thinking that there's some reduction in the value of the acquisitions that we've made, in fact, believes that they're worth far more today than they were when we first acquired them, and particularly when looking at the contribution that they make to the whole company.

這些巨大的優勢是我們在 2022 年進行的收購的結果。事實上，我們進行的三次收購都取得了良好的業績。回到我在電話會議開始時所做的評論，您可以看到為什麼 Beam Global 管理團隊不認為我們所收購的公司的價值有所降低，事實上，他們認為它們現在的價值遠遠高於我們最初收購它們時的價值，尤其是考慮到它們對整個公司的貢獻。

Wrapping up, I'll just say again, our sales are growing. We believe that we have the right pieces in place to return to growth in this quarter and in future quarters. We have no debt, sufficient cash and working capital, and opportunities created by our new products and international expansion which are greater than anything that we've ever confronted in the past.

總而言之，我再說一遍，我們的銷售額正在成長。我們相信，我們已經做好了適當的準備，可以在本季和未來幾季恢復成長。我們沒有債務，有足夠的現金和營運資金，我們的新產品和國際擴張所創造的機會比我們過去面臨的任何機會都要大。

The public markets continue to be very challenging for all companies involved in the electrification of transportation and sustainability industries in the United States. I do not believe that the situation will continue forever, and in the meantime, I and the entire Beam team are going to continue to execute on our plan so that when the market does turn around, as we believe it will, we're well-positioned to take advantage of the discipline and enthusiasm that we've always had for our competitive edge and growth in industries which are both fundamental and massive.

對於美國所有參與交通電氣化和永續發展產業的公司來說，公開市場仍然充滿挑戰。我不相信這種情況會永遠持續下去，與此同時，我和整個 Beam 團隊將繼續執行我們的計劃，以便當市場確實好轉時（正如我們所相信的那樣），我們能夠充分利用我們一貫的紀律和熱情，在基礎性和規模性行業中保持競爭優勢和增長。

That concludes my prepared remarks. I'll now turn the call back over to the operator and take your questions. Operator.

我的準備好的發言到此結束。我現在將電話轉回給接線員並回答您的問題。操作員。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券。

Hey, Desmond, thanks for taking my questions.

嘿，德斯蒙德，謝謝你回答我的問題。

Yeah, Ryan, how are you?

是的，瑞安，你好嗎？

Good, thank you. Curious how you're thinking about product mix between EV ARC and new products in 2025 or maybe over the next couple of years.

好的，謝謝。好奇您如何看待 EV ARC 與 2025 年或未來幾年的新產品之間的產品組合。

Yeah, so I'm quite enthusiastic about the adoption of some of our new products. I've had firsthand discussions with people in law enforcement about BeamPatrol, which is our police motorcycle and charging infrastructure solution. I've had similar conversations with people about BeamBike, which is our electric bicycle and charging infrastructure solution. And frankly the same thing goes for BeamSpot, which is our new curb side-charging product.

是的，我對我們的一些新產品的採用感到非常興奮。我曾與執法人員就 BeamPatrol（我們的警用摩托車和充電基礎設施解決方案）進行過直接討論。我曾與人們就 BeamBike（我們的電動自行車和充電基礎設施解決方案）進行類似的討論。坦白說，我們的新路邊充電產品 BeamSpot 也存在著同樣的情況。

In every instance, people are very enthusiastic about these products, and you know for BeamBike is concerned, sometimes it's resorts that want to offer electric bicycles to their customers. Sometimes it's large bike-sharing organizations that are transitioning from pedal bikes to electric and discovering how difficult it is to deliver an electrical circuit to some location in the middle of a city to charge those bikes. So I'm really enthusiastic about that.

在每種情況下，人們對這些產品都非常熱衷，就 BeamBike 而言，有時度假村也希望向客戶提供電動自行車。有時，大型自行車共享組織正在從腳踏自行車轉向電動自行車，並發現將電路輸送到城市中心的某個位置為這些自行車充電是多麼困難。所以我對此非常熱衷。

I certainly think that the remainder of this year we're going to start to see the orders come in for those products and then moving into 2026 and onwards. I actually expect to see the mixture really even out. There's still a huge market opportunity for EV ARC. We haven't even begun to scratch the tip of that iceberg, particularly once we start getting into Middle East and Africa and other places. But I do think we're going to see an awful lot coming from these other new products.

我當然認為，今年剩餘時間我們將開始看到這些產品的訂單，然後進入 2026 年及以後。我實際上希望看到混合物真正均勻。EV ARC仍有巨大的市場機會。我們甚至還沒有開始觸及冰山一角，特別是當我們開始進入中東、非洲和其他地方時。但我確實認為我們將會看到這些其他新產品帶來的巨大變化。

And then beyond that, we are still seeing growth in the legacy businesses that we've acquired. So our street lighting and smart cities infrastructure products through our European markets, we saw growth in that through 2024. We're seeing growth in orders for those products this year, and again, we'll be taking those out of that kind of Balkan market, although we're in 18 nations with those types of products, but we will be expanding the selling of those into the Middle East as well.

除此之外，我們仍然看到我們所收購的傳統業務的成長。因此，透過我們的歐洲市場，我們看到了街道照明和智慧城市基礎設施產品到 2024 年的成長。今年我們看到這些產品的訂單正在成長，而且我們將把這些產品從巴爾幹市場中撤出，儘管我們在 18 個國家/地區都有這些類型的產品，但我們也會將這些產品的銷售範圍擴大到中東。

All of this to say, Ryan, is that we're going to get a lot more diverse. We have pretty much been a one-product, one-country, one-customer company for a while, that being EV ARC United States Federal government. And of course it wasn't just one customer, but they certainly have been the lion's share of it last couple of years. We're now you know producing a couple of dozen products. Our Battery business is really showing tremendous promise and doing exactly what I want it to do right now, which is creating highly technical, highly bespoke, and as a result, highly marginable solutions for really fantastic customers, military and civilian applications there.

瑞安，所有這一切都表明，我們將變得更加多元化。一段時間以來，我們基本上是一家單一產品、單一國家、單一客戶的公司，那就是 EV ARC 美國聯邦政府。當然，他們不只一個客戶，但在過去幾年裡，他們確實佔據了最大的份額。您知道，我們現在已經生產了幾十種產品。我們的電池業務確實展現出巨大的前景，並且正在做我現在想要它做的事情，那就是為真正優秀的客戶、軍事和民用應用創造高度技術性、高度客製化、因此具有高利潤率的解決方案。

So we're going to have a lot more diversity. With that diversity will come a reduction in the risk from impacts from large customers, fluctuations in their orders as we've seen with the Federal government this time. But also with that diversity will come a lot more opportunity for growth, and that's part of the reason I feel so bullish about the remainder of this year and particularly moving into '26 and '27.

因此我們將會擁有更多的多樣性。這種多樣性將會降低大客戶帶來的影響以及其訂單波動的風險，正如我們這次在聯邦政府身上看到的那樣。但這種多樣性也會帶來更多的成長機會，這也是我對今年剩餘時間，特別是 2026 年和 2027 年充滿信心的部分原因。

Appreciate that. And as a follow up understanding there's a lot of puts and takes here, but how should we think about your margin progression as your ex-EV ARC products and international sales grow in terms of mix.

非常感謝。作為後續理解，這裡有很多投入和產出，但是當您的前 EV ARC 產品和國際銷售在組合方面成長時，我們應該如何看待您的利潤率成長。

Yeah, so we're getting, again, we're getting positive contributions from our portfolio of acquisitions, so that's good. Our EV ARC gross margins right now, the unit -- well, actually not at the unit economics level, they're still up in the 40% and 50% range. Our gross margins net of non-cash, so non-GAAP gross margins, taking out the non-cash contributions from amortization of intangible assets, that sort of stuff, still north of 20%.

是的，我們再次從收購組合中獲得了正面的貢獻，這是件好事。我們目前的 EV ARC 毛利率，單位——嗯，實際上不是在單位經濟水平，它們仍然在 40% 和 50% 的範圍內。我們的毛利率扣除非現金部分，即非 GAAP 毛利率，扣除無形資產攤銷的非現金貢獻等，仍在 20% 以上。

I've always said that we will get to a 50% gross profit with the EV ARC, and again, we're pretty much there at the unit economics already. We just need enough volume to solve for that. Now the good news is BeamPatrol, BeamBike, BeamScoot, those are all based on the EV ARC platform. So the more of those we sell, the more volume that we get of all the major components and manufacturing processes for EV ARCs. So in other words, if we do 1,000 BeamBikes, it's like doing 1,000 EV ARCs, except we get more revenue and more margin for BeamBikes and even more revenue and margin for BeamPatrol.

我一直說，透過 EV ARC，我們將獲得 50% 的毛利，而且，我們在單位經濟效益方面已經基本達到這個水準。我們只需要足夠的體積來解決這個問題。現在的好消息是 BeamPatrol、BeamBike、BeamScoot，它們都是基於 EV ARC 平台。因此，我們銷售的產品越多，我們獲得的 EV ARC 所有主要零件和製造流程的數量就越大。換句話說，如果我們生產 1,000 輛 BeamBikes，就相當於生產 1,000 輛 EV ARC，只不過我們可以從 BeamBikes 獲得更多的收入和利潤，從 BeamPatrol 獲得更多的收入和利潤。

So I think, we're -- what we've seen in this quarter is because we had a reduction in revenues because we missed out on half of our expectations because we didn't get the orders that we thought we were getting from the Feds. We've seen the fixed-overhead allocations eat into our GAAP gross profit. What we haven't seen is any lessening of the gross profit that we're getting at the unit and even at the non-cash level.

所以我認為，我們本季看到的情況是，我們的收入減少了，因為我們沒有達到預期的一半，因為我們沒有收到我們認為從聯邦政府得到的命令。我們已經看到固定間接費用分配侵蝕了我們的 GAAP 毛利。我們沒有看到單位甚至非現金層面的毛利有任何減少。

And that's -- what's interesting about that is if you look back historically, in previous quarters when we've had $6 million, $6.5 million worth of revenue, we've had negative gross margins because the overhead allocations were so significant on that number of units is to take away -- take us into negative territory. In this instance, we did that much revenue and we had 8% GAAP and 20% net of non-cash gross profits, which shows you that we have retained the improvements to gross margins that we've worked so hard to get.

有趣的是，如果你回顧歷史，你會發現在前幾個季度，當我們的收入為 600 萬美元、650 萬美元時，我們的毛利率為負，因為在這個數量的單位上，間接費用分配非常大，這讓我們陷入了負值區域。在這種情況下，我們的收入達到了那麼多，而且我們的 GAAP 毛利為 8%，非現金毛利為 20%，這表明我們保留了我們努力實現的毛利率的提高。

When we get back to volume, then you'll see us dramatically increase. Those gross margins at a GAAP level. And as I say, my goal is still to get to 50%. It really is a volume game. And it's not just a volume game because of fixed overhead allocations. It is also anybody that runs manufacturing facility will know, also due to the fact that the more stuff we buy, the more buying power we have, the more power we have to get cost reductions and other concessions from our vendors. So I'm sanguine. I'm feeling good about our gross margin, particularly in light of the fact that we've had this low volume quarter and still maintained 8% GAAP gross profit, 20%-plus net of non-cash items.

當我們恢復產量時，您會看到產量急劇增加。這些毛利率是按照 GAAP 水準計算的。正如我所說，我的目標仍然是達到 50%。這確實是一場數量遊戲。而且由於固定的間接費用分配，這不僅僅是一場數量遊戲。任何經營製造工廠的人都會知道這一點，因為我們購買的東西越多，我們的購買力就越強，我們就越有能力從供應商那裡獲得成本降低和其他優惠。所以我很樂觀。我對我們的毛利率感到滿意，特別是考慮到我們這個季度的銷量較低，但仍然保持了 8% 的 GAAP 毛利潤，非現金項目淨額為 20% 以上。

Right, I appreciate all that detail. I'll turn it back.

好的，我很欣賞這些細節。我會把它轉回去。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hey, Noel, how are you?

嘿，諾埃爾，你好嗎？

Oh good thanks. Just had a couple, and I was wondering, could you talk about where manufacturing capacity stands in Europe at this point?

噢，很好，謝謝。剛剛問過幾個問題，我想知道，您能否談談目前歐洲的製造能力狀況？

Yes. So you didn't ask me but let me start off in the United States. I've always maintained and I still maintain we can get up to about 4,000 units a year if we maximize our -- the facility we have in the US, which is 50,000 square feet under the roof. In Europe we have 250,000 square feet under [Europe] 5 times more under roof right now and then 6 acres of land that we can build on inexpensively and with a great deal of assistance and help from the local authorities. So in other words, we won't have to deal with permitting and all that sort of stuff that takes a long time in California and the US in general.

是的。所以你沒有問我，而是讓我從美國開始。我一直堅持並且仍然堅持，如果我們最大限度地利用我們在美國擁有的佔地 50,000 平方英尺的工廠，我們每年可以生產出大約 4,000 台。在歐洲，我們擁有 25 萬平方英尺的地下空間，比現在多 5 倍，還有 6 英畝的土地，我們可以在這些土地上以低成本進行建設，並且得到當地政府的大量援助和幫助。換句話說，我們不必處理加州和美國普遍需要很長時間的許可和所有這類事情。

So just based on that metric alone, we could do about 5 times as many units in Europe. Now of course that that doesn't happen overnight. We're quite busy in Europe right now already with the legacy business. Again, that grew in 2024 and it appears to be continuing to grow this year. But we do have a tremendous amount of opportunity to expand it. So at the moment, we're getting this question a lot, which is a good thing because of some of the opportunities that we're looking at, could we produce several 100 units or get up into four digits in that European market.

因此，僅基於此指標，我們就可以在歐洲生產約 5 倍的單位。當然，這不是一朝一夕就能實現的。目前，我們在歐洲的遺留業務已經相當繁忙。2024 年這一數字再次增長，而且今年似乎還會繼續增長。但我們確實有大量機會來擴展它。因此目前我們經常被問到這個問題，這是件好事，因為我們正在尋找一些機會，我們能否在歐洲市場生產數百台或達到四位數的銷售量。

Supply chain will be the biggest hurdle for us where that's concerned. There are certain items that we have to acquire. Some of them come from Asia. As I said in my comments, although we're in the US, a BABA-compliant product, which is still a complex product. There's still supply chain to overcome. And some of that, by the way, is in power electronics. And that is another reason I made the acquisition of the power electronics firm last year, was because I want to start -- in the same thing that we did with batteries.

就此而言，供應鏈將是我們面臨的最大障礙。我們必須獲得某些物品。其中一些來自亞洲。正如我在評論中所說，雖然我們在美國，但我們的產品符合 BABA 標準，但它仍然是一種複雜的產品。仍有供應鏈問題需要克服。順便說一下，其中一些是電力電子領域的。這也是我去年收購電力電子公司的另一個原因，因為我想開始做與電池相同的事情。

We had supply chain concerns with batteries back in 2021, so I acquired a battery company in 2022, and we haven't suffered that concern since. Similarly with power electronics, we've acquired a power electronics company now they will start to produce power electronics bespoke for our equipment, which will make the equipment better, less expensive to produce, but also defend us against these supply chain concerns, and they're in Europe. All of that to say, we can quickly get to a point where we can match US capabilities, and then beyond that expand very significantly.

早在 2021 年，我們就對電池供應鏈感到擔憂，因此我在 2022 年收購了一家電池公司，從那時起我們就沒有再遇到過這種擔憂。同樣，在電力電子方面，我們已經收購了一家電力電子公司，現在他們將開始為我們的設備生產定制的電力電子產品，這將使設備變得更好，生產成本更低，同時也能使我們免受這些供應鏈問題的影響，而且他們在歐洲。所有這些都表明，我們可以迅速達到與美國匹敵的能力，然後在此基礎上實現大幅擴張。

What we're -- when we talk internally about this, we're consistently having these conversations. What will happen when somebody comes to us and says, we want 1,000 units, and we want them very quickly. Just like when the US Army came to us and said we want 370 units and we want very quickly. Frankly, we were a little bit late delivering that, but we got them all. We got the US Army all those units before they could get permitting to do a construction site for the grid-type stuff. And that's my response where these 1,000-unit orders are concerned, we will ramp up very quickly.

當我們內部討論這個問題時，我們一直在進行這些對話。如果有人來找我們說，我們需要 1,000 個單位，而且我們要盡快得到它們，會發生什麼情況？就像美國陸軍來找我們說我們需要 370 個單位，而且要很快。坦白說，我們交付得有點晚，但我們還是全部完成了。在美國陸軍獲得建造網格型設施的許可之前，我們就讓所有這些部隊都參與其中。這就是我對這 1,000 個單位訂單的回應，我們將很快增加產量。

Okay, great, thanks. And I hate to get in the business of predicting bad things, but I'm just thinking this time, this year we're headed into summer in the northern hemisphere again and potential for climate-related problems. With your broadened product line, I'm just wondering are there going to be sort of new examples or new parts of the resiliency thesis that you think might come to the fore this year?

好的，太好了，謝謝。我不喜歡預測壞事，但我只是在想，今年我們將進入北半球的夏季，並且可能會出現與氣候相關的問題。隨著你們產品線的擴大，我只是想知道，你們認為今年是否會出現一些新的例子或彈性理論的新部分？

Resiliency is a very significant piece of our business. People often refer to us as an EV-charging company. We're not an EV-charging company. We have to make products which enable EV-charging companies to deploy their chargers without construction or electrical work, and very importantly, in a way that doesn't require extra capacity on the grid and also continues to operate during blackouts and brownouts. That's a big part of the resiliency play.

彈性是我們業務中非常重要的一部分。人們經常稱我們為電動車充電公司。我們不是電動車充電公司。我們必須製造出能讓電動車充電公司無需施工或電氣工作就能部署充電器的產品，而且非常重要的是，這種方式不需要電網的額外容量，並且在停電和電壓下降時也能繼續運作。這是彈性發揮的很大一部分。

I mean, the largest single order we ever received in the state of California was from the Office of Emergency Services. It wasn't from an EV group or something like that. It was OES that gave us our largest ever everything, and they're responsible for making sure there's infrastructure in place for wildfires, earthquakes, whatever bloody disasters come down the pipe. US Army, New York City, Marine Corps, all of these entities buying our products because we provide a source of electricity which is immune to blackouts and brownouts or any other kind of centralized failure to do with the grid.

我的意思是，我們在加州收到的最大單筆訂單來自緊急服務辦公室。它不是來自 EV 組或類似的東西。正是 OES 為我們提供了有史以來最大規模的一切，他們負責確保有充足的基礎設施來應對野火、地震以及可能發生的任何災難。美國陸軍、紐約市、海軍陸戰隊，所有這些實體都購買我們的產品，因為我們提供的電力來源不受停電、電壓降低或任何其他與電網相關的集中故障的影響。

Last year, during Hurricane Helene, we received a photograph from our customer down there, the US Army, I think it was sent us a photograph of our units operating in 8 feet of storm surge. That's to say that our units were actually in a location where the seawater was 8 feet above the ground, and our units were continuing to operate. We were floodproof to 9.5 feet, and we have survived hurricane force Category 585 mile an hour winds.

去年，在海倫颶風期間，我們收到了來自當地客戶美國陸軍的一張照片，我記得他們給我們發了一張我們的部隊在 8 英尺高的風暴潮中作戰的照片。也就是說，我們的部隊實際上是在海水高出地面 8 英尺的地方，而我們的部隊還在繼續行動。我們的防洪深度達 9.5 英尺，並且經歷了時速 585 英里的颶風的襲擊。

So those, all of those things are very important resiliency aspects. And by the way, it's one of the ways that we're endeavoring to make inroads with the new Trump administration is to point out to them that we're not tree-hugging, EV-driving hippies over here. We're making disaster preparedness tools that enhance American energy security and using our own resources. So the resiliency part is going to be a very important part of our business. It is in the Middle East.

所以，所有這些都是非常重要彈性方面。順便說一句，我們努力與新川普政府取得進展的方式之一就是向他們指出，我們不是擁抱樹木、駕駛電動車的嬉皮士。我們正在製造災難準備工具，以增強美國的能源安全並利用我們自己的資源。因此，彈性部分將成為我們業務中非常重要的一部分。它位於中東。

You might be surprised. I know that when I was in recently in Dubai and Abu Dhabi, I spent a great deal of time talking about the fact that our products are floodproof, and people listening to this call I think it's crazy that I'm talking to a place that they picture is nothing but burning desert having flooding problems. But in fact, during the last 24 months, both Abu Dhabi and Dubai have had very, very severe flooding events where massive amounts of infrastructure were destroyed and it was very expensive and very disruptive and cost human lives. Our products are a perfect hedge against those sorts of things.

你可能會感到驚訝。我知道，最近我在杜拜和阿布達比時，花了大量時間談論我們的產品具有防洪功能，聽到這個消息的人都認為，我竟然在他們想像中被洪水困擾的灼熱沙漠中講話，這太瘋狂了。但事實上，在過去的 24 個月裡，阿布達比和杜拜都遭遇了非常嚴重的洪水災害，大量基礎設施被摧毀，損失慘重，破壞性極大，並造成了人員傷亡。我們的產品可以完美地抵禦此類風險。

So yes, you should continue to see us heavily emphasizing the resiliency of our existing product set. BeamWell is, of course, the ultimate example of this. Here's a product that we developed to go into Gaza because it will provide them with fresh water, electricity, and mobility in that crisis environment. But it's equally valuable in a post-hurricane environment in Florida, where again, groundwater supplies, electricity, and other utility-type infrastructure been destroyed. We can deploy BeamWell in less than an hour and provide a community with drinking water.

所以是的，您應該繼續看到我們大力強調現有產品系列的彈性。當然，BeamWell 就是這方面的終極典範。這是我們為加薩開發的產品，因為它將在危機環境中為他們提供淡水、電力和機動性。但它在佛羅裡達州颶風過後的環境中同樣有價值，那裡的地下水供應、電力和其他公用事業基礎設施再次遭到破壞。我們可以在不到一小時的時間內部署 BeamWell 並為社區提供飲用水。

We're not going to be running a car wash or something like that, but we'll provide them with clean, fresh drinking water and electricity and mobility without relying on any supply chains at all. BeamWell is the ultimate expression of our resiliency products right now. And again, while it was it was designed as a -- to assist humanitarian efforts. And by the way, we're not giving that way, we're selling it, but it was designed for humanitarian efforts and war zones.

我們不會提供洗車服務或類似服務，但我們會為他們提供清潔、新鮮的飲用水、電力和旅行服務，而無需依賴任何供應鏈。BeamWell 是我們目前彈性產品的終極體現。再次強調，它的設計初衷是為了協助人道工作。順便說一句，我們不是以這種方式給予，而是出售它，但它是為人道主義努力和戰區設計的。

We also have now understood from the various offices of emergency services and others that we've talked to that has a great deal of appeal in places where natural disasters and all sorts of things like that take place. So in short, yes, resiliency will be a major part of what we're doing, and you'll see us continue to invest in making hardened products for these types of environments. And that's also true in our Battery business.

我們也從各個緊急服務辦公室和其他與我們交談過的機構了解到，這些機構在發生自然災害和類似事件的地方具有很大的吸引力。簡而言之，是的，彈性將是我們工作的重要部分，你會看到我們繼續投資製造適合這些類型環境的強化產品。我們的電池業務也是如此。

Great. Thanks a lot.

偉大的。多謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Desmond Wheatley for closing remarks.

我們的問答環節到此結束。我想將會議交還給德斯蒙德惠特利 (Desmond Wheatley) 做閉幕發言。

Thank you again all of you who have joined. Thanks for continuing to follow and support this fantastic company.

再次感謝各位的參與。感謝您繼續關注並支持這家出色的公司。

We've had a rocky couple of quarters, and as I said, that's disappointing but not surprising. It is in no way an indication of where we're going though. On the contrary, the good news is I did get a bit a little ahead of this, although I must say I didn't see it coming, but I did get ahead of this with our European expansion. Making sure that we had diversification in product offering and geographic markets to approach. That turns out to have been quite a good defensive play for us, and I think we'll really see the fruits of that in the coming quarters. So it's still a great time to be Beam.

我們經歷了幾個艱難的季度，正如我所說，這令人失望但並不令人驚訝。但這絕對不能表明我們要去哪裡。相反，好消息是我確實在這方面取得了一些領先，儘管我必須說我沒有預見到這一點，但我確實透過我們的歐洲擴張取得了領先。確保我們提供的產品和地理市場多樣化。事實證明，這對我們來說是一個非常好的防守舉措，我認為我們將在接下來的幾季中真正看到其成果。所以現在仍然是成為 Beam 的好時機。

It's tough. We've just got to stick to this and not panic, frankly, and we aren't. We're going to continue to work very hard. The whole team is we're just going to execute. We're paying attention to things that we can impact and not so much things that we can't impact like the broader market conditions or some of the top-level government decisions that are being made. But we're still executing and we're shipping product and as I say, our sales have grown and we are looking forward to returning to growth in in this and future quarters, and that's where all our focus is.

它太硬。我們必須堅持這一點，不要驚慌，坦白說，我們也沒有驚慌。我們將繼續努力。我們整個團隊只是去執行。我們關注的是那些我們能夠影響的事情，而不是那些我們無法影響的事情，例如更廣泛的市場狀況或一些正在做出的高層政府決策。但我們仍在執行並運送產品，正如我所說，我們的銷售額已經成長，我們期待在本季和未來幾季恢復成長，這就是我們所有的重點。

So again, thanks for your attention. Thanks for your time, thanks for your questions, and we look forward to keep doing what we're doing. Never hesitate to get in touch. If you've got questions, call us, email us. I like to make myself available, particularly to our shareholders and our analysts. So be in touch any time you want to, and we'll try to accommodate.

再次感謝您的關注。感謝您的時間，感謝您的提問，我們期待繼續做我們正在做的事情。請隨時與我們聯繫。如果您有任何疑問，請致電或發送電子郵件給我們。我喜歡隨時為他人服務，特別是對我們的股東和分析師。因此，只要您願意，請隨時與我們聯繫，我們將盡力滿足您的要求。

Just remember, I spent a lot of time in traveling and at the end of next week, I'll be spending Memorial Day 12 hours ahead of you. So it'll be the middle of the night when it's the middle of your day. Just bear that in mind, but otherwise I'm always willing to talk. Thank you.

請記住，我花了很多時間在旅行上，下週結束時，我將比你們提前 12 小時度過陣亡將士紀念日。因此，當你還是白天的時候，就已經是半夜了。只要記住這一點，除此之外我隨時願意交談。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。