MeritValue

Beam Global

BEEMdata completeness 88%16 fiscal years on file
The thesis, from the filings

Beam Global earns about -70% on invested capital, and has bought back 100% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$9M1$22M2$67.4M3$49.3M4$28.2M4
Net income−$6.6M5−$19.7M6−$16.1M7−$11.3M8−$27M8
Operating cash flow−$6.41M9−$18.1M10−$13.3M11−$2.19M12−$10.5M12
Capital expenditure$498,00013$872,00014$937,00015$828,00016$418,00016
Free cash flow (derived)−$6.91M9−$19M10−$14.2M11−$3.02M12−$10.9M12
Total debt—————
Cash & equivalents$21.9M17$1.68M18$10.4M18$4.57M19$969,00019
Diluted shares8.9M9.9M12.3M14.6M16,814

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$14,776.38
your share of equity
Profit it earned you last year
−$16,059.83
Free cash flow it threw off
−$6,482.69
Debt you’d be carrying
—

10 shares is a claim on $14,776.38 of net worth that earned you −$16,059.83 and generated −$6,482.69 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-70% avg · 5y
FY21 -129%FY22 -72%FY23 -32%FY24 -24%FY25 -91%

It earned an average -70% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001683168-23-002090 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002470 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002475 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-011890 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002090 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002470 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002475 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-011890 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002090 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002470 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002475 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-011890 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-002090 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-002470 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-002475 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-011890 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001683168-24-002470 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0001683168-25-002475 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-011890 (CashAndCashEquivalentsAtCarryingValue)