What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-04-16 compared with 2023-03-31 · 457 added, 477 removed, 140 unchanged (87% of the section changed)

Beam is a clean-technology innovation

company based in San Diego, California.

We develop, manufacture and sell high-quality, renewably energized infrastructure products for

electric vehicle charging infrastructure, energy storage, energy security, disaster preparedness and outdoor media advertising.

Vehicle (EV) charging infrastructure products are powered by locally generated renewable energy and enable vital and highly valuable services

in locations where it is either too expensive, too disruptive or impossible to connect to a utility grid, or where the requirements for

electrical power are so important that grid failures, like blackouts, are intolerable.

Beam is a clean-technology

innovation company headquartered in San Diego, California with factories in San Diego, Chicago and Kraljevo, Serbia in Europe.

manufacture, and sell high-quality, renewably energized products for electric vehicle charging infrastructure, energy storage, energy

security, disaster preparedness, street lighting, telecommunications, and energy infrastructure.

Our Electric Vehicle (EV) charging infrastructure

products are powered by locally generated renewable energy and enable vital and highly valuable services in locations where it is either

too expensive, disruptive, or impossible to connect to a utility grid, or where the requirements for electrical power are so important

that grid failures, like blackouts, are intolerable.

We do not compete with EV charging companies;

we enable such companies by providing infrastructure solutions that replace the time consuming and expensive process of construction and

electrical work which are usually required to install traditional grid-tied EV chargers.

We also do not compete with utilities.

provide utilities with another tool to deliver reliable and low-cost electricity to EV chargers and, in the case of a grid failure, to

first responders and others, through our integrated emergency power panels.

We also provide energy storage technologies that make commodity

battery cells safer, longer lasting and more energy efficient and our battery management systems (BMS) and associated packaging make batteries

safe and usable in a variety of mobility, energy-security and stationary applications.

Our charging products are rapidly

deployed without the need for construction or electrical work.

We compete with the highly fragmented and disintegrated ecosystem of general

contractors, electrical contractors, consultants, engineers, permitting specialists and others who are required to perform a traditional

grid-tied EV charger installation construction and electrical project.

Our clean-technology products are designed to replace a complicated,

expensive, time consuming and risk prone process with an easy, low total cost of ownership, robust and reliable product.

rather, we assist these companies by

offering infrastructure solutions that replace the time consuming and expensive process of construction and electrical work which are

usually required to install traditional grid-tied EV chargers.

We also do not compete with utility companies.

Our products enable utilities

and others to deliver reliable and low-cost electricity to EV chargers and, in the case of a grid failure, to first responders and others,

through our integrated emergency power panels.

We also provide energy storage technologies that make commodity battery cells safer, longer

lasting and more energy efficient.

Our battery management systems (BMS), and associated packaging, make batteries safer and usable in

a variety of mobility, energy-security, and stationary applications.

Our street lighting and other street furniture products are mass

produced and sold in 17 nations globally.

Our charging products are

rapidly deployed without the need for construction or electrical work.

We compete with the highly fragmented and disintegrated ecosystem

of general contractors, electrical contractors, consultants, engineers, permitting specialists and others, who are required to perform

a traditional grid-tied EV charger installation construction and electrical project.

Our clean-technology products are designed to replace

a complicated, expensive, time-consuming and risk prone process with an easy, robust and reliable product at a low cost of total ownership.

Beam’s renewable energy

5 unchanged sentences

outdoor media advertising.

The Company focuses on creating

high-quality renewable energy products that are rapidly deployable, have diverse use cases and are attractively designed.

We believe that

there is a clear need for rapidly deployable and highly scalable EV charging infrastructure, and that our EV ARC™ and Solar Tree™

products fulfill that requirement.

We are agnostic as to the EV charging service equipment as we do not sell EV charging, rather we sell

products which enable it.

Our EV ARC™ and Solar Tree™ products replace the infrastructure required to support EV chargers,

not the chargers themselves.

Our ability to make commodity battery cells safer, longer lived and more energy efficient is, we believe,

a significant differentiator as we move to an increasingly electrified and untethered world.

The Company focuses

on creating high-quality renewable energy products that are rapidly deployable, have diverse use cases and are attractively designed.

We believe that there is a clear need for rapidly deployable and highly scalable EV charging infrastructure, and that our EV ARC™

and Solar Tree™ products fulfill that requirement.

We are agnostic as to the EV charging service equipment as we do not sell EV

charging, rather we sell products which enable it.

Our EV ARC™ and Solar Tree™ products replace the infrastructure required

to support EV chargers, not the chargers themselves.

Our ability to make commodity battery cells safer, longer lived and more energy efficient

in bespoke enclosures is, we believe, a significant differentiator as we move to an increasingly electrified and untethered world.

We believe our chief differentiators

our patented, renewably energized products

dramatically reduce the cost, time and complexity of the installation and operation of EV charging infrastructure when compared to traditional,

utility grid tied alternatives;

our patented, renewably energized products dramatically reduce the cost, time and complexity of the installation and operation of EV charging infrastructure when compared to traditional, utility grid tied alternatives;

our proprietary and patented energy storage solutions;

our first-to-market advantage with

EV charging infrastructure products which are renewably energized, rapidly deployed and require no construction or electrical work on

our first-to-market advantage with EV charging infrastructure products which are renewably energized, rapidly deployed and require no construction or electrical work on site;

our products’ capability to operate during grid outages and to provide a source of EV charging and emergency power rather than becoming inoperable during times of emergency or other grid interruptions;

our ability to add sufficient electrical capacity to provide for the

significant increase demand brought by EVs, without having to go through expensive, time consuming and risky utility grid expansion

(adding power stations, transmission lines and distribution infrastructure like substations);

our ability to continuously create new and patentable inventions which are marketable and a complex integration of our proprietary technology and parts, and other commonly available engineered components, which create a further barrier to entry for our competition.

our ability to add electrical capacity to provide for the significant increase demand brought by EVs, without having to go through expensive, time consuming and risky utility grid expansion (adding power stations, transmission lines and distribution infrastructure like substations);

our ability to create new and patentable

products which are marketable and consist of a complex integration of our proprietary technology and parts with other commonly available

engineered components, which create a further barrier to entry for our competition;

our extensive geographic footprint in North America and Europe, and

existing customer base and contracts.

Products and Technologies

Electric vehicle charging infrastructure.

All of our infrastructure products

currently incorporate the same underlying technology with a built-in renewable energy source in the form of attached solar panels and/or

a light wind generator, along with battery storage which enables our products to generate and store all of their own electricity while

Our clean energy infrastructure

products currently incorporate the same underlying technology with a built-in renewable energy source in the form of attached solar panels

and/or a light wind generator, along with battery storage, which enables our products to generate and store their own electricity while

operating without connecting to the utility grid.

1 unchanged sentence

We believe that the U.S.

and global utility grids lack sufficient capacity to supply enough electricity to all the new EVs and other electrical

devices which are becoming increasingly available to consumers, especially considering the number of national and state governments that

have announced future bans on the sale of gasoline and diesel vehicles, as early as 2025 in Norway, and 2030 in Germany, with most bans

being put in place no later than 2040.

Even locations with a grid connection often lack circuits which have enough capacity to support

EV charging in any meaningful way.

For example, parking lots might have enough electrical capacity to power lighting but not enough to

power EV charging.

Beam products provide that power without a requirement to increase the electrical grid capacity at a site which can

often be, and we believe will increasingly be, expensive, disruptive, complex and time consuming.

We believe that there will

be an increasing demand and need for rapidly deployed and highly scalable EV charging infrastructure products which do not require construction

or electrical work, and which do not rely on the utility grid for a supply of electricity.

We are not aware of any other products which

provide a similar solution for this need as effectively as our patented products which are listed below:

ARC™ (Electric Vehicle Autonomous Renewable Charger) – Our most popular product, we believe this patented product

is the world’s first and only transportable, solar powered EV charging infrastructure product on the market that fits in

a parking space but does not reduce available parking.

The EV ARC™ generates and stores all its own energy and supports Level I,

Level II and DC Fast Charging (requiring 4 interconnected units).

The electronics are elevated under the solar array which makes the

unit flood-proof in up to nine and a half feet of water.

It does not need a grid connection and therefore needs no trenching, switch

gear, or transformer upgrades.

Because there is no foundation, trench or electrical infrastructure, the EV ARC™ typically does

not require a building or any other kind of permit, and it is easily transportable if a different location is desired.

products can charge between one and six EVs simultaneously and a single unit can provide EV charging to as many as 12 parking spaces.

Because the EV ARC™ systems are solar powered, they

are not disrupted during grid interruptions such as black-outs or brown-outs which is becoming increasingly important as more transportation

and global utility grids lack sufficient capacity to supply enough electricity to all the new EVs, AI, data centers,

electrified industry and other electrical devices which are becoming increasingly available to consumers and business, especially considering

the number of national and state governments that have announced future bans on the sale of gasoline and diesel vehicles, as early as

2025 in Norway, and 2035 in Europe, with most bans being put in place no later than 2040.

Even locations with a grid connection often

lack circuits which have enough capacity to support EV charging in any meaningful way.

For example, parking lots might have enough electrical

capacity to power lighting but not enough to power EV charging.

Beam products provide that power without a requirement to increase the

electrical grid capacity at a site which can often be, and we believe will increasingly be, expensive, disruptive, complex and time consuming.

We believe that there

will be an increasing demand and need for rapidly deployed and highly scalable EV charging infrastructure products which do not require

construction or electrical work, and which do not rely on the utility grid for a supply of electricity.

We are not aware of any other

products which provide a similar solution for this need as effectively as our patented products which are listed below:

EV ARC™ (Electric Vehicle Autonomous

Renewable Charger) – Our most popular product- We believe this patented product is the world’s first and only transportable,

solar powered EV charging infrastructure product on the market that fits in a parking space but does not reduce available parking.

EV ARC™ generates and stores all its own energy through its solar array so there are no utility bills to pay.

EV ARC™ features

our patented BeamTrak TM sun tracking technology that follows the sun to generate up to an additional 25% of solar electrical

It does not need a grid connection which eliminates the need for lengthy construction projects, trenching, switch gear, or transformer

The EV ARC TM can be delivered to its intended location and is set up and charging in less than an hour.

Because there

is no foundation, trench or electrical infrastructure, the EV ARC™ typically does not require a building or any other kind of permit,

and it is easily transportable if a different location is desired.

EV ARC™ products support Level I, Level II and DC Fast Charging

(requiring 4 interconnected units) and can charge between one and six EVs simultaneously.

A single unit can provide EV charging to as

many as 12 parking spaces.

The electronics are elevated under the solar array which makes the unit flood-proof in up to nine and a half

feet of water.

EV ARC™ systems are independently rated to withstand winds up to 160mph.

Because the EV ARC™ systems are solar powered,

they are not disrupted during grid interruptions such as black-outs or brown-outs which is becoming increasingly important as more transportation

relies on electricity for fuel.

There are no utility bills to pay and there is generally no disruptive planning or required permits from

the utility or local governments.

Current grid-tied EV chargers are often placed in locations where a suitable circuit is most easily

accessed and cheapest to install, rather than in the most convenient and desirable locations for EV drivers.

EV ARC™ systems do

not need to be connected to the grid and as such, can be placed anywhere, making them a rapidly deployable and highly scalable solution

for EV charging infrastructure deployed where it is wanted and needed rather than where it is cheapest and easiest to connect to the

utility grid.

2019, we deployed our first EV ARC™ DC Fast Charging units that provide a 50kW DC fast charge to electric vehicles providing a

range of up to 1,100 miles per day .

We also have a patent pending on a version of the EV ARC™ which, when fully developed, will

be able to provide wireless charging to suitably equipped EVs.

EV ARC™ systems are highly visible, we believe that they are an ideal platform for sponsored deployments wherein networks of EV

ARC™ systems are deployed and owned by us and monetized through sponsorship and naming-rights agreements with corporate sponsors

who are eager to have their brands associated with renewable, clean-energy by sponsoring a city-wide sponsorship of free EV charging

through what we refer to as the “Driving on Sunshine” network.

We intend to deploy our “Driving on Sunshine”

network in highly populated areas where we will deliver free EV charging while monetizing the network of EV ARC™ systems through corporate

sponsorship programs.

Our products also create significant reductions in greenhouse gas and CO2 emissions which, we believe, is a further

inducement to encourage corporations to sponsor our network as they may benefit from the carbon offsets generated by a network of EV

ARC™ systems.

SolarTree® Products – This patented product is used for larger scale solar powered EV charging applications.

We believe our Solar Tree® product to be the only single column, sun tracking, solar support structure with integrated energy storage, EV charging and media platforms available today.

The design of our Solar Tree® systems are ideal for charging electric buses, electric heavy-duty vehicles, electric agricultural equipment, public transportation and electric vehicles used in the construction industry.

In 2020, we launched our new generation of Solar Tree® DCFC products with on-board battery storage that do not require a utility grid connection (though grid connection capability is available).

As a result, these products can be rapidly deployed and enable EV charging in remote locations where it would otherwise be impossible or economically infeasible, such as rest areas, park and ride locations, construction sites, or any location with insufficient grid connectivity.

The costs and environmental impact associated with delivering a 50kW or greater circuit to a remote rest area may be prohibitive, whereas a Solar Tree® DCFC can be deployed with minimal site disturbance.

We believe our Solar Tree® products

with on-board battery storage can provide a highly reliable source of energy to provide emergency power to first responders during times

of emergency or other grid failures.

We also believe that our Solar Tree® products which may be optimized for branding can create

a visually appealing platform for the delivery of a sponsor’s brand with a less onerous planning and entitlement process than that

experienced with traditional signage.

Current grid-tied EV chargers are often placed in locations where a suitable circuit is most easily accessed

and cheapest to install, rather than in the most convenient and desirable locations for EV drivers.

EV ARC™ systems do not need

to be connected to the grid and as such, can be placed anywhere, making them a rapidly deployable and highly scalable solution for EV

charging infrastructure.

We received a patent in 2024 for a version of

the EV ARC™ which, when fully developed, will be able to provide wireless charging to suitably equipped EVs.

Because EV ARC™ systems are highly visible,

we believe that they are an ideal platform for sponsored deployments wherein networks of EV ARC™ systems are deployed and owned

by us and monetized through sponsorship and naming-rights agreements with corporate sponsors who are eager to have their brands associated

with renewable, clean-energy by sponsoring a city-wide sponsorship of free EV charging through what we refer to as our Drive on Sunshine™

We intend to deploy our Drive on Sunshine™ network in highly populated areas where we will deliver free EV charging while

monetizing the network of EV ARC™ systems through corporate sponsorship programs.

Our products also create significant reductions

in greenhouse gas and CO2 emissions which, we believe, is a further inducement to encourage corporations to sponsor our network as they

may benefit from the carbon offsets generated by a network of EV ARC™ systems.

SolarTree® Products –

These patented products are used for larger scale solar powered EV charging applications.

We believe our Solar Tree® product to be

the only single column, sun tracking, solar support structure with integrated energy storage, EV charging and media platforms available

The design of our Solar Tree® systems is ideal for charging electric buses, electric heavy-duty vehicles, electric agricultural

equipment, public transportation, and electric vehicles used in the construction industry.

In 2020, we launched our new generation of

Solar Tree® DCFC products with on-board battery storage that do not require a utility grid connection (though grid connection capability

is available).

As a result, these products can be rapidly deployed and enable EV charging in remote locations where it would otherwise

be impossible or economically infeasible, such as rest areas, park and ride locations, construction sites, or any location with insufficient

grid connectivity.

The costs and environmental impact associated with delivering a 50kW or greater circuit to a remote rest area may be

prohibitive, whereas a Solar Tree® DCFC can be deployed with minimal site disturbance.

We believe our Solar Tree® products with on-board battery storage can provide a highly reliable source of energy to provide emergency power to first responders during times of emergency or other grid failures.

We also believe that our Solar Tree® products which may be optimized for branding can create a visually appealing platform for the delivery of a sponsor’s brand with a less onerous planning and entitlement process than that experienced with traditional signage.

The National Electric Vehicle Infrastructure program

(NEVI) requires 600kW of DC fast charging every 50 miles on US highways.

We do not believe that the utility grid can provide this level

of capacity in all locations, especially not in remote parts of the country.

We believe that our Solar Tree® product could contribute

to providing a solution in many of the underserved locations.

We believe that this is a good example of the sort of opportunity for growth

that the Solar Tree® product can contribute to Beam Global.

EV-Standard™ Product – On December 31, 2019, we were issued a patent for this product from the United States Patent and Trademark Office.

The EV-Standard™ is currently in development and will use an existing streetlamp’s foundation and grid connection.

Combining solar, wind-power and the streetlamp grid connection into on-board batteries which are stored in the EV Standard’s column, the product will deliver meaningful Level II EV charging at “curbside” or “on street”.

(NEVI) requires states to provide at least 600kW of DC fast charging on every 50 miles on US highways.

We do not believe that the utility

grid can provide this level of capacity in all locations, especially not in remote parts of the country.

We believe that our Solar Tree®

product could contribute to providing a solution in many of the underserved locations.

We believe that this is a good example of the sort

of opportunity for growth that the Solar Tree® product can contribute to Beam Global.

EV Standard™ Product – Our patented EVStandard™ is currently in development and will use an existing streetlamp’s foundation and grid connection.

Combining solar, wind-power and the streetlamp grid connection with on-board batteries which are stored in the EV Standard’s column, the product will deliver meaningful Level II EV charging at “curbside” or “on street” locations.

The EV Standard™ design combines a tracking solar panel, wind energy and utility-generated electricity from the existing streetlamp grid connection in a bank of integrated batteries.

While most traditional streetlamps do not have sufficient electrical capacity to provide meaningful EV charging, the combination of all three sources of power will do so in a sustainable and economical manner.

While most traditional streetlamps do not have sufficient electrical capacity to provide meaningful EV charging, the combination of all three sources of power provides sufficient electrical capacity for EV charging in a sustainable and economical manner.

Densely populated areas do not have large open parking lots and will require EV charging solutions where drivers park on the street.

The EV Standard TM can provide that without investment in expensive, disruptive and time-consuming construction or electrical work.

The EV Standard TM can provide that without requiring expensive, disruptive, and time-consuming construction or electrical work.

This product will continue to charge during grid failures and greatly reduces the cost of electricity when compared to an all grid-powered solution.

We believe that in some instances EV charging may be deployed at every five lamp standards or even greater density.

We believe our patented EV Standard™ product, when developed, will create a significant additional opportunity for product sales and revenue generation.

Energy Storage Solutions

global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030;

expected to grow at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2030 according to MarketsandMarkets Analysis.

We are living

in an increasingly electrified world and more of the devices we rely on are no longer connected to a wall socket or any kind of utility

This untethering requires energy storage to be more energy dense and packaged in increasingly smaller and lighter formats.

Physics dictates that the storage and release of electrical energy will create heat.

In extreme cases this can lead to a chain reaction

within a group of battery cells that can be difficult to stop, known as “thermal runaway”, which has led to some well publicized

Our energy storage products create high performance energy storage solutions used in EV charging, electric vehicles, micro mobility,

aviation, medical devices, robotics, stationary storage and maritime applications.

We believe that we are unique in the EV charging industry

in that we use our own proprietary energy storage solutions in our EV ARC™ units.

Our proprietary and patented passive thermal management,

modular platform architecture, and scalable battery management systems (BMS), enhance safety and performance to prevent thermal events,

while extending battery life and reducing lifetime stored energy costs.

We provide safe, scalable and high-powered energy storage solutions

which have enabled electrified applications in many formats for Fortune 100 companies in the U.S and Internationally.

According to MarketsandMarkets

Analysis, the global lithium-ion battery market size is projected to grow from $41.1 billion in 2021 to $116.6 billion by 2030;

it is expected to grow at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2030.

We are living in an increasingly electrified

world and more of the devices we rely on are no longer connected to a wall socket or any kind of utility connection.

This untethering

requires energy storage to be more energy dense and packaged in increasingly smaller and lighter formats.

Physics dictates that the storage

and release of electrical energy will create heat.

In extreme cases this can lead to a chain reaction within a group of battery cells

that can be difficult to stop, known as “thermal runaway”, which has led to some well publicized fires.

Our energy storage

products create high performance energy storage solutions used in EV charging, electric vehicles, micro mobility, aviation, medical devices,

robotics, stationary storage, and maritime applications.

We believe that we are unique in the EV charging industry in that we use our

own proprietary energy storage solutions in our EV ARC™ and EV Standard™ units.

Our proprietary and patented passive thermal

management, modular platform architecture, and scalable battery management systems (BMS), enhance safety and performance to prevent thermal

events, while extending battery life and reducing lifetime stored energy costs.

We provide safe, scalable and high-powered energy storage

solutions which have enabled electrified applications in many formats for Fortune 100 companies in the U.S and Internationally.

Energy Security and Disaster Preparedness

13 unchanged sentences

government has evidence of intrusions by nefarious nation state actors.

Wall Street Journal article reported that attacks on the US power grid rose 71% in 2022 over 2021.

A division of the grid oversight body

known as the North American Electric Reliability Corporation found that ballistic damage, intrusion and vandalism largely drove this increase.

All of these events constitute significant vulnerabilities which are expensive, disruptive, inconvenient, and dangerous.

As we electrify

our transportation fleets, these events may become catastrophic.

has a Strategic Petroleum Reserve (SPR) to ensure that it never

runs out of gasoline and diesel, but there is no strategic electric reserve.

In fact, many markets are operating at capacity during peak

products provide a hedge against grid failures.

Our EV ARC™ and Solar Tree® currently provide, and our EV Standard™ will provide,

locally generated and stored electricity and are a highly robust and secure source of power to EVs.

We are engaged with government officials

at every level to increase awareness of our products and the benefits they can bring to energy security.

We are increasingly hearing

suggestions that 25% of all EV charging infrastructure should be independent of the centralized grid.

We believe that our products are

uniquely positioned to fulfill this need.

Our current contracts with California, Florida, New York City, and the Federal government through

our General Services Administration (GSA) Multiple Award Schedule Contract should ideally position us to take advantage of what we believe

will be a significant increase for the requirements of robust and sustainable EV charging infrastructure.

The Biden administration has

stressed increased commitment to:

Street Journal article reported that attacks on the US power grid rose 71% in 2022 over 2021.

In April 2024,

North American Electric Reliability Corporation (NERC), a division of the grid oversight body, reported

that physical assaults on the grid have remained high since rising in 2022, with about 2,800 reports of gunfire, vandalism and other strikes

on electrical networks in 2023.

Some 3% of those attacks led to outages or other operational problems.

Events such as these constitute

significant vulnerabilities which are expensive, disruptive, inconvenient, and dangerous.

As we electrify our transportation fleets, these

events may become catastrophic.

has a Strategic Petroleum Reserve to ensure that it never runs out of gasoline and diesel, but

there is no strategic electric reserve.

The electrical grid faces unprecedented challenges as a result of increased frequency and intensity

of extreme weather events, such as heat waves, wildfires, hurricanes, floods and other climate events which can disrupt the generation,

transmission and distribution of electricity.

Beam’s products are

a highly robust and secure source of power for EVs and provide a hedge against grid failures.

Our EV ARC™ and Solar Tree® currently

provide, and our EV-Standard™ will provide, locally generated and stored electricity.

We are engaged with government officials at

every level to increase awareness of our products and the benefits they can bring to energy security.

We are increasingly hearing suggestions

that 25% of all EV charging infrastructure should be independent of the centralized grid.

We believe that our products are uniquely positioned

to fulfill this need.

We believe that our current contracts with California, Florida, New York City, and the Federal government through

our General Services Administration (GSA) Multiple Award Schedule Contract ideally position us to take advantage of what we believe will

be a significant increase for the requirements of robust and sustainable EV charging infrastructure.

The Biden administration has stressed

increased commitment to:

American made products

3 unchanged sentences

We believe that our products

are ideally suited to fulfill all of these requirements.

are ideally suited to fulfill all these requirements.

Traffic Telecommunications and Energy Infrastructure

On October 20, 2023, Beam

acquired Amiga, which is a business located in Serbia that engages in the manufacture and distribution of steel structures with electronic

integration, which we sell throughout the European region.

The current list of products we offer includes:

infrastructure products

for public lighting;

infrastructure products

for mobile telephone, networks, and transmission lines.

infrastructure products

for tram, trolleybus, and railways.

infrastructure products

for contact networks, masts, portals and semi-portals for road and railway signaling;

large steel lattice structures for

specific purposes (e.g., stadiums, factories, power plants, etc.);

and (vi) distribution and command electrical cabinets.

Our new European operation

has strong engineering, product development and manufacturing capabilities which we believe is well suited to manufacture Beam’s

current products, and assists in the development of Beam’s new products, such as the EV Standard TM .

Outdoor Media Advertising

As the value of traditional

advertising media such as television, radio, and print diminish, advertisers in the United States and abroad are looking for new outlets

to capture the attention of consumers.

The Company believes there is opportunity in the outdoor advertising space to place outdoor content

on Beam’s infrastructure products.

One objective is to sell advertising space on our products to a company, with the proceeds being

used to fund the delivery of EV ARC™ systems.

Beam’s current focus in the media space is selling sponsorship and naming rights

to networks of EV ARC™ systems deployed across major cities, using a similar model to the Citibike program in New York City.

2012, Citigroup Inc.

paid $41 million for five years of naming rights on New York’s bike sharing program.

Citibank extended the

naming rights agreement for $70 million to cover the period from 2019 to 2024.

Beam intends to replicate this model with our Driving

on Sunshine network.

Because EV ARC™ systems are highly visible, we believe that they are an ideal platform for sponsored deployments

wherein networks of EV ARC™ systems are deployed and owned by us and monetized through sponsorship and naming-rights agreements

with corporate sponsors who are eager to have their brands associated with the “Driving on Sunshine” network.

also create significant reductions in greenhouse gas and CO2 emissions which, we believe, can be used as a further inducement to encourage

corporations to sponsor the networks as they may benefit from the carbon offsets generated by a network of EV ARC™ systems.

that the EV ARC™ will provide 20 years of service (we have had them operating in the field for almost a decade to date) and will

create a long-term recurring revenue stream from sponsorships.

We believe that our Driving on Sunshine network will become more valuable

as more EVs are used by the public.

In 2020, the Company entered into

a collaboration agreement with the City of San Diego to deploy our solar-powered EV charging infrastructure products across San Diego

(Driving on Sunshine network) and we have engaged a consultant to identify potential sponsors to take advantage of this naming rights

The consultant has elected not to take fees from us on retainer and instead provide services for a percentage of the revenues

we derive from the Driving on Sunshine network in the event that we are successful with this endeavour.

The percentage payment is calculated

on and in addition to our pricing and therefore not dilutive to our profitability.

We view this industry expert’s willingness to

work for success only fees as an indication that this business model continues to have merit.

The Company believes there

is opportunity in the outdoor advertising space to place outdoor advertising content on Beam’s infrastructure products.

The objective

is to sell advertising space on our products to a company, with the proceeds being used to fund the delivery of EV ARC™ systems.

While we believe this is a proven, successful business model, and our EV ARC TM provides a good platform for advertising for

a company who seeks to promote their support of clean energy, we have been unsuccessful at finding a sponsor to date and this has become

a lower priority.

Target Markets

5 unchanged sentences

segments as different market opportunities are identified.

Beam’s largest customers

include the U.S.

Federal Government, including the Department of Homeland Security, United States Marine Corps, and many other federal

agencies, the State of California, which is a conglomeration of California state agencies and municipalities, and the City of New York.

Historically, the most attractive markets for Beam have been New York and California, but we have expanded the sale of units to 29 states

throughout the U.S., as well as Puerto Rico and Canada.

Currently the largest customer using our products is the US Army through our contract

with TechFlow followed by the Veteran’s Administration purchased through the General Services Administration.

Beam’s largest

customers include the U.S.

Federal Government, including the U.S.

Army, Department of Veterans Affairs, Department of Homeland Security,

United States Marine Corps, and many other federal agencies, the State of California, which is a conglomeration of California state agencies

and municipalities, and the City of New York.

We have expanded the sale of EV ARC™ systems to 41 states throughout the U.S., three

international countries, Puerto Rico and the U.S.

Virgin Islands in the Caribbean.

The largest customers that we sold to in 2023

were the US Army followed by the Department of Veterans Affairs.

In October 2023, Beam acquired

Amiga DOO Kraljevo (“Amiga”) which is a business located in Serbia and engaged in the

manufacture and distribution of steel structures with electronic integration, such as streetlights, cell towers, and ski lift towers.

We believe Amiga’s manufacturing capabilities are well suited to manufacture and sell Beam’s current products into

the European market , which is a larger market than the U.S.

Amiga has also

a strong engineering team that can help to develop our EV Standard TM for sale in both the U.S.

We believe this

provides a strong growth opportunity for Beam’s products.

The factors below have been

1 unchanged sentence

Economic Factors .

Our ability to deploy

EV charging infrastructure with a fixed cost in environments with difficult, time consuming permitting and regulatory requirements and

high construction and electrical costs.

Our ability to deploy EV charging infrastructure with a fixed cost in environments with difficult, time consuming permitting and regulatory requirements and high construction and electrical costs.

Speed to deploy.

As EV adoption increases the requirement for EV charging infrastructure becomes more acute and

We are able to provide EV charging to locations in many cases in less time than it would take them to pull permits for

grid-tied solutions.

Because we are not constrained by local construction, electrical and permitting requirements we are

able to scale up EV charging deployments in a manner which is not feasible with traditional approaches because of construction, design

and engineering challenges inherent in in-the-ground solutions.

As EV adoption increases the requirement for EV charging infrastructure becomes more acute and more urgent.

We are able to provide EV charging to locations in many cases in less time than it would take to pull permits for grid-tied solutions.

Because we are not constrained by local construction, electrical and permitting requirements we are able to scale up EV charging deployments in a manner which is not feasible with traditional approaches because of construction, design and engineering challenges inherent in in-the-ground solutions.

Sociocultural Factors .

1 unchanged sentence

Technological Factors .

Regions with good insolation, expensive energy costs, and poor or degraded air quality, and a lack of capacity or expensive upgrade requirements for their utility grid.

We believe our products are ideal for regions with good insolation, expensive energy costs, and poor or degraded air quality, and a lack of capacity or expensive upgrade requirements for their utility grid.

Consumer Products.

3 unchanged sentences

State and local governments focusing on the transportation industry and the electrification of fleet vehicles to reduce carbon emissions.

Many of these factors have been

important since the early days of EV adoption.

Government tail winds are stronger than ever with many nations and states announcing the

outright banning of gasoline and diesel vehicle sales during the next two decades.

In the U.S., California, Oregon and the State of Washington

have announced bans starting in 2035, less than seven years from now.

In addition, automotive manufacturers have started production of

electric vehicles which are more consistent with traditional car models that have been popular with U.S.

Ford is selling an

all-electric F150 pickup truck which launched in 2022.

Since 1981, the F150 has been the most popular vehicle in the US and the top selling

pickup truck for forty-two years in a row.

The electric version of the F150 has the same towing and payload capacity and will be able

to accelerate from 0 to 60 mph in under four seconds.

GM has launched an electric Hummer which has 1000HP (compared to the gasoline version

with 300HP) with a similar acceleration rate as the F150.

A record number of new electric vehicles in the light-, medium- and heavy-duty

categories were introduced in 2022.

We believe that the consumer will

adopt EVs faster than many experts are predicting and that as a result, the requirement for growth in EV charging infrastructure will

be more urgent than is currently forecasted or contemplated.

We also believe that as the easiest (low hanging fruit) locations for grid-tied

chargers are used up, the process of deploying traditionally installed and powered grid-tied EV chargers will become more expensive and

time consuming.

At the same time, we believe that we will continue to reduce the costs to produce our products and become faster at deploying

During a period of significant and increasing demand, we believe that our scalability and rapid deployment will create a significant

advantage for our products and our position in the market.

We have recently demonstrated our ability to have a single person deploy two

of our EV ARC™ systems, each capable of supporting as many as six EV chargers, in a customer parking lot at the same time.

Many of these factors have

been important since the early days of EV adoption.

Government tail winds are stronger than ever with many nations and states announcing

the outright ban on gasoline and diesel vehicle sales during the next two decades.

In the U.S., President Biden set a goal for 50% of

new car sales to be electric by 2030.

There are currently nine states that have announced plans to prohibit the sale of new internal combustion

engine automobiles after 2035.

California has announced a similar ban and seventeen other states have historically followed California’s

In addition to all-electric car manufacturers such as Tesla, BYD, Lucid Motors, Rivian, Polestar, etc., most car companies

now offer electric vehicle options for various types of vehicles.

General Motors has committed to only offer zero-emissions vehicles by

2035 and six major automakers including Ford, Mercedes-Benz, Volvo and 3 others, along with 30 nations, signed a pledge to eliminate sales

of new gas and diesel-powered cars by 2035 in leading markets.

Automotive manufacturers have started production of electric vehicles which

are more consistent with traditional car models that have been popular with U.S.

Ford is selling an all-electric F150 pickup

truck launched in 2022.

Since 1981, the F150 has been the most popular vehicle in the US and the top selling pickup truck for forty-three

years in a row.

The electric version of the F150 has the same towing and payload capacity and will be able to accelerate from 0 to 60

mph in under four seconds.

GM has launched an electric Hummer which has 1000HP (compared to the gasoline version with 300HP) with a similar

acceleration rate as the F150.

We believe that consumers

will adopt EVs faster than many experts are predicting and that as a result, the requirement for growth in EV charging infrastructure

will be more urgent than is currently forecasted or contemplated.

We also believe that as the easiest (low hanging fruit) locations for

grid-tied chargers are established, the process of deploying traditionally installed and powered grid-tied EV chargers will become more

expensive and time consuming.

At the same time, we believe that we will continue to reduce the costs of producing our products and become

faster at deploying them.

During a period of significant and increasing demand, we believe that our scalability and rapid deployment will

create a significant advantage for our products and our position in the market.

Growth Strategy

The electric vehicle market

is expected to grow at a rapid pace.

Research reports indicate that the EV infrastructure market is expected to reach $222 Billion

by 2030 which is a 31% compound annual growth rate (CAGR) between 2023 – 2030.

California approved a plan for nearly $2.9

billion in funding for 90,000 new electric vehicle chargers in the state in December 2022 through its California Energy Commission.

In addition, General Motors has committed to only offer zero-emissions vehicles by 2035 and six major automakers including Ford,

Mercedes-Benz, Volvo and 3 others, along with 30 nations, signed a pledge to eliminate sales of new gas and diesel-powered cars by

2035 in leading markets.

California’s Governor has also issued an executive order that by 2035, all new cars and passenger

trucks sold in California must be zero-emission vehicles.

Massachusetts and New Jersey have followed suit, as has the European

Union, and others are expected to follow .

17 other states bind their emissions

standards to California’s.

We currently operate in four rapidly growing markets:

charging infrastructure, energy storage (batteries) outdoor media advertising and energy security and disaster preparedness.

products are being used in 29 U.S.

states, over 170 municipalities, three international countries, Puerto Rico and the U.S.

Islands in the Caribbean.

We believe that our products have a global appeal and that we are only at a very early stage in t he

development of our sector.

We believe that our strategic growth plan will enable us to increase our user base and revenues while

increasing profitability.

Our strategic growth plan includes:

is expected to grow at a rapid pace, and it is expected that the EV infrastructure market will grow at a comparable pace to support the

Research reports indicate that the EV infrastructure market is expected to reach $224.8 Billion by 2032 which is a 27.5% compound

annual growth rate (CAGR) between 2024 – 2032.

In December 2022, the California Energy Commission approved a plan for nearly $2.9

billion in funding for 90,000 new electric vehicle chargers in the state.

We currently operate in

three rapidly growing markets:

EV charging infrastructure, energy storage (batteries), and energy security and disaster preparedness.

We believe that our products have a global appeal and that we are at a very early stage in t he development of our sector.

that our strategic growth plan will enable us to increase our user base and revenues while increasing profitability.

Our strategic growth

plan includes:

Engaging government relations experts to educate decision makers on the value of our “Made in America” products.

Increase marketing efforts to educate potential customers.

Expanding our geographic footprint and customer base.

Expanding our geographic footprint and customer base, especially in Europe, the world’s largest automative market.

Increasing our gross margins by increasing production volumes, improving operating efficiencies and reducing the cost of materials and production.

3 unchanged sentences

Capture market share of the electrified personal and public transportation space, which is at a nascent phase.

Continue to expand our Outdoor Media Business unit.

Continue to develop and innovate new products and building a strong IP portfolio.

Continue to develop and innovate new products and build a strong IP portfolio.

Sales and Marketing

Beam utilizes a combination

of an in-house sales team and outside consultants and sells through a direct sales and marketing channel, pairing customers with our sales

specialists, or Clean Mobility Experts, to ensure their needs are met.

Our sales process is

heavily focused on educating prospective customers about our products.

We have been heavily investing more in marketing materials and

videos, and we have engaged a public relations firm to educate the market.

Beam uses research to identify potential customers,

as well as contacts established through trade show events and in-bound calls.

We also utilize a combination of regional and industry focused

campaigns, nurturing campaigns, speaking opportunities, product demonstrations, press releases and social media (Facebook, Instagram,

Twitter, and LinkedIn).

Beam is, we believe, an industry leader in the sustainable EV charging infrastructure space, and we use our website

and social media to highlight our innovative products and offerings.

The sale of our products often

have long sales cycles due to the large capital expense and sophisticated nature of our products though we have observed a reduction in

the length of certain sales cycles along with an increase in the number of units ordered recently.

We believe this is attributable to

an increase in awareness and acceptance of our products as well as an increase in the urgency surrounding the deployment of EV charging

infrastructure.

of an in-house sales team and outside consultants, pairing customers with our sales specialists, or Clean Mobility Experts, to ensure

their needs are met.

Our sales process is heavily

focused on educating prospective customers about our products.

We have been investing more in marketing materials and videos, and we have

engaged a public relations firm to educate the market.

Beam uses research to identify potential customers, as well as contacts established

through trade show events and in-bound calls.

We also utilize a combination of regional and industry focused campaigns, nurturing campaigns,

speaking opportunities, product demonstrations, press releases and social media (Facebook, Instagram, Twitter, and LinkedIn).

we believe, an industry leader in the sustainable EV charging infrastructure space, and we use our website and social media to highlight

our innovative products and offerings.

The sale of our products can

often have long sales cycles due to the capital expense, budgeting cycles, and the sophisticated nature of our products, though we have

also increasingly observed shorter sales cycles along with an increase in the number of units ordered in recent years.

We believe this

is attributable to an increase in awareness and acceptance of our products as well as an increase in the urgency surrounding the deployment

of EV charging infrastructure.

Sales often rely on bureaucratic processes and funding approval which can result in extended sales cycles.

We also support

our customers by identifying grants and the federal grant process to reduce the cost of their purchase.

We also support our customers by identifying grants and the federal grant process to reduce the cost of their purchase.

Our products may be eligible

for various tax and other incentives which can significantly reduce the out-of-pocket expense paid by a customer for our products.

of these incentives include:

for various taxes and other incentives, which can significantly reduce the out-of-pocket expense paid by our customer.

Examples of these

incentives include:

Federal Solar Investment Tax Credit (ITC) (Section 48 of the tax code).

This may provide a tax credit, which is currently at 30% of the amount of a solar energy system purchase.

Rule 179 Depreciation or Bonus Depreciation - allows our customers to accelerate depreciation of their solar energy system up to 80% of the cost of the system in the first year it is in service.

The recent Bipartisan Infrastructure Law includes an update to an incentive

which helps make EV chargers more accessible for commercial use.

The tax credit for commercial entities now can be used for up to $100,000

per deployment.

Rule 179 Depreciation or Bonus Depreciation - allows our customers to accelerate first-year bonus depreciation of their solar energy system up to 60% of the cost of the system for property placed in service during 2024, and 40% for 2025.

The Inflation Reduction Act of 2022 extended and amended the 30C Alternative Fuel Vehicle Refueling Property Credit (30C credit) which provides an income tax credit for qualified alternative fuel vehicle refueling property, including certain property for the recharging of an electric vehicle.

This program is available through January 1, 2033, and provides an income tax credit for businesses up to $100,000 per deployment, which helps to make EV chargers more accessible for commercial use.

In addition, President Biden

has made several commitments to the funding of clean energy and EV charging at the federal level and we believe the current administration

will continue incentives for products such as ours in the future.

Some of the federal and state funding programs include:

A federal infrastructure bill passed in November 2021 designated $7.5 billion for the deployment of 500,000 EV charging stations across the US, $5.0 billion of which will be made available under the new National Electric Vehicle Infrastructure (NEVI) Formula Program which is allocated to state transportation departments and an additional $2.5 billion is available in grant opportunities to help connect rural and marginalized communities to electric vehicles.

has made several commitments to the funding of clean energy and EV charging at the federal level and we believe, if re-elected in 2024,

the current administration will continue incentives for these products an example of some of the federal and state funding programs include:

A federal infrastructure bill passed in November 2021 designated $7.5 billion for the deployment of 500,000 EV charging stations across the US, $5.0 billion of which will be made available under the new National Electric Vehicle Infrastructure (NEVI) Formula Program which is allocated annually to state transportation departments and an additional $2.5 billion is available in grant opportunities to help connect rural and marginalized communities to electric vehicles.

The Federal Government released a guidance manual on how NEVI funds should be spent in the first quarter of 2022.

A picture of Beam Global’s products was used to illustrate the front cover of that manual.

California approved a plan for nearly $2.9 billion in funding for 90,000 new electric vehicle chargers in the state in December 2022 through its California Energy Commission.

The Federal Highway Administration (FHWA) of the US Department of Transportation published a final rule on February 29, 2023 establishing regulations setting minimum standards and requirements for projects funded under the NEVI Program which will be effective March 30, 2023 through its California Energy Commission.

Department of Transportation’s new Charging and Fueling Infrastructure (CFI) Discretionary Grant Program, established by the Bipartisan Infrastructure Law, will provide $2.5 billion over five years to a wide range of applicants, including cities, counties, local governments, and tribes.

This round of funding makes up to $700 million from Fiscal Years (FY) 2022 and 2023 funding available to strategically deploy EV charging and other alternative vehicle-fueling infrastructure projects in publicly accessible locations in urban and rural communities, as well as along designated Alternative Fuel Corridors (AFCs)

Beam Global’s products were pictured on the front cover of that manual.

In December 2022, the California Energy Commission approved a $2.9 billion investment plan to fund approximately 90,000 new electric vehicle chargers in the state.

Department of Transportation’s Charging and Fueling Infrastructure (CFI) Discretionary Grant Program, established by the Bipartisan Infrastructure Law, provides $2.5 billion over five years to a wide range of applicants, including cities, counties, local governments, and tribes to strategically deploy EV charging and other alternative vehicle-fueling infrastructure projects in publicly accessible locations in urban and rural communities, as well as along designated Alternative Fuel Corridors (AFCs).

We believe that because our

products are rapidly deployed, enhance energy security and are made in America, that we are well positioned to benefit from these and

other initiatives.

products are rapidly deployed, enhance energy security and are made in America, we are well positioned to benefit from these and other

Major Customer Contracts

1 unchanged sentence

major customer contracts, the State of California and the General Services Administration (GSA) Multiple Award Schedule (MAS) that accounted

for a substantial portion of our revenue.

with the California Department of General Services .

The California Contract permits California state and local government agencies,

including cities, counties, special districts, California State universities, University of California systems, K-12 school districts,

and community colleges, to purchase EV ARCs™, ARC Mobility™ Trailers, and related accessories from us.

The initial term of

our contract with the California Department of General Services (the “California Contract”) was for one year with two extension

options for one year, which were exercised.

In June 2018, the California Contract was renewed for up to four more years (two years with

two additional one-year options), and its scope was expanded to include more of our products, including our EV ARC™ DC Fast Charging

Electric Vehicle Autonomous Renewable Charger, with a California estimated value of over $20 million.

In January 2021, the contract was

extended through June 2022 and was expanded so that it could be utilized by government agencies across the U.S.

In June 2022, we were

awarded a new three-year state-wide contract which can be used by state, local and municipal government entities throughout the U.S.

We have sold 234 EV ARCs™ through this contract, for a total of $16.4 million through December 31, 2022, of which 73 units totaling $5.2

million were sold in 2022.

GSA MAS Contract .

The GSA MAS contract is a five-year contract effective as of November 1, 2020, awarded by the GSA following an extensive evaluation process.

This contract simplifies the federal procurement process and ensures best pricing.

We sold 96 EV ARCs™ through this contract totaling

$7.9 million in 2022.

We do not compete with EV charging

companies or utilities.

In fact, we support the major EV charging product and service providers by factory integrating their products

onto ours prior to deployment.

We have deployed ChargePoint, Blink, Enel, Electrify America and many other quality charging brands.

also do not compete with utilities who use our product as another tool to provide electricity, primarily for EV charging to their customers.

We currently have seven utility customers and anticipate that that number will grow as more utilities become engaged in EV charging and

also in deploying distributed generation resources to enhance grid stability.

Our product is unique in that we are a complete solution

for EV charging infrastructure requirements.

Our product provides both a renewable energy source, and EV charging capability in a rapidly

deployed and highly scalable construction-free format.

We do compete with a number of companies which are involved in the design, construction

and installation of fixed grid-connected EV charging stations that depend on the utility grid for a source of power, and on the construction

and civil and electrical engineering services for the installation of traditional infrastructure.

for 77% and 60% of revenues for the years ended December 31, 2023 and 2022, respectively.

Each of these contract vehicles represents a

highly diverse and dispersed customer prospect pool for Beam Global due to the extensive and varied nature of government departments within

the Federal and California government spheres.

Contract with the California

Department of General Services .

Our contract with the California Department of General Services (the “California Contract”)

permits California state and local government agencies, including cities, counties, special districts, California State universities,

University of California systems, K-12 school districts, and community colleges, to purchase EV ARCs™, ARC Mobility™ Trailers,

and our EV ARC™ DC Fast Charging Electric Vehicle Autonomous Renewable Charger and related accessories from us.

The California Contract

can also be used by state, local and municipal government entities throughout the U.S.

Since 2018, we have sold 284 EV ARCs™ under

the California Contract, for a total of $20.4 million through December 31, 2023, which includes 73 units totaling $5.3 million sold in

2022 and 50 units totaling $3.9 million sold in 2023.

The term of the California Contract expires in June 2025, but the term may be extended

upon mutual agreement for two additional one-year periods.

GSA MAS and GSA BPA

Effective November 2020, following an extensive evaluation process, Beam was awarded a five-year General Services Administration

Multiple Award Schedule contract, which facilitates the purchase of various products by government agencies and other agencies seeking

EV charging and disaster preparedness equipment.

In addition, we were awarded a five-year GSA Blanket Purchase Agreement effective April

26, 2022, which allows federal agencies to purchase EV service equipment and related products.

Both contracts help to simplify the federal

procurement process and ensure the best pricing for the agency.

We sold 96 EV ARCs™ through these contracts totaling $7.9 million

in 2022 and 621 EV ARCs TM for $47.7 million in 2023.

We received several large contracts from the US Army, Department of Homeland

Security, Department of Veteran Affairs, US Marine Corps, New York City Department of Citywide Administrative Services and more through

these contracts.

We do not compete with EV

charging companies or utilities.

In fact, we support the major EV charging product and service providers by factory integrating their

products onto ours, prior to deployment.

We have deployed ChargePoint, Blink, Enel, Electrify America and many other quality charging

We also do not compete with utilities who use our product as another tool to provide electricity, primarily for EV charging to

their customers.

We currently have seven utility customers and anticipate that that number will grow as more utilities become engaged

in EV charging and in deploying distributed generation resources to enhance grid stability.

Our product is unique in that we are a complete

solution for EV charging infrastructure requirements.

Our product provides both a renewable energy source, and EV charging capability

in a rapidly deployable and highly scalable construction-free format.

We do compete with several companies which are involved in the design,

construction and installation of fixed grid-connected EV charging stations that depend on the utility grid for a source of power, and

on the construction and civil and electrical engineering services for the installation of traditional infrastructure.

Competition in the solar renewable

2 unchanged sentences

Eaton, Enel X, and Bosch manufacture EV charging units but do not offer charging services.

There are many companies which offer installation

services for the EV charging market.

They are typically electrical and general contracting companies as well as some larger project management

firms such as Black and Veatch, Bechtel, CH2M Hill and AECOM.

Companies such as ChargePoint (NYSE:

CHPT) and Blink (NASDAQ:

EV charging services and hardware but not, typically, installation.

Our EV ARC™ units incorporate whatever charger the customer

wants, so we are not competing with the charger company, but rather creating opportunities for them which they might not otherwise have

ISUN) offers an off-grid charging solution using solar power to charge batteries,

but their product is not transportable, does not have solar tracking, does not fit in a standard parking space and requires permitting,

construction and electrical work for its installation.

· EV Sheltron uses 20ft shipping containers with batteries inside, solar panels on the roof and an EV charger

bolted to the outside.

and Blink (NASDAQ:

BLNK) offer EV charging services and hardware but not, typically, installation.

There are many companies which offer

installation services for the EV charging market.

They are typically electrical and general contracting companies as well as some larger

project management firms such as Black and Veatch, Bechtel, CH2M Hill and AECOM.

Our EV ARC™ units incorporate whatever charger

the customer wants, so we are not competing with the charger company, but rather creating opportunities for them which they might not

otherwise have had.

ISUN) offers an off grid charging solution using solar power to charge batteries, but their product is not transportable, does not have solar tracking, does not fit in a standard parking space and requires permitting, construction and electrical work for its installation.

EV Sheltron uses 20-foot shipping containers with batteries inside, solar panels on the roof and an EV charger bolted to the outside.

They can deploy almost as fast as we can, and operate off grid, but there are several clear disadvantages:

o Containers render a parking space unusable.

Our products do not do that and that strength is protected by one of our patents.

jurisdictions have a minimum number of parking spaces required for the use on the property.

If you remove even one parking space then

the property can drop out of compliance.

Containers render a parking space unusable.

Our products do not reduce available parking space which is an aspect of our product that is protected by one of our patents.

Most jurisdictions have a minimum number of parking spaces required for the use on the property.

If you remove even one parking space, then the property can drop out of compliance.

Our products do not reduce available parking but shipping containers in a parking space do.

o A 20ft shipping container does not fit into a standard legal parking space which measures 9’X18’.

Two feet of the container

will encroach on the drive aisle which is generally not a good idea and often illegal because drive aisles can also serve as fire lanes.

o Container does not have BeamTrak™, our patented sun tracking and as such cannot get the same energy

density which means less electricity to deliver to EVs.

o Containers can be considered unsightly and many property owners may not want them in their parking lots

even without the above points being made.

We have been told that our products are viewed as attractive and we often hear that they have

a sort of “Apple” look about them which enhances the customer location.

· Paired Power offers a “pop up” solar canopy but we do not believe that it fits inside a legal

sized parking space without reducing available parking.

We also do not believe that it can withstand the same environmental conditions

such as wind and seismic that our EV ARC™ product can.

It also must be assembled by on-site personnel in contrast to EV ARC™’s

rapid assembly-free unfolding deployment.

· Volta (NYSE:

San Francisco based EV charging company which derives revenue through the sale of advertising.

Volta provides some free charging for

EVs and are deployed in shopping malls and other similar locations.

While they do not have solar-powered, rapidly deployed

infrastructure solutions, their business model of using media revenue instead of EV charging fees most closely matches our media

business model.

Volta was recently acquired by Shell.

Many solar installation

companies are now fixing EV chargers to their parking lot structures and some are offering packages combining solar rooftop

installations and EV charger installations for the residential marketplace.

These installations are almost always grid-tied, require

construction and electrical work and do not include energy storage.

Another example of an entity which

is providing free or discounted EV charging infrastructure is Electrify America, the EV charging provider is required to spend approximately

$2 billion on EV charging infrastructure ($800 million in California) to satisfy the requirements of a settlement with the U.S.

Electrify America is a customer of Beam Global and has used our products to assist in the expansion of their EV charging network.

We also face competition, to some

extent, from entities which are offering free or discounted EV charging infrastructure to our prospective customers.

Utilities such as

the three large IOUs (investor-owned utilities) in California (SDG&E, PG&E, SCE) have successfully lobbied the California Public

Utility Commission for permission to rate base the costs of installations of EV chargers.

Based on EV Sheltron’s design, we do not believe that it can withstand the same environmental conditions such as wind and seismic that our EV ARC product can.

A 20-foot shipping container does not fit into a standard legal parking space which measures nine feet by 18 feet.

Two feet of the container will encroach on the drive aisle which is generally not a good idea and often illegal because drive aisles can also serve as fire lanes.

Shipping containers do not have BeamTrak™, our patented sun tracking product and cannot get the same energy density which means less electricity to deliver to EVs.

Shipping containers can be considered unsightly, and many property owners may not want them in their parking lots.

Paired Power offers a “pop-up” solar canopy but we do not believe that it fits inside a legal sized parking space without reducing available parking.

We also do not believe that it can withstand the same environmental conditions such as wind and seismic that our EV ARC™ product can.

It also must be assembled by on-site personnel in contrast to our EV ARC™’s rapid assembly-free unfolding deployment.

Many solar installation companies

are now fixing EV chargers to their parking lot structures and some are offering packages combining solar rooftop installations and EV

charger installations for the residential marketplace.

These installations are almost always grid-tied, require construction and electrical

work and do not include energy storage.

Electrify America is another

example of an entity which is providing free or discounted EV charging infrastructure is Electrify America is required to spend approximately

$2 billion by the end of 2026 on EV charging infrastructure ($800 million in California) to satisfy the requirements of a settlement with

Electrify America is a customer of Beam Global and has used our products to assist in the expansion of their EV charging

We also face competition,

to some extent, from entities which are offering free or discounted EV charging infrastructure to our prospective customers.

such as the three large IOUs (investor-owned utilities) in California (SDG&E, PG&E, SCE) have successfully lobbied the California

Public Utility Commission for permission to rate base the costs of installations of EV chargers.

As a result, they can offer the installation,

3 unchanged sentences

We do not view

utilities as long-term competition and instead view them as a significant opportunity as they increasingly add off grid solutions to their

utilities as competition and instead view them as a significant opportunity as they increasingly add off grid solutions to their energy

Where energy security is concerned,

we consider the competition from companies that produce generators and combined solar and storage solutions.

Companies in this space range

from small startup companies like Green Charge Networks to behemoths like General Electric and NEC.

Siemens, Eaton, Schneider, Generac

and other large electrical component companies are all also working on combined renewables/storage product solutions.

We are in contact

with all these companies and have not observed that any of them have a product which provides all the same value and differentiation that

our EV ARC™ product delivers because our EV ARC™ systems are transportable, rapidly deployed and offer multiple layers of

value beyond EV charging and emergency power.

For example, during 2020, some of our EV ARC™ products were repurposed by our customers

from customer locations to Covid-19 Emergency Pop-Up Centers to provide remote emergency power and EV charging.

we compete with companies that produce generators and combined solar and storage solutions.

Companies in this space range from small startup

companies like Green Charge Networks to behemoths like General Electric and NEC.

Siemens, Eaton, Schneider, Generac, and other large electrical

component companies are all also working on combined renewables/storage product solutions.

We are in contact with all these companies

and have not observed that any of them have a product which provides all the same value and differentiation that our EV ARC™ product

delivers because our EV ARC™ systems are transportable, rapidly deployed and offer multiple layers of value beyond EV charging and

emergency power.

Our competitive advantage

1 unchanged sentence

Rapid deployability and scalability of our products.

Our products offer a turnkey solution that is manufactured in our facility and delivered to a customer and can be deployed in less than an hour.

This compares with requiring an entire ecosystem involving the design, engineering, permitting and constructing of civil projects which requires engaging a company, or group of companies, including architects, civil engineers, electrical engineers, zoning specialists, consultants, general contractors, electrical contractors, and EVSE vendors.

Our products offer a turnkey solution, are manufactured in our facilities and can be deployed in less than an hour after delivery to a customer.

This compares favorably with grid-tied alternatives which involve an entire ecosystem for the design, engineering, permitting, and constructing of civil projects which requires engaging a company, or group of companies, including architects, civil engineers, electrical engineers, zoning specialists, consultants, general contractors, electrical contractors, and EVSE vendors.

These grid-tied projects can take six months to two years to complete.

3 unchanged sentences

Ability to operate during blackouts and brownouts.

Most of the EV ARC™

systems we deploy include an emergency power panel that can be used for emergency power to charge other devices and emergency equipment

during outages.

Our battery storage enables our units to continue to operate when the utility grid is down because we rely on locally generated renewable sources for energy.

Most of the EV ARC™ systems we deploy include an emergency power panel that provide emergency power to operate other devices and emergency equipment during outages.

Typical grid-tied solutions fail during grid failures and do not provide a source of emergency power.

Even those grid-tied

solutions that have back up battery integration rely on the grid to charge their batteries.

During prolonged grid failures, those systems

fail while Beam products continue to operate.

Because a grid connection is not required, Beam’s EV ARC™ can be located anywhere, including remote locations that are hard to connect to a grid.

Most grid-tied chargers are deployed in locations where the utility grid is easy and inexpensive to connect to.

Many EV drivers have experienced this when they find charging units behind supermarkets next to dumpsters.

This is because the utility grid interconnection exists at the back of the store and as such that is the cheapest place to deploy.

We believe that early adopters of EVs are more willing to make these sorts of concessions than mainstream consumers will be.

We believe that in the future two impacts will drive the installation of EV chargers in more expensive and complicated locations where grid connection is concerned.

First, the locations close to grid connections will be used first and second mainstream consumers will not be content with parking and charging in less convenient locations which are generally perceived as unsafe or ugly or both.

Both impacts will drive the deployment of EV chargers in front of stores and other locations where people want to park.

Those locations typically do not have readily available grid connections so the cost and complexity to bring the grid to the charger will increase dramatically.

Even those grid-tied solutions that have back up battery integration rely on the grid to charge their batteries.

During prolonged grid failures, those systems fail while Beam products will continue to operate.

Because a grid connection is not required, Beam’s EV ARC™ can be located anywhere, including prime locations in the front of buildings or remote locations that are hard to connect to a grid.

Most grid-tied chargers are deployed in locations where the utility grid is easy and inexpensive to connect to, which may be locations that are not easily accessible or unsafe for drivers.

We believe that as EV charging expands, the cost of grid tied installations will increase dramatically for desirable locations such as in front of stores or where people want to park due to the cost and complexity of bringing the grid to the charger.

The cost and complexity to deploy our products will not increase and in fact, we believe that, like any other manufacturing company, our costs will decrease while our efficiency and deployment velocity increases.

3 unchanged sentences

Our products provide extra capacity to charge EVs without requiring complicated, time consuming, environmentally impactful, and risky expansions of the centralized utility grid infrastructure.

Environmentally sound

product using clean energy.

Environmentally sound product using clean energy.

Grid-tied chargers rely upon electricity, more than 60% of which is generated by burning fossil fuels.

The electricity our products provide is 100% emissions free.

Furthermore, the construction activities required to dig trenches,

manufacture and pour concrete and perform the other tasks related to the construction and electrical installation of a grid-tied

charger are environmentally impactful and reduce the environmental benefits of EVs.

Our products are deployed with minimal or no

disruption or environmental impact making them a cleaner choice.

Furthermore, the construction activities required to dig trenches, manufacture, and pour concrete and perform the other tasks related to the construction and electrical installation of a grid-tied charger are environmentally impactful and reduce the environmental benefits of EVs.

Our products are deployed with minimal or no disruption or environmental impact making them a cleaner choice.

Beam products can be relocated which gives the customer the flexibility to move it if a job site changes or business needs change.

3 unchanged sentences

BeamTrak™, our patented solar tracking solution which causes the solar array to follow the sun generating up to 25 percent more electricity than a fixed array, is a significant advantage for our products over any similar offering.

Our unique ability to deliver 25% more driving miles to an EV from an off-grid solar installation is, we believe, a significant differentiator.

Our ability to continuously improve our product’s energy production while reducing costs means that while the grid-tied competition is stuck at a theoretical maximum amount of energy that can be delivered at a given location, our products have continued to deliver more power without costing more.

Beam offers a product that delivers DC fast charging solely from solar generation, which we have not seen in the market to date.

Our unique ability to deliver up to 25% more driving miles to an EV from an off-grid solar installation is, we believe, a significant differentiator.

Over time, we have continued to make improvements to our product which increases our product’s energy production while reducing product costs, whereas the grid-tied competition is stuck at a theoretical maximum amount of energy that can be delivered at a given location.

Manufacturing

We are headquartered in San Diego,

California in a leased building of approximately 53,000 square feet professionally equipped to handle the significant growth possibilities

We are headquartered in San

Diego, California in a leased building of approximately 53,000 square feet professionally equipped to handle the significant growth possibilities

we believe are in front of us.

The facility houses our corporate operations, sales, design, engineering and product manufacturing.

2022, we were staffed for one shift, five days a week and believe that at that level we can produce approximately 260 EV ARC™ units

We also believe that with an expansion of human resources, capital investment, increased engagement of contract manufacturing

and operating extra shifts, we could produce approximately 4,000 EV ARC™ units a year from our current facility.

As a result of

our recent acquisition of All Cell in 2022, we also lease an 18,000 sq/ft facility in Broadview, Illinois where we produce our energy

storage products for our own products and also for a variety of other customers who need energy storage solutions.

2022, we were staffed for one shift, five days a week and produce approximately 260 EV ARC™ units.

We were able to produce over

700 units in 2023 from the same facility with minimal investment and we believe we could increase further to produce approximately 4,000

EV ARC™ units a year from our current facility.

We also lease a 37,800 square

foot facility in Broadview, Illinois where we produce our energy storage products for our own products and for a variety of other customers

who need energy storage solutions.

We intend to produce EV Standard™ products in this facility as well.

In Europe we own a manufacturing

facility in Kraljevo, Serbia that has adequate space and capacity to manufacture Amiga’s legacy product offerings as well as EV

ARC™s and our other products as needed for the European market.

All of our products are currently

designed, developed and manufactured in one or other of these facilities.

designed, developed and manufactured in one or more of these facilities.

We have been able to reduce our costs and improve our quality

by performing fabrication in-house.

This also provides a good environment for improving the manufacturing process as well as for the development

of new products.

This also provides a good environment for improving the manufacturing process, as well as for the

development of new products.

Many of our suppliers are local, which allows for shorter lead times and lower transportation costs.

product family requires no field installation work and is typically delivered to the customer site by us or by a third-party transportation

company for a fee.

We sell our Solar Tree® products as an engineered kit of parts to be installed by third parties employed by the

buyer of the Solar Tree® kit.

We continually endeavor

to reduce component costs and make production and design improvements in both our products and our processes to reduce our

manufacturing costs, while maintaining the high quality for which we strive.

As unit sales continue to increase, we anticipate that

we will be able to spread our fixed overhead costs over more units, reducing the cost per unit.

EV ARC™ product family requires no field installation work and is typically delivered to the customer site by us or by a third-party

transportation company for a fee.

We sell our Solar Tree® products as an engineered kit of parts to be installed by third parties

employed by the buyer of the Solar Tree® kit.

We continually endeavor to

reduce component costs and make production and design improvements in both our products and our processes to reduce our manufacturing

costs, while maintaining the high quality for which we strive.

As unit sales continue to increase, we anticipate that we will be able

to spread our fixed overhead costs over more units, which, along with our other cost controlling efforts will reduce the cost per unit.

Customer Concentration

3 unchanged sentences

the state agencies and municipalities in the State of California, compared to 29% in 2022.

Our backlog at December 31,

2022 was $59.3 million, of which $58.8 million is deliverable within twelve months.

Our backlog at December 31, 2021 was $4.1 million,

of which $3.9 million is deliverable within twelve months.

Reported backlog represents firm purchase orders or contracts received by customers

for deliveries scheduled in the future.

Our backlog on December 31,

2023, was $21.7 million.

Our backlog on December 31, 2022, was $59.3 million, of which $58.8 million is deliverable within twelve months.

Reported backlog represents firm purchase orders or contracts received by customers for deliveries scheduled in the future.

Government Regulation

Businesses in general are subject

to extensive regulation at the federal, state, and local level.

We are subject to extensive government regulation relating to employment,

health, safety, working conditions, labor relations, and the environment in the course of the conduct of our business.

In order for our

customers to enable the installation of some of our products, they can be required to obtain permits from local and other governmental

Businesses in general are

subject to extensive regulation at the federal, state, and local level.

We are subject to extensive government regulation relating to

employment, health, safety, working conditions, labor relations, and the environment during the conduct of our business.

our customers to enable the installation of some of our products, they can be required to obtain permits from local and other governmental

In the event that our customers elect to connect our products to the utility grid, they must comply with the applicable rules

and regulations of the relevant state public utility agencies.

In order for our customers to take advantage of available tax and other

governmental incentives associated with the installation of solar power production facilities, and the production and use or sale of solar

power, they must comply with the applicable regulatory terms and conditions.

Changes to new government regulations may have a material

adverse impact on our business, operating results, and financial condition.

or our customers to take advantage of available tax and other governmental

incentives associated with the installation of solar power production facilities, and the production and use or sale of solar power, they

must comply with the applicable regulatory terms and conditions.

There may also be government regulations that could impact us as we begin

to sell into the European market.

Changes to new government regulations may have a material adverse impact on our business, operating

results, and financial condition.

As of the date

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business