Beam Global Announces Record Q2 Purchase Orders and First EV ARC™ Shipments in Europe

Rhea-AI Summary

Beam Global (Nasdaq: BEEM) has announced record-breaking Q2 purchase orders of $10.6 million, marking a 128% year-over-year increase. The substantial growth is driven by new and repeat government contracts across multiple U.S. states and a 66% rise in U.S. commercial orders. Additionally, Beam Global shipped its first EV ARC™ systems to Europe for the UK Ministry of Defence, marking a significant expansion into the European market.

Key accomplishments in Q2 include deliveries across numerous U.S. states, new customer wins, and a record production of ARC Mobility™ trailers. The company remains debt-free, maintains sufficient cash reserves, and has an untapped $100 million credit line. Future plans include the launch of new EV charging infrastructure products and expansion into international markets.

Positive

• Record Q2 purchase orders of $10.6 million, up 128% year-over-year.
• 66% increase in U.S. commercial orders year-over-year.
• First EV ARC™ shipments to Europe for the UK Ministry of Defence.
• Record production of ARC Mobility™ trailers.
• Debt-free status with sufficient cash reserves and a $100 million credit line.
• Expansion into new national and international markets.

Negative

• None.

Financial Analyst

Beam Global has announced record Q2 purchase orders amounting to $10.6 million, reflecting a substantial 128% year-over-year increase. This surge is significant as it underscores the company's robust growth trajectory. The expansion of government contracts, especially repeat orders from several state agencies, is a notable positive indicator of trust and reliability in Beam's offerings.

An important aspect to monitor is the commercial orders that grew by 66% year-over-year. This growth suggests a broadening customer base and increasing market penetration, which are important for sustained revenue growth.

The shipment of the first EV ARC™ systems to Europe, particularly for the UK Ministry of Defence, marks Beam Global's successful foray into the European market. This is a major milestone, indicating international market recognition and potential for future growth in this region.

However, investors should remain cautious about the sustainability of these growth rates. While the company is currently debt-free and has access to a $100 million line of credit, the volatility of the EV industry and the dependency on government contracts might pose risks. Keeping an eye on future earnings reports and acquisition strategies will be important to assess long-term profitability.

Market Research Analyst

The announcement that Beam Global has shipped its first EV ARC™ systems to the UK Ministry of Defence from a European facility is a significant indication of the company's strategic expansion into international markets. This move not only enhances Beam Global's global footprint but also diversifies its revenue streams, potentially reducing dependency on U.S. markets.

The company's growth in new customer deployments, notably from major public transportation providers and global mobility product suppliers, suggests a strengthening market position. The addition of new customers, particularly in the commercial sector, points to Beam's increasing appeal and reliability, which can drive future sales growth and market share gains.

Another notable aspect is the introduction of products with enhanced features like FedRAMP level data security. This is particularly relevant in today's cybersecurity landscape and could be a pivotal factor in winning more government and high-security contracts.

However, the company’s performance should be monitored against broader industry trends. The EV market has seen mixed reports recently and understanding how Beam Global navigates these waters will be key for investors.

• Purchase orders up 128% year-over-year with over half of U.S. orders from new customers
  
• Beam Global ships first EV ARC™ systems for UK Ministry of Defence (MOD) from European facility
• Beam Global CEO Desmond Wheatley and the Company’s executive team to ring the opening bell at Nasdaq today
  

SAN DIEGO, July 02, 2024 (GLOBE NEWSWIRE) -- Beam Global (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced record Q2 new orders of $10.6 million, up 128% year-over-year.

Beam Global expanded government contracts with new and repeat orders from state agencies in California, Massachusetts, Nevada and North Carolina and from 15 local government entities. The Company’s U.S. commercial business continued to grow with Q2 commercial orders up 66% year-over-year. Government and commercial customers in the U.S. continue to expand electric vehicle (EV) charging infrastructure to support sustainability initiatives, community and workplace programs, fleet electrification and emergency preparedness. Beam Global’s products serve as backup power sources in times of black and brown outs caused by severe weather and/or lack of capacity caused by increased electricity demand. In Europe, Beam Global shipped its first EV ARC™ systems to Cyprus for the UK Ministry of Defence, marking a significant milestone since the Company’s entrance into the European market.

Additional Q2 Company Highlights:

• Delivered products in the U.S. to: California, Tennessee, Kentucky, Indiana, Maryland, Virginia, Pennsylvania, Puerto Rico, Texas, Ohio, Utah, Hawaii, New York, North Carolina, Minnesota, Wisconsin, Arizona, Colorado, New Mexico, Illinois, Iowa and Nevada
• Shipped products in Europe to: Serbia, Croatia, Greece, Romania, Cyprus, Montenegro, Bosnia and Herzegovina
• Over half of Q2 EV ARC™ orders are new customers, expanding the customer base, including:
  • Two major California public transportation providers
  • A global supplier of advanced mobility products and systems
  • Sacramento Municipal Utility District (SMUD)
  • Data center leader based on security and grid relief features
  • U.S. Federal Railroad Administration
• New customer deployments included 16 non-Federal customers
• New orders from U.S. commercial business in Q2 increase 66% year-over-year
• Over half of Q2 EV ARC™ orders are multi-unit orders
• Won new custom industrial battery design for major multinational conglomerate
• Manufactured a record number of ARC Mobility™ trailers allowing customers the ability to rapidly relocate their EV ARC™ systems
• Upgraded power management data and added EVSE with FedRAMP level data security authorization

“The Beam Team has had a solid first half of 2024 and we are only just beginning to see the impact from our expansion into Europe where we sold our first million-dollar order in less than five months from the creation of Beam’s European operations – a milestone which took five years in the U.S.,” said Desmond Wheatley, CEO of Beam Global. “We had a healthy mix of repeat and new customers in the first and second quarters and we see our commercial business continuing to expand. Today I am joined by Beam Global management from the U.S. and Europe to ring the opening bell, celebrating five years on Nasdaq during which time we have increased our revenues tenfold; improved gross profitability to the point where the potential for positive cashflow is within our visible horizon; won multiple international patents; added a battery business unit; expanded into the largest market in the world for our products – Europe – and increased the power and efficiency of our EV ARC product dramatically. We are about to introduce a new, sustainable curbside EV charging infrastructure product and we have several other new products in our patent pipeline. We continue to be debt free, have sufficient cash on hand and have access to an untapped one-hundred-million-dollar line of credit. While the EV industry has recently seen some negative and often contradictory reporting, we continue to feel extremely positive about Beam Global’s progress and long-term growth, particularly as we expand our patented product portfolio and open up new national and international markets.”

To learn more about Beam Global’s sustainable EV charging energy storage and energy security solutions visit BeamForAll.com.

About Beam Global

Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbols BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).

Forward-Looking Statements

This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com

Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com

FAQ

What was the value of Beam Global's Q2 purchase orders?

Beam Global announced Q2 purchase orders valued at $10.6 million, a 128% year-over-year increase.

What is the significance of Beam Global's first EV ARC™ shipments to Europe?

Beam Global's first EV ARC™ shipments to Europe for the UK Ministry of Defence mark a significant expansion into the European market.

How much did U.S. commercial orders increase for Beam Global in Q2?

Beam Global's U.S. commercial orders increased by 66% year-over-year in Q2.

What are some key highlights of Beam Global's Q2 performance?

Key Q2 highlights for Beam Global include record purchase orders, significant new customer acquisitions, and the successful expansion into the European market.

Is Beam Global financially stable?

Yes, Beam Global is debt-free, has sufficient cash reserves, and access to an untapped $100 million credit line.