Beam Global Announces Record Second Quarter 2024 Operating Results
Rhea-AI Summary
Beam Global (Nasdaq: BEEM) reported record Q2 2024 results with revenue increasing 2% to $14.8 million over Q1 2024. The company achieved a record gross margin of 16%, up 6 percentage points from Q1. 31% of revenue came from commercial customers. Beam Global has a backlog of $11 million and a record pipeline of over $183 million. The company used $0.1 million in operating activities for the six months ended Q2 2024 and remains debt-free with a $100 million unused line of credit. Q2 purchase orders were up 129% year-over-year, with over half of U.S. orders from new customers. Beam Global signed its first European distributor and saw a 66% year-over-year increase in U.S. commercial business orders.
Positive
- Record gross margin of 16%, up 6 percentage points from Q1 2024
- Revenue increased 2% to $14.8 million over Q1 2024
- Backlog of $11 million and record pipeline of over $183 million
- Q2 purchase orders up 129% year-over-year
- 66% year-over-year increase in U.S. commercial business orders
- Debt-free with $100 million line of credit available and unused
Negative
- Net loss of $4.9 million for Q2 2024
- Net cash used of $0.1 million in operating activities for the six months ended Q2 2024
- Working Capital decreased $7.8 million from Q4 2023 to Q2 2024
News Market Reaction 1 Alert
On the day this news was published, BEEM declined 8.35%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Conference Call Tuesday August 13, 2024 at 4:30 p.m. ET
SAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), (the “Company”), a provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its second quarter results for the period ended Q2 2024.
Q2 2024 Financial Highlights:
- Increased revenue
2% to$14.8 million over Q1 2024 - Record gross margin of
16% , an increase over Q1 2024 of 6 percentage points 31% of revenue derived from commercial customers- Backlog of
$11 million ; record pipeline of over$183 million - Net cash used of
$0.1 million in operating activities for the six months ended Q2 2024 - Debt free and
$100 million line of credit available and unused
Q2 2024 and Recent Operational Highlights:
- Q2 purchase orders up
129% year-over-year with over half of U.S. orders from new customers - Signed first European distributor for EV charging and energy infrastructure product lines
- Over half of Q2 EV ARC™ orders are new customers, expanding our customer base
- New orders from U.S. commercial business in Q2 increase
66% year-over-year
“The Beam Team is laser focused on improving margins and continuing our progress towards positive cash flow. This quarter’s record gross margin at
Second Quarter 2024 Financial Summary
Revenues
For the quarter ended June 30, 2024 our revenues were
Gross Profit
For the quarter ended June 30, 2024, our gross profit was
Our margins improved primarily because we recognized the engineering design changes to our EV ARC™ that resulted in cost reductions to our bill of materials and labor efficiencies. Additionally, there were reductions in material costs as well as operational improvements and positive margins generated from the acquisition of Amiga. Our engineering and operations teams continue to identify further cost reductions and efficiencies which, along with support from our Serbian facilities, we believe will continue to improve our gross margins in future quarters.
Operating Expenses
Operating expenses were
Operating expenses were
Net Loss
Net loss was
Net loss was
Cash and Working Capital
At the end of Q2 2024, we had cash of
We had cash of
Our Working Capital of
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Non-GAAP Net Loss which is non-GAAP financial measures, in this press release. We use Non-GAAP Net Loss in conjunction with GAAP measures as part of our overall assessment of our performance to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Non-GAAP Net Loss is also helpful to investors, analysts and other interested parties because it can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Non-GAAP Net Loss has limitations as an analytical tool. Therefore, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Non-GAAP Net Loss alongside other financial performance measures, including net loss attributable to other GAAP measures. In evaluating Non-GAAP Net Loss you should be aware that in the future we may incur expenses that are the same as, or similar to, some of the adjustments reflected in this press release. Our presentation of Non-GAAP Net Loss should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculations of Non-GAAP Net Loss. Non-GAAP Net Loss is not presented in accordance with GAAP and the use of these terms vary from others in our industry. Reconciliation of this non-GAAP measure has been provided in the financial statement tables included within this press release, and investors are encouraged to review this reconciliation.
Conference Call August 13, 2024 at 4:30 p.m. ET
Management will host a conference call on Tuesday August 13, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
Participants can register for the conference through the following link:
https://dpregister.com/sreg/10191786/fd47bfaf60
Please note that registered participants will receive their call-in number upon registration.
Those without internet access or unable to pre-register may call in by calling:
PARTICIPANT CALL IN (TOLL FREE): 1-844-739-3880
PARTICIPANT INTERNATIONAL CALL IN: 1-412-317-5716
Please ask to join the Beam Global call.
A webcast archive is available at the above URL for one year following the call.
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, California; with facilities in Broadview, Illinois; Belgrade and Kraljevo, Serbia. Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release contains forward-looking statements including but not limited to statements about the Company’s belief about its future profitability. 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 relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the acquisition of Amiga, its expected benefits, and the anticipated future financial performance as a result of the acquisition. 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.
| Beam Global | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 8,749 | $ | 10,393 | |||
| Accounts receivable, net of allowance for credit losses of | 12,678 | 15,943 | |||||
| Prepaid expenses and other current assets | 2,006 | 2,453 | |||||
| Inventory, net | 12,841 | 11,933 | |||||
| Total current assets | 36,274 | 40,722 | |||||
| Property and equipment, net | 14,894 | 16,513 | |||||
| Operating lease right of use assets | 2,038 | 1,026 | |||||
| Goodwill | 10,116 | 10,270 | |||||
| Intangible assets, net | 8,486 | 9,050 | |||||
| Deposits | 106 | 62 | |||||
| Total assets | $ | 71,914 | $ | 77,643 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 8,028 | $ | 9,732 | |||
| Accrued expenses | 4,440 | 2,737 | |||||
| Sales tax payable | 554 | 209 | |||||
| Deferred revenue, current | 918 | 828 | |||||
| Note payable, current | 45 | 40 | |||||
| Deferred consideration, current | - | 2,713 | |||||
| Contingent consideration, current | 5,365 | - | |||||
| Operating lease liabilities, current | 881 | 615 | |||||
| Total current liabilities | 20,231 | 16,874 | |||||
| Deferred revenue, noncurrent | 594 | 402 | |||||
| Note payable, noncurrent | 246 | 160 | |||||
| Contingent consideration, noncurrent | 892 | 4,725 | |||||
| Other liabilities, noncurrent | 3,689 | 3,787 | |||||
| Deferred tax liabilities, noncurrent | 1,652 | 1,698 | |||||
| Operating lease liabilities, noncurrent | 1,213 | 455 | |||||
| Total liabilities | 28,517 | 28,101 | |||||
| Stockholders' equity | |||||||
| Preferred stock, | - | - | |||||
| Common stock, | 14 | 14 | |||||
| Additional paid-in-capital | 144,497 | 142,265 | |||||
| Accumulated deficit | (101,314 | ) | (93,361 | ) | |||
| Accumulated Other Comprehensive Income (AOCI) | 200 | 624 | |||||
| Total stockholders' equity | 43,397 | 49,542 | |||||
| Total liabilities and stockholders' equity | $ | 71,914 | $ | 77,643 | |||
| Beam Global | |||||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||||
| (Unaudited, In thousands except per share data) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenues | $ | 14,812 | $ | 17,819 | $ | 29,373 | $ | 30,839 | |||||||||
| Cost of revenues | 12,456 | 17,318 | 25,538 | 30,333 | |||||||||||||
| Gross profit | 2,356 | 501 | 3,835 | 506 | |||||||||||||
| Operating expenses | 7,147 | 4,042 | 11,674 | 7,888 | |||||||||||||
| Loss from operations | (4,791 | ) | (3,541 | ) | (7,839 | ) | (7,382 | ) | |||||||||
| Other income (expense) | |||||||||||||||||
| Interest income | 38 | 24 | 109 | 25 | |||||||||||||
| Other (expense) income | (149 | ) | 1 | (205 | ) | 11 | |||||||||||
| Interest expense | (14 | ) | (2 | ) | (18 | ) | (2 | ) | |||||||||
| Other income | (125 | ) | 23 | (114 | ) | 34 | |||||||||||
| Loss before income tax expense | (4,916 | ) | (3,518 | ) | (7,953 | ) | (7,348 | ) | |||||||||
| Income tax expense | - | 12 | - | 13 | |||||||||||||
| Net loss | $ | (4,916 | ) | $ | (3,530 | ) | $ | (7,953 | ) | $ | (7,361 | ) | |||||
| Net foreign currency translation adjustments | (95 | ) | - | (424 | ) | - | |||||||||||
| Total Comprehensive Loss | $ | (5,011 | ) | $ | (3,530 | ) | $ | (8,377 | ) | $ | (7,361 | ) | |||||
| Net loss per share - basic | $ | (0.34 | ) | $ | (0.32 | ) | $ | (0.55 | ) | $ | (0.69 | ) | |||||
| Net loss per share - diluted | $ | (0.34 | ) | $ | (0.32 | ) | $ | (0.55 | ) | $ | (0.69 | ) | |||||
| Weighted average shares outstanding - basic | 14,533 | 10,990 | 14,486 | 10,604 | |||||||||||||
| Weighted average shares outstanding - diluted | 14,533 | 10,990 | 14,486 | 10,604 | |||||||||||||
| Beam Global | |||||||||||||||||
| Reconciliation of Net Loss to Non-GAAP Net Loss | |||||||||||||||||
| (Unaudited, In thousands) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| GAAP Net Loss | $ | 4,916 | $ | 3,530 | $ | 7,953 | $ | 7,361 | |||||||||
| Adjusted to exclude the following: | |||||||||||||||||
| Depreciation and amortization | (139 | ) | (162 | ) | (280 | ) | (308 | ) | |||||||||
| Non-cash compensation | (752 | ) | (575 | ) | (1,337 | ) | (1,089 | ) | |||||||||
| Bad debt expense | (266 | ) | - | (378 | ) | - | |||||||||||
| Fair value of contingent consideration (1) | (1,679 | ) | (273 | ) | (1,532 | ) | (260 | ) | |||||||||
| Non-GAAP Total adjustments | (2,837 | ) | (1,010 | ) | (3,526 | ) | (1,657 | ) | |||||||||
| Non-GAAP Net Loss | $ | 2,079 | $ | 2,520 | $ | 4,427 | $ | 5,704 | |||||||||
| Weighted average shares outstanding - basic | 14,533 | 10,990 | 14,486 | 10,604 | |||||||||||||
| GAAP Net Loss EPS (Basic) | $ | 0.34 | $ | 0.32 | $ | 0.55 | $ | 0.69 | |||||||||
| Non-GAAP Net Loss EPS (Basic) | $ | 0.14 | $ | 0.23 | $ | 0.31 | $ | 0.54 | |||||||||
(1) Fair value of contingent consideration is non-cash. The Earnout Consideration will be paid in the Company’s stock. See the financial statement notes included in prior quarterly and annual filings.
FAQ
What was Beam Global's revenue for Q2 2024?
How much did Beam Global's (BEEM) gross margin improve in Q2 2024?
What was the year-over-year growth in Beam Global's (BEEM) Q2 purchase orders?
How much of Beam Global's (BEEM) Q2 2024 revenue came from commercial customers?
What is the current backlog and pipeline for Beam Global (BEEM) as of Q2 2024?
