Beam Global Reports Fiscal Q1 2021 Financial Results

Rhea-AI Summary

Beam Global (Nasdaq: BEEM, BEEMW) reported a 4% increase in Q1 2021 revenues to $1.37 million, up from $1.32 million year-over-year. The company achieved a record backlog exceeding $5 million and operating capital of $30 million, with no debt.

Significant orders include the California DGS's purchase of 52 EV ARC™ systems and collaborations with Federal agencies. Despite a net loss of $1.25 million, Beam anticipates growing demand for EV charging infrastructure, bolstered by a strong pipeline and expected increases in government spending.

Positive

• 4% increase in Q1 2021 revenues to $1.37 million.
• Record backlog surpassing $5 million.
• Operating capital reached $30 million with no debt.
• Largest order in company history from California DGS for 52 EV ARC™ systems.
• Anticipated growth in demand due to increased government spending on EV infrastructure.

Negative

• Gross loss increased to $149,120 from $39,641 year-over-year.
• Operating expenses rose by 22% to $1.1 million, impacting overall profitability.
• Net loss widened to $1.25 million from $942,521 in the prior year.

Conference Call Today at 4:30 PM ET

SAN DIEGO, May 24, 2021 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, today announced financial results for the fiscal first quarter ended March 31, 2021.

First Quarter and Recent Company Highlights

• Current Contracted Backlog exceeds $5M.
  
  
• Operating capital of $30M – historic high. No debt.
  
  
• California places largest order in the Company’s history. The California Department of General Services (DGS) placed an order for 52 EV ARC™ solar-powered EV charging systems that will expand access to sustainable EV charging and emergency power for 12 state government agencies. This is the largest order in the Company’s history.
  
  
• Electrify America deploys Jeep branded EV ARC™ in support of the Jeep 4xe off-grid, renewably energized charging network for off-road environments.
  
  
• Orders received from Federal agencies through recently awarded GSA contract.
  
  
• EV ARC™ systems deployed for municipalities, education, enterprise and utility customers.

• The City of San Diego deployed EV ARC^TM solar-powered charging systems to fuel the city’s growing fleet of electric vehicles and provide emergency preparedness assets. Press event/ribbon cutting with Mayor Gloria and two EV ARC™ systems charging 10 Chevy Bolts simultaneously.
  
  
• Press event/ribbon cutting with Mayor of Olathe, Kansas announcing the deployment of 6 EV ARC™ systems for public and city vehicle use. First EV ARC™ deployment in Kansas.

• A global entertainment brand deployed the first EV ARC™ system to power on-location film production equipment and electric vehicles.
  
  
• Solar Tree® delivery for full size electric buses in California.

“Our current contracted backlog, combined with YTD revenue already exceeds our 2020 revenues, our pipeline is near historic highs and we still have seven months of selling left in 2021,” said Beam CEO Desmond Wheatley. “We believe that a combination of federal, state and local spending on EV charging infrastructure, combined with an increase in workplace charging with a return to the office, post vaccine in the second half, will create a level of demand for our products we have not previously experienced. An increased awareness of the importance of rapidly deployed, construction-free EV charging infrastructure, which is renewably energized and immune to blackouts, favors our differentiators and we are seeing this both from Government and enterprise. 2021 is shaping up to be an excellent year for Beam Global.”

Fiscal Q1 2021 Financial Summary

Revenues
Our revenues for the first fiscal quarter ended March 31, 2021 were $1,372,392, compared to $1,317,052 for the same period in the prior year, a 4% increase. As in the past, our shipments to municipalities continued strong, and we also shipped systems into federal, academic, utility and enterprise segments. This included the sale of a unit to Jeep, a Stellantis brand, and one to their partner Electrify America, both for use in the Moab, UT launch of their Jeep 4xe Charging Network to provide EV charging at Jeep Badge of Honor off-road trailheads throughout the U.S. By comparison, revenues in the first quarter of 2020 were heavily concentrated on state and local municipalities in several cities across the U.S.

Gross Loss
The gross loss for the three months ended March 31, 2021 was $149,120 compared to a gross loss of $39,641 for the same period in 2020. Our gross loss increased primarily due to an increase in costs for the new EV ARC™ 2020 unit that was launched at the end of 2019 and rolled out in 2020, compared to the original EV ARC™. As we’ve previously experienced, the initial costs of a new product start out high and then improve over time as a result of improvements to the production process and the reduction of material costs. We expect our margins to improve as we increase our production levels, which will reduce our overhead costs per unit and improve our labor efficiency.

Operating Expenses
Total operating expenses were $1,102,675 for the three months ended March 31, 2021, compared to $902,000 for the same period in 2020, a 22% increase. The increase was primarily due to $85,875 for non-cash compensation expense for stock option expense and vesting of director restricted shares, $51,605 for increased sales headcount to support revenue growth, $29,241 for R&D increased headcount to support development projects and other net increases.

Net Loss
The net loss for the first quarter of 2021 was $1,250,809, compared to $942,521 for the first quarter of 2020. This is primarily attributable to the increase in gross loss and increased operating expenses.

Cash and Working Capital
At March 31, 2021, we had cash of $28,214,029, compared to $26,702,804 at December 31, 2020. The increase resulted from the exercise of warrants, partially offset by cash used in operations. Our working capital increased from $28,063,320 to $29,507,478 from December 31, 2020 to March 31, 2021.

Conference Call Today at 4:30 PM ET

Management will host a conference call today at 4:30 PM 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/10156949/e8d906c5f6
Please note that registered participants will receive their dial in number upon registration.

Those without internet access or unable to pre-register may dial in by calling:
PARTICIPANT DIAL IN (TOLL FREE):         1-844-739-3880
PARTICIPANT INTERNATIONAL DIAL IN:         1-412-317-5716
Please ask to be joined into the Beam Global call.

A webcast archive is available for 3 months following the call at the following URL:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=dmWfd6VU

About Beam Global
Beam Global is a Cleantech leader that produces innovative, sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, risks and costs of grid-tied solutions. Products include the patented EV ARC™ and Solar Tree® lines with BeamTrak™ patented solar tracking, and ARC Technology™ energy storage, along with EV charging, outdoor media and disaster preparedness packages.

The company develops, patents, designs, engineers and manufactures unique and advanced renewably energized products that save customers time and money, help the environment, empower communities and keep people moving. Based in San Diego, the company produces Made in America products. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information visit https://BeamForAll.com/, LinkedIn, YouTube and 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.  

Media Contact:
Next PR
Press@BeamForAll.com
+1 813-526-1195

Investor Relations:
Kathy McDermott
IR@BeamForAll.com
+1 858-295-7661

Beam Global
Condensed Balance Sheets
(000's omitted)
		March 31,			December 31,
		2021			2020
		(Unaudited)
ASSETS
Current assets
Cash		$	28,214		$	26,703
Accounts receivable		1,584			1,786
Prepaid and other current assets		141			321
Inventory, net		1,553			1,093
Total current assets		31,492			29,903
Property and equipment, net		250			235
Operating lease right of use asset		2,362			2,419
Patents, net		308			294
Deposits		52			52
Total assets		$	34,464		$	32,903
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	895		$	728
Accrued expenses		531			392
Sales tax payable		41			92
Deferred revenue		98			107
Operating lease liabilities, current		420			521
Total current liabilities		1,985			1,840
Operating lease liabilities, noncurrent		1,964			1,911
Total liabilities		3,949			3,751
Total stockholders' equity		30,515			29,152
Total liabilities and stockholders' equity		$	34,464		$	32,903

Beam Global
Condensed Statements of Operations
(000's omitted except share and per share amounts)
(Unaudited)
							For the Three Months Ended March 31,
							2021			2020
Revenues							$	1,372		$	1,317
Cost of revenues							1,521			1,357
Gross loss							(149)			(40)
Operating expenses							1,103			902
Loss from operations							(1,252)			(942)
Other income (expense)
Interest income							1			9
Interest expense							-			(10)
Total other income (expense), net							1			(1)
Net loss							$	(1,251)		$	(943)
Net loss per share - basic and diluted							$	(0.14)		$	(0.17)
Weighted average shares outstanding - basic and diluted							8,764,959			5,523,174

 

FAQ

What were Beam Global's Q1 2021 revenues and how do they compare to last year?

Beam Global reported revenues of $1.37 million for Q1 2021, which is a 4% increase from $1.32 million in Q1 2020.

What is Beam Global's current backlog as of Q1 2021?

Beam Global's current contracted backlog exceeds $5 million as of Q1 2021.

What was the net loss for Beam Global in Q1 2021?

The net loss for Beam Global in Q1 2021 was $1.25 million, compared to $942,521 in Q1 2020.

What significant orders did Beam Global receive recently?

Beam Global received a historic order from California for 52 EV ARC™ systems, marking the largest order in the company's history.

How did Beam Global's operating expenses change in Q1 2021?

Operating expenses increased by 22% to $1.1 million in Q1 2021 compared to the same period last year.