Beam Global Reports Fiscal Q1 2022 Financial Results
Beam Global (Nasdaq: BEEM, BEEMW) reported a record revenue of $3.8 million for Q1 2022, a 175% increase from Q1 2021. System deliveries surged by 250%, while the gross loss decreased by 3% points despite inflationary pressures. The company's pipeline reached over $100 million, bolstered by a $2.4 million order from SparkCharge and a follow-on order from the California Department of General Services. Beam's acquisition of All Cell Technologies is expected to enhance battery supply and reduce costs. The company remains optimistic about continued growth throughout 2022.
- Record quarterly revenues of $3.8 million, up 175% year-over-year.
- System deliveries increased by 250% compared to Q1 2021.
- Pipeline growth to over $100 million.
- Strategic acquisition of All Cell Technologies to improve battery supply and reduce costs.
- Improved gross loss margin despite inflationary pressures.
- Gross loss increased to $0.3 million, up from $0.1 million year-over-year.
- Operating expenses rose to $2.0 million, primarily due to the acquisition and increased operational costs.
- Cash decreased from $21.9 million at year-end 2021 to $19.2 million by March 31, 2022.
Conference Call Wednesday May 25, 2022 at 4:30 p.m. ET
SAN DIEGO, May 24, 2022 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, today announced the financial results for the first fiscal quarter ended March 31, 2022.
Fiscal Q1 2022 and Recent Company Highlights
- Generated the highest quarterly revenues in the company’s history of
$3.8 million , a175% increase over Q1 2021 - Q1 22 system deliveries
250% higher than Q1 21 - Grew pipeline to a new record of over
$100M - Reduced the gross loss in Q1 2022 by 3 percentage points, compared to Q1 2021, in spite of inflationary pressures
- Closed the strategic acquisition of All Cell Technologies, LLC (All Cell), an energy storage leader, which is expected to secure vital battery supply, reduce battery costs for Beam, and increase Company revenues
- Received a
$2.4 million order from mobile EV charging company SparkCharge for Beam AllCell™ battery products - Received a follow-on order from the California Department of General Services for 23 EV ARC™ systems to charge fleet EVs for government agencies
- Awarded Federal Blanket Purchase Agreement for electric vehicle charging infrastructure to provide a streamlined procurement process
- Beam Global products featured on the front cover of the FHA NEVI Program Guidance document
- Selected for autonomous wildfire fighting exercise, Project Vesta, to charge electric vehicles that were used to provide autonomous wildfire fighting experiment
- Award winner for Achievement in Product Innovation in 2022 American Business Awards®
“We continue to make advances across all areas of our business with new records in revenues, product deliveries and, perhaps most importantly, pipeline,” said Desmond Wheatley, CEO of Beam. “Deliveries and new opportunities in the quarter came from government and commercial sectors and we anticipate strong continued growth from both. Operationally we are more efficient and producing product at a faster rate than at any time in our history. Our acquisition of a battery technology company makes us unique in the industry and will, I believe, further improve our efficiency and profitability. Improving our gross margins at a time of historically high inflation is a powerful testament that our cost management efforts are paying off. The combination of all these factors bodes well for an excellent 2022 for Beam Global.”
First Fiscal Quarter 2022 Financial Summary
Revenues
Beam Global reported record quarterly revenues in the first fiscal quarter of 2022 of
Gross Loss
Gross loss in the quarter ended March 31, 2022 was
Operating Expenses
Operating Expenses were
Cash and Working Capital
At March 31, 2022, we had cash of
Conference Call Tomorrow at 4:30 PM ET
Management will host a conference call on Wednesday 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/10167545/f2f356d8cb
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 |
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A webcast archive is available for 3 months following the call at the following URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=8DDPhg12
About Beam Global
Beam Global is a clean technology leader providing innovative, sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media. Core platforms include Beam EV ARC™ and Solar Tree® sustainable EV charging systems, Beam AllCell™ high-performance energy storage solutions, energy resiliency and disaster preparedness products and a deep patent library.
Beam EV ARC™ EV charging infrastructure systems support any quality brand EV charging service equipment, and Beam AllCell™ battery solutions power micro-mobility, terrestrial EVs, aviation, maritime and recreational vehicles as well as stationery and energy-security platforms.
Beam develops, patents, designs, engineers and manufactures unique and advanced clean mobility solutions that protect the environment, save customers time and money, empower communities and keep people moving. Based in San Diego and Chicago, the company produces Made-in-America products with the mission to Lead the World to Clean Mobility. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit 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. These statements relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the acquisition, 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.
Investor Relations:
Kathy McDermott
IR@BeamForAll.com
+1 858-799-4583
Media Contact:
Next PR
+1 813-526-1195
Press@BeamForAll.com
| Beam Global | ||||||||
| Condensed Balance Sheets | ||||||||
| (000's omitted) | ||||||||
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 19,176 | $ | 21,949 | ||||
| Accounts receivable | 2,634 | 3,827 | ||||||
| Prepaid and other current assets | 1,755 | 180 | ||||||
| Inventory, net | 4,403 | 1,611 | ||||||
| Total current assets | 27,968 | 27,567 | ||||||
| Property and equipment, net | 1,107 | 650 | ||||||
| Operating lease right of use asset | 2,097 | 2,030 | ||||||
| Goodwill | 4,600 | - | ||||||
| Intangible assets, net | 10,676 | 359 | ||||||
| Deposits | 62 | 52 | ||||||
| Total assets | $ | 46,510 | $ | 30,658 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,036 | $ | 1,567 | ||||
| Accrued expenses | 1,113 | 727 | ||||||
| Sales tax payable | 67 | 57 | ||||||
| Deferred revenue | 1,425 | 136 | ||||||
| Contingent consideration, current | 876 | - | ||||||
| Operating lease liabilities, current | 611 | 468 | ||||||
| Total current liabilities | 6,128 | 2,955 | ||||||
| Deferred revenue, noncurrent | 122 | 118 | ||||||
| Contingent consideration, noncurrent | 375 | - | ||||||
| Operating lease liabilities, noncurrent | 1,537 | 1,607 | ||||||
| Total liabilities | 8,162 | 4,680 | ||||||
| Total stockholders' equity | 38,348 | 25,978 | ||||||
| Total liabilities and stockholders' equity | $ | 46,510 | $ | 30,658 | ||||
| Beam Global | ||||||||
| Condensed Statements of Operations | ||||||||
| (000's omitted except share and per share amounts) | ||||||||
| (Unaudited) | ||||||||
| For the Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenues | $ | 3,770 | $ | 1,372 | ||||
| Cost of revenues | 4,075 | 1,521 | ||||||
| Gross loss | (305 | ) | (149 | ) | ||||
| Operating expenses | 1,975 | 1,103 | ||||||
| Loss from operations | (2,280 | ) | (1,252 | ) | ||||
| Interest income | 2 | 1 | ||||||
| Net loss | $ | (2,278 | ) | $ | (1,251 | ) | ||
| Net loss per share - basic and diluted | $ | (0.24 | ) | $ | (0.14 | ) | ||
| Weighted average shares outstanding - basic and diluted | 9,309 | 8,765 | ||||||
FAQ
What were Beam Global's Q1 2022 financial results?
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