Beam Global Reports Fiscal Q2 2021 Financial Results

Rhea-AI Summary

Beam Global (BEEM, BEEMW) reported record revenues of $2.12 million for Q2 2021, a 46% increase year-over-year, driven by strong demand for EV charging solutions. The company secured its largest order from California's Department of General Services, totaling 52 systems, and increased its sales pipeline to $75 million. However, Beam reported a gross loss of $273,877 and a net loss of $1.64 million for Q2, primarily due to rising costs and increased operating expenses. The company emphasized plans to enhance production efficiency and reduce costs.

Positive

• Record revenue of $2.12 million for Q2 2021, a 46% increase YoY.
• Largest order from California for 52 EV systems.
• Sales pipeline grew by 50% from $50M to $75M.
• Increased orders from federal customers and municipalities.

Negative

• Gross loss of $273,877 in Q2 2021, compared to gross income of $55,336 in Q2 2020.
• Net loss increased to $1.64 million for Q2 2021 from $833,957 in Q2 2020.
• Operating expenses rose by 54% to $1.37 million in Q2 2021.

Conference Call Today at 4:30 PM ET

SAN DIEGO, Aug. 12, 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 second quarter ended June 30, 2021.

Second Quarter and Recent Company Highlights

• Recorded the highest second quarter revenue in the company’s history.
  
  
• Received largest single order from California’s Department of General Services for 52 systems.
  
  
• Experienced an increase in orders from the GSA and California contracts and an increase in multi-unit orders.
  
  
• Grew sales pipeline by 50% from $50M to $75M.
  
  
• Executed deployments and orders during Q2 2021 for California, Wisconsin, Georgia, Hawaii, New Mexico, New York, Pennsylvania, South Carolina, Tennessee, Washington.
  
  
• Increased engagement and pipeline activity with utility and commercial real estate industries.
  
  
• Sets a world record for the longest flight in a production electric aircraft, powered only by sunshine.
  
  
• The EV ARC^TM’s Transportable EV charging was featured for military and civilian use at the 2021 Electric Mobility Symposium at the Marine Corps Air Station Miramar in San Diego.
  
  
• Beam Global was added to the Russell 2000^® Index.
  
  
• Beam Global presented virtually at the LD Micro Invitational XI event. It was featured as a Hall of Fame Top 50 performer, selected out of more than 2,000 companies.

• Negotiated into CEC’s Clean Transportation Program – Up to $200 million in potential EVSE funding.
  
  
• Granted entrance into CARB’s Carl Moyer Grant Program for EVSE - $60 million in annual funding.
  
  
• Issued a further patent in China for EV ARC^TM.
  

“Q2 of 2021 saw a record number of Beam deliveries, record revenue, record pipeline, our largest order to date and many other powerful indicators that our strategy and execution is working,” said Beam CEO Desmond Wheatley. “Funding and interest activity at every level of government and also in the corporate enterprise arena is increasing and accelerating as it relates to Beam’s products. We are seeing larger orders and more of them and for all the reasons that we have built our business around. People want and need rapidly deployed, scalable, lowest TCO and highly resilient EV charging and emergency power infrastructure and our products deliver those attributes in unique and patented systems. We are taking the necessary steps to reduce our costs of manufacturing, defend ourselves from fluctuations and disruptions in shipping, and make the appropriate investments in sales and marketing, government relations, R&D and upgrades to our factory so that we are well positioned to profitably take advantage of the significant increase in orders we believe are coming and that we see in our current $75M pipeline.”

Fiscal Q2 2021 Financial Summary

Revenues
Our revenues for the second fiscal quarter ended June 30, 2021 were $2,121,098, compared to $1,455,158 for the same period in the prior year, a 46% increase. For the first six months of 2021, revenues were $3,493,490, a 26% increase over $2,772,210 reported for the same period in 2020. Our shipments to municipalities continued strong, and increased revenues came from sales to federal customers where grants and other funding is becoming available for electric vehicles and charging infrastructure, and to enterprise customers as many employees are returning to the office following stay-at-home requirements due to the COVID-19 pandemic.

Gross Loss
The gross loss for the three months ended June 30, 2021 was $273,877, compared to gross income of $55,336 for the same period in 2020. Our gross loss for the first six months of 2021 was $422,997, compared to gross income of $15,695 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™. We expect the cost of this product to improve over time as a result of process and cost improvements. In addition, we have seen increases in steel prices and shipping costs due to high demand. 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 $1,369,010 for the three months ended June 30, 2021, compared to $888,456 for the same period in 2020, a 54% increase. Operating expense for the six months ended June 30, 2021 was $2,471,685, a 38% increase compared to $1,790,456 for the same period in 2020. The increase was primarily due to non-cash compensation expense for stock options and vesting of director restricted shares and increased sales and marketing expense to support revenue growth.

Net Loss
The net loss for the first quarter of 2021 was $1,641,788, compared to $833,957 for the first quarter of 2020. The net loss for the first half of 2021 was $2,892,597, compared to $1,776,478 for the same period in 2020. This is primarily attributable to the increase in gross loss and increased operating expenses.

Cash and Working Capital
At June 30, 2021, we had cash of $25,308,606, compared to $26,702,804 at December 31, 2020. Cash decreased due to year to date operating cash usage, partially offset by the exercise of warrants. Our working capital increased from $28,063,320 at December 31, 2020 to $28,177,437 at June 30, 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/10159467/ec400dc50c
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=RaloCqGP

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)
		June 30,			December 31,
		2021			2020
		(Unaudited)
ASSETS
Current assets
Cash		$	25,309		$	26,703
Accounts receivable		2,808			1,786
Prepaid and other current assets		296			321
Inventory, net		1,937			1,093
Total current assets		30,350			29,903
Property and equipment, net		363			235
Operating lease right of use asset		2,254			2,419
Patents, net		321			294
Deposits		52			52
Total assets		$	33,340		$	32,903
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	1,077		$	728
Accrued expenses		396			392
Sales tax payable		108			92
Deferred revenue		156			107
Operating lease liabilities, current		436			521
Total current liabilities		2,173			1,840
Operating lease liabilities, noncurrent		1,850			1,911
Total liabilities		4,023			3,751
Total stockholders' equity		29,317			29,152
Total liabilities and stockholders' equity		$	33,340		$	32,903

Beam Global
Condensed Statements of Operations
(000's omitted except share and per share amounts)
(Unaudited)
							For the Three Months Ended June 30,						For the Six Months Ended June 30,
							2021			2020			2021			2020
Revenues							$	2,121		$	1,455		$	3,493		$	2,772
Cost of revenues							2,395			1,400			3,916			2,756
Gross income (loss)							(274)			55			(423)			16
Operating expenses							1,369			888			2,472			1,791
Loss from operations							(1,643)			(833)			(2,895)			(1,775)
Other income (expense)
Interest income							2			1			3			10
Interest expense							-			(1)			-			(10)
Total other income (expense), net							2			-			3			-
Loss before income tax expense							(1,641)			(833)			(2,892)			(1,775)
Income tax expense							1			1			1			1
Net loss							$	(1,642)		$	(834)		$	(2,893)		$	(1,776)
Net loss per share - basic and diluted							$	(0.18)		$	(0.16)		$	(0.33)		$	(0.34)
Weighted average shares outstanding - basic and diluted							8,882,322			5,257,681			8,823,965			5,240,427

FAQ

What were Beam Global's revenues for Q2 2021?

Beam Global reported revenues of $2.12 million for Q2 2021, a 46% increase compared to the same period in 2020.

What is Beam Global's current sales pipeline amount?

Beam Global's sales pipeline increased to $75 million, reflecting a 50% growth.

What were the net losses reported by Beam Global for Q2 2021?

Beam Global reported a net loss of $1.64 million for Q2 2021.

How much did Beam Global's operating expenses increase in Q2 2021?

Operating expenses increased by 54%, totaling $1.37 million for Q2 2021.

What major order did Beam Global secure recently?

Beam Global received its largest order from California's Department of General Services for 52 systems.