Beam Global Reports Fiscal Q2 2022 Financial Results
Beam Global (Nasdaq: BEEM, BEEMW) reported record financial results for Q2 2022, achieving $3.7 million in revenue, a 75% increase year-over-year. First half revenues reached $7.5 million, marking a 114% growth over the same period in 2021. Despite a $0.6 million gross loss, gross profit improved by 4% of revenue. Operating expenses increased to $2.5 million due to the acquisition of All Cell Technologies. Cash decreased to $13.8 million, impacted by rising inventory costs and net losses. The company reported a record backlog of $10 million and a sales pipeline of $122 million.
- Record Q2 revenue of $3.7 million, up 75% YoY.
- First half revenue reached $7.5 million, a 114% increase YoY.
- Record backlog of $10 million.
- Sales pipeline grew to $122 million.
- Improved gross profit margin by 4% despite inflation.
- Gross loss of $0.6 million in the first half, up from $0.4 million YoY.
- Operating expenses increased to $2.5 million, primarily due to acquisition costs.
- Cash decreased to $13.8 million, down from $21.9 million at year-end.
Conference Call Friday August 12, 2022 at 4:30 p.m. ET
SAN DIEGO, Aug. 12, 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 second fiscal quarter ended June 30, 2022.
Fiscal Q2 2022 and Recent Company Highlights
- Generated the highest second quarter revenue in the company’s history of
$3.7 million , a75% increase over Q2 2021 - Generated highest first half revenue in the company’s history of 7.5M, a
114% increase over first half 2021 - Improved Gross Profitability in first half by
4% of revenue despite inflation - Reduced net loss by over
14% of revenue in first half despite inflation and acquisition - Grew sales orders to a record backlog of over
$10M - Grew sales pipeline to a new record of
$122 million - Grew EV ARC™ system revenue per employee by
34% over Q2 of 2021 - Awarded Federal Blanket Purchase Agreement (BPA) for Electric Vehicle Charging Infrastructure
- Awarded new State of California Contract for rapidly deployed sustainable EV charging infrastructure products
- Received
$0.9 million battery order to power autonomous on-demand delivery drones - Announced partnership with Volvo Construction Equipment (CE) to bundle EV ARC™ off-grid EV charging systems with Volvo electric construction equipment
- Increased momentum in enterprise customers, multi-unit orders and repeat customers
- Selected for the California DGS Green Proving Ground program for grid balancing
- Honored as Stevie® Award Winner for Achievement in Product Innovation in 2022 American Business Awards®
“Q2 has been another quarter of records at Beam Global,” said Desmond Wheatley, CEO of Beam. “Our sales are up, our efficiencies are improving and we have the highest contracted backlog and sales pipeline in our history. First half revenues are more than double this time last year and we have no indication that this momentum is going to let up. We continue to make progress on our integration of the battery company we bought earlier this year with sales, revenues and the first deployments of our new internally produced battery solution in our EV ARC systems. With first half revenues exceeding any prior full year except ’21 and all the other improvements we are making I am excited by what I expect the Beam Team will make happen during the remainder of 2022. ”
Second Fiscal Quarter 2022 Financial Summary
Revenues
Beam Global reported record second quarter revenues of
Gross Loss
Gross loss in the three months ended June 30, 2022 and 2021 was
Operating Expenses
Operating Expenses were
Cash and Working Capital
At June 30, 2022, we had cash of
Conference Call Today at 4:30 PM ET
Management will host a conference call on Friday August 12, 2022 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/10170273/f408159c90
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://event.choruscall.com/mediaframe/webcast.html?webcastid=yiCfqEat
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 | ||||||||
| (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 13,754 | $ | 21,949 | ||||
| Accounts receivable | 2,898 | 3,827 | ||||||
| Prepaid and other current assets | 3,214 | 180 | ||||||
| Inventory, net | 7,357 | 1,611 | ||||||
| Total current assets | 27,223 | 27,567 | ||||||
| Property and equipment, net | 1,403 | 650 | ||||||
| Operating lease right of use asset | 1,948 | 2,030 | ||||||
| Goodwill | 4,600 | - | ||||||
| Intangible assets, net | 10,486 | 359 | ||||||
| Deposits | 62 | 52 | ||||||
| Total assets | $ | 45,722 | $ | 30,658 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,957 | $ | 1,567 | ||||
| Accrued expenses | 874 | 727 | ||||||
| Sales tax payable | 114 | 57 | ||||||
| Deferred revenue, current | 1,578 | 136 | ||||||
| Contingent consideration, current | 699 | - | ||||||
| Operating lease liabilities, current | 632 | 468 | ||||||
| Total current liabilities | 7,854 | 2,955 | ||||||
| Deferred revenue, noncurrent | 177 | 118 | ||||||
| Contingent consideration, noncurrent | 344 | - | ||||||
| Operating lease liabilities, noncurrent | 1,372 | 1,607 | ||||||
| Total liabilities | 9,747 | 4,680 | ||||||
| Total stockholders' equity | 35,975 | 25,978 | ||||||
| Total liabilities and stockholders' equity | $ | 45,722 | $ | 30,658 | ||||
| Beam Global | |||||||||||||||
| Condensed Statements of Operations | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | $ | 3,718 | $ | 2,121 | $ | 7,488 | $ | 3,493 | |||||||
| Cost of revenues | 4,044 | 2,395 | 8,119 | 3,916 | |||||||||||
| Gross loss | (326 | ) | (274 | ) | (631 | ) | (423 | ) | |||||||
| Operating expenses | 2,490 | 1,369 | 4,465 | 2,472 | |||||||||||
| Loss from operations | (2,816 | ) | (1,643 | ) | (5,096 | ) | (2,895 | ) | |||||||
| Total other income, net | 14 | 2 | 16 | 3 | |||||||||||
| Loss before income tax expense | (2,802 | ) | (1,641 | ) | (5,080 | ) | (2,892 | ) | |||||||
| Income tax expense | 1 | 1 | 1 | 1 | |||||||||||
| Net loss | $ | (2,803 | ) | $ | (1,642 | ) | $ | (5,081 | ) | $ | (2,893 | ) | |||
| Net loss per share - basic and diluted | $ | (0.28 | ) | $ | (0.18 | ) | $ | (0.52 | ) | $ | (0.33 | ) | |||
| Weighted average shares outstanding - basic and diluted | 10,075 | 8,882 | 9,694 | 8,824 | |||||||||||
FAQ
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