Beam Global Reports Fiscal Year 2020 Financial Results
Beam Global (Nasdaq: BEEM, BEEMW) reported record fiscal year 2020 revenues of $6.2 million, up from $5.1 million in 2019, driven by significant shipments to California. The company expanded its government contracts, including with federal and state agencies in Florida. However, Beam faced a net loss of $5.2 million due to increased operating expenses and gross loss of $710,974. Cash reserves rose significantly to $26.7 million, bolstered by $17.4 million from public offerings. Beam also improved its EV ARC charging system efficiency by 12%, now delivering up to 265 e-miles daily.
- Record revenues of $6.2 million in fiscal 2020, up from $5.1 million in 2019.
- Awarded major contracts with the State of California and Federal agencies.
- Significantly increased cash reserves to $26.7 million from $3.8 million in 2019.
- Improved EV ARC charging system efficiency by 12%, enhancing daily capacity.
- Net loss increased to $5.2 million in fiscal 2020 compared to $3.9 million in the previous year.
- Gross loss for fiscal 2020 was $710,974, up from $153,774 in 2019.
- Operating expenses rose to $4.5 million, compared to $3.1 million in 2019.
Conference Call Today at 4:30 PM ET
SAN DIEGO, March 30, 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 year ended December 31, 2020.
Fourth Quarter and Recent Company Highlights
- Generated record annual revenues of
$6.2 million . - Awarded extension and expansion to State of California state-wide contract - now allows use by other governmental agencies nationwide.
- Awarded Federal General Services Administration Multiple Award Schedule Contract – available to all Federal agencies.
- Awarded a statewide Florida purchasing contract – available to all state agencies.
- Issued patent for UAV ARCTM renewably energized drone recharging product which will provide en route charging for unmanned aerial vehicles.
- Improved the performance of the EV ARCTM 2020 charging system by
12% , now delivering up to 265 e-miles in a day. - Completed delivery of 30 EV ARC™ solar-powered EV charging systems for Electrify America.
- Increased working capital to
$28M . - The City of Olathe, Kansas deployed six EV ARCTM solar-powered EV charging systems with the help of a Metropolitan Energy Center (MEC) federal grant.
“In a challenging year, the Beam Team generated record revenues, expanded our customer base with both government and enterprise, strengthened our balance sheet, deployed new products and added to our patent portfolio,” said Desmond Wheatley, CEO of Beam. “I believe that our new contracts with the state of Florida and especially the Federal government, position us favorably as we look at 2021. Our products are made in America and provide a clean and secure source of energy both for the electrification of transportation and for the strengthening of U.S. energy security. We have no debt, a strong balance sheet and increasing liquidity in our stock. I can't think of a better position to be in as we anticipate a significant increase in government and corporate spending on energy and transportation infrastructure as well as an enthusiastic consumer adoption of new and exciting electric vehicles which will, for the first time, include pickup trucks and SUVs.
Fiscal Year End 2020 Financial Summary
Revenues
We reported record revenues in fiscal 2020 of
Gross Loss
Gross loss in fiscal 2020 was
Operating Expenses
Operating expenses were
Net Loss
The net loss was
Cash and Working Capital
At December 31, 2020, we had cash of
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.
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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:
The Bulleit Group
BeamGlobal@BulleitGroup.com
+1 415-742-1894
Investor Relations:
Kathy McDermott
IR@BeamForAll.com
+1 858-799-4583
Beam Global | ||||||
Balance Sheets | ||||||
(000's omitted) | ||||||
December 31, | ||||||
2020 | 2019 | |||||
ASSETS | ||||||
Current Assets | ||||||
Cash | $ | 26,703 | $ | 3,849 | ||
Accounts receivable, net | 1,786 | 765 | ||||
Prepaid and other current assets | 321 | 148 | ||||
Inventory, net | 1,093 | 1,844 | ||||
Total Current Assets | 29,903 | 6,606 | ||||
Property and equipment, net | 235 | 103 | ||||
Operating lease right of use asset | 2,419 | 316 | ||||
Patents, net | 294 | 205 | ||||
Deposits | 52 | 57 | ||||
Total Assets | $ | 32,903 | $ | 7,287 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current Liabilities | ||||||
Accounts payable | $ | 728 | $ | 485 | ||
Accrued expenses | 392 | 305 | ||||
Sales tax payable | 92 | 6 | ||||
Deferred revenue | 107 | 94 | ||||
Convertible note payable - related party, net | - | 214 | ||||
Operating lease liabilities, current | 521 | 350 | ||||
Auto loan | - | 9 | ||||
Total Current Liabilities | 1,840 | 1,463 | ||||
Operating lease liabilities, noncurrent | 1,911 | - | ||||
Total Liabilities | 3,751 | 1,463 | ||||
Total Stockholders' Equity | 29,152 | 5,824 | ||||
Total Liabilities and Stockholders' Equity | $ | 32,903 | $ | 7,287 | ||
Beam Global | ||||||||
Statements of Operations | ||||||||
(000's omitted except share and per share amounts) | ||||||||
For the Years Ended December 31, | ||||||||
2020 | 2019 | |||||||
Revenues | $ | 6,210 | $ | 5,111 | ||||
Cost of revenues | 6,921 | 5,265 | ||||||
Gross profit | (711 | ) | (154 | ) | ||||
Operating expenses | 4,497 | 3,118 | ||||||
Loss From operations | (5,208 | ) | (3,272 | ) | ||||
Other income (expense) | ||||||||
Interest income | 11 | 57 | ||||||
Interest expense | (11 | ) | (716 | ) | ||||
Total other income (expense), net | - | (659 | ) | |||||
Loss before income tax expense | (5,208 | ) | (3,931 | ) | ||||
Income tax expense | 5 | 3 | ||||||
Net loss | $ | (5,213 | ) | $ | (3,934 | ) | ||
Net loss per share - basic and diluted | $ | (0.84 | ) | $ | (0.88 | ) | ||
Weighted average shares outstanding - basic and diluted | 6,170,283 | 4,466,563 | ||||||
FAQ
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