Beam Global Reports Fourth Quarter and Full Year 2022 Financial Results
Beam Global (Nasdaq: BEEM, BEEMW) reported record financial results for the year ending December 31, 2022, achieving revenues of $22 million, marking a 144% increase year-over-year. The fourth quarter saw revenues of $7.9 million, a 126% rise from the previous year. Key highlights included record annual orders of $76 million (up 548% year-over-year) and substantial growth in orders from both commercial (up 1190%) and government sectors (up 489%). Additionally, the company secured a $100 million credit facility and acquired All Cell Technologies to enhance battery supply and reduce costs.
- Record full year revenues of $22 million, a 144% year-over-year increase.
- Record annual orders of $76 million, a 548% year-over-year increase.
- Acquisition of All Cell Technologies to secure battery supply and reduce costs.
- Orders from the commercial sector increased by 1190% year-over-year.
- Gross loss of $0.7 million in Q4 2022, compared to $0.3 million in Q4 2021.
- Decrease in cash from $21.9 million in 2021 to $1.7 million in 2022.
- Working capital decreased from $24.6 million to $6.8 million, primarily due to increased current liabilities.
Conference Call Wednesday March 29, 2023 at 4:30 p.m. ET
SAN DIEGO, March 29, 2023 (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 financial results for the year ended December 31, 2022.
2022 and Recent Company Highlights
- Record full year revenues of
$22 million ,144% year over year increase - Record Q4 revenues of
$7.9 million ,126% year over year increase - Record annual orders of
$76 million ,548% year over year increase - Record full year EV ARC™ system production,
105% year over year increase - Record Q4 EV ARC™ system production,
115% year over year increase - Orders from commercial sector grew
1190% year over year - Orders from government sector grew
489% year over year - Secured
$100 million credit facility through London based OCI Group - Acquired All Cell Technologies to secure vital battery supply, reduce costs, increase revenues and barrier to entry
- Received largest order in company history,
$29.4 million for the U.S. Army - Received second largest order in company history,
$11.7 million order for the U.S. Department of Veterans Affairs - Received third largest order in company history,
$5.3 million order for New York City - Received
$8.1M in energy storage solutions orders across micro-mobility, aviation, marine and industrial sectors - Awarded Federal Blanket Purchase Agreement (BPA) for Electric Vehicle Charging Infrastructure
- Awarded follow-on State of California Contract for 2022 – 2025 for rapidly deployed sustainable EV charging infrastructure products
- Received record orders through California and Federal contracts from extensions to other government entities
- Patents issued in China and India for Thermal Management Technology that makes lithium-ion batteries safer
“Beam Global has moved to an entirely new level. Triple digit growth in sales and a pipeline that shows a continuation of this trend; triple digit growth in production and lots of room to grow; no debt and available cash to fund our growth; entirely new opportunities through our energy storage products and a doubling of our patent portfolio; plans to expand to Europe and other regions; and continued balance sheet and equity discipline making us one of the tightest and least diluted public companies I know of,” said Desmond Wheatley, CEO of Beam Global. “The sales, engineering and operations teams at Beam Global are firing on all cylinders and determined to show how much more we can do. We are managing costs and improving our gross profitability while still in an inflationary cycle. The better we get at this in the United States, the better I feel about our international expansion, especially now that we have the OCI Group in London as a powerful ally.”
Fourth Quarter and Year-End 2022 Financial Summary
Revenues
For the fourth quarter of 2022, Beam Global reported record revenues of
Gross Loss
Gross loss for the quarter ended December 31, 2022 was
Operating Expenses
Operating Expenses were
Cash and Working Capital
At December 31, 2022, we had cash of
Conference Call Today at 4:30 PM ET
Management will host a conference call on Wednesday March 29, 2023 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/10176878/f8b7d92e02
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=3jAvJPLo
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.
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Next PR
+1 813-526-1195
Press@BeamForAll.com
| Beam Global | ||||||
| Condensed Balance Sheets | ||||||
| (In thousands) | ||||||
| December 31, | ||||||
| 2022 | 2021 | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash | $ | 1,681 | $ | 21,949 | ||
| Accounts receivable | 4,429 | 3,827 | ||||
| Prepaid and other current assets | 1,579 | 180 | ||||
| Inventory, net | 12,246 | 1,611 | ||||
| Total current assets | 19,935 | 27,567 | ||||
| Property and equipment, net | 1,548 | 650 | ||||
| Operating lease right of use asset | 1,638 | 2,030 | ||||
| Goodwill | 4,600 | - | ||||
| Intangible assets, net | 9,947 | 359 | ||||
| Deposits | 62 | 52 | ||||
| Total assets | $ | 37,730 | $ | 30,658 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 2,865 | $ | 1,567 | ||
| Accrued expenses | 1,687 | 727 | ||||
| Sales tax payable | 33 | 57 | ||||
| Deferred revenue, current | 1,183 | 136 | ||||
| Contingent consideration, current | 6,776 | - | ||||
| Operating lease liabilities, current | 628 | 468 | ||||
| Total current liabilities | 13,172 | 2,955 | ||||
| Deferred revenue, noncurrent | 266 | 118 | ||||
| Contingent consideration, noncurrent | 15 | - | ||||
| Operating lease liabilities, noncurrent | 1,070 | 1,607 | ||||
| Total liabilities | 14,523 | 4,680 | ||||
| Total stockholders' equity | 23,207 | 25,978 | ||||
| Total liabilities and stockholders' equity | $ | 37,730 | $ | 30,658 | ||
| Beam Global | |||||||||||||
| Condensed Statements of Operations | |||||||||||||
| (In thousands, except per share amounts) | |||||||||||||
| For the Three Months Ended | For the Year Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Revenues | $ | 7,896 | $ | 3,488 | $ | 21,995 | $ | 9,002 | |||||
| Cost of revenues | 8,593 | 3,828 | 23,662 | 9,973 | |||||||||
| Gross loss | (697) | (340) | (1,667) | (971) | |||||||||
| Operating expenses | 7,116 | 1,675 | 18,049 | 5,628 | |||||||||
| Loss from operations | (7,813) | (2,015) | (19,716) | (6,599) | |||||||||
| Total other income, net | 2 | - | 36 | 4 | |||||||||
| Loss before income tax expense | (7,811) | (2,015) | (19,680) | (6,595) | |||||||||
| Income tax expense | 1 | - | 2 | 1 | |||||||||
| Net loss | $ | (7,812) | $ | (2,015) | $ | (19,682) | $ | (6,596) | |||||
| Net loss per share - basic and diluted | $ | (0.77) | $ | (0.22) | $ | (1.99) | $ | (0.74) | |||||
| Weighted average shares outstanding - basic and diluted | 10,153 | 8,960 | 9,909 | 8,882 | |||||||||
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/248a4fba-4e23-496e-8813-8e6541899685
FAQ
What were Beam Global's total revenues for 2022?
How much did Beam Global's orders grow in 2022?
What was the gross loss reported by Beam Global for Q4 2022?
What acquisition did Beam Global make to enhance its operations?
What percentage did Beam Global's commercial sector orders grow in 2022?
