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 operating results for the second
quarter ended June 30, 2023.
Q2 2023 and Recent Company Highlights
- Record quarterly revenue of $17.8 million, a 379% increase over
Q2 2022
- Record first half revenue of $30.8 million, a 312% increase
over first half 2022
- Record Q2 EV ARC™ system deployments; increased 589% YOY,
increased 33% from Q1 2023
- Record Q2 gross profit of $0.5 million, 3% gross profit
margin
- Gross margin improvement of 12% as a percentage of revenue over
same period prior year
- Operating expenses improved by 44% as a percentage of revenue
over same period prior year
- Backlog of $34 million on June 30, 2023
- $100 million line of credit available and unused
- No Debt
- Executed binding Letter of Intent (LOI) to acquire Europe-based
Amiga DOO Kraljevo to expand into the European market and increase
production, engineering, sales and product development
expertise
- Oversubscribed public offering of $25 million, net of expenses,
to support the acquisition of Amiga and working capital
- Awarded Gold Company of the Year from Stevie® 2023 American
Business Awards®
- Issued a European patent for Compact
Transportation-Configurable EV ARC™ Systems
“The Beam Team executed efficiently and effectively, delivering
the best quarter in our company’s history. We are focused on our
European expansion through our intended acquisition of Amiga which
will enable us to sell our solutions in the largest market for our
products in the world while also accelerating the development of
the EV Standard. $24 million in cash and working capital totaling
$37.1 million combined with no debt, highly attractive
capitalization table and $100 million untapped credit facility
provide a solid foundation to execute on our growth plan in the
U.S. and abroad. It’s a great time to be Beam Global,” said Desmond
Wheatley, CEO of Beam Global.
Second Quarter 2023 Financial Summary
RevenuesFor the second quarter of 2023, Beam
Global reported record revenues of $17.8 million, a 379% increase
over the same period in 2022 and a 37% increase over the prior
quarter. The increase in revenues resulted primarily from growth in
deliveries to federal agencies. In addition, we generated record
revenues of $2.1 million from our energy storage sales. For the six
months ended June 30, 2023, our revenue increased 312% to $30.8
million compared to $7.5 million for the same period in 2022.
International customers, primarily from our energy storage
business, contributed 10% of the year-to-date revenues.
Gross ProfitGross profit for the quarter ended
June 30, 2023 was $0.5 million, or 3% of sales, compared to a gross
loss of $0.3 million, or 9% of sales in the second quarter of the
prior year. As a percentage of sales, our gross profit improved by
12% primarily due to the increase in production levels compared to
the prior year which resulted in favorable fixed overhead
absorption and also as a result of improved vendor pricing, labor
efficiency and engineering improvements. For the six months ended
June 30, 2023, our gross profit was $0.5 million, or 2% of sales,
compared to a gross loss of $0.5 million, or 8% of sales in 2022.
As a percentage of sales, the margin improved by 10%, primarily due
to the increase in production levels in the current quarter
compared to the prior year.
Operating ExpensesOperating Expenses were $4.0
million for the second quarter of 2023, compared to $2.5 million
for the same period in the prior year, an improvement of 44% of
revenue, year over year. Operating expenses increased by $0.5
million for non-cash contingent consideration related to the All
Cell acquisition, $0.4 million for sales and marketing expenses,
$0.4 million for non-cash compensation expense and $0.2 million for
admin salaries and bonus accrual. For the six months ended June 30,
2023, total operating expenses were $7.9 million or 26% of revenues
compared to $4.5 million, or 60% of revenues for the same period in
2022, an improvement of 34% as a percentage of revenues. The first
six months of 2022 only included four months of expenses for our
battery operation based on a March 2022 acquisition. In addition,
increases are primarily attributable to $0.7 million for non-cash
compensation expenses, $0.6 million for administrative salaries and
bonus accrual, $0.5 million non-cash for the change in fair value
of contingent consideration and $0.4 million for investment in
R&D salaries and expenses.
Net LossNet loss was $3.5 million, or 20% of
revenue for the second quarter of 2023, compared to $2.8 million,
or 75% of revenue, for the same period in 2022. Net Loss was $7.4
million for the six months ended June 30, 2023, compared to $5.1
million for the first six months of 2022. The year-to-date net loss
included non-cash expense items such as depreciation, intellectual
property amortization and non-cash compensation expense of $2.1
million and $0.7 million, respectively. Net loss excluding these
non-cash expenses was $5.3 million and $4.4 million,
respectively.
Cash and Working CapitalOn June 30, 2023, we
had cash of $23.7 million, compared to $1.7 million at December 31,
2022. The cash increase was primarily due to the Capital Raise and
offset by operating losses and increased accounts receivable due to
the increased revenues. Our working capital increased from $6.8
million to $37.1 million from December 31, 2022 to June 30, 2023.
The working capital balance is increased by the $28 million Capital
Raise in June and increased accounts receivable based on increased
sales.
Conference Call Today at 4:30 P.M. ET
Management will host a conference call on Monday August 14, 2023
at 4:30 P.M. 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/10181751/fa28f9a8a3
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=f0pZtTjo
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 contains forward-looking
statements including but not limited to statements about the
Company’s belief about its future profitability. 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
516-222-2560IR@BeamForAll.com
Media Contact:Skyya PR+1
651-335-0585Press@BeamForAll.com
Beam
Global |
Condensed
Balance Sheets |
(In
thousands) |
|
|
|
|
|
|
June
30, |
|
|
|
|
2023 |
|
|
December
31, |
|
(Unaudited) |
|
|
2022 |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash |
$ |
23,682 |
|
|
$ |
1,681 |
|
Accounts receivable |
10,422 |
|
|
|
4,429 |
|
Prepaid and other current assets |
2,825 |
|
|
|
1,579 |
|
Inventory, net |
12,330 |
|
|
|
12,246 |
|
Total current assets |
49,259 |
|
|
|
19,935 |
|
|
|
|
|
|
|
|
Property and
equipment, net |
2,002 |
|
|
|
1,548 |
|
Operating
lease right of use asset |
1,312 |
|
|
|
1,638 |
|
Goodwill |
4,600 |
|
|
|
4,600 |
|
Intangible
assets, net |
9,500 |
|
|
|
9,947 |
|
Deposits |
62 |
|
|
|
62 |
|
Total assets |
$ |
66,735 |
|
|
$ |
37,730 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
$ |
7,170 |
|
|
$ |
2,865 |
|
Accrued expenses |
3,524 |
|
|
|
1,687 |
|
Sales tax payable |
15 |
|
|
|
33 |
|
Deferred revenue, current |
796 |
|
|
|
1,183 |
|
Note payable, current |
37 |
|
|
|
|
|
Contingent consideration, current |
1 |
|
|
|
6,776 |
|
Operating lease liabilities, current |
598 |
|
|
|
628 |
|
Total current liabilities |
12,141 |
|
|
|
13,172 |
|
|
|
|
|
|
|
|
Deferred
revenue, noncurrent |
286 |
|
|
|
266 |
|
Note
payable, noncurrent |
181 |
|
|
|
|
|
Contingent
consideration, noncurrent |
- |
|
|
|
15 |
|
Operating
lease liabilities, noncurrent |
773 |
|
|
|
1,070 |
|
Total liabilities |
13,381 |
|
|
|
14,523 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
53,354 |
|
|
|
23,207 |
|
Total liabilities and stockholders' equity |
$ |
66,735 |
|
|
$ |
37,730 |
|
Beam
Global |
Condensed
Statements of Operations |
(in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
For the
Three Months Ended |
|
For the Six
Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
17,819 |
|
|
$ |
3,718 |
|
|
$ |
30,839 |
|
|
$ |
7,488 |
|
Cost of
revenues |
17,318 |
|
|
4,044 |
|
|
30,333 |
|
|
8,119 |
|
Gross profit
(loss) |
501 |
|
|
(326 |
) |
|
506 |
|
|
(631 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
4,042 |
|
|
2,490 |
|
|
7,888 |
|
|
4,465 |
|
Loss from
operations |
(3,541 |
) |
|
(2,816 |
) |
|
(7,382 |
) |
|
(5,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total other
income, net |
23 |
|
|
14 |
|
|
34 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
income tax expense |
(3,518 |
) |
|
(2,802 |
) |
|
(7,348 |
) |
|
(5,080 |
) |
Income tax
expense |
12 |
|
|
1 |
|
|
13 |
|
|
1 |
|
Net
loss |
$ |
(3,530 |
) |
|
$ |
(2,803 |
) |
|
$ |
(7,361 |
) |
|
$ |
(5,081 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share - basic and diluted |
$ |
(0.32 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.52 |
) |
Weighted
average shares outstanding - basic and diluted |
10,990 |
|
|
10,075 |
|
|
10,604 |
|
|
9,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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