Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading
provider of innovative and sustainable infrastructure solutions for
the electrification of transportation and energy security, today
announced operating results for the year ended December 31, 2023.
2023 and Recent Company Highlights
- Record full year revenues of $67.4 million, 206% year over year
increase
- Record Q4 revenues of $20.0 million, 154% year over year
increase and highest quarterly revenue in the company’s
history
- Record full year EV ARC™ system production, 194% year over year
increase
- Positive full-year gross profit – an improvement of 9% as a
percentage of revenue over 2022
- Debt free and $100 million line of credit available and
unused
- Current pipeline $150 million, backlog of $22 million at
December 31, 2023
- Received $7.4 million order from the U.S. Army for 88 off-grid
EV ARC™ EV charging systems – 3rd largest order in company
history
- Received $4.8 million order from U.S. Department of Homeland
Security for sustainable EV charging infrastructure products – 5th
largest order in company history
- Acquired Amiga creating Beam Europe to open largest market in
the world to Beam Global clean technology solutions with existing
customer relationships in 17 nations
- Awarded first European government supplier agreement on the
UK’s Crown Commercial Service
- Received first million-dollar European order for EV ARC™
solar-powered EV charging systems from UK Ministry of Defence
- Received new European orders from leading telecommunications
provider totaling US$1.2 million
- Qualified for U.S. Federal government FedRAMP
- Increased EV ARC™ base unit sales price by 8.25%
- Expanded global patent portfolio:
- Granted U.S. Patent for Wireless / Inductive Electric Vehicle
Charging Powered by Renewable Energy
- Granted European patent for Compact Transportation-Configurable
EV ARC™ Systems
- Granted European patent for EV Standard™ Curbside EV Charging
Infrastructure product
- Granted European Patent for Thermal Management Technology that
Makes Lithium-ion Batteries Safer
- Granted patents in China and India for Thermal Management
Technology that Makes Lithium-ion Batteries Safer
- Enhanced Beam global leadership team:
- Judy Krandel joined Beam Global Board of Directors as Audit
Committee Chair
- Europe-based George Syllantavos joined Beam Global Board of
Directors
- Appointed Mark Myers, former nuclear navy officer, as Chief
Operating Officer
- Appointed Lisa Potok as Chief Financial Officer
- Significantly expanded engineering expertise to further develop
new product solutions for the electrification of transportation and
the security and decarbonization of energy infrastructure
- Significantly expanded development and manufacturing capacity
to bring Beam Global products to European markets and beyond
- Commenced fabrication of EV Standard™ beta products
- Launched 160 mph wind-rated EV ARC™ sustainable EV charging
infrastructure product line
“The Beam Team delivered a tripling of revenues, positive and
significantly improved gross profits, significantly reduced
operating costs as a percentage of revenues, a tangible path to
cash flow, and growing pipeline and healthy backlog,” said Desmond
Wheatley, CEO of Beam Global. “We executed a major geographic
expansion into the world's largest market for our products through
our acquisition of Amiga DOO and won an important government
contract award and our first million-dollar EV ARC™ order from a
European military within five months of creating Beam Europe. We
made significant enhancements to our operational, engineering and
leadership teams and implemented efficiencies and design
enhancements which enabled us to reduce direct costs and improve
our products. We were awarded multiple new and meaningful patents
and several awards for our existing products. We are now
fabricating the first physical components of a major new product
launch – EV Standard – in our European and Chicago facilities and
we intend to bring that product to market early in the second half
of this year. We achieved all of this in the same year without
taking on debt and without meaningful dilution. 2023 was the best
operational year by far in our history, and we believe that we have
laid the groundwork for continued improvements in 2024.”
2023 Financial Summary
RevenuesFor the fourth quarter of 2023, Beam
Global reported record revenues of $20.0 million, a 154% increase
over the same period in 2022. Full year revenues for 2023 were a
record $67.4 million, a 206% increase over 2022. The 2023 revenue
growth is primarily attributable to an increase in federal orders
from larger orders we received in late 2022.
Gross ProfitGross profit for the quarter ended
December 31, 2023 was $0.4 million, or 2% of sales, compared to a
gross loss of $0.7 million, or 9% of sales in the fourth quarter of
the prior year. As a percentage of sales, our gross profit improved
by 11%. For the year ended December 31, 2023, our gross profit was
$1.2 million, or 2% of sales, compared to a gross loss of $1.7
million, or 7% of sales in 2022. As a percentage of sales, the full
year margin improved by 9%. Excluding non-cash intangible
amortization from the 2023 gross margin, increases gross profits to
$2.1 million. The improvement in gross margin is primarily due to
the increase in production levels compared to the prior year which
resulted in favorable fixed overhead absorption, as well as cost
savings from engineering design changes, labor efficiencies and
reduction in material costs.
Operating ExpensesOperating Expenses were $5.5
million or 28% of revenues for the fourth quarter of 2023, compared
to $7.1 million or 90% of revenues for the same period in the prior
year, an improvement of 62% year over year. Operating expenses
decreased by $1.9 million for non-cash contingent consideration
related to the All Cell Technologies acquisition and for non-cash
stock compensation expense, partially offset by increases for sales
commissions. For the year ended December 31, 2023, total operating
expenses were $17.5 million or 26% of revenues compared to $18.0
million, or 82% of revenues for the same period in 2022, an
improvement of 56% as a percentage of revenues. Expenses in 2023
included a $5.3 million reduction in the fair value of contingent
consideration expense related to the All Cell Technologies
acquisition which was recorded in 2022 but was not required in
2023. Operating expense increases included commissions due to the
increase in sales, the addition of operating expenses for Amiga for
Q4 following the acquisition and increased salaries and consultants
including R&D related to the development of the new EV
Standard™ product.
Net LossNet loss was $5.1 million, or 25% of
revenue for the fourth quarter of 2023, compared to $7.8 million,
or 99% of revenue, for the same period in 2022 an improvement of
74% year over year. Net Loss was $16.1 million or 24% of revenues
for the year ended December 31, 2023, compared to $19.7 million or
90% of revenues for 2022 an improvement of 66% year over year. The
year-to-date net loss included non-cash expense items such as
depreciation, intellectual property amortization and non-cash
compensation expense of $4.3 million in 2023 and $9.2 million in
2022. 2023 net loss excluding noncash items was $11.8 million or
18% of revenues.
Cash and Working CapitalOn December 31, 2023,
we had cash of $10.4 million, compared to $1.7 million at December
31, 2022. The cash increase was primarily due to a capital raise in
June 2023, offset by increased accounts receivable due to the
increased revenues, operating losses and cash payments for the
acquisition of Amiga in the fourth quarter. Our working capital
increased from $6.8 million to $23.8 million from December 31, 2022
to December 31, 2023 due to the cash from the capital raise and the
increase in accounts receivable and inventories resulting from the
increased orders and revenues.
Conference Call April 17, 2024 at 4:30 p.m.
ET
Management will host a conference call on Wednesday April 17,
2024 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/10188501/fc58d5e2fdPlease
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 at the above URL for one year
following the call.
About Beam Global
Beam Global is a clean technology innovator which develops and
manufactures sustainable infrastructure products and technologies.
We operate at the nexus of clean energy and transportation with a
focus on sustainable energy infrastructure, rapidly deployed and
scalable EV charging solutions, safe energy storage and vital
energy security. With operations in the U.S. and Europe, Beam
Global develops, patents, designs, engineers and manufactures
unique and advanced clean technology solutions that power
transportation, provide secure sources of electricity, save time
and money and protect the environment. Headquartered in San
Diego with facilities in Chicago, Belgrade and Kraljevo, Beam
Global has a deep patent portfolio and is listed on Nasdaq under
the symbols BEEM and BEEMW. For more information
visit BeamForAll.com, LinkedIn, YouTube and X
(formerly 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. These statements relate to future events or
future results of operations, including, but not limited to the
following statements: statements regarding the acquisition of
Amiga, 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:Core IR+1
516-222-2560IR@BeamForAll.com
Media Contact:Skyya PR+1
651-335-0585Press@BeamForAll.com
|
Beam Global |
Consolidated Balance Sheets |
(In thousands) |
|
|
|
|
|
December 31, |
|
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
10,393 |
|
|
$ |
1,681 |
|
Accounts receivable, net |
|
15,943 |
|
|
4,429 |
|
Prepaid expenses and other current assets |
|
2,453 |
|
|
1,579 |
|
Inventory |
|
11,933 |
|
|
12,246 |
|
Total current assets |
|
40,722 |
|
|
19,935 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
16,513 |
|
|
1,548 |
|
Operating lease right of use assets |
|
1,026 |
|
|
1,638 |
|
Goodwill |
|
10,270 |
|
|
4,600 |
|
Intangible assets, net |
|
9,050 |
|
|
9,947 |
|
Deposits |
|
62 |
|
|
62 |
|
Total assets |
|
$ |
77,643 |
|
|
$ |
37,730 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
9,732 |
|
|
$ |
2,865 |
|
Accrued expenses |
|
2,737 |
|
|
1,687 |
|
Sales tax payable |
|
209 |
|
|
33 |
|
Deferred revenue, current |
|
828 |
|
|
1,183 |
|
Note payable, current |
|
40 |
|
|
- |
|
Deferred consideration, current |
|
2,713 |
|
|
- |
|
Contingent consideration, current |
|
- |
|
|
6,776 |
|
Operating lease liabilities, current |
|
615 |
|
|
628 |
|
Total current liabilities |
|
16,874 |
|
|
13,172 |
|
|
|
|
|
|
|
|
Deferred revenue, noncurrent |
|
402 |
|
|
266 |
|
Note payable, noncurrent |
|
160 |
|
|
- |
|
Contingent consideration, noncurrent |
|
4,725 |
|
|
15 |
|
Other long-term liabilities |
|
5,485 |
|
|
- |
|
Operating lease liabilities, noncurrent |
|
455 |
|
|
1,070 |
|
Total liabilities |
|
28,101 |
|
|
14,523 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
49,542 |
|
|
23,207 |
|
Total liabilities and stockholders' equity |
|
$ |
77,643 |
|
|
$ |
37,730 |
|
Beam Global |
Consolidated Statements of Operations |
(In thousands, except per share amounts) |
|
|
|
Year Ended |
|
|
December 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
Revenues |
|
$ |
67,353 |
|
|
$ |
21,995 |
|
Cost of revenues |
|
66,149 |
|
|
23,662 |
|
Gross profit (loss) |
|
1,204 |
|
|
(1,667 |
) |
|
|
|
|
|
|
|
Operating expenses |
|
17,465 |
|
|
18,049 |
|
Loss from operations |
|
(16,261 |
) |
|
(19,716 |
) |
|
|
|
|
|
|
|
Total other income, net |
|
213 |
|
|
36 |
|
|
|
|
|
|
|
|
Loss before income tax expense |
|
(16,048 |
) |
|
(19,680 |
) |
Income tax expense |
|
12 |
|
|
2 |
|
Net loss |
|
$ |
(16,060 |
) |
|
$ |
(19,682 |
) |
|
|
|
|
|
|
|
Net loss per share – basic and diluted |
|
$ |
(1.30 |
) |
|
$ |
(1.99 |
) |
Weighted average shares outstanding – basic and diluted |
|
12,345 |
|
|
9,909 |
|
Grafico Azioni Beam Global (NASDAQ:BEEM)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Beam Global (NASDAQ:BEEM)
Storico
Da Set 2023 a Set 2024