Beam Global, (Nasdaq: BEEM), (the “Company”), the leading provider
of innovative and sustainable infrastructure solutions for the
electrification of transportation and energy security, today
announced its first quarter results for the period ended March 31,
2024.
Q1 2024 Financial and Recent Company
Highlights
- Record first quarter revenue of $14.6 million, 12% increase
over Q1 2023
- Record gross profit with 10.2% gross margin
- Backlog of $20 million on March 31, 2024; pipeline of over $160
million
- Debt free and $100 million line of credit available and
unused
- 310% increase in Q1 EV charging new orders from
business/commercial sector over Q1 2023
- $7.4 million order from the U.S. Army for 88 off-grid EV ARC™
systems
- $4.8 million order from U.S. Department of Homeland Security
for EV ARC™ systems
- $1.7 million order from the North Carolina Department of Adult
Correction for sustainable EV charging infrastructure products
- $1.2 million in orders from leading European market
telecommunications provider
- Awarded first European government supplier agreement on the
UK’s Crown Commercial Service, the main purchasing vehicle for UK
government entities
- $1.0 million order from United Kingdom Ministry of Defense for
EV ARC™ systems
- Federal Railroad Administration orders EV ARC™ charging
systems
- U.S. National Park Service deploys EV ARC™ systems at the
National Mall
- Awarded European Patent for Thermal Management Technology that
Makes Lithium-ion Batteries Safer
- Awarded U.S. Patent for Wireless / Inductive Electric Vehicle
Charging Powered by Renewable Energy
- Commenced fabrication of EV Standard™ beta products
“First quarter revenues of $14.6 million marked our highest
first quarter revenues in the company’s history. Gross profits were
also the highest ever with a gross margin of over 10%, and we
see continued upside going forward through the work we have
done to reduce direct costs, increase production efficiencies and
price increases,” said Desmond Wheatley, CEO of Beam Global.
“Bookings were in-line with our expectations given our normal
seasonality patterns, particularly in Europe. Our sales pipeline is
robust and we are working on the most significant opportunities in
our history, particularly through Beam Europe. As we noted during
the quarter, winning the UK’s equivalent of our federal GSA
contract was a significant milestone for Beam Europe, resulting in
our first million-dollar EV ARC contract in Europe from the British
Army. Product development was highly active in the quarter
with new patents won and announced, and we saw significant progress
on EV Standard, which we intend to rebrand later this
year. Finally, we have taken initial steps towards the
development of an entirely new product which we hope to launch in
2024, which will further augment our strategy to diversify revenue
and profit opportunities in expanded markets with more product
offerings. We are excited about what we’ve done and more
excited about what we believe we will accomplish in the
future.”
First Quarter 2024 Financial Summary
RevenuesFor the first quarter of 2024, Beam
Global reported record first quarter revenues of $14.6 million, a
12% increase over the same period in 2023. The revenue growth is
partially attributable to an increase in federal orders and the
acquisition of Amiga to create Beam Europe LLC.
Gross ProfitGross profit for the quarter ended
March 31, 2024, was a record $1.5 million, or 10% of sales,
compared to a gross profit of $5 thousand, or .04% of sales in the
first quarter of the prior year. The improvement in gross margin is
primarily because of cost reductions implemented in late 2023 as a
result of engineering improvements to the EV ARCTM. Our gross
profits were negatively impacted by $0.2 million for non-cash
intangible amortization included in our costs of goods sold.
Operating ExpensesTotal operating expenses were
$4.5 million, or 31% of revenues, for the quarter ended March 31,
2024, compared to $3.8 million, or 30% of revenues, for the same
quarter in the prior year. The $0.7 million increase is mostly
attributable to a $0.4 million increase in consultant costs related
to the integration of our new ERP accounting software, sales and
marketing, government relations and engineering design support,
$0.3 million for operating expenses pertaining to our new Beam
Europe operations, partially offset by $0.1 million reduction for
favorable change in the present value factor of our contingent
consideration related to the earnout for the Amiga acquisition.
Net LossNet loss was $3.0 million, or 21% of
revenue for the first quarter of 2024, compared to $3.8 million, or
29% of revenue, for the same period in 2023, an improvement of 8%
year over year. The first quarter net loss included non-cash
expense items such as depreciation, intellectual property
amortization and non-cash compensation expense of $1.1 million in
2024 and $0.9 million in 2023. 2024 net loss excluding noncash
items was $1.9 million or 18% of revenues.
Cash and Working CapitalOn March 31, 2024, we
had cash of $5.0 million, compared to $10.4 million at December 31,
2023. The cash decrease was primarily due to cash payments for the
acquisition of Amiga as well as operating cash used to increase
inventory. Our working capital decreased from $23.8 million to
$17.8 million from December 31, 2023 to March 31, 2024.
Conference Call May 21, 2024 at 4:30 p.m.
ET
Management will host a conference call on Tuesday, May 21, 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/10189455/fc91e69e73
Please note that registered participants will receive their call
in number upon registration.
Those without internet access or unable to
pre-register may call in by calling: |
PARTICIPANT
CALL IN (TOLL FREE): |
1-844-739-3880 |
PARTICIPANT INTERNATIONAL CALL IN: |
1-412-317-5716 |
Please ask to join 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. 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 |
|
|
Condensed Consolidated Balance Sheets |
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
$ |
4,962 |
|
$ |
10,393 |
Accounts receivable, net of allowance for cedit losses of $112 and
$447 |
|
20,139 |
|
|
15,943 |
Prepaid expenses and other current assets |
|
2,216 |
|
|
2,453 |
Inventory, net |
|
11,474 |
|
|
11,933 |
Total current assets |
|
38,791 |
|
|
40,722 |
|
|
|
|
|
|
Property and equipment, net |
|
15,597 |
|
|
16,513 |
Operating lease right of use assets |
|
2,249 |
|
|
1,026 |
Goodwill |
|
10,150 |
|
|
10,270 |
Intangible assets, net |
|
8,769 |
|
|
9,050 |
Deposits |
|
98 |
|
|
62 |
Total assets |
$ |
75,654 |
|
$ |
77,643 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
$ 10,778 |
|
$ |
9,732 |
Accrued expenses |
|
3,812 |
|
|
2,737 |
Sales tax payable |
|
211 |
|
|
209 |
Deferred revenue, current |
|
1,007 |
|
|
828 |
Note payable, current |
|
45 |
|
|
40 |
Deferred consideration, current |
|
- |
|
|
2,713 |
Contingent consideration, current |
|
4,330 |
|
|
- |
Operating lease liabilities, current |
|
851 |
|
|
615 |
Total current liabilities |
|
21,034 |
|
|
16,874 |
|
|
|
|
|
|
Deferred revenue, noncurrent |
|
470 |
|
|
402 |
Note payable, noncurrent |
|
178 |
|
|
160 |
Contingent consideration, noncurrent |
|
248 |
|
|
4,725 |
Other liabilities, noncurrent |
|
3,716 |
|
|
3,787 |
Deferred tax liabilities, noncurrent |
|
1,662 |
|
|
1,698 |
Operating lease liabilities, noncurrent |
|
1,444 |
|
|
455 |
Total liabilities |
|
28,752 |
|
|
28,101 |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Preferred stock, $0.001 par value, 10,000,000 authorized, none
outstanding as of March 31, 2024 and December 31, 2023. |
|
- |
|
|
- |
Common stock, $0.001 par value, 350,000,000 shares authorized,
14,438,270 and 14,398,243 shares issued and outstanding as of March
31, 2024 and December 31, 2023, respectively. |
|
14 |
|
|
14 |
Additional paid-in-capital |
|
142,991 |
|
|
142,265 |
Accumulated deficit |
|
(96,398) |
|
|
(93,361) |
Accumulated Other Comprehensive Income (AOCI) |
|
295 |
|
|
624 |
|
|
|
|
|
|
Total stockholders' equity |
|
46,902 |
|
|
49,542 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
75,654 |
|
$ |
77,643 |
|
|
|
|
|
|
Beam Global |
Condensed Consolidated Statements of Operations and
Comprehensive Loss |
(Unaudited, In thousands except per share
data) |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
Revenues |
$ |
14,561 |
|
$ |
13,020 |
|
|
|
|
|
|
Cost of revenues |
|
13,082 |
|
|
13,015 |
|
|
|
|
|
|
Gross profit |
|
1,479 |
|
|
5 |
|
|
|
|
|
|
Operating expenses |
|
4,527 |
|
|
3,846 |
|
|
|
|
|
|
Loss from operations |
|
(3,048) |
|
|
(3,841) |
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
Interest income |
|
71 |
|
|
1 |
Other (expense) income |
|
(56) |
|
|
10 |
Interest expense |
|
(4) |
|
|
- |
Other income |
|
11 |
|
|
11 |
|
|
|
|
|
|
Loss before income tax expense |
|
(3,037) |
|
|
(3,830) |
|
|
|
|
|
|
Income tax expense |
|
- |
|
|
1 |
|
|
|
|
|
|
Net loss |
$ |
(3,037) |
|
$ |
(3,831) |
|
|
|
|
|
|
Net foreign currency translation adjustments |
|
(329) |
|
|
- |
Total Comprehensive Loss |
$ |
(3,366) |
|
$ |
(3,831) |
|
|
|
|
|
|
Net loss per share - basic |
$ |
(0.21) |
|
$ |
(0.38) |
Net loss per share - diluted |
$ |
(0.21) |
|
$ |
(0.38) |
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
14,422 |
|
|
10,214 |
Weighted average shares outstanding - diluted |
|
14,422 |
|
|
10,214 |
|
|
|
|
|
|
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