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 its Third Quarter results for the period ended September
30, 2023.
Q3 2023 Financial Highlights
- Quarterly revenue of $16.5 million, a 149% increase over Q3
2022
- Record year-to-date revenues of $47.3 million, a 236% increase
over 2022
- Record Q3 EV ARC™ system deployments; increased 295% YOY
- Record year-to-date gross profit of $0.8 million, or 2% of
revenues; year-to-date gross profit excluding non-cash items of
$1.5 million, or 3% of revenues
- Year-to-date gross profit improvement of 9% as a percentage of
revenue over 2022
- Year-to-date operating expenses improved by 52% as a percentage
of revenue over 2022
- Oversubscribed public offering of $25 million, net of expenses,
to support European acquisition and strengthen balance sheet
- Debt Free and $100 million line of credit available and
unused
- Backlog of $31 million on September 30, 2023, Pipeline of over
$112M
Acquisition Highlights—Amiga DOO:
- Closed acquisition of Europe based Amiga DOO on October 20,
2023, a leading European provider of transportation, communications
and energy infrastructure products
- Opened largest automotive market in the world to Beam Global
clean technology solutions through expansion of sales team and
existing customer relationships in 17 nations
- Significantly expanded engineering expertise to further develop
new product solutions for the electrification of transportation and
the securing and decarbonizing of energy infrastructure
- Significantly expanded development and manufacturing capacity
to bring Beam Global products to European markets and beyond
- Enhanced in-sourcing capabilities resulting in cost and risk
reduction in manufacturing of Beam Global products
- Provided virtual facility tour as first public look at Beam
Europe with live streamed tour of the new factory and offices on
November 9, 2023
Product Development and Order Highlights:
- Launched 160 mph wind-rated EV ARC™ sustainable EV charging
infrastructure product line
- Continued rapid deployments of EV ARC™ products for federal,
state, municipal and corporate customers
- Completed initial deployment of solar-powered EV ARC™ systems
for top global automotive manufacturer
- EV ARC™ systems withstood and continued to operate before,
during and after hurricane Idalia in Florida, Georgia and the
Carolinas demonstrating disaster preparedness value of Beam Global
products
- Received new and follow on orders from government and
commercial entities including the City of Los Angeles, U.S. Army,
Clearpath Robotics, National Park Service and California Institute
of Technology (CalTech)
- Issued a European patent for EV Standard™ curbside EV charging
infrastructure product
“The Beam team delivered another record-breaking quarter while
also continuing to improve our products and sell them to an
ever-expanding group of quality customers,” said Desmond Wheatley,
CEO of Beam Global. “I am currently in Europe at our new
facilities, including six and a half acres, two hundred and twenty
thousand square feet of production facilities under roof, all of
which we own debt free. We have added a fantastic team of over two
hundred employees, over thirty of them advanced engineers who are
already working with our American employees as one company. Three
weeks after closing the acquisition we are manufacturing the first
EV ARC™ parts in our European facilities. Our European sales team
is visiting existing customers across Europe and presenting Beam
Global’s clean tech portfolio. The reception has been exceptional.
The Beam Team has delivered triple digit percentage growth in the
US this year. I am now enthusiastically anticipating Beam Europe’s
contribution to the effort. The market is bigger and the reasons
for owning Beam Global products even more acute. We are now selling
and producing in markets with two thirds of the world’s automobiles
where clean and reliable electricity is more important every day.
Perfect and fertile ground for Beam Global.”
Third Quarter 2023 Financial Summary
RevenuesFor the third quarter of 2023, Beam
Global reported revenues of $16.5 million, a 149% increase over the
same period in 2022. For the nine months ended September 30, 2023,
our revenue increased 236% to $47.3 million compared to $14.1
million for the same period in 2022. The year-to-date revenue
growth is primarily attributable to an increase in federal, state
and local government revenues.
Gross ProfitGross profit for the quarter ended
September 30, 2023 was $0.3 million, or 2% of sales, compared to a
gross loss of $0.3 million, or 5% of sales in the third quarter of
the prior year. As a percentage of sales, our gross profit improved
by 7%. For the nine months ended September 30, 2023, our gross
profit was $0.8 million, or 2% of sales, compared to a gross loss
of $1.0 million, or 7% of sales in 2022. As a percentage of sales,
the margin improved by 9%. The improvement in gross margin was
primarily due to the increase in production levels compared to the
prior year which resulted in favorable fixed overhead absorption,
as well as improved vendor pricing, labor efficiency and
engineering improvements.
Operating ExpensesOperating Expenses were $4.0
million for the third quarter of 2023, compared to $6.5 million for
the same period in the prior year, an improvement of 73% of
revenue, year over year. Operating expenses decreased by $3.9
million for non-cash contingent consideration related to the All
Cell acquisition, partially offset by increases for sales
commission and non-cash compensation expense. For the nine months
ended September 30, 2023, total operating expenses were $11.9
million or 25% of revenues compared to $10.9 million, or 78% of
revenues for the same period in 2022, an improvement of 52% as a
percentage of revenues. The first nine months of 2022 included 7
months of expenses for our battery operation based on a March 2022
acquisition. 2023 Cost increases are primarily attributable to
non-cash compensation expenses, administrative salaries and bonus
accrual, sales and marketing expenses including commission accrual,
and investment in R&D salaries and expenses. These increases
were partially offset by a decrease of $3.9 million for non-cash
contingent consideration related to the All Cell acquisition.
Net LossNet loss was $3.6 million, or 22% of
revenue for the third quarter of 2023, compared to $6.8 million, or
103% of revenue, for the same period in 2022. Net Loss was $11.0
million for the nine months ended September 30, 2023, compared to
$11.9 million for the first nine 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 $3.0 million in 2023 and $5.2 million in 2022.
Cash and Working CapitalOn September 30, 2023,
we had cash of $14.8 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 and operating losses. Our working capital
increased from $6.8 million to $34.4 million from December 31, 2022
to September 30, 2023. The working capital balance is increased by
the $25 million net capital raised in June and increased accounts
receivable based on increased sales.
Conference Call Today at 8:30 A.M. ET
Management will host a conference call on Tuesday November 14,
2023 at 8:30 A.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/10184223/faffa0e023Please
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=mjQ4kvcY
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.comMedia Contact:Skyya
PR+1 651-335-0585Press@BeamForAll.com
|
Beam Global |
Condensed Balance Sheets |
(In thousands) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
|
2023 |
|
|
December 31, |
|
|
|
(Unaudited) |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
14,758 |
|
|
$ |
1,681 |
|
Accounts receivable |
|
14,892 |
|
|
4,429 |
|
Prepaid and other current assets |
|
2,651 |
|
|
1,579 |
|
Inventory, net |
|
13,534 |
|
|
12,246 |
|
Total current assets |
|
45,835 |
|
|
19,935 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
1,912 |
|
|
1,548 |
|
Operating lease right of use asset |
|
1,155 |
|
|
1,638 |
|
Goodwill |
|
4,600 |
|
|
4,600 |
|
Intangible assets, net |
|
9,269 |
|
|
9,947 |
|
Deposits |
|
62 |
|
|
62 |
|
Total assets |
|
$ |
62,833 |
|
|
$ |
37,730 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
7,206 |
|
|
$ |
2,865 |
|
Accrued expenses |
|
3,036 |
|
|
1,687 |
|
Sales tax payable |
|
92 |
|
|
33 |
|
Deferred revenue, current |
|
498 |
|
|
1,183 |
|
Note payable, current |
|
38 |
|
|
- |
|
Contingent consideration, current |
|
1 |
|
|
6,776 |
|
Operating lease liabilities, current |
|
595 |
|
|
628 |
|
Total current liabilities |
|
11,466 |
|
|
13,172 |
|
|
|
|
|
|
|
|
Deferred revenue, noncurrent |
|
348 |
|
|
266 |
|
Note payable, noncurrent |
|
171 |
|
|
- |
|
Contingent consideration, noncurrent |
|
- |
|
|
15 |
|
Operating lease liabilities, noncurrent |
|
618 |
|
|
1,070 |
|
Total liabilities |
|
12,603 |
|
|
14,523 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
50,230 |
|
|
23,207 |
|
Total liabilities and stockholders' equity |
|
$ |
62,833 |
|
|
$ |
37,730 |
|
|
|
|
|
|
|
|
Beam Global |
Condensed Statements of Operations |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
16,486 |
|
|
$ |
6,611 |
|
|
$ |
47,325 |
|
|
$ |
14,099 |
|
Cost of revenues |
|
16,203 |
|
|
6,950 |
|
|
46,536 |
|
|
15,069 |
|
Gross profit (loss) |
|
283 |
|
|
(339 |
) |
|
789 |
|
|
(970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
4,037 |
|
|
6,468 |
|
|
11,925 |
|
|
10,933 |
|
Loss from operations |
|
(3,754 |
) |
|
(6,807 |
) |
|
(11,136 |
) |
|
(11,903 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income, net |
|
125 |
|
|
18 |
|
|
159 |
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax expense |
|
(3,629 |
) |
|
(6,789 |
) |
|
(10,977 |
) |
|
(11,869 |
) |
Income tax expense |
|
- |
|
|
- |
|
|
13 |
|
|
1 |
|
Net loss |
|
$ |
(3,629 |
) |
|
$ |
(6,789 |
) |
|
$ |
(10,990 |
) |
|
$ |
(11,870 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.26 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.79 |
) |
|
$ |
(1.21 |
) |
Weighted average shares outstanding - basic and diluted |
|
13,936 |
|
|
10,088 |
|
|
13,939 |
|
|
9,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A video accompanying this release is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/eb119b02-ceb5-4ace-9968-5e3606c4e790
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