Beam Global Announces Third Quarter 2024 Operating Results
Beam Global reported Q3 2024 results with revenues of $11.5M, representing a 22% decrease from Q2 2024. The company achieved its highest Q3 gross margin ever at 10.7%, a 9 percentage point increase over Q3 2023. Commercial customers contributed 47.9% of revenue, an 80% increase from Q3 2023. The company maintains a record pipeline of over $200M and a backlog of $7M. Notable operational highlights include the acquisition of Telcom for in-house power electronics production, launch of four new products, and expansion into European markets. The company remains debt-free with an unused $100M credit line and $4.9M cash on hand.
Beam Global ha riportato i risultati del terzo trimestre del 2024 con ricavi di 11,5 milioni di dollari, che rappresentano una diminuzione del 22% rispetto al secondo trimestre del 2024. L'azienda ha raggiunto il suo margine lordo più alto di sempre per il terzo trimestre, pari al 10,7%, con un aumento di 9 punti percentuali rispetto al terzo trimestre del 2023. I clienti commerciali hanno contribuito per il 47,9% del fatturato, segnando un incremento dell'80% rispetto al terzo trimestre del 2023. L'azienda mantiene un portafoglio record di oltre 200 milioni di dollari e un arretrato di 7 milioni di dollari. Tra i punti salienti operativi ci sono l'acquisizione di Telcom per la produzione interna di elettronica di potenza, il lancio di quattro nuovi prodotti e l'espansione nei mercati europei. L'azienda rimane senza debiti, con una linea di credito inutilizzata di 100 milioni di dollari e 4,9 milioni di dollari in contante disponibile.
Beam Global informó los resultados del tercer trimestre de 2024 con ingresos de 11.5 millones de dólares, lo que representa una disminución del 22% en comparación con el segundo trimestre de 2024. La compañía logró su mayor margen bruto de tercer trimestre de la historia, alcanzando un 10.7%, lo que supone un aumento de 9 puntos porcentuales respecto al tercer trimestre de 2023. Los clientes comerciales contribuyeron con el 47.9% de los ingresos, un incremento del 80% con respecto al tercer trimestre de 2023. La empresa mantiene un récord de cartera de más de 200 millones de dólares y una acumulación de 7 millones de dólares. Los aspectos operativos más destacados incluyen la adquisición de Telcom para la producción interna de electrónica de potencia, el lanzamiento de cuatro nuevos productos y la expansión en mercados europeos. La empresa sigue libre de deudas con una línea de crédito inutilizada de 100 millones de dólares y 4.9 millones de dólares en efectivo disponible.
Beam Global는 2024년 3분기 실적을 발표하며 수익이 1150만 달러에 달하고, 이는 2024년 2분기 대비 22% 감소한 수치입니다. 회사는 2023년 3분기 대비 9포인트 증가한 10.7%의 사상 최대 3분기 총 마진을 기록했습니다. 상업 고객은 수익의 47.9%를 차지하며, 이는 2023년 3분기 대비 80% 증가한 것입니다. 회사는 2억 달러 이상의 기록적인 파이프라인과 700만 달러의 미결 주문을 유지하고 있습니다. 주요 운영 하이라이트로는 전력 전자 제품의 사내 생산을 위한 Telcom 인수, 4개의 신규 제품 출시, 및 유럽 시장으로의 확장이 포함됩니다. 회사는 채무가 없는 상태를 유지하며, 사용하지 않은 1억 달러의 신용 한도와 490만 달러의 현금을 보유하고 있습니다.
Beam Global a annoncé les résultats du troisième trimestre 2024 avec des revenus de 11,5 millions de dollars, représentant une diminution de 22 % par rapport au deuxième trimestre 2024. L'entreprise a atteint sa plus haute marge brute historique au troisième trimestre, à 10,7 %, soit une augmentation de 9 points de pourcentage par rapport au troisième trimestre 2023. Les clients commerciaux ont contribué à 47,9 % des revenus, ce qui représente une augmentation de 80 % par rapport au troisième trimestre 2023. L'entreprise maintient un portefeuille record de plus de 200 millions de dollars et un carnet de commandes de 7 millions de dollars. Parmi les points forts opérationnels notables figurent l'acquisition de Telcom pour la production interne d'électronique de puissance, le lancement de quatre nouveaux produits et l'expansion sur les marchés européens. L'entreprise reste sans dettes, avec une ligne de crédit inutilisée de 100 millions de dollars et 4,9 millions de dollars en espèces disponibles.
Beam Global hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit Einnahmen von 11,5 Millionen Dollar, was einem Rückgang von 22% gegenüber dem zweiten Quartal 2024 entspricht. Das Unternehmen erzielte mit 10,7% die höchste Bruttomarge im dritten Quartal aller Zeiten, was einem Anstieg von 9 Prozentpunkten im Vergleich zum dritten Quartal 2023 entspricht. Kommerzielle Kunden trugen 47,9% zu den Einnahmen bei, was einem Anstieg von 80% gegenüber dem dritten Quartal 2023 entspricht. Das Unternehmen verfügt über eine Rekordpipeline von über 200 Millionen Dollar und einen Auftragsbestand von 7 Millionen Dollar. Zu den bemerkenswerten betrieblichen Höhepunkten gehören die Akquisition von Telcom zur Herstellung von Leistungselektronik im eigenen Haus, die Markteinführung von vier neuen Produkten und die Expansion in europäische Märkte. Das Unternehmen bleibt schuldenfrei und hat eine ungenutzte Kreditlinie von 100 Millionen Dollar sowie 4,9 Millionen Dollar in bar zur Verfügung.
- Highest Q3 gross margin ever at 10.7%, up 9 percentage points YoY
- Record pipeline of over $200M
- Commercial revenue increased 80% YoY, now representing 47.9% of total revenue
- Debt-free status with $100M unused credit line
- YTD gross margin improved to 12.4%, up 11 percentage points from 2023
- Revenue decreased 22% from Q2 2024
- Cash position declined to $4.9M from $10.4M at end of 2023
- Net loss of $5.8M for nine months (excluding non-cash items)
- Operating expenses increased $1.7M quarter over quarter
Insights
The Q3 results reveal concerning trends despite some positive developments. While achieving the highest Q3 gross margin at
The shift toward commercial customers (now
The strategic expansion through new product launches (BeamSpot™, BeamBike™, BeamPatrol™, BeamWell™) and international growth via the Telcom acquisition positions Beam for diversified revenue streams. However, market headwinds including U.S. government EV strategy uncertainty and certification requirements are impacting near-term performance. The reseller program launch and first European orders demonstrate promising market penetration strategies.
The
Conference Call Friday, November 15, 2024 at 4:30 p.m. ET
SAN DIEGO, Nov. 14, 2024 (GLOBE NEWSWIRE) -- 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 third quarter results for the period ended September 30, 2024.
Q3 2024 Financial Highlights:
- Gross Margin was
10.7% of sales, our highest Q3 margin ever, 9 percentage points increase over Q3 2023 - YTD Gross Margin
12.4% , 11 percentage points increase over 2023 47.9% revenue derived from commercial customers- Record Pipeline of over
$200 million - Backlog of
$7 million - Debt free and
$100 million line of credit available and unused
Q3 2024 Operational Highlights
- Acquisition of Telcom – provides Beam with in-house production capabilities for power electronics
- First sponsorship deal with Globos Osiguranje to deploy EV ARC™ systems at Belgrade Airport
- Launched four new products – BeamSpot™, BeamBike™, BeamPatrol™, BeamWell™
- BeamSpot™ momentum – first purchase within just five weeks of launch
- New fleet deployments – Added new police and international airport fleet customers, further expanding our customer base in critical sectors
- Reseller Program launch – Introduced the Beam Reseller Program and signed our first four partners, generating purchase orders, promising proposals and expanding our reach
- Delivered 10 UK Ministry of Defense EV ARC™ systems in Q3 2024, our first European order
- Named new VP of Sales – Andy Lovsted joined Beam Global in the US
- Named new VP of Sales – Igor Labovic joined Beam Global in Europe
“This has been a quarter of geographic and product expansion which is unmatched in our history. We have continued to improve our unit economics and generate solid gross margins, and we see continued upside going forward through our acquisitions in Europe, most recently acquiring Telcom to bring in-house manufacturing of power electronics, driving additional future margins and introducing new customers. Additionally, the work we have done to reduce direct costs, increase production efficiencies and the price increases implemented at the end of 2023 will increase margins significantly especially as revenue growth returns,” said Desmond Wheatley, CEO of Beam Global. “We believe that the decrease in revenue, quarter over quarter, is a result of order timing, uncertainty in the U.S. government’s zero emission vehicle strategy related to the presidential election and evolving certification requirements for energy storage systems requiring updates to our EV ARC products which we believe will be completed in the first quarter of 2025. Our geographic expansion into new markets combined with the new opportunities we are seeing as a result of the impressive new products we have launched leads us to believe that we will return to increasing revenues in 2025 with significantly improved profit margins. We continue to be debt free, have sufficient cash on hand and have not tapped our
Third Quarter 2024 Financial Summary
Revenues
For the quarter ended September 30, 2024 our revenues were
Gross Profit
For the quarter ended September 30, 2024, our gross profit was
We began to see some improvements on material pricing, which we believe will continue to improve over time. We continue to make engineering changes and work with suppliers to decrease our costs which, along with support from our Serbian facilities, we believe will continue to improve our gross profit over time.
Operating Expenses
Total operating expenses were a credit of
Total operating expenses were
Net Income (Loss)
Net Income was
Net loss was
Cash
On September 30, 2024, we had cash of
Conference Call November 15, 2024 at 4:30 p.m. ET
Management will host a conference call on Friday, November 15, 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/10194520/fdfb61e848
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, California; with facilities in Broadview, Illinois; Belgrade and Kraljevo, Serbia. Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol 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, and Telcom, its expected benefits, the anticipated future financial performance as a result of the acquisition and statements about our future margins. 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
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
| Beam Global | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 4,874 | $ | 10,393 | |||
| Accounts receivable, net of allowance for credit losses of | 11,343 | 15,943 | |||||
| Prepaid expenses and other current assets | 2,187 | 2,453 | |||||
| Inventory, net | 12,714 | 11,933 | |||||
| Total current assets | 31,118 | 40,722 | |||||
| Property and equipment, net | 14,909 | 16,513 | |||||
| Operating lease right of use assets | 1,831 | 1,026 | |||||
| Goodwill | 11,027 | 10,270 | |||||
| Intangible assets, net | 8,271 | 9,050 | |||||
| Deposits | 106 | 62 | |||||
| Total assets | $ | 67,262 | $ | 77,643 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 8,349 | $ | 9,732 | |||
| Accrued expenses | 2,968 | 2,737 | |||||
| Sales tax payable | 233 | 209 | |||||
| Deferred revenue, current | 787 | 828 | |||||
| Note payable, current | 62 | 40 | |||||
| Deferred consideration, current | - | 2,713 | |||||
| Operating lease liabilities, current | 851 | 615 | |||||
| Total current liabilities | 13,250 | 16,874 | |||||
| Deferred revenue, noncurrent | 794 | 402 | |||||
| Note payable, noncurrent | 215 | 160 | |||||
| Contingent consideration, noncurrent | 456 | 4,725 | |||||
| Other liabilities, noncurrent | 3,372 | 3,787 | |||||
| Deferred tax liabilities, noncurrent | 1,716 | 1,698 | |||||
| Operating lease liabilities, noncurrent | 1,035 | 455 | |||||
| Total liabilities | 20,838 | 28,101 | |||||
| Stockholders' equity | |||||||
| Preferred stock, | - | - | |||||
| Common stock, | 15 | 14 | |||||
| Additional paid-in-capital | 145,553 | 142,265 | |||||
| Accumulated deficit | (100,017 | ) | (93,361 | ) | |||
| Accumulated Other Comprehensive Income (AOCI) | 873 | 624 | |||||
| Total stockholders' equity | 46,424 | 49,542 | |||||
| Total liabilities and stockholders' equity | $ | 67,262 | $ | 77,643 | |||
| Beam Global | |||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||
| (Unaudited, In thousands except per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 11,482 | $ | 16,486 | $ | 40,855 | $ | 47,325 | |||||||
| Cost of revenues | 10,251 | 16,203 | 35,789 | 46,536 | |||||||||||
| Gross profit | 1,231 | 283 | 5,066 | 789 | |||||||||||
| Operating expenses | (51 | ) | 4,037 | 11,623 | 11,925 | ||||||||||
| Income (Loss) from operations | 1,282 | (3,754 | ) | (6,557 | ) | (11,136 | ) | ||||||||
| Other income (expense) | |||||||||||||||
| Interest income | 58 | 136 | 167 | 161 | |||||||||||
| Other income (expense) | (33 | ) | (7 | ) | (238 | ) | 4 | ||||||||
| Interest expense | (10 | ) | (4 | ) | (28 | ) | (6 | ) | |||||||
| Other income (expense) | 15 | 125 | (99 | ) | 159 | ||||||||||
| Income (Loss) before income tax expense | 1,297 | (3,629 | ) | (6,656 | ) | (10,977 | ) | ||||||||
| Income tax expense | - | - | - | 13 | |||||||||||
| Net Income (Loss) | $ | 1,297 | $ | (3,629 | ) | $ | (6,656 | ) | $ | (10,990 | ) | ||||
| Net foreign currency translation adjustments | 673 | 249 | - | ||||||||||||
| Total Comprehensive Income/Loss | $ | 1,970 | $ | (3,629 | ) | ) | $ | (10,990 | ) | ||||||
| Net Income (loss) per share - basic | $ | 0.09 | $ | (0.26 | ) | $ | (0.46 | ) | $ | (0.79 | ) | ||||
| Net Income (loss) per share - diluted | $ | 0.09 | $ | (0.26 | ) | $ | (0.46 | ) | $ | (0.79 | ) | ||||
| Weighted average shares outstanding - basic | 14,702 | 13,936 | 14,558 | 13,939 | |||||||||||
| Weighted average shares outstanding - diluted | 14,711 | 13,936 | 14,558 | 13,939 | |||||||||||
FAQ
What was Beam Global's (BEEM) revenue in Q3 2024?
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