Beam Global Reports Record Year End 2023 Operating Results
- None.
- None.
Examining the record-breaking financial performance of Beam Global, one sees a company on a rapid expansion trajectory. A 206% increase in annual revenue is not only impressive but indicative of significant market penetration and growth strategy execution. The strategic move to increase the EV ARC™ base unit sales price by 8.25% likely contributed to the revenue surge, reflecting a strong pricing power that can buffer margin pressures in a competitive landscape.
Understanding the financial health of a company involves looking beyond revenue; here, the operating expenses reduction to 26% of revenues down from 82% is as important as the top-line growth. It speaks to a company achieving better economies of scale and improved operational efficiency. However, investors should be mindful of the net loss figures, which, while improved, still represent a sizeable 24% of revenues. The reliance on capital raises and the corresponding increase in working capital warrant close observation for indications of how sustainable and self-funding the company's growth trajectory might be.
Beam Global's involvement in the electric vehicle infrastructure space aligns with global trends toward decarbonization and electrification. The substantial orders from US federal agencies and the expansion into the European market through the acquisition of Amiga and the subsequent UK Ministry of Defence order are strategic plays. These moves not only diversify the company’s revenue streams but also signal potential for market leadership in a sector that's expected to see exponential growth as governments worldwide push for greener transportation solutions.
Moreover, the development of the EV Standard™ product and expansion of the patent portfolio represent a commitment to innovation and intellectual property - key aspects for maintaining competitive advantage. While the growth is tangible, retail investors should balance the enthusiasm with the consideration of the industry's regulatory risks and the high-paced competitive environment where rapid technological changes can affect long-term profitability.
The focus on sustainable EV charging infrastructure by Beam Global is not only an ethical stance but also a strategic business decision. With increased consumer awareness around climate change, companies that offer sustainable solutions are becoming increasingly attractive. Beam’s patented Thermal Management Technology that ensures lithium-ion batteries' safety is an innovation that addresses a key consumer concern in the EV market, potentially driving further adoption and sales.
However, this is a double-edged sword; as regulatory scrutiny on battery materials and recycling escalates, Beam will need to constantly evolve to maintain its ‘clean’ brand. For investors, this focus on sustainability represents an alignment with a long-term trend, yet the financial viability of these technologies must be continuously evaluated against emerging regulations and competitive technologies that could disrupt the market dynamics.
Conference Call Wednesday April 17, 2024 at 4:30 p.m. ET
SAN DIEGO, April 16, 2024 (GLOBE NEWSWIRE) -- 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
Revenues
For the fourth quarter of 2023, Beam Global reported record revenues of
Gross Profit
Gross profit for the quarter ended December 31, 2023 was
Operating Expenses
Operating Expenses were
Net Loss
Net loss was
Cash and Working Capital
On December 31, 2023, we had cash of
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/fc58d5e2fd
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 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
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@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 | ||||||
