Beam Global Stock Price, News & Analysis

Beam Global (Nasdaq: BEEM, BEEMW) reported record quarterly revenues of $6.6 million for Q3 2022, a 227% increase year-over-year. The company experienced a surge in orders for its EV ARC™ systems, with a total of 367 systems sold in just three months. Notable contracts include a $29.4 million order from the U.S. Army and a $11.6 million order for the Veterans Affairs. However, operating expenses increased significantly to $6.5 million. The company had cash reserves of $4.7 million as of September 30, 2022.

Beam Global (Nasdaq: BEEM, BEEMW) will release its Fiscal Third Quarter 2022 financial results on November 10, 2022. The company specializes in sustainable EV charging, energy storage, and outdoor media technologies. Following the earnings announcement, management will conduct a conference call at 4:30 p.m. ET to discuss the results and corporate developments. Participants are urged to pre-register for the call. Beam Global emphasizes its mission to lead the world to clean mobility through innovative and made-in-America solutions.

Beam Global (Nasdaq: BEEM, BEEMW) announced that the U.S. Marine Corps has placed multiple orders for its EV ARC™ off-grid EV charging systems and ARC Mobility™ trailers. These systems will support fleet charging at locations in Hawaii, North Carolina, and Washington DC, fulfilling requirements under Executive Order 14057 for zero-emission vehicle acquisitions by 2027. The EV ARC™ systems are solar-powered, allowing simultaneous charging of two vehicles without construction or utility connections, enhancing energy security during emergencies.

Beam Global (Nasdaq: BEEM, BEEMW) announced multiple orders from the Naval Facilities Engineering Systems Command (NAVFAC) for its EV ARC™ sustainable off-grid charging systems, aimed at fleet charging across Florida, Hawaii, Louisiana, Mississippi, and Texas. The Federal Sustainability Plan requires all light-duty vehicle acquisitions to be electric by 2027, with federal EV purchases rising to 12% in fiscal 2022 from under 1% in 2021. The EV ARC systems are off-grid, powered by renewable energy, and designed for rapid deployment without construction or utility connections, supporting two vehicles simultaneously.

Beam Global (Nasdaq: BEEM, BEEMW) reports continued demand for its solar-powered EV ARC™ systems, with orders from various California State Agencies in 2022. These off-grid systems reduce costs by eliminating the need for construction and utility bills. Over 75% of the orders were multi-unit, with all systems featuring an Emergency Power Panel for first responders. The California government’s investment in EV infrastructure and commitment to sustainable transportation bodes well for future sales. Beam’s long-standing DGS contract simplifies procurement for other governmental entities, enhancing market access.

Beam Global (Nasdaq: BEEM, BEEMW) announced a significant increase in orders for its EV ARC™ sustainable EV charging systems from New Jersey agencies, including the NJDOT and NJDEP. These 100% solar-powered systems enhance public and workplace charging capabilities while offering disaster preparedness benefits. Each system supports multiple cars and is designed to save costs on construction and utility bills. CEO Desmond Wheatley emphasized the growing demand for EV charging infrastructure driven by state and federal funding, predicting a long-term growth trend for the company.

Beam Global (BEEM, BEEMW) reported a significant rise in enterprise customers purchasing its EV ARC™ sustainable EV charging systems, including Fortune 50 and Global 500 companies. The off-grid systems, which do not require construction or add utility costs, are favored for employee and tenant charging. The company observed a 72% increase in private sector orders year-over-year, driven by the rising demand for EV charging solutions as COVID-19 effects diminish. Beam's offerings support corporate sustainability initiatives and provide a rapid, risk-free deployment solution.

Beam Global (Nasdaq: BEEM, BEEMW) has announced a significant order from a federal contractor for multiple EV ARC sustainable charging systems and an ARC Mobility™ trailer. These solar-powered systems provide off-grid electric vehicle charging solutions without the need for traditional construction or utility connections, making them ideal for hazardous waste sites. There are approximately 450,000 brownfield sites in the U.S. where conventional installations are not feasible, enhancing the market potential for Beam's innovative products.

Beam Global (Nasdaq: BEEM, BEEMW) has successfully delivered 23 EV ARC™ systems to Federally Funded Research and Development Centers via the GSA Multiple Award Schedule Contract. These solar-powered systems, designed for rapid deployment without grid connection, serve five Department of Energy National Laboratories, significantly reducing utility costs for government budgets. CEO Desmond Wheatley highlighted the urgency of EV infrastructure, emphasizing the federal fleet's transition to electric vehicles due to President Biden’s Federal Sustainability Plan targeting zero-emissions by 2035.