Beam Global Stock Price, News & Analysis

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.

Beam Global (Nasdaq: BEEM, BEEMW) announced a significant partnership with a global top 40 oil and gas company to utilize its EV ARC™ system for workplace EV charging. These innovative charging systems generate, store, and deliver clean electricity, enhancing EV infrastructure without utility grid dependence. This enables rapid deployment and significant long-term savings by avoiding construction costs and utility charges. The Inflation Reduction Act supports these initiatives with substantial tax incentives for businesses investing in EV technology, reinforcing Beam's growth potential in the evolving energy sector.

Beam Global (Nasdaq: BEEM, BEEMW) announced a multi-million dollar order for battery modules from UgoWork™ to enhance their energy as a service solutions. This partnership features Beam's patented thermal management technology, providing improved safety and energy density. UgoWork, a leader in sustainable energy for the material handling industry, emphasizes reducing carbon footprints through these advanced battery solutions. Beam's AllCell™ technology offers high-performance energy storage essential for the electrification of industrial operations, contributing to cleaner and more efficient practices.

Beam Global (Nasdaq: BEEM, BEEMW) reported record financial results for Q2 2022, achieving $3.7 million in revenue, a 75% increase year-over-year. First half revenues reached $7.5 million, marking a 114% growth over the same period in 2021. Despite a $0.6 million gross loss, gross profit improved by 4% of revenue. Operating expenses increased to $2.5 million due to the acquisition of All Cell Technologies. Cash decreased to $13.8 million, impacted by rising inventory costs and net losses. The company reported a record backlog of $10 million and a sales pipeline of $122 million.