Beam Global Stock Price, News & Analysis

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.

Beam Global (Nasdaq: BEEM, BEEMW) has announced a $927k order for its energy storage solutions aimed at powering autonomous delivery drones. This order highlights Beam's patented thermal management technology, enhancing safety and energy density. CEO Desmond Wheatley noted the potential of the drone market, projected to reach $100B as demand for delivery solutions rises, especially post-pandemic. The company’s energy storage solutions, including the PCC™ technology, are produced in its Illinois facility, supporting a greener delivery system while reducing fossil fuel reliance.

Beam Global has partnered with Volvo Construction Equipment (Volvo CE) to allow 245 Volvo CE dealer locations in North America to bundle Beam's EV ARC™ transportable charging systems with the purchase of Volvo's compact electric construction equipment. This collaboration enables rapid deployment of off-grid EV charging, eliminating the need for electrical work or fossil fuel generators. The EV ARC™ system is fully autonomous, generating and storing electricity independently. Both companies aim to support a transition to zero-emissions construction technology.

Beam Global has been awarded a contract by California to supply its EV ARC™ sustainable EV charging systems. Effective from June 24, 2022, this contract is valid until June 23, 2025, with possible renewal until 2027. Government entities can procure Beam products without extensive review processes. The EV ARC™ systems are off-grid, solar-powered, and can charge up to six vehicles simultaneously. This contract expands the range of Beam products available, reflecting California's commitment to sustainable transport and the growing demand for EV infrastructure.

Beam Global (Nasdaq: BEEM, BEEMW) reported strong growth in repeat, multiple-unit, and enterprise customer orders in Q2 2022, indicating robust market momentum for its EV ARC™ sustainable EV charging systems. CEO Desmond Wheatley highlighted a solid mix of new orders, with nearly 40% from non-government customers. The company has expanded its deployments to 31 states, including new locations in New Jersey and Illinois. EV ARC™ systems are off-grid, eliminating the need for permits, electrical work, and utility bills, allowing continued charging during outages.

Beam Global (Nasdaq: BEEM, BEEMW) reported a record revenue of $3.8 million for Q1 2022, a 175% increase from Q1 2021. System deliveries surged by 250%, while the gross loss decreased by 3% points despite inflationary pressures. The company's pipeline reached over $100 million, bolstered by a $2.4 million order from SparkCharge and a follow-on order from the California Department of General Services. Beam's acquisition of All Cell Technologies is expected to enhance battery supply and reduce costs. The company remains optimistic about continued growth throughout 2022.

Beam Global, leading provider of sustainable electric vehicle (EV) charging solutions, will report its Fiscal First Quarter 2022 financial results on May 24, 2022. A conference call is scheduled for May 25, 2022, at 4:30 p.m. ET to discuss the results and corporate developments. Beam is dedicated to clean mobility innovations, including EV ARC™ and Solar Tree® systems, and AllCell™ energy storage solutions. The company emphasizes its commitment to producing Made-in-America products to foster environmental sustainability.