Beam Global Stock Price, News & Analysis

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.

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.