Beam Global Stock Price, News & Analysis

Beam Global (Nasdaq: BEEM, BEEMW) reports record system deliveries in Q1 2022, marking the largest number in any first quarter in its history. This achievement follows a strong fourth quarter of 2021.

CEO Desmond Wheatley highlighted the company's continued growth momentum, driven by investments in sales and operations. The company also sees increasing demand from government and enterprise customers related to Net Zero Emission initiatives, supported by federal and state policies, including California's commitment to ban new gas-powered vehicles by 2035.

Beam Global has been awarded a Federal Blanket Purchase Agreement by the U.S. General Services Administration for the purchase of Electric Vehicle Supply Equipment (EVSE). This agreement allows federal agencies to procure EV ARC™ systems easily, promoting the electrification of the federal fleet. With approximately 657,500 federal vehicles generating significant greenhouse gas emissions, the initiative aligns with government goals for 100% zero-emission vehicle acquisitions by 2035. The awarding highlights Beam's role in reducing emissions and supports sustainable infrastructure development.

Beam Global (Nasdaq: BEEM, BEEMW) reported record revenues of $9.0 million for FY 2021, a 45% increase from FY 2020. Key highlights include a 134% growth in new orders and 67% growth in system deliveries. The company acquired AllCell Technologies, enhancing its position in energy storage. Despite a gross loss of $971,644 for the year, operating expenses decreased as a percentage of revenue. Cash stood at $21.9 million at year-end. The CEO expressed optimism for continued positive trends into 2022, citing increased EV spending.

Beam Global, a leader in sustainable technology for electric vehicle (EV) charging, announced that CEO Desmond Wheatley will speak at the 2022 Virtual Growth Conference from March 28-30. Wheatley will participate in a panel titled 'Customer Views on EV Adoption' on March 29 from 2:00 - 3:00 p.m. EDT. He emphasized the company's growth and recent acquisition during the announcement, highlighting the importance of keeping investors informed. The conference will feature various industry leaders and is accessible to M-Vest members.

Beam Global (Nasdaq: BEEM, BEEMW) will report its Fiscal Year 2021 financial results on March 30, 2022, after market close. A conference call will be held at 4:30 p.m. ET for management to discuss results and corporate updates, followed by a Q&A session. The call can be accessed via dial-in numbers provided in the release. Beam Global specializes in sustainable products and technologies for electric vehicle (EV) charging and energy solutions, with a commitment to innovation and environmental stewardship.

Beam Global has successfully launched an EV ARC™ solar-powered EV charging system in Costa Mesa, California, designated for the City’s electric shuttle bus and other fleet vehicles. This installation simplifies procurement via a California DGS contract and supports sustainability initiatives, providing clean, off-grid energy. The system can charge two vehicles simultaneously, is flood-proof and transportable, enhancing the City's energy resilience. Beam Global continues to position itself as a leader in sustainable EV charging solutions amid growing demand for zero-emission transportation.

DENSO has installed five EV ARC™ solar-powered charging systems from Beam Global (Nasdaq: BEEM) at its Maryville, Tennessee location, available to employees with electric and hybrid vehicles. These systems generate and store clean electricity, contributing to DENSO's goal of carbon neutrality by 2035. The initiative aligns with DENSO's transformation of its facility into a manufacturing hub for electrification and safety systems. Beam Global's technology aids in minimizing environmental impacts, supporting a sustainable future for both the company and local communities.

Beam Global has secured a $2.4 million order from SparkCharge for its Beam AllCell™ battery storage products, following the recent acquisition of AllCell Technologies on March 4, 2022. The order consists of two purchase orders, one for approximately $1.9 million and the other for around $500,000. CEO Desmond Wheatley emphasized that the acquisition aims to enhance technology, cut costs, and diversify revenue streams. Beam's AllCell™ technology is tailored for high power applications in compact spaces, supporting various electric vehicle and micro-mobility solutions.

Beam Global (Nasdaq: BEEM, BEEMW) has finalized an all-stock acquisition of AllCell Technologies, enhancing its position in energy storage for electric vehicle (EV) charging. This deal is expected to diversify revenues, reduce costs, and accelerate product development cycles. The integration aims to improve Beam's foundational intellectual property and secure a vital battery supply chain, ultimately fostering a competitive edge in the green economy. CEO Desmond Wheatley highlights a strong cultural fit between the teams and anticipates significant benefits from the transaction.