Beam Global Stock Price, News & Analysis

Beam Global (Nasdaq: BEEM) has announced its entry into the Ethiopian market, marking its first move to support Africa's electrification efforts. The company has appointed Princess Leila Bon Abajobir Abajifar and Princess Zyeneb Abajobir Abajifar as agent partners to assist in entering Ethiopia and broader African markets. This strategic move aligns with Ethiopia's recent ban on importing internal combustion engine vehicles and its rapid adoption of EVs, which has already met a 10-year target of 148,000 EVs in just two years.

Beam Global aims to provide innovative and sustainable infrastructure solutions for transportation electrification and energy security in Ethiopia. The company is pursuing a collaborative partnership with the Ethiopian government to encourage investment in off-grid infrastructure and support EV market growth. Beam Global's solutions, which have been successful in 17 nations worldwide, are expected to help meet Ethiopia's growing EV needs, reduce fossil fuel reliance, and enhance energy security.

Beam Global (Nasdaq: BEEM) announced that its EV ARC™ systems in the southeastern United States continued to operate during Hurricane Helene, a Category 4 storm with winds up to 140 mph. The systems at Bay Pines Florida Veterans Affairs Health Care in Big Bend remained operational even when submerged in eight feet of storm surge, providing vital emergency power. EV ARC™ charging infrastructure is designed to withstand winds up to 165 mph and operate in 9.5 feet of flooding.

These systems, designated by the GSA as disaster preparedness products, offer 120v and 240v outlets for first responders during grid outages. CEO Desmond Wheatley highlighted the products' resilience and relevance in the face of increasing global electricity demand and natural disasters. The frequency of billion-dollar weather and climate disasters in the U.S. has risen from 5.8 events per year in the 1980s to over 22 annually in recent years, emphasizing the need for resilient, off-grid infrastructure solutions.

Beam Global (Nasdaq: BEEM) has introduced the BeamBike™, a new solar-powered electric bike charging product. This innovative solution can charge up to 12 ebikes simultaneously on an off-grid, transportable platform that can be deployed within minutes. The BeamBike™ generates and stores clean electricity, providing charging through twelve 120 V outlets compatible with any ebike charger.

The product addresses the growing need for secure outdoor ebike charging, mitigating risks associated with indoor charging. It's designed for various locations including transit centers, parks, campuses, and workplaces. The global electric bike market is projected to grow from $50.1 billion in 2024 to $148.7 billion by 2032, with a CAGR of 14.6%. Beam Global's BeamBike™ leverages the company's EV ARC™ system platform, allowing for rapid market entry and utilization of existing engineering successes.

Beam Global (Nasdaq: BEEM) has launched BeamSpot™, a sustainable curbside EV charging solution that integrates with existing streetlight infrastructure. This patented system combines solar, wind, and utility-generated electricity into proprietary integrated batteries, providing resiliency, lighting, and EV charging.

BeamSpot™ is designed for public use in areas where EV charging is most needed but traditional installation methods are challenging, such as street parking, multi-unit housing communities, and public access complexes. The product aims to expand charging access while minimizing disruptive construction and electrical work. It can reduce installation time, cost, and complexity of expanding EV charging infrastructure, while also lowering utility costs and increasing grid resiliency.

Beam Global (Nasdaq: BEEM) has closed the acquisition of Telcom, a European company based in Belgrade. This strategic move brings new customers, revenues, margins, and power electronics expertise to Beam Global. The acquisition is expected to enhance product quality, reduce costs, and improve profitability through the replacement of third-party components with proprietary solutions.

The deal structure involves a purchase price of EUR 815,298, with EUR 385,298 paid in unregistered Beam Global common stock and EUR 430,000 in cash. An additional EUR 250,000 in stock may be earned if Telcom meets certain revenue milestones. Telcom reported over EUR 600,000 in revenue in 2023, with significant growth expected in 2024. The acquisition aligns with Beam Global's vertical integration strategy and market expansion efforts.

Beam Global (Nasdaq: BEEM) has announced that the City of Pueblo, Colorado has deployed their EV ARC™ off-grid, solar-powered electric vehicle charging systems. These systems will serve both the general public and city fleets, supporting Pueblo's goal of 100% renewable energy by 2035. The deployment was funded through a U.S. Department of Energy rebate and aligns with Colorado's target of 940,000 EVs on the road by 2030.

The EV ARC™ systems generate and store their own electricity using solar power, featuring the patented BeamTrak™ sun tracking system for increased energy production. Some units will offer free public charging until September 2024, while others will support various city departments' EV fleets. Beam Global's CEO, Desmond Wheatley, highlighted the benefits of their grid-independent, transportable systems for municipalities aiming to meet sustainability goals efficiently.

Beam Global (Nasdaq: BEEM, BEEMW), a leader in sustainable infrastructure for transportation electrification and energy security, announced its participation in the 13th Annual Needham Virtual Industrial Tech, Robotics & Clean Tech 1x1 Conference. The event, scheduled for August 19-20, 2024, will be held virtually.

CEO Desmond Wheatley will be available for investor meetings on August 19, 2024. The conference offers one-on-one and small group access to companies in various sectors, including laser and photonics, industrial printing, 3D metrology, robotics, industrial automation, electronic components, and clean-tech technologies.

Interested parties can schedule meetings with Mr. Wheatley through their Needham Sales Representative.

Beam Global (Nasdaq: BEEM) reported record Q2 2024 results with revenue increasing 2% to $14.8 million over Q1 2024. The company achieved a record gross margin of 16%, up 6 percentage points from Q1. 31% of revenue came from commercial customers. Beam Global has a backlog of $11 million and a record pipeline of over $183 million. The company used $0.1 million in operating activities for the six months ended Q2 2024 and remains debt-free with a $100 million unused line of credit. Q2 purchase orders were up 129% year-over-year, with over half of U.S. orders from new customers. Beam Global signed its first European distributor and saw a 66% year-over-year increase in U.S. commercial business orders.

Beam Global (Nasdaq: BEEM) has successfully deployed its first EV ARC™ solar-powered EV charging systems for the UK Ministry of Defence (MOD) at British Sovereign Bases in Cyprus. This marks the initial customer shipment from Beam's new European facilities, part of a $1 million order through Crown Commercial Service. The EV ARC™ systems will provide dynamic EV charging and auxiliary power for vital MOD electrical equipment.

The deployment aligns with the UK MOD's plan to fully electrify its 'white fleet' by 2027. Each EV ARC™ system can power up to six Level II EV chargers simultaneously and includes an auxiliary power panel for additional equipment. Beam Global's CEO, Desmond Wheatley, highlighted this deployment as validation of the company's entrance into the European market, the largest for their products globally.