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Beam Global (BEEMW) develops and manufactures clean-technology infrastructure for electrified transportation, off-grid EV charging, energy storage and energy security. News about Beam Global commonly covers EV ARC™ solar-powered charging deployments, purchase orders, federal and municipal fleet customers, and the company's operations in the United States and Europe.
Company updates also report operating results, order activity, government procurement channels such as GSA and state contracts, patent-backed product development, and expansion of manufacturing and sales capabilities for sustainable charging infrastructure.
Beam Global (Nasdaq: BEEM) has announced record-breaking Q2 purchase orders of $10.6 million, marking a 128% year-over-year increase. The substantial growth is driven by new and repeat government contracts across multiple U.S. states and a 66% rise in U.S. commercial orders. Additionally, Beam Global shipped its first EV ARC™ systems to Europe for the UK Ministry of Defence, marking a significant expansion into the European market.
Key accomplishments in Q2 include deliveries across numerous U.S. states, new customer wins, and a record production of ARC Mobility™ trailers. The company remains debt-free, maintains sufficient cash reserves, and has an untapped $100 million credit line. Future plans include the launch of new EV charging infrastructure products and expansion into international markets.
Beam Global (NASDAQ: BEEM) announced that the City of Vacaville, California, has deployed three of its EV ARC™ solar-powered EV charging systems for public use. These units were purchased through the California Department of General Services contract, which simplifies the procurement process. This deployment aligns with Vacaville's commitment to sustainability and aims to reduce greenhouse gas emissions. The EV ARC™ systems, which do not require electrical work or utility bills, are off-grid and powered by 100% renewable energy. They can generate and store electricity, providing a reliable power source even during inclement weather and outages. Mayor John Carli emphasized this initiative as a commitment to environmental stewardship. Beam Global CEO Desmond Wheatley highlighted the significance of this public deployment, anticipating a rise in public EV charging needs as California aims for 1.2 million chargers by 2030.
Beam Global announced record-breaking first quarter 2024 results, with revenues reaching $14.6 million, a 12% increase from Q1 2023. Gross profit hit $1.5 million, supported by a 10.2% gross margin. The company secured significant new orders, including $7.4 million from the U.S. Army and $4.8 million from the Department of Homeland Security. Beam Europe contributed to revenue growth following the Amiga acquisition. Despite a net loss of $3.0 million, this marks an improvement from a $3.8 million loss in Q1 2023. The company has a strong pipeline worth over $160 million and remains debt-free with a $100 million credit line available.
Beam Global (Nasdaq: BEEM), a leader in sustainable infrastructure solutions, will release its Q1 2024 operating results on May 20, 2024, post-market close. A conference call is scheduled for May 21, 2024, at 4:30 p.m. ET to discuss these results and provide corporate updates. The call will include a Q&A session. Participants should pre-register via the provided link and dial in 10 minutes before the start time. A webcast archive will be available for one year after the call.
Beam Global, a leading provider of sustainable infrastructure solutions, announced that the Federal Railroad Administration has ordered EV ARC™ solar-powered EV charging systems for federal fleet vehicles at the Transportation Technology Center in Pueblo, CO. The systems are off-grid, generate their own electricity, and have the ability to charge EVs during blackouts, making them a cost-effective and reliable solution for the federal government's fleet electrification efforts.
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