Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), the
leading provider of innovative sustainable technology for electric
vehicle (EV) charging, outdoor media and energy security, today
announced financial results for the third quarter ended September
30, 2021.
Third Quarter and Recent Company Highlights
- Ended the quarter on September 30, 2021 with the highest
backlog of $7.1 million in the company’s history.
- Grew sales pipeline by 50% from $50M to $75M.
- Recorded the highest Q3 revenue in the company’s history, 63%
increase over same period prior year.
- Exceeded $5M in new orders in the quarter.
- Recent multiple unit orders include:
- U.S. Marine Corps purchased 21 EV
ARCTM systems to be deployed at 14 Marine Corps bases in the
U.S.
- California State Department of Motor
Vehicles purchased 15 EV ARCTM units for public use.
- Ventura County CA purchased 10 EV
ARCTM Systems for fleet and public use.
- City of San Jose, California
purchased 4 EV ARC™ systems to charge the city’s fleet.
- Beam Global was issued a patent by the Chinese Patent Office
that covers the Company’s compact transportation-configurable EV
ARCTM products.
- Set the world record for the longest flight in a production
electric aircraft, powered only by sunshine, proving Beam products
can re-fuel a diverse set of electric transportation
solutions.
- Volvo CE demonstrated EV ARC™ at the
Utility Expo to utility professionals and construction contractors
who can now purchase Volvo electric construction equipment and EV
ARC™ together.
- Beam Global declared Hall of Fame Top 50 performer by LD Micro,
selected out of more than 2,000 companies.
“We reported the highest second quarter revenues in the
Company’s history and now, continuing that trend, we are reporting
the highest third quarter revenues in our history. We also ended
the quarter with our highest ever backlog of over $7 million and
our highest pipeline of over $75 million. We are seeing many more
multiple unit orders and we are experiencing an acceleration
through the sales process,” said Beam CEO Desmond Wheatley. “The
passing of the infrastructure bill by Congress on November 5, 2021
will provide $7.5 billion for building a nationwide network of
plug-in electric vehicle chargers which demonstrates the commitment
from the current administration to support electric vehicle growth.
We are seeing an increase in orders through our GSA Federal
contract. At the same time the enterprise and consumer markets are
heating up with fantastic new products from companies like Rivian
and Ford, while a post vaccine return to the office is
reinvigorating the workplace charging market. We are investing in
our factory and in our team while remaining laser focused on cost
control, because we see nothing but growth in our future. It’s a
great time to be Beam.”
Fiscal Q3 2021 Financial Summary
RevenuesOur revenues for the third fiscal
quarter ended September 30, 2021 were $2,020,612, compared to
$1,237,434 for the third quarter in the prior year, a 63% increase.
For the first nine months of 2021, revenues were $5,514,102, a 38%
increase over $4,009,644 reported for the same period in 2020.
Shipments to state and local agencies were bolstered by increasing
Federal and enterprise orders.
Gross LossThe gross loss for the three months
ended September 30, 2021 was $208,023, compared to gross loss of
$188,732 for the same period in 2020. Our gross loss for the first
nine months of 2021 was $631,020, compared to gross loss of
$173,037 for the same period in 2020. Our gross loss increased
primarily due to an increase in costs for the new EV ARC™ 2020 unit
compared to the original EV ARC™ which we expect to improve over
time, and due to increases in the cost of materials and delivery
services due to supply shortages.
Operating ExpensesTotal operating expenses were
$1,481,306 for the three months ended September 30, 2021, compared
to $906,962 for the same period in 2020, a 63% increase. Operating
expense for the nine months ended September 30, 2021 was
$3,952,991, a 47% increase compared to $2,697,418 for the same
period in 2020. The increase was primarily due to non-cash
compensation expense for stock options and vesting of director
restricted shares and increased sales and marketing expense to
support revenue growth.
Net LossThe net loss for the third quarter of
2021 was $1,688,631, compared to $1,100,023 for the third quarter
of 2020. The net loss for the first nine months of 2021 was
$4,581,228, compared to $2,876,501 for the same period in 2020.
This is primarily attributable to the increase in gross loss and
increased operating expenses.
Cash and Working CapitalAt September 30, 2021,
we had cash of $23,078,452, compared to $26,702,804 at December 31,
2020. Cash decreased due to year to date operating cash usage,
partially offset by the exercise of warrants. Our working capital
decreased from $28,063,320 at December 31, 2020 to $26,008,773 at
September 30, 2021.
Conference Call Today at 4:30 PM ETManagement
will host a conference call today at 4:30 PM ET to review financial
results and provide an update on corporate developments. Following
management’s formal remarks, there will be a question-and-answer
session.
Participants can register for the conference through the
following link:
https://dpregister.com/sreg/10161987/efaa8bcfcd Please
note that registered participants will receive their dial in number
upon registration.
Those without internet access or unable to pre-register may dial
in by calling: PARTICIPANT DIAL IN (TOLL FREE):
1-844-739-3880PARTICIPANT
INTERNATIONAL DIAL IN:
1-412-317-5716Please
ask to be joined into the Beam Global call.
A webcast archive is available for 3 months following the call
at the following URL:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=OL0OHeWA
About Beam GlobalBeam Global is a Cleantech
leader that produces innovative, sustainable technology for
electric vehicle (EV) charging, outdoor media, and energy security,
without the construction, disruption, risks, and costs of grid-tied
solutions. Products include the patented EV ARC™ and Solar Tree®
lines with BeamTrak™ patented solar tracking, and ARC Technology™
energy storage, along with EV charging, outdoor media and disaster
preparedness packages.
The company develops, patents, designs, engineers and
manufactures unique and advanced renewably energized products that
save customers time and money, help the environment, empower
communities and keep people moving. Based in San Diego, the company
produces Made in America products. Beam Global is listed on Nasdaq
under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI,
EVSIW). For more information
visit https://BeamForAll.com/, LinkedIn, YouTube and Twitter.
Forward-Looking Statements This Beam
Global Press Release may contain forward-looking statements. All
statements in this Press Release other than statements of
historical facts are forward-looking statements.Forward-looking
statements are generally accompanied by terms or phrases such as
“estimate,” “project,” “predict,” “believe,” “expect,”
“anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,”
“should,” “may,” or other words and similar expressions that convey
the uncertainty of future events or results.
Media Contact:Next
PRPress@BeamForAll.com+1 813-526-1195
Investor Relations:Kathy
McDermottIR@BeamForAll.com+1 858-295-7661
|
Beam Global |
Condensed Balance Sheets |
(000's omitted) |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
23,078 |
|
|
$ |
26,703 |
|
Accounts receivable |
|
2,476 |
|
|
1,786 |
|
Prepaid and other current assets |
|
232 |
|
|
321 |
|
Inventory, net |
|
2,127 |
|
|
1,093 |
|
Total current assets |
|
27,913 |
|
|
29,903 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
642 |
|
|
235 |
|
Operating lease right of use asset |
|
2,143 |
|
|
2,419 |
|
Patents, net |
|
342 |
|
|
294 |
|
Deposits |
|
52 |
|
|
52 |
|
Total assets |
|
$ |
31,092 |
|
|
$ |
32,903 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
790 |
|
|
$ |
728 |
|
Accrued expenses |
|
429 |
|
|
392 |
|
Sales tax payable |
|
73 |
|
|
92 |
|
Deferred revenue |
|
44 |
|
|
102 |
|
Operating lease liabilities, current |
|
452 |
|
|
521 |
|
Total current liabilities |
|
1,788 |
|
|
1,835 |
|
|
|
|
|
|
|
|
Deferred revenue, noncurrent |
|
116 |
|
|
5 |
|
Operating lease liabilities, noncurrent |
|
1,732 |
|
|
1,911 |
|
Total liabilities |
|
3,636 |
|
|
3,751 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
27,456 |
|
|
29,152 |
|
Total liabilities and stockholders' equity |
|
$ |
31,092 |
|
|
$ |
32,903 |
|
|
|
|
|
|
|
|
Beam Global |
Condensed Statements of Operations |
(000's omitted except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,021 |
|
|
$ |
1,237 |
|
|
$ |
5,514 |
|
|
$ |
4,010 |
|
Cost of revenues |
|
2,229 |
|
|
1,426 |
|
|
6,145 |
|
|
4,183 |
|
Gross loss |
|
(208 |
) |
|
(189 |
) |
|
(631 |
) |
|
(173 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
1,481 |
|
|
907 |
|
|
3,953 |
|
|
2,697 |
|
Loss from operations |
|
(1,689 |
) |
|
(1,096 |
) |
|
(4,584 |
) |
|
(2,870 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
- |
|
|
- |
|
|
4 |
|
|
(1 |
) |
Loss before income tax expense |
|
(1,689 |
) |
|
(1,096 |
) |
|
(4,580 |
) |
|
(2,871 |
) |
Income tax expense |
|
- |
|
|
4 |
|
|
1 |
|
|
5 |
|
Net loss |
|
$ |
(1,689 |
) |
|
$ |
(1,100 |
) |
|
$ |
(4,581 |
) |
|
$ |
(2,876 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.50 |
) |
Weighted average shares outstanding - basic and diluted |
|
8,919,824 |
|
|
6,615,893 |
|
|
8,856,269 |
|
|
5,702,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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