Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading
provider of innovative sustainable products and technologies for
electric vehicle (EV) charging, energy storage, energy security and
outdoor media, today announced the financial results for the first
fiscal quarter ended March 31, 2022.
Fiscal Q1 2022 and Recent Company
Highlights
- Generated the highest quarterly revenues in the company’s
history of $3.8 million, a 175% increase over Q1 2021
- Q1 22 system deliveries 250% higher than Q1 21
- Grew pipeline to a new record of over $100M
- Reduced the gross loss in Q1 2022 by 3 percentage points,
compared to Q1 2021, in spite of inflationary pressures
- Closed the strategic acquisition of All Cell Technologies, LLC
(All Cell), an energy storage leader, which is expected to secure
vital battery supply, reduce battery costs for Beam, and increase
Company revenues
- Received a $2.4 million order from mobile EV charging company
SparkCharge for Beam AllCell™ battery products
- Received a follow-on order from the California Department of
General Services for 23 EV ARC™ systems to charge fleet EVs for
government agencies
- Awarded Federal Blanket Purchase Agreement for electric vehicle
charging infrastructure to provide a streamlined procurement
process
- Beam Global products featured on the front cover of the FHA
NEVI Program Guidance document
- Selected for autonomous wildfire fighting exercise, Project
Vesta, to charge electric vehicles that were used to provide
autonomous wildfire fighting experiment
- Award winner for Achievement in Product Innovation in 2022
American Business Awards®
“We continue to make advances across all areas of our business
with new records in revenues, product deliveries and, perhaps most
importantly, pipeline,” said Desmond Wheatley, CEO of Beam.
“Deliveries and new opportunities in the quarter came from
government and commercial sectors and we anticipate strong
continued growth from both. Operationally we are more efficient and
producing product at a faster rate than at any time in our history.
Our acquisition of a battery technology company makes us unique in
the industry and will, I believe, further improve our efficiency
and profitability. Improving our gross margins at a time of
historically high inflation is a powerful testament that our cost
management efforts are paying off. The combination of all these
factors bodes well for an excellent 2022 for Beam Global.”
First Fiscal Quarter 2022 Financial Summary
RevenuesBeam Global reported record quarterly
revenues in the first fiscal quarter of 2022 of $3.8 million,
compared to $1.4 million in the same period in the prior year, an
increase of 175%. Revenues included $0.4 million for battery
storage devices as a result of closing the acquisition of All Cell
in early May. Shortly following the closing, Beam received a $2.4
million order for Beam AllCell™ battery products.
Gross LossGross loss in the quarter ended March
31, 2022 was $0.3 million compared to $0.1 million for the same
period in the prior year. As a percentage of sales, the gross loss
improved by three percentage points reflecting favorable fixed
overhead absorption and improved labor efficiency due to the
increase in production levels. This was partially offset by an
increase in material costs for steel and other components due to
supply chain shortages and other inflationary pressures.
Operating ExpensesOperating Expenses were $2.0
million for the first quarter of 2022, compared to $1.1 million for
the same period in the prior year. The increases were primarily due
to the addition of All Cell expenses, increased sales and marketing
expense to support revenue growth, increased legal and accounting
services partially due to the acquisition, and other increases.
Cash and Working CapitalAt March 31, 2022, we
had cash of $19.2 million, compared to $21.9 million at December
31, 2021. The cash decrease was primarily from operating activities
and the purchase of working capital from All Cell. Our working
capital decreased from $24.6 million to $21.8 million from December
31, 2021 to March 31, 2022.
Conference Call Tomorrow at 4:30 PM ET
Management will host a conference call on Wednesday 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/10167545/f2f356d8cbPlease
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): |
1-844-739-3880 |
PARTICIPANT INTERNATIONAL DIAL
IN: |
1-412-317-5716 |
Please 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://event.choruscall.com/mediaframe/webcast.html?webcastid=8DDPhg12
About Beam Global
Beam Global is a clean technology leader providing innovative,
sustainable products and technologies for electric vehicle (EV)
charging, energy storage, energy security and outdoor media. Core
platforms include Beam EV ARC™ and Solar Tree® sustainable EV
charging systems, Beam AllCell™ high-performance energy storage
solutions, energy resiliency and disaster preparedness products and
a deep patent library.
Beam EV ARC™ EV charging infrastructure systems support any
quality brand EV charging service equipment, and Beam AllCell™
battery solutions power micro-mobility, terrestrial EVs, aviation,
maritime and recreational vehicles as well as stationery and
energy-security platforms.
Beam develops, patents, designs, engineers and manufactures
unique and advanced clean mobility solutions that protect the
environment, save customers time and money, empower communities and
keep people moving. Based in San Diego and Chicago, the company
produces Made-in-America products with the mission to Lead the
World to Clean Mobility. Beam Global is listed on Nasdaq under the
symbols BEEM and BEEMW. For more information visit 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. These
statements relate to future events or future results of operations,
including, but not limited to the following statements: statements
regarding the acquisition, its expected benefits and the
anticipated future financial performance as a result of the
acquisition. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors, which may
cause Beam Global's actual results to be materially different from
these forward-looking statements. Except to the extent required by
law, Beam Global expressly disclaims any obligation to update any
forward-looking statements.
Investor Relations:Kathy
McDermottIR@BeamForAll.com+1 858-799-4583
Media Contact:Next PR+1
813-526-1195Press@BeamForAll.com
|
Beam Global |
Condensed Balance Sheets |
(000's omitted) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
19,176 |
|
|
$ |
21,949 |
|
Accounts receivable |
|
2,634 |
|
|
3,827 |
|
Prepaid and other current assets |
|
1,755 |
|
|
180 |
|
Inventory, net |
|
4,403 |
|
|
1,611 |
|
Total current assets |
|
27,968 |
|
|
27,567 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
1,107 |
|
|
650 |
|
Operating lease right of use asset |
|
2,097 |
|
|
2,030 |
|
Goodwill |
|
4,600 |
|
|
- |
|
Intangible assets, net |
|
10,676 |
|
|
359 |
|
Deposits |
|
62 |
|
|
52 |
|
Total assets |
|
$ |
46,510 |
|
|
$ |
30,658 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,036 |
|
|
$ |
1,567 |
|
Accrued expenses |
|
1,113 |
|
|
727 |
|
Sales tax payable |
|
67 |
|
|
57 |
|
Deferred revenue |
|
1,425 |
|
|
136 |
|
Contingent consideration, current |
|
876 |
|
|
- |
|
Operating lease liabilities, current |
|
611 |
|
|
468 |
|
Total current liabilities |
|
6,128 |
|
|
2,955 |
|
|
|
|
|
|
|
|
Deferred revenue, noncurrent |
|
122 |
|
|
118 |
|
Contingent consideration, noncurrent |
|
375 |
|
|
- |
|
Operating lease liabilities, noncurrent |
|
1,537 |
|
|
1,607 |
|
Total liabilities |
|
8,162 |
|
|
4,680 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
38,348 |
|
|
25,978 |
|
Total liabilities and stockholders' equity |
|
$ |
46,510 |
|
|
$ |
30,658 |
|
Beam Global |
Condensed Statements of Operations |
(000's omitted except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Revenues |
|
$ |
3,770 |
|
|
$ |
1,372 |
|
Cost of revenues |
|
4,075 |
|
|
1,521 |
|
Gross loss |
|
(305 |
) |
|
(149 |
) |
|
|
|
|
|
|
|
Operating expenses |
|
1,975 |
|
|
1,103 |
|
Loss from operations |
|
(2,280 |
) |
|
(1,252 |
) |
|
|
|
|
|
|
|
Interest income |
|
2 |
|
|
1 |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,278 |
) |
|
$ |
(1,251 |
) |
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.24 |
) |
|
$ |
(0.14 |
) |
Weighted average shares outstanding - basic and diluted |
|
9,309 |
|
|
8,765 |
|
|
|
|
|
|
|
|
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