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 second
fiscal quarter ended June 30, 2022.
Fiscal Q2 2022 and Recent Company
Highlights
- Generated the highest second quarter revenue in the company’s
history of $3.7 million, a 75% increase over Q2 2021
- Generated highest first half revenue in the company’s history
of 7.5M, a 114% increase over first half 2021
- Improved Gross Profitability in first half by 4% of revenue
despite inflation
- Reduced net loss by over 14% of revenue in first half despite
inflation and acquisition
- Grew sales orders to a record backlog of over $10M
- Grew sales pipeline to a new record of $122 million
- Grew EV ARC™ system revenue per employee by 34% over Q2 of
2021
- Awarded Federal Blanket Purchase Agreement (BPA) for Electric
Vehicle Charging Infrastructure
- Awarded new State of California Contract for rapidly deployed
sustainable EV charging infrastructure products
- Received $0.9 million battery order to power autonomous
on-demand delivery drones
- Announced partnership with Volvo Construction Equipment (CE) to
bundle EV ARC™ off-grid EV charging systems with Volvo electric
construction equipment
- Increased momentum in enterprise customers, multi-unit orders
and repeat customers
- Selected for the California DGS Green Proving Ground program
for grid balancing
- Honored as Stevie® Award Winner for Achievement in Product
Innovation in 2022 American Business Awards®
“Q2 has been another quarter of records at Beam Global,” said
Desmond Wheatley, CEO of Beam. “Our sales are up, our efficiencies
are improving and we have the highest contracted backlog and sales
pipeline in our history. First half revenues are more than double
this time last year and we have no indication that this momentum is
going to let up. We continue to make progress on our integration of
the battery company we bought earlier this year with sales,
revenues and the first deployments of our new internally produced
battery solution in our EV ARC systems. With first half revenues
exceeding any prior full year except ’21 and all the other
improvements we are making I am excited by what I expect the Beam
Team will make happen during the remainder of 2022.
”
Second Fiscal Quarter 2022 Financial
Summary
RevenuesBeam Global reported record second
quarter revenues of $3.7 million in the second fiscal quarter of
2022, compared to $2.1 million in the same period in the prior
year, an increase of 75%. For the first six months of 2022, we
reported record first half revenues of $7.5 million, a 114%
increase over $3.5 million reported for the same period in 2021.
Revenues included $1.4 million for energy storage in the second
quarter and $1.8 million for the six months ended June 30, 2022 as
a result of closing the acquisition of All Cell Technologies, LLC
(“All Cell”) in early March.
Gross LossGross loss in the three months ended
June 30, 2022 and 2021 was $0.3 million. Gross loss for the first
six months of 2022 was $0.6 million, compared to $0.4 million for
the same period in 2021. As a percentage of sales, the gross loss
improved by four percentage points for the quarter and year to
date, 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 $2.5
million for the second quarter of 2022, compared to $1.4 million
for the same period in the prior year. Operating expenses for the
six months ended June 30, 2022 were $4.5 million compared to $2.5
million for the same period in the prior year. The increases were
primarily due to the addition of All Cell expenses and increased
legal and accounting services partially due to the acquisition.
Increases in other operating expenses were mostly offset by a
favorable change in the fair value of contingent consideration.
Cash and Working CapitalAt June 30, 2022, we
had cash of $13.8 million, compared to $21.9 million at December
31, 2021. The cash decrease was primarily from increases in
inventory and prepayments to vendors to secure battery cells for
production and higher work in process inventory as well as the net
loss. Our working capital decreased from $24.6 million to $19.4
million from December 31, 2021 to June 30, 2022.
Conference Call Today at 4:30 PM ET
Management will host a conference call on Friday August 12, 2022
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/10170273/f408159c90Please
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=yiCfqEat
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 |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
13,754 |
|
|
$ |
21,949 |
|
Accounts receivable |
|
2,898 |
|
|
3,827 |
|
Prepaid and other current assets |
|
3,214 |
|
|
180 |
|
Inventory, net |
|
7,357 |
|
|
1,611 |
|
Total current assets |
|
27,223 |
|
|
27,567 |
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
1,403 |
|
|
650 |
|
Operating
lease right of use asset |
|
1,948 |
|
|
2,030 |
|
Goodwill |
|
4,600 |
|
|
- |
|
Intangible
assets, net |
|
10,486 |
|
|
359 |
|
Deposits |
|
62 |
|
|
52 |
|
Total assets |
|
$ |
45,722 |
|
|
$ |
30,658 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,957 |
|
|
$ |
1,567 |
|
Accrued expenses |
|
874 |
|
|
727 |
|
Sales tax payable |
|
114 |
|
|
57 |
|
Deferred revenue, current |
|
1,578 |
|
|
136 |
|
Contingent consideration, current |
|
699 |
|
|
- |
|
Operating lease liabilities, current |
|
632 |
|
|
468 |
|
Total current liabilities |
|
7,854 |
|
|
2,955 |
|
|
|
|
|
|
|
|
Deferred
revenue, noncurrent |
|
177 |
|
|
118 |
|
Contingent
consideration, noncurrent |
|
344 |
|
|
- |
|
Operating
lease liabilities, noncurrent |
|
1,372 |
|
|
1,607 |
|
Total liabilities |
|
9,747 |
|
|
4,680 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
35,975 |
|
|
25,978 |
|
Total liabilities and stockholders' equity |
|
$ |
45,722 |
|
|
$ |
30,658 |
|
|
|
|
|
|
|
|
|
Beam
Global |
Condensed
Statements of Operations |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
3,718 |
|
|
$ |
2,121 |
|
|
$ |
7,488 |
|
|
$ |
3,493 |
|
Cost of
revenues |
4,044 |
|
|
2,395 |
|
|
8,119 |
|
|
3,916 |
|
Gross
loss |
(326 |
) |
|
(274 |
) |
|
(631 |
) |
|
(423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
2,490 |
|
|
1,369 |
|
|
4,465 |
|
|
2,472 |
|
Loss from
operations |
(2,816 |
) |
|
(1,643 |
) |
|
(5,096 |
) |
|
(2,895 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total other
income, net |
14 |
|
|
2 |
|
|
16 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
income tax expense |
(2,802 |
) |
|
(1,641 |
) |
|
(5,080 |
) |
|
(2,892 |
) |
Income tax
expense |
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
Net
loss |
$ |
(2,803 |
) |
|
$ |
(1,642 |
) |
|
$ |
(5,081 |
) |
|
$ |
(2,893 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share - basic and diluted |
$ |
(0.28 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.33 |
) |
Weighted
average shares outstanding - basic and diluted |
10,075 |
|
|
8,882 |
|
|
9,694 |
|
|
8,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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