SAN DIEGO, May 21, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), (the “Company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2024.
Q1 2024 Financial and Recent Company Highlights
- Record first quarter revenue of $14.6 million, 12% increase over Q1 2023
- Record gross profit with 10.2% gross margin
- Backlog of $20 million on March 31, 2024; pipeline of over $160 million
- Debt free and $100 million line of credit available and unused
- 310% increase in Q1 EV charging new orders from business/commercial sector over Q1 2023
- $7.4 million order from the U.S. Army for 88 off-grid EV ARC™ systems
- $4.8 million order from U.S. Department of Homeland Security for EV ARC™ systems
- $1.7 million order from the North Carolina Department of Adult Correction for sustainable EV charging infrastructure products
- $1.2 million in orders from leading European market telecommunications provider
- Awarded first European government supplier agreement on the UK’s Crown Commercial Service, the main purchasing vehicle for UK government entities
- $1.0 million order from United Kingdom Ministry of Defense for EV ARC™ systems
- Federal Railroad Administration orders EV ARC™ charging systems
- U.S. National Park Service deploys EV ARC™ systems at the National Mall
- Awarded European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer
- Awarded U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy
- Commenced fabrication of EV Standard™ beta products
“First quarter revenues of $14.6 million marked our highest first quarter revenues in the company’s history. Gross profits were also the highest ever with a gross margin of over 10%, and we see continued upside going forward through the work we have done to reduce direct costs, increase production efficiencies and price increases,” said Desmond Wheatley, CEO of Beam Global. “Bookings were in-line with our expectations given our normal seasonality patterns, particularly in Europe. Our sales pipeline is robust and we are working on the most significant opportunities in our history, particularly through Beam Europe. As we noted during the quarter, winning the UK’s equivalent of our federal GSA contract was a significant milestone for Beam Europe, resulting in our first million-dollar EV ARC contract in Europe from the British Army. Product development was highly active in the quarter with new patents won and announced, and we saw significant progress on EV Standard, which we intend to rebrand later this year. Finally, we have taken initial steps towards the development of an entirely new product which we hope to launch in 2024, which will further augment our strategy to diversify revenue and profit opportunities in expanded markets with more product offerings. We are excited about what we’ve done and more excited about what we believe we will accomplish in the future.”
First Quarter 2024 Financial Summary
Revenues
For the first quarter of 2024, Beam Global reported record first quarter revenues of $14.6 million, a 12% increase over the same period in 2023. The revenue growth is partially attributable to an increase in federal orders and the acquisition of Amiga to create Beam Europe LLC.
Gross Profit
Gross profit for the quarter ended March 31, 2024, was a record $1.5 million, or 10% of sales, compared to a gross profit of $5 thousand, or .04% of sales in the first quarter of the prior year. The improvement in gross margin is primarily because of cost reductions implemented in late 2023 as a result of engineering improvements to the EV ARCTM. Our gross profits were negatively impacted by $0.2 million for non-cash intangible amortization included in our costs of goods sold.
Operating Expenses
Total operating expenses were $4.5 million, or 31% of revenues, for the quarter ended March 31, 2024, compared to $3.8 million, or 30% of revenues, for the same quarter in the prior year. The $0.7 million increase is mostly attributable to a $0.4 million increase in consultant costs related to the integration of our new ERP accounting software, sales and marketing, government relations and engineering design support, $0.3 million for operating expenses pertaining to our new Beam Europe operations, partially offset by $0.1 million reduction for favorable change in the present value factor of our contingent consideration related to the earnout for the Amiga acquisition.
Net Loss
Net loss was $3.0 million, or 21% of revenue for the first quarter of 2024, compared to $3.8 million, or 29% of revenue, for the same period in 2023, an improvement of 8% year over year. The first quarter net loss included non-cash expense items such as depreciation, intellectual property amortization and non-cash compensation expense of $1.1 million in 2024 and $0.9 million in 2023. 2024 net loss excluding noncash items was $1.9 million or 18% of revenues.
Cash and Working Capital
On March 31, 2024, we had cash of $5.0 million, compared to $10.4 million at December 31, 2023. The cash decrease was primarily due to cash payments for the acquisition of Amiga as well as operating cash used to increase inventory. Our working capital decreased from $23.8 million to $17.8 million from December 31, 2023 to March 31, 2024.
Conference Call May 21, 2024 at 4:30 p.m. ET
Management will host a conference call on Tuesday, May 21, 2024 at 4:30 p.m. 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/10189455/fc91e69e73
Please note that registered participants will receive their call in number upon registration.
| Those without internet access or unable to pre-register may call in by calling: | |
| PARTICIPANT CALL IN (TOLL FREE): | 1-844-739-3880 |
| PARTICIPANT INTERNATIONAL CALL IN: | 1-412-317-5716 |
| Please ask to join the Beam Global call. | |
A webcast archive is available at the above URL for one year following the call.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbols BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release contains forward-looking statements including but not limited to statements about the Company’s belief about its future profitability. 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 of Amiga, 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:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
| Beam Global | |||||
| Condensed Consolidated Balance Sheets | |||||
| (In thousands, except share and per share data) | |||||
| March 31, | December 31, | ||||
| 2024 | 2023 | ||||
| (Unaudited) | |||||
| Assets | |||||
| Current assets | |||||
| Cash | $ | 4,962 | $ | 10,393 | |
| Accounts receivable, net of allowance for cedit losses of $112 and $447 | 20,139 | 15,943 | |||
| Prepaid expenses and other current assets | 2,216 | 2,453 | |||
| Inventory, net | 11,474 | 11,933 | |||
| Total current assets | 38,791 | 40,722 | |||
| Property and equipment, net | 15,597 | 16,513 | |||
| Operating lease right of use assets | 2,249 | 1,026 | |||
| Goodwill | 10,150 | 10,270 | |||
| Intangible assets, net | 8,769 | 9,050 | |||
| Deposits | 98 | 62 | |||
| Total assets | $ | 75,654 | $ | 77,643 | |
| Liabilities and Stockholders' Equity | |||||
| Current liabilities | |||||
| Accounts payable | $ | $ 10,778 | $ | 9,732 | |
| Accrued expenses | 3,812 | 2,737 | |||
| Sales tax payable | 211 | 209 | |||
| Deferred revenue, current | 1,007 | 828 | |||
| Note payable, current | 45 | 40 | |||
| Deferred consideration, current | - | 2,713 | |||
| Contingent consideration, current | 4,330 | - | |||
| Operating lease liabilities, current | 851 | 615 | |||
| Total current liabilities | 21,034 | 16,874 | |||
| Deferred revenue, noncurrent | 470 | 402 | |||
| Note payable, noncurrent | 178 | 160 | |||
| Contingent consideration, noncurrent | 248 | 4,725 | |||
| Other liabilities, noncurrent | 3,716 | 3,787 | |||
| Deferred tax liabilities, noncurrent | 1,662 | 1,698 | |||
| Operating lease liabilities, noncurrent | 1,444 | 455 | |||
| Total liabilities | 28,752 | 28,101 | |||
| Stockholders' equity | |||||
| Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of March 31, 2024 and December 31, 2023. | - | - | |||
| Common stock, $0.001 par value, 350,000,000 shares authorized, 14,438,270 and 14,398,243 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. | 14 | 14 | |||
| Additional paid-in-capital | 142,991 | 142,265 | |||
| Accumulated deficit | (96,398) | (93,361) | |||
| Accumulated Other Comprehensive Income (AOCI) | 295 | 624 | |||
| Total stockholders' equity | 46,902 | 49,542 | |||
| Total liabilities and stockholders' equity | $ | 75,654 | $ | 77,643 | |
| Beam Global | |||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||
| (Unaudited, In thousands except per share data) | |||||
| Three Months Ended | |||||
| March 31, | |||||
| 2024 | 2023 | ||||
| Revenues | $ | 14,561 | $ | 13,020 | |
| Cost of revenues | 13,082 | 13,015 | |||
| Gross profit | 1,479 | 5 | |||
| Operating expenses | 4,527 | 3,846 | |||
| Loss from operations | (3,048) | (3,841) | |||
| Other income (expense) | |||||
| Interest income | 71 | 1 | |||
| Other (expense) income | (56) | 10 | |||
| Interest expense | (4) | - | |||
| Other income | 11 | 11 | |||
| Loss before income tax expense | (3,037) | (3,830) | |||
| Income tax expense | - | 1 | |||
| Net loss | $ | (3,037) | $ | (3,831) | |
| Net foreign currency translation adjustments | (329) | - | |||
| Total Comprehensive Loss | $ | (3,366) | $ | (3,831) | |
| Net loss per share - basic | $ | (0.21) | $ | (0.38) | |
| Net loss per share - diluted | $ | (0.21) | $ | (0.38) | |
| Weighted average shares outstanding - basic | 14,422 | 10,214 | |||
| Weighted average shares outstanding - diluted | 14,422 | 10,214 | |||
