SAN DIEGO, Nov. 10, 2022 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the main supplier of revolutionary sustainable merchandise and applied sciences for electrical automobile (EV) charging, power storage, power safety and outside media, at present introduced the monetary outcomes for the third fiscal quarter ended September 30, 2022.
Fiscal Q3 2022 and Recent Company Highlights
- Sold extra EV ARC™ programs in September, October and November of 2022 than during the last 10 years mixed
- 367 EV ARC™ system, $29.4 million order for the U.S. Army by way of TechFlow, Inc.
- 140 EV ARC™ system, $11.6 million order for U.S. Dept. of Veterans Affairs
- 71 EV ARC™ system, $5.3 million re-order for City of New York
- 32 EV ARC™ system, $2.9 million order for U.S. Department of Homeland Security
- 68 EV ARC™ system, $6.3 million in miscellaneous orders from different authorities and enterprise prospects are additionally in present EV ARC™ backlog
- Current backlog of $6.7 million for the power storage business
- Experienced a big return of enterprise revenues in Q3 2022
- Total present contracted backlog of $62.2 million to be executed in subsequent 12 months
- Achieved the very best quarterly income within the Company’s historical past of $6.6 million, a 227% enhance over Q3 2021
- Achieved the very best 9 months of income within the Company’s historical past of $14.1 million, a 156% enhance over identical interval 2021
- Improved Gross Profitability 12 months up to now by 5% of income regardless of inflation
- Improved Net Profitability 12 months up to now by 25%, regardless of inflation, when excluding the $3.7 million expense for the change in truthful worth of non-cash contingent consideration
“Our investments in product development, sales, marketing and government relations combined with a significant increase in the urgency for sustainable and reliable EV charging infrastructure, driven by the relentless and accelerating move to electric transportation, has resulted in an order of magnitude increase in the orders we are receiving,” mentioned Desmond Wheatley, CEO of Beam Global. “We have been preparing for this moment and have leveraged our experience, facilities and balance sheet to be able to accept and deliver on these new orders. Our sales team continues to drive pipeline growth, and I believe that what we are seeing, based on these growing fundamentals and EV trends, is just the beginning of an extraordinary rate of growth which we expect to continue for many years to come. Acquiring our own battery company and investing in factory facilities which will be able to produce over thirty times our previous best year’s volume, have positioned us to take advantage of the market conditions which make our unique products so necessary while creating a strong foundation for the even greater expansion I believe will be required in the future.”
Third Fiscal Quarter 2022 Financial Summary
Revenues
Beam Global reported file quarterly revenues of $6.6 million within the third quarter 2022, a 227% enhance over $2.0 million reported within the third quarter of 2021. For the primary 9 months of 2022, we reported revenues of $14.1 million, a 156% enhance over $5.5 million reported for a similar interval in 2021. Revenues for our power storage business contributed $1.7 million within the third quarter and $3.5 million for the 9 months ended September 30, 2022 because of closing the acquisition of All Cell Technologies, LLC (“All Cell”) in early March. Revenues to Federal and Enterprise prospects confirmed the strongest development within the quarter and year-to-date.
Gross Loss
Gross loss for the quarter ended September 30, 2022 was $0.3 million, or 5% of gross sales, in comparison with $0.2 million, or 10% of gross sales in the identical quarter of the prior 12 months. Gross loss for the primary 9 months of 2022 was $1.0 million, or 7% of gross sales, in comparison with $0.6 million, or 11% of gross sales in the identical interval of the prior 12 months. As a share of gross sales, the gross loss is bettering primarily because of elevated manufacturing ranges which resulted in favorable mounted overhead absorption and improved labor effectivity regardless of a rise in materials prices for metal and different elements because of provide chain shortages and different inflationary pressures.
Operating Expenses
Operating Expenses have been $6.5 million for the third quarter of 2022, in comparison with $1.5 million for a similar interval within the prior 12 months. Operating bills for the 9 months ended September 30, 2022 have been $10.9 million in comparison with $4.0 million for a similar interval within the prior 12 months. The will increase have been primarily because of a $4.9M non-cash enhance within the truthful worth of contingent consideration in 2022 associated to the All Cell acquisition and the addition of All Cell bills because of the acquisition.
Cash and Working Capital
At September 30, 2022, we had money of $4.7 million, in comparison with $21.9 million at December 31, 2021. The money lower was primarily from will increase in stock and prepayments to distributors to safe battery cells for manufacturing in addition to the web loss. Our working capital decreased from $24.6 million to $12.8 million from December 31, 2021 to September 30, 2022. The lower in working capital features a $4.9 million enhance in present liabilities for the change in truthful worth of non-cash contingent consideration associated to the All Cell acquisition.
Conference Call Today at 4:30 PM ET
Management will host a convention name on Thursday November 10, 2022 at 4:30 PM ET to overview monetary outcomes and supply an replace on company developments. Following administration’s formal remarks, there will probably be a question-and-answer session.
Participants can register for the convention by way of the next hyperlink:
https://dpregister.com/sreg/10173260/f516af0e40
Please observe that registered contributors will obtain their dial in quantity upon registration.
| Those with out web entry or unable to pre-register might 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 name. | |
A webcast archive is out there for 3 months following the decision on the following URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=u6wE8PHi
About Beam Global
Beam Global is a clear know-how chief offering revolutionary, sustainable merchandise and applied sciences for electrical automobile (EV) charging, power storage, power safety and outside media. Core platforms embrace Beam EV ARC™ and Solar Tree® sustainable EV charging programs, Beam AllCell™ high-performance power storage options, power resiliency and catastrophe preparedness merchandise and a deep patent library.
Beam EV ARC™ EV charging infrastructure programs assist any high quality model EV charging service gear, and Beam AllCell™ battery options energy micro-mobility, terrestrial EVs, aviation, maritime and leisure automobiles in addition to stationery and energy-security platforms.
Beam develops, patents, designs, engineers and manufactures distinctive and superior clear mobility options that defend the atmosphere, save prospects money and time, empower communities and hold folks transferring. Based in San Diego and Chicago, the corporate produces Made-in-America merchandise with the mission to Lead the World to Clean Mobility. Beam Global is listed on Nasdaq beneath the symbols BEEM and BEEMW. For extra info go to BeamForAll.com, LinkedIn, YouTube and Twitter.
Forward-Looking Statements
This Beam Global Press Release might comprise forward-looking statements. All statements on this Press Release aside from statements of historic details are forward-looking statements. Forward-looking statements are usually accompanied by phrases or phrases equivalent to “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or different phrases and comparable expressions that convey the uncertainty of future occasions or outcomes. These statements relate to future occasions or future outcomes of operations, together with, however not restricted to the next statements: statements concerning the acquisition, its anticipated advantages and the anticipated future monetary efficiency because of the acquisition. These statements are solely predictions and contain identified and unknown dangers, uncertainties and different elements, which can trigger Beam Global’s precise outcomes to be materially totally different from these forward-looking statements. Except to the extent required by legislation, Beam Global expressly disclaims any obligation to replace any forward-looking statements.
Investor Relations:
Kathy McDermott
[email protected]
+1 858-799-4583
Media Contact:
Next PR
+1 813-526-1195
[email protected]
| Beam Global | |||||
| Condensed Balance Sheets | |||||
| (In 1000’s) | |||||
| September 30, | December 31, | ||||
| 2022 | 2021 | ||||
| (Unaudited) | |||||
| ASSETS | |||||
| Current property | |||||
| Cash | $ | 4,680 | $ | 21,949 | |
| Accounts receivable | 6,063 | 3,827 | |||
| Prepaid and different present property | 1,586 | 180 | |||
| Inventory, internet | 12,187 | 1,611 | |||
| Total present property | 24,516 | 27,567 | |||
| Property and gear, internet | 1,593 | 650 | |||
| Operating lease proper of use asset | 1,795 | 2,030 | |||
| Goodwill | 4,600 | – | |||
| Intangible property, internet | 10,215 | 359 | |||
| Deposits | 62 | 52 | |||
| Total property | $ | 42,781 | $ | 30,658 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Accounts payable | $ | 3,831 | $ | 1,567 | |
| Accrued bills | 921 | 727 | |||
| Sales tax payable | 62 | 57 | |||
| Deferred income, present | 1,395 | 136 | |||
| Contingent consideration, present | 4,838 | – | |||
| Operating lease liabilities, present | 642 | 468 | |||
| Total present liabilities | 11,689 | 2,955 | |||
| Deferred income, noncurrent | 233 | 118 | |||
| Contingent consideration, noncurrent | 103 | – | |||
| Operating lease liabilities, noncurrent | 1,213 | 1,607 | |||
| Total liabilities | 13,238 | 4,680 | |||
| Total stockholders’ fairness | 29,543 | 25,978 | |||
| Total liabilities and stockholders’ fairness | $ | 42,781 | $ | 30,658 | |
| Beam Global | |||||||||||||||
| Condensed Statements of Operations | |||||||||||||||
| (In 1000’s, besides per share quantities) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | $ | 6,611 | $ | 2,021 | $ | 14,099 | $ | 5,514 | |||||||
| Cost of revenues | 6,950 | 2,229 | 15,069 | 6,145 | |||||||||||
| Gross loss | (339 | ) | (208 | ) | (970 | ) | (631 | ) | |||||||
| Operating bills | 6,468 | 1,481 | 10,933 | 3,953 | |||||||||||
| Loss from operations | (6,807 | ) | (1,689 | ) | (11,903 | ) | (4,584 | ) | |||||||
| Total different earnings, internet | 18 | 1 | 34 | 4 | |||||||||||
| Loss earlier than earnings tax expense | (6,789 | ) | (1,688 | ) | (11,869 | ) | (4,580 | ) | |||||||
| Income tax expense | – | – | 1 | 1 | |||||||||||
| Net loss | $ | (6,789) | $ | (1,688) | $ | (11,870) | $ | (4,581) | |||||||
| Net loss per share – primary and diluted | $ | (0.67) | $ | (0.19) | $ | (1.21) | $ | (0.52) | |||||||
| Weighted common shares excellent – primary and diluted | 10,088 | 8,920 | 9,827 | 8,856 | |||||||||||
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