BEAM GLOBAL Q1 2023 and Recent Company Highlights
- Record revenues of
$13M , a 245% increase over Q1 2022 and 65% increase over prior quarter - Positive GAAP gross profit and further 2% pro forma gross margin excluding non-cash amortization
Beam Global has approximately$5M in cash in the bank at time of reporting- Record ending Q1 backlog of
$52M - Record Q1 order pipeline of
$117M -$132M at time of reporting - Record Q1 EV ARC™ unit deployments; increased 233% YOY, increased 92% from Q4 2022
- Record Q1 for new purchase orders of
$5.45M ; 51% government and 49% commercial - Increased EV ARC™ sales price by 8.25% as of
May 1, 2023 in face of extraordinary demand to further improve gross profits in future periods - Full
$100M line of credit available and unused Beam Global remains debt free
“The Beam Team produced 3 times more EV ARC™ systems in Q1 of 2023 than in the same period in the prior year, demonstrating that we can deliver on the extraordinary growth in sales that we are experiencing. In fact, the first quarter wasn’t just the best quarter in our history, it was better than any full year except 2022. We generated a positive gross profit after improving gross profitability companywide by 8.1%, though we are not yet seeing the benefits of disinflation. Excluding non-cash amortization in cost of goods sold, our margins would be at 2% of revenues. Our engineering team has identified approximately
First Quarter 2023 Financial Summary
Revenues
For the first quarter of 2023,
Gross Profit
Gross profit for the quarter ended
Operating Expenses
Operating Expenses were
Net Loss
Net loss was
At
Conference Call Today at
Management will host a conference call on
Participants can register for the conference through the following link:
https://dpregister.com/sreg/10178857/f96b13112a
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): 1-844-739-3880
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5716
Please ask to be joined into the
A webcast archive is available for 3 months following the call at the following URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=f0pZtTjo
About
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
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.
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Next PR
+1 813-526-1195
Press@BeamForAll.com
| Condensed Balance Sheets | ||||||
| (In thousands) | ||||||
| 2023 | ||||||
| (Unaudited) | 2022 | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash | $ | 990 | $ | 1,681 | ||
| Accounts receivable | 6,882 | 4,429 | ||||
| Prepaid and other current assets | 2,839 | 1,579 | ||||
| Inventory, net | 12,745 | 12,246 | ||||
| Total current assets | 23,456 | 19,935 | ||||
| Property and equipment, net | 1,714 | 1,548 | ||||
| Operating lease right of use asset | 1,477 | 1,638 | ||||
| 4,600 | 4,600 | |||||
| Intangible assets, net | 9,673 | 9,947 | ||||
| Deposits | 62 | 62 | ||||
| Total assets | $ | 40,982 | $ | 37,730 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 7,080 | $ | 2,865 | ||
| Accrued expenses | 2,578 | 1,687 | ||||
| Sales tax payable | 13 | 33 | ||||
| Deferred revenue, current | 871 | 1,183 | ||||
| Contingent consideration, current | 6,776 | 6,776 | ||||
| Operating lease liabilities, current | 613 | 628 | ||||
| Total current liabilities | 17,931 | 13,172 | ||||
| Deferred revenue, noncurrent | 273 | 266 | ||||
| Contingent consideration, noncurrent | 2 | 15 | ||||
| Operating lease liabilities, noncurrent | 924 | 1,070 | ||||
| Total liabilities | 19,130 | 14,523 | ||||
| Total stockholders' equity | 21,852 | 23,207 | ||||
| Total liabilities and stockholders' equity | $ | 40,982 | $ | 37,730 | ||
| Condensed Statements of Operations | |||||||||
| (In thousands, except per share amounts) | |||||||||
| (Unaudited) | |||||||||
| For the Three Months Ended | |||||||||
| 2023 | 2022 | ||||||||
| Revenues | $ | 13,020 | $ | 3,770 | |||||
| Cost of revenues | 13,015 | 4,075 | |||||||
| Gross loss | 5 | (305 | ) | ||||||
| Operating expenses | 3,846 | 1,975 | |||||||
| Loss from operations | (3,841 | ) | (2,280 | ) | |||||
| Total other income, net | 11 | 2 | |||||||
| Loss before income tax expense | (3,830 | ) | (2,278 | ) | |||||
| Income tax expense | 1 | - | |||||||
| Net loss | $ | (3,831 | ) | $ | (2,278 | ) | |||
| Net loss per share - basic and diluted | $ | (0.38 | ) | $ | (0.24 | ) | |||
| Weighted average shares outstanding - basic and diluted | 10,214 | 9,309 | |||||||
2023 GlobeNewswire, Inc., source
