2023 and Recent Company Highlights
- Record full year revenues of
$67.4 million , 206% year over year increase - Record Q4 revenues of
$20.0 million , 154% year over year increase and highest quarterly revenue in the company’s history - Record full year EV ARC™ system production, 194% year over year increase
- Positive full-year gross profit – an improvement of 9% as a percentage of revenue over 2022
- Debt free and
$100 million line of credit available and unused - Current pipeline
$150 million , backlog of$22 million atDecember 31, 2023 - Received
$7.4 million order from theU.S. Army for 88 off-grid EV ARC™ EV charging systems – 3rd largest order in company history - Received
$4.8 million order fromU.S. Department of Homeland Security for sustainable EV charging infrastructure products – 5th largest order in company history - Acquired Amiga creating Beam Europe to open largest market in the world to
Beam Global clean technology solutions with existing customer relationships in 17 nations - Awarded first European government supplier agreement on the UK’s
Crown Commercial Service - Received first million-dollar European order for EV ARC™ solar-powered EV charging systems from
UK Ministry of Defence - Received new European orders from leading telecommunications provider totaling
US$1.2 million - Qualified for
U.S. Federal government FedRAMP - Increased EV ARC™ base unit sales price by 8.25%
- Expanded global patent portfolio:
- Granted
U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy - Granted European patent for Compact Transportation-Configurable EV ARC™ Systems
- Granted European patent for EV Standard™ Curbside EV Charging Infrastructure product
- Granted European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer
- Granted patents in
China andIndia for Thermal Management Technology that Makes Lithium-ion Batteries Safer
- Granted
- Enhanced Beam global leadership team:
Judy Krandel joined Beam Global Board of Directors as Audit Committee ChairEurope -basedGeorge Syllantavos joined Beam Global Board of Directors- Appointed
Mark Myers , former nuclear navy officer, as Chief Operating Officer - Appointed
Lisa Potok as Chief Financial Officer
- Significantly expanded engineering expertise to further develop new product solutions for the electrification of transportation and the security and decarbonization of energy infrastructure
- Significantly expanded development and manufacturing capacity to bring
Beam Global products to European markets and beyond - Commenced fabrication of EV Standard™ beta products
- Launched 160 mph wind-rated EV ARC™ sustainable EV charging infrastructure product line
“The Beam Team delivered a tripling of revenues, positive and significantly improved gross profits, significantly reduced operating costs as a percentage of revenues, a tangible path to cash flow, and growing pipeline and healthy backlog,” said
2023 Financial Summary
Revenues
For the fourth quarter of 2023,
Gross Profit
Gross profit for the quarter ended
Operating Expenses
Operating Expenses were
Net Loss
Net loss was
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About
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
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Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash | $ | 10,393 | $ | 1,681 | ||||
Accounts receivable, net | 15,943 | 4,429 | ||||||
Prepaid expenses and other current assets | 2,453 | 1,579 | ||||||
Inventory | 11,933 | 12,246 | ||||||
Total current assets | 40,722 | 19,935 | ||||||
Property and equipment, net | 16,513 | 1,548 | ||||||
Operating lease right of use assets | 1,026 | 1,638 | ||||||
10,270 | 4,600 | |||||||
Intangible assets, net | 9,050 | 9,947 | ||||||
Deposits | 62 | 62 | ||||||
Total assets | $ | 77,643 | $ | 37,730 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 9,732 | $ | 2,865 | ||||
Accrued expenses | 2,737 | 1,687 | ||||||
Sales tax payable | 209 | 33 | ||||||
Deferred revenue, current | 828 | 1,183 | ||||||
Note payable, current | 40 | - | ||||||
Deferred consideration, current | 2,713 | - | ||||||
Contingent consideration, current | - | 6,776 | ||||||
Operating lease liabilities, current | 615 | 628 | ||||||
Total current liabilities | 16,874 | 13,172 | ||||||
Deferred revenue, noncurrent | 402 | 266 | ||||||
Note payable, noncurrent | 160 | - | ||||||
Contingent consideration, noncurrent | 4,725 | 15 | ||||||
Other long-term liabilities | 5,485 | - | ||||||
Operating lease liabilities, noncurrent | 455 | 1,070 | ||||||
Total liabilities | 28,101 | 14,523 | ||||||
Total stockholders' equity | 49,542 | 23,207 | ||||||
Total liabilities and stockholders' equity | $ | 77,643 | $ | 37,730 |
Consolidated Statements of Operations | ||||||||
(In thousands, except per share amounts) | ||||||||
Year Ended | ||||||||
2023 | 2022 | |||||||
Revenues | $ | 67,353 | $ | 21,995 | ||||
Cost of revenues | 66,149 | 23,662 | ||||||
Gross profit (loss) | 1,204 | (1,667 | ) | |||||
Operating expenses | 17,465 | 18,049 | ||||||
Loss from operations | (16,261 | ) | (19,716 | ) | ||||
Total other income, net | 213 | 36 | ||||||
Loss before income tax expense | (16,048 | ) | (19,680 | ) | ||||
Income tax expense | 12 | 2 | ||||||
Net loss | $ | (16,060 | ) | $ | (19,682 | ) | ||
Net loss per share – basic and diluted | $ | (1.30 | ) | $ | (1.99 | ) | ||
Weighted average shares outstanding – basic and diluted | 12,345 | 9,909 |
Source:
2024 GlobeNewswire, Inc., source