Financial Data and Key Metrics Changes - Revenue for Q4 2023 reached a record $20 million, a 154% increase from $7.9 million in Q4 2022. Full-year revenue was $67.4 million, a 206% increase from $22 million in 2022 [3][4] - Gross profit for Q4 2023 was $0.4 million (2% of sales), compared to a gross loss of $0.7 million (-9% of sales) in Q4 2022. For the full year, gross profit was $1.2 million (2% of sales), compared to a gross loss of $1.7 million (-7% of sales) in 2022 [4][6] - Operating expenses decreased to $5.5 million in Q4 2023 from $7.1 million in Q4 2022. For the full year, operating expenses were $17.5 million (26% of revenues), down from $18 million (82% of revenues) in 2022 [5][6] - Net loss for Q4 2023 was $5.1 million ($0.36 per share), improved from a net loss of $7.8 million ($0.77 per share) in Q4 2022. The full-year net loss was $16.1 million ($1.30 per share), down from $19.7 million ($1.99 per share) in 2022 [6][4] Business Line Data and Key Metrics Changes - The energy storage business generated $8.5 million in revenue from the acquisition of AllCell Technologies, while the new Beam Europe subsidiary contributed $3.4 million following the Amiga acquisition [4] - The majority of revenues continue to come from the EV ARC product line, with significant contributions from the battery business and early sales from Beam Europe [19][40] Market Data and Key Metrics Changes - The company reported a strong pipeline of $150 million, primarily from the U.S. market, with initial successes in Europe [39][40] - The U.S. federal government remains the largest customer, with significant orders from the U.S. Army and other federal entities [46][48] Company Strategy and Development Direction - The company is focused on expanding into the European market, which is seen as the largest opportunity for growth, particularly with the acquisition of Amiga [12][49] - Beam Global aims to improve operational efficiencies and reduce costs through the integration of new management and operational practices, including a new ERP system [18][28] - The company is committed to enhancing its intellectual property portfolio, having received several new patents related to its products [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of electric vehicle sales and the corresponding demand for charging infrastructure, despite recent media narratives suggesting a slowdown [36][38] - The company anticipates continued strong demand for its products, particularly in light of government contracts and the growing need for renewable energy solutions [41][46] Other Important Information - The company ended 2023 with a cash balance of $10.4 million, significantly up from $1.7 million at the end of 2022, and a working capital increase from $6.8 million to $23.8 million [6][21] - Beam Global has made significant changes to its management team, including the appointment of a new CFO and COO, aimed at driving operational excellence and strategic growth [27][28] Q&A Session Summary Question: What are the expectations for future revenue growth? - Management indicated that 2023 was a year of significant growth, with expectations for continued revenue increases driven by both U.S. and European markets [12][39] Question: How is the company addressing operational efficiencies? - The new COO is expected to enhance operational efficiencies and reduce waste, contributing positively to gross profit margins [18][29] Question: What is the outlook for the European market? - Management expressed optimism about the European market, highlighting the recent acquisition and initial sales successes as indicators of future growth potential [49][42]

SAN DIEGO, April 16, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), (the "Company"), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced operating results for the year ended December 31, 2023. 2023 and Recent Company Highlights Record full year revenues of $67.4 million, 206% year over year increaseRecord Q4 revenues of $20.0 million, 154% year over year increase and highest quarterly revenu ...

SAN DIEGO, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced that it will report its 2023 operating results on Wednesday April 17, 2024 after the market closes. Management will host a conference call on Wednesday April 17, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate develo ...

SAN DIEGO, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced that it will report its 2023 operating results on Wednesday April 17, 2024 after the market closes. Management will host a conference call on Wednesday April 17, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate develo ...

Product and Technology - Beam's EV ARC™ is the world's first transportable, solar-powered EV charging infrastructure product, generating and storing its own energy, eliminating utility bills, and capable of charging up to 12 EVs simultaneously [25]. - Beam's products are designed to operate during grid outages, providing emergency power and EV charging capabilities, addressing the increasing demand for energy security [30]. - Beam's SolarTree® product is positioned to meet the National Electric Vehicle Infrastructure program's requirement of at least 600kW of DC fast charging every 50 miles on US highways [28]. - The EV Standard™ product is in development, utilizing existing streetlamp infrastructure to provide sustainable Level II EV charging without extensive construction [28]. - Beam's proprietary energy storage solutions enhance safety and performance, preventing thermal events and extending battery life [29]. - The patented BeamTrak™ solar tracking technology allows the company’s products to generate up to 25% more electricity compared to fixed arrays, providing a competitive edge [58]. - The company’s products are environmentally sound, providing 100% emissions-free electricity, while grid-tied chargers rely on fossil fuel-generated electricity for over 60% of their supply [58]. - The company’s products are designed to be rapidly deployable, with deployment times of less than one hour, contrasting with grid-tied solutions that can take six months to two years [58]. Market and Growth - The global lithium-ion battery market is projected to grow from $41.1 billion in 2021 to $116.6 billion by 2030, with a CAGR of 12.3% [29]. - The electric vehicle infrastructure market is projected to reach $224.8 billion by 2032, with a compound annual growth rate (CAGR) of 27.5% from 2024 to 2032 [40]. - The company anticipates increased demand for EV charging infrastructure as consumer adoption of electric vehicles accelerates [39]. - Beam's target markets include state, municipal, and federal governments, auto manufacturers, corporations, and international markets, focusing on clean energy and electrified transportation [34]. - The company expects to generate an increasing portion of its revenue internationally following the acquisition of Amiga, which introduces additional risks related to international operations [79]. - The company plans to enhance its strategic operations through increased sales personnel, cost reductions, and improved public awareness [162]. Financial Performance - Company reported a revenue increase from $22.0 million in 2022 to $67.4 million in 2023, representing a 206.4% growth [138]. - The company reported a revenue increase of 206% to $67.4 million for the year ended December 31, 2023, compared to $22.0 million in 2022 [149]. - Gross profit for 2023 was $1.2 million, a significant improvement from a gross loss of $1.7 million in 2022, with a nine percentage point increase in gross margin [150]. - The net loss for 2023 was $16,060,000, an improvement from a net loss of $19,682,000 in 2022, indicating a reduction in losses by approximately 18% [214]. - Cash at December 31, 2023, increased to $10.4 million from $1.7 million at December 31, 2022, reflecting improved liquidity [152]. - Cash used in operating activities decreased to $13.3 million in 2023 from $18.1 million in 2022, indicating better operational efficiency [153]. - The company’s total liabilities rose to $28,101,000 in 2023, up from $14,523,000 in 2022, indicating a growth of 93% [212]. Acquisitions and Strategic Initiatives - The company acquired Amiga on October 20, 2023, enhancing its manufacturing capabilities in Europe for current and new products [32]. - Beam acquired Amiga DOO Kraljevo in October 2023, enhancing its manufacturing capabilities for the European market [37]. - The acquisition of Amiga DOO Kraljevo in October 2023 contributed $3.4 million in revenue for the period from October 20, 2023, to December 31, 2023 [138]. - The Company completed the acquisition of Amiga DOO Kraljevo on October 20, 2023, which is expected to enhance its manufacturing capabilities in the European market [161]. - The integration of Amiga with the company's operations may be complex, costly, and time-consuming, potentially disrupting business and affecting financial results [75]. Government Contracts and Support - Beam's major customer contracts accounted for 77% and 60% of revenues in 2023 and 2022, respectively, with significant sales to the State of California and the General Services Administration [48]. - The California Contract has facilitated the sale of 284 EV ARCs™ totaling $20.4 million since 2018, including 50 units for $3.9 million sold in 2023 [49]. - In 2023, Beam sold 621 EV ARCs™ for $47.7 million through GSA contracts, a significant increase from 96 units for $7.9 million in 2022 [50]. - The California Energy Commission approved a $2.9 billion plan for 90,000 new electric vehicle chargers, indicating strong government support for EV infrastructure [40]. - The U.S. government has allocated $7.5 billion for the deployment of 500,000 EV charging stations, with Beam positioned to benefit from these initiatives [47]. Risks and Challenges - The company faces intense competition in the solar renewable energy and EV charging industries, with competitors having greater resources and market recognition [83]. - Existing regulations and potential changes may present barriers to the purchase and use of solar power products, significantly reducing demand [87]. - The company may incur significant costs and liabilities from product liability claims if its products cause injury or property damage [91]. - The company is subject to foreign currency exchange rate risks, particularly with the Euro and Serbian Dinar, which could impact financial results and cash flows [82]. - The company must keep up with rapid technological changes in the EV industry to maintain its competitive position, as failure to do so could adversely affect business and financial performance [92]. Internal Controls and Governance - The company has identified a material weakness in internal controls over financial reporting, which could adversely affect stock price and capital raising efforts [112]. - Management identified a material weakness in internal controls over financial reporting, particularly in inventory tracking and manual processes [171]. - The company implemented a new accounting system in Q4 2023 to automate inventory and purchasing functions, aiming to alleviate material weaknesses [113]. - The company implemented a NetSuite ERP system in Q4 2023 to automate operations and improve inventory management and accounting processes [173]. Future Outlook - The company anticipates that as unit sales increase, fixed overhead costs will be spread over more units, potentially reducing the cost per unit [62]. - The company expects to benefit from a price increase on EV ARC products initiated in 2023, with anticipated positive impacts on 2024 gross profit margins [150]. - The company plans to make acquisitions to add complementary companies, products, or technologies, including recent acquisitions of All Cell and Amiga, which may require significant management attention and resources [74].

U.S. auto sales for the first quarter (Q1) were up 5%, but EV market growth continues to decelerate. High interest rates have aggravated the situation, dampening consumer demand and weighing down EV charging stocks.Nevertheless, U.S. and international legislation continues to support the EV industry and the rollout of comprehensive charging networks. Though it may seem like a tall order for the EV market to rebound, its long-term growth trajectory suggests that it’s only a matter of time. Hence, the EV sect ...

SAN DIEGO, April 03, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that Desmond Wheatley, Chief Executive Officer, will present a corporate update at the LD Micro Invitational XIV 2024. The conference is being held April 8-9, 2024 at the Sofitel Hotel in New York City. Presentation Date:Tuesday, April 9, 2024Time:10:00am ET (Track 2 – St. Germain ...

SAN DIEGO, March 19, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, has been granted another new patent by the United States Patent Office that covers the Company's wireless charging technology, with the patent title Self-Contained Renewable Inductive Battery Charger. The U.S. Patent Office granted Patent No. US 11,912,144 B2 for Beam Global's wireless/induc ...

If the electric vehicle (EV) boom is going to get off the ground, we need far more EV charging stations. In fact, as I noted on Feb. 12, “The U.S. has just under 130,000 publicly available charging ports at 50,401 charging stations, according to BlinkCharging.com. Yet, when we approach the U.S. goal of half of all auto sales being electric, we’ll need 1.2 million public, and 28 million private EV charging stations, or about 20 times more than we have now.” All of which should force EV charging stocks higher ...

SAN DIEGO, March 12, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that Beam Global has received its first order from the UK Ministry of Defence (MoD) for ten EV ARC™ sustainable electric vehicle charging systems and one ARC Mobility™ trailer to be deployed at British Sovereign Bases on Cyprus through Project EVOLVE—Rapidly Deployable and Transpor ...