SAN DIEGO, Dec. 21, 2023 (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 the City of Los Angeles StreetsLA Division placed another order for solar-powered EV ARC™ charging systems, their largest order thus far. The off-grid systems will be deployed across several metro and valley locations and used to fuel the City's growing fleet of electric vehicl ...

Beam Global (NASDAQ:BEEM) Q3 2023 Earnings Conference Call November 14, 2023 8:30 AM ET Company Participants Kathy McDermott - Chief Financial Officer Desmond Wheatley - Chairman, Chief Executive Officer & President Conference Call Participants Tate Sullivan - Maxim Group Chris Souther - B. Riley James McCulloch - Private Investor Abhi Sinha - Northland Capital Noel Parks - Tuohy Brothers Investment Research Chris Pierce - Needham & Company Operator Good day, and welcome to the Beam Global Third Quarter 20 ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company presents its unaudited condensed balance sheets, statements of operations, and cash flows [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) Condensed Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $45,835 | $19,935 | | **Total Assets** | $62,833 | $37,730 | | **Total Current Liabilities** | $11,466 | $13,172 | | **Total Liabilities** | $12,603 | $14,523 | | **Total Stockholders' Equity** | $50,230 | $23,207 | - Working capital increased significantly to **$34.4 million** at September 30, 2023, from **$6.8 million** at December 31, 2022, driven by a $13.1 million increase in cash and a $10.5 million increase in accounts receivable[11](index=11&type=chunk) [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Performance Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $16,486 | $6,611 | $47,325 | $14,099 | | **Gross Profit (Loss)** | $283 | $(339) | $789 | $(970) | | **Loss from Operations** | $(3,754) | $(6,807) | $(11,136) | $(11,903) | | **Net Loss** | $(3,629) | $(6,789) | $(10,990) | $(11,870) | | **Net Loss Per Share** | $(0.26) | $(0.67) | $(0.79) | $(1.21) | [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(13,768) | $(15,724) | | **Net cash used in investing activities** | $(881) | $(1,645) | | **Net cash provided by financing activities** | $27,726 | $100 | | **Net increase (decrease) in cash** | $13,077 | $(17,269) | | **Cash at end of period** | $14,758 | $4,680 | - Financing activities in the first nine months of 2023 were primarily driven by **$25.4 million** in net proceeds from a public stock offering and **$2.1 million** from the committed equity facility[36](index=36&type=chunk)[140](index=140&type=chunk) [Notes To Condensed Financial Statements](index=10&type=section&id=Notes%20To%20Condensed%20Financial%20Statements) The notes detail the Amiga acquisition, liquidity position, and significant equity transactions - On October 20, 2023, the company acquired **Amiga DOO Kraljevo**, a Serbian manufacturer, to facilitate manufacturing and sales of Beam's products in the European market[41](index=41&type=chunk)[66](index=66&type=chunk) - The company believes it has sufficient funds for at least the next twelve months, following a public offering in June 2023 that raised approximately **$25 million** in net proceeds[56](index=56&type=chunk) - For the nine months ended September 30, 2023, sales to federal, state, and local governments represented **84% of total revenues**[50](index=50&type=chunk) - The company issued **446,815 shares** valued at **$7.05 million** as payment for the 2022 Earnout Consideration related to the All Cell acquisition[59](index=59&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue growth, improved margins, and strategic acquisitions [Overview and Business Outlook](index=23&type=section&id=Overview%20and%20Business%20Outlook) The company provides off-grid EV charging solutions and is expanding through new products and acquisitions - The company's core products, including EV ARC™ and Solar Tree®, provide off-grid, rapidly deployable EV charging infrastructure, replacing the need for complex construction and electrical work[6](index=6&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The acquisition of **Amiga** in October 2023 is a key part of the strategy to expand into the European market and accelerate the development of the EV Standard™ product[113](index=113&type=chunk)[118](index=118&type=chunk) - The company is developing new products, **EV Standard™** and **UAV ARC™**, to leverage its proprietary technology and expand into new markets[8](index=8&type=chunk)[109](index=109&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Revenues surged due to strong government sales, leading to positive gross profit and improved margins Q3 2023 vs Q3 2022 Performance | Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $16.5M | $6.6M | +149% | | **Gross Profit** | $0.3M (2% margin) | -$0.3M (-5% margin) | Improved by 7% pts | | **Operating Expenses** | $4.0M (24% of revenue) | $6.5M (98% of revenue) | Decreased by 73% pts | Nine Months 2023 vs Nine Months 2022 Performance | Metric | Nine Months 2023 | Nine Months 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $47.3M | $14.1M | +236% | | **Gross Profit** | $0.8M (2% margin) | -$1.0M (-7% margin) | Improved by 9% pts | | **Operating Expenses** | $11.9M (25% of revenue) | $10.9M (78% of revenue) | Improved by 53% pts | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity improved significantly due to equity financing and has access to credit facilities - Cash position increased to **$14.8 million** at September 30, 2023, from **$1.7 million** at December 31, 2022, mainly due to financing activities[135](index=135&type=chunk) - Net cash used in operating activities for the first nine months of 2023 was **$13.8 million**, an improvement from **$15.7 million** in the same period of 2022[137](index=137&type=chunk)[138](index=138&type=chunk) - The company has a **$100 million** supply chain line of credit with OCI Limited and a committed equity facility with B. Riley, of which **$27.5 million** remains available[143](index=143&type=chunk)[62](index=62&type=chunk) - The company reports **no off-balance sheet arrangements**[12](index=12&type=chunk)[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this item is not applicable - Not Applicable[146](index=146&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management identified a material weakness in inventory controls and is implementing a new ERP system - Management concluded that **disclosure controls and procedures were not effective** as of September 30, 2023[148](index=148&type=chunk) - A **material weakness** was identified in inventory controls due to the lack of an automated tracking system and reliance on manual processes at both the San Diego and Chicago facilities[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - The company is implementing a **new ERP system**, effective in Q3 2023, to remediate the material weakness in inventory control[152](index=152&type=chunk) [PART II OTHER INFORMATION](index=32&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings that would impact its financial condition - As of September 30, 2023, there were **no pending or threatened lawsuits** that could reasonably be expected to have a material effect on the results of our operations[76](index=76&type=chunk)[155](index=155&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) Key risks include potential Nasdaq delisting and challenges related to the recent Amiga acquisition - The company is **not in compliance with Nasdaq's audit committee composition requirements** and faces a risk of delisting if it cannot regain compliance within the cure period[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) - There are **significant risks associated with the acquisition of Amiga**, including difficulties in integration, realizing anticipated benefits, and managing a private Serbian company not previously subject to U.S. GAAP or SEC regulations[162](index=162&type=chunk)[163](index=163&type=chunk)[165](index=165&type=chunk) - With the Amiga acquisition, the company faces **increased risks from international operations**, including compliance with foreign laws, staffing challenges, and political or economic instability[169](index=169&type=chunk)[171](index=171&type=chunk) - The company is now subject to **foreign currency exchange rate risk**, particularly with the Euro and Serbian Dinar, which could impact financial results[173](index=173&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[175](index=175&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[176](index=176&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[177](index=177&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) There is no other information to report for the period - None[178](index=178&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including CEO/CFO certifications and XBRL documents - The report includes **CEO and CFO certifications** pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, as well as various Inline XBRL documents[179](index=179&type=chunk)[1](index=1&type=chunk)

Beam Global (NASDAQ:BEEM) Q2 2023 Earnings Conference Call August 14, 2023 4:20 AM ET Company Participants Kathy McDermott - Chief Financial Officer Desmond Wheatley - Chairman, Chief Executive Officer & President Conference Call Participants Craig Irwin - ROTH MKM Christopher Souther - B.Riley Tate Sullivan - Maxim Group Christopher Pierce - Needham & Company Noel Parks - Tuohy Brothers Investment Research Operator Good day and welcome to the Beam Global Second Quarter 2023 Financial Results and Corporate ...

11. STOCKHOLDERS' EQUITY Stock Options | --- | --- | |-----------------------------|----------------------------------------| | | Six months ended June 30, 2023 | | Expected volatility | 91.6% - 94.5% | | Expected term | 6.5 - 7 Years | | Risk-free interest rate | 3.55% - 3.77% | | Weighted-average FV | $11.74 | In November 2022, the Company granted 142,500 restricted stock units ("RSUs") and up to 142,500 performance stock units ("PSU") to its Chief Executive Officer ("CEO"). 50% of the RSUs vested upon gr ...

Beam Global (NASDAQ:BEEM) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants Kathy McDermott - Chief Financial Officer Desmond Wheatley - Chairman, Chief Executive Officer & President Conference Call Participants Tyler DiMatteo - BTIG Christopher Souther - B.Riley Noel Parks - Tuohy Brothers Investment Research Abhishek Sinha - Northland Capital Tate Sullivan - Maxim Group Chris Pierce - Needham & Company Operator Good day, and welcome to the Beam Global First Quarter 2023 Financi ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Beam Global's unaudited condensed financial statements for the period ended March 31, 2023, encompassing Balance Sheets, Statements of Operations, Statements of Changes in Stockholders' Equity, and Statements of Cash Flows, along with integral notes on accounting policies and business combinations [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2023, total assets increased to **$41.0 million** from **$37.7 million** at year-end 2022, while total liabilities rose to **$19.1 million** from **$14.5 million**, leading to a decrease in total stockholders' equity from **$23.2 million** to **$21.9 million** Condensed Balance Sheet Data (in thousands) | Account | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $23,456 | $19,935 | | Accounts Receivable | $6,882 | $4,429 | | Inventory | $12,745 | $12,246 | | **Total Assets** | **$40,982** | **$37,730** | | **Total Current Liabilities** | $17,931 | $13,172 | | Accounts Payable | $7,080 | $2,865 | | Contingent Consideration, current | $6,776 | $6,776 | | **Total Liabilities** | **$19,130** | **$14,523** | | **Total Stockholders' Equity** | **$21,852** | **$23,207** | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) For the three months ended March 31, 2023, revenues surged **245%** to **$13.0 million**, achieving a marginal gross profit of **$5,000** compared to a prior-year gross loss, though the net loss widened to **$3.8 million** due to increased operating expenses Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2023 (in thousands) | Q1 2022 (in thousands) | | :--- | :--- | :--- | | Revenues | $13,020 | $3,770 | | Gross Profit (Loss) | $5 | $(305) | | Operating Expenses | $3,846 | $1,975 | | Loss from Operations | $(3,841) | $(2,280) | | Net Loss | $(3,831) | $(2,278) | | Net Loss Per Share (basic & diluted) | $(0.38) | $(0.24) | [Condensed Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased from **$23.2 million** at year-end 2022 to **$21.9 million** as of March 31, 2023, primarily due to a **$3.8 million** net loss, partially offset by equity financing activities - The primary driver for the decrease in stockholders' equity was the **$3.8 million** net loss for the quarter[37](index=37&type=chunk) - Positive contributions to equity included **$1.7 million** from stock-based compensation to consultants, **$0.4 million** from employee stock-based compensation, and proceeds from warrant exercises and stock sales[37](index=37&type=chunk) [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly decreased to **$0.6 million** in Q1 2023 from **$1.9 million** in Q1 2022, resulting in an overall **$0.7 million** decrease in cash during the quarter, ending at **$1.0 million** Cash Flow Summary (in thousands) | Activity | Q1 2023 (in thousands) | Q1 2022 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(619) | $(1,907) | | Net cash used in investing activities | $(330) | $(954) | | Net cash provided by financing activities | $258 | $88 | | **Net decrease in cash** | **$(691)** | **$(2,773)** | | **Cash at end of period** | **$990** | **$19,176** | [Notes To Condensed Financial Statements](index=7&type=section&id=Notes%20To%20Condensed%20Financial%20Statements) The notes provide detailed information supporting the financial statements, including disclosures on liquidity, the 2022 All Cell Technologies acquisition, customer concentration, intangible assets, and equity financing facility terms - The company, despite a history of net losses, believes it has sufficient funding for at least the next twelve months, supported by a **$100 million** credit facility and a **$30 million** Common Stock Purchase Agreement with B Riley[16](index=16&type=chunk) - In March 2022, the company acquired All Cell Technologies for **1,055,000** shares of common stock and a cash payment, with potential for additional earnout consideration based on revenue milestones[55](index=55&type=chunk)[56](index=56&type=chunk) - For Q1 2023, two customers, including the U.S. Army, accounted for **80%** and **10%** of total revenue, respectively, with the U.S. Army also representing **76%** of total accounts receivable at quarter-end[47](index=47&type=chunk) Revenue Breakdown (in thousands) | Category | Q1 2023 (in thousands) | Q1 2022 (in thousands) | | :--- | :--- | :--- | | Product sales | $12,811 | $3,562 | | Shipping and handling | $216 | $181 | | **Total revenues** | **$13,020** | **$3,770** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **245%** revenue growth in Q1 2023, driven by federal contracts, achieving a positive gross margin due to increased production volume and efficiencies, while operating expenses rose from the All Cell acquisition and R&D investments, with liquidity supported by existing credit facilities and equity agreements - Revenues for Q1 2023 increased **245%** to **$13.0 million**, primarily due to a **$9.8 million** increase in sales to federal customers following large contract awards in late 2022[147](index=147&type=chunk)[150](index=150&type=chunk) - Gross profit turned positive (**0.04%** of revenue) compared to an **8.1%** gross loss in Q1 2022, attributed to favorable fixed overhead absorption from increased production (**152 EV ARC units** in Q1 2023 vs **45** in Q1 2022) and improved labor efficiency[153](index=153&type=chunk)[152](index=152&type=chunk) - Operating expenses rose to **$3.8 million** from **$2.0 million** year-over-year, with approximately **$0.5 million** of the increase from the full-quarter inclusion of the acquired All Cell operations[154](index=154&type=chunk) - Working capital decreased to **$5.5 million** from **$6.8 million** at year-end 2022, mainly due to a **$4.2 million** increase in accounts payable[149](index=149&type=chunk) - The company is developing new products, including the EV Standard™ and UAV ARC™, to expand into new markets[131](index=131&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for a smaller reporting company - The report indicates this item is not applicable[89](index=89&type=chunk)[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of March 31, 2023, the company's internal controls over financial reporting were not effective due to a material weakness related to insufficient inventory tracking controls, with a new ERP system implementation underway for remediation by July 2023 - Management identified a material weakness in internal controls over financial reporting as of March 31, 2023[91](index=91&type=chunk)[162](index=162&type=chunk) - The material weakness stems from insufficient controls for inventory tracking, relying on manual processes without an automated system[161](index=161&type=chunk)[172](index=172&type=chunk) - To address the weakness, the company began implementing a new enterprise resource planning (ERP) system, with completion expected in July 2023[173](index=173&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) As of the report date, the company is not involved in any pending or threatened lawsuits reasonably expected to have a material effect on its operations - There are no ongoing or pending legal claims or proceedings of which management is aware[94](index=94&type=chunk)[174](index=174&type=chunk) [Item 1A. Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) This section refers investors to the risk factors detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2022, for a comprehensive understanding of potential risks - The report directs readers to the risk factors detailed in the previously filed Annual Report on Form 10-K for the year ended December 31, 2022[165](index=165&type=chunk)[95](index=95&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On March 21, 2023, the company issued **6,444** shares of common stock to a consultant for marketing services, unregistered under the Securities Act pursuant to a Section 4(a)(2) exemption - The Company issued **6,444** shares of common stock to a consultant for marketing services on March 21, 2023, under a Section 4(a)(2) exemption[96](index=96&type=chunk) [Item 3. Defaults Upon Senior Securities](index=25&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable - The report indicates this item is not applicable[166](index=166&type=chunk) [Item 4. Mine Safety Disclosures](index=25&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable as the company has no mine safety disclosures to report - None reported[97](index=97&type=chunk) [Item 6. Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and various Inline XBRL documents - The filing includes required certifications from the CEO and CFO under Sections 302 and 906 of the Sarbanes-Oxley Act[177](index=177&type=chunk)[168](index=168&type=chunk) - A list of corporate governance documents and other agreements incorporated by reference is provided[99](index=99&type=chunk) Signatures [Signatures](index=27&type=section&id=Signatures) The report is duly signed on May 15, 2023, by Desmond Wheatley, Chairman and Chief Executive Officer, and Katherine H McDermott, Chief Financial Officer - The report was signed and authorized by the company's Principal Executive Officer and Principal Financial/Accounting Officer[101](index=101&type=chunk)[102](index=102&type=chunk)

· government regulations and economic incentives promoting fuel efficiency and alternate forms of energy; · access to charging stations and consumers' perceptions about convenience and cost to charge an EV; and We may acquire other businesses, which could require significant management attention, disrupt our business, dilute stockholder value and harm our business, revenue and financial results. We source battery cells from a few suppliers, but the demand for cells and for lithium has increased over the pas ...

Beam Global (NASDAQ:BEEM) Q4 2022 Earnings Conference Call March 29, 2023 4:30 PM ET Company Participants Kathy McDermott - Chief Financial Officer Desmond Wheatley - President, Chief Executive Officer and Chairman Conference Call Participants Christopher Souther - B. Riley Tate Sullivan - Maxim Group Craig Irwin - Roth MKM Noel Parks - Tuohy Brothers Investment Research Abhi Sinha - Northland Operator Good day, and welcome to the Beam Global Year-End 2022 Financial Results and Corporate Update Conference C ...

Beam Global (NASDAQ:BEEM) Q3 2022 Results Earnings Conference Call November 10, 2022 4:30 PM ET Company Participants Desmond Wheatley - President, Chief Executive Officer and Chairman Kathy McDermott - Chief Financial Officer Conference Call Participants Tyler DiMatteo - BTIG Tate Sullivan - Maxim Group Craig Irwin - ROTH Capital Partners Christopher Souther - B. Riley Noel Parks - Tuohy Brothers Stephen Wagner - Integrity Wealth Advisors Cliff Weinstein - Private Investor Operator Good day and welcome to t ...