The stage has been set for the world to transition into a green energy environment. Global economies have already taken steps to shift to clean energy. Nations are gearing up to meet ambitious climate change targets to address the need to reduce carbon footprint and emissions, making investors start hunting for renewable energy stocks to buy. According to the Economist, clean energy investments have increased by 40% since 2020. Based on last year’s data alone, this figure could rise as countries push toward ...

SAN DIEGO, May 09, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that the Federal Railroad Administration has ordered EV ARC™ solar-powered EV charging systems to charge federal fleet vehicles at the Transportation Technology Center (TTC) in Pueblo, CO. The EV ARC™ systems were purchased through the General Services Administration (GSA) Federal Blanket Pur ...

SAN DIEGO, April 25, 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 the U.S. National Park Service (NPS) has deployed EV ARC™ solar-powered EV charging systems to charge federal fleet vehicles at the National Capital Region headquarters at the National Mall in Washington, D.C.. The EV ARC™ systems were purchased through the General Services Ad ...

Since the beginning of 2024, concern for the electric vehicle (EV) market has risen while many EV stocks have trended downward. After enjoying a red-hot surge of enthusiasm, the sector has definitely cooled. These days, car buyers seem more keen on hybrids than even the trendiest EVs. Additionally, some of the EV sector’s leading names — including Tesla (NASDAQ:TSLA) — have opted for layoffs this year, casting further doubt over the space’s growth prospects. At this point, some investors are likely wonderin ...

Beam Global (NASDAQ:BEEM) Q4 2023 Results Conference Call April 17, 2024 4:30 PM ET Company Participants Lisa Potok - CFO Desmond Wheatley - President, CEO and Chairman Conference Call Participants Christopher Souther - B. Riley Sameer Joshi - HC Wainwright Tate Sullivan - Maxim Group Operator Good day, everyone, and welcome to the Beam Global Full Year 2023 Operating Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to L ...

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 ...