Group 1 - Beam Global reported a quarterly loss of $0.14 per share, better than the Zacks Consensus Estimate of a loss of $0.20, and an improvement from a loss of $0.32 per share a year ago, representing a 30% earnings surprise [1] - The company posted revenues of $14.81 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 9.13%, and down from $17.82 million year-over-year [2] - Beam Global shares have declined approximately 23% since the beginning of the year, contrasting with the S&P 500's gain of 12.1% [3] Group 2 - The earnings outlook for Beam Global is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.15 on revenues of $19.66 million, and for the current fiscal year, it is -$0.67 on revenues of $69.68 million [7] - The Automotive - Original Equipment industry, to which Beam Global belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

[Q2 2024 Highlights](index=1&type=section&id=Q2%202024%20Highlights) Beam Global achieved record gross margin and revenue growth in Q2 2024, driven by strong purchase orders and a record sales pipeline, while remaining debt-free Q2 2024 Financial Highlights | Metric | Value ($) | Note | | :--- | :--- | :--- | | Revenue | $14.8 million | +2% over Q1 2024 | | Gross Margin | 16% | Record high, +6 percentage points over Q1 2024 | | Commercial Customer Revenue | 31% | Percentage of total revenue | | Backlog | $11 million | - | | Pipeline | >$183 million | Record high | | Net Cash Used (Operating) | $0.1 million | For the six months ended Q2 2024 | | Debt | $0 | Debt-free with $100M credit line available | - Operational momentum continued with Q2 purchase orders up **129% year-over-year**, and over half of U.S. orders coming from new customers[2](index=2&type=chunk) - The company is expanding its sales channels by signing its first European distributor for EV charging and energy infrastructure products[2](index=2&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO commentary emphasizes margin improvement, cash flow progress, and strategic expansion through Beam Europe and new product development - The primary focus is on improving margins and achieving positive cash flow, with progress demonstrated by a record **18% gross margin**, net of non-cash items[2](index=2&type=chunk) - Strategic initiatives to diversify revenue include geographic expansion (Beam Europe), recruiting external sales partners, and launching a new product in 2024[2](index=2&type=chunk) - A significant milestone was achieved in Europe with Beam Europe winning the UK's GSA-equivalent contract, leading to a **million-dollar EV ARC™ contract** from the British Army[2](index=2&type=chunk) [Second Quarter 2024 Financial Summary](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Summary) Q2 2024 saw $14.8 million in revenue and a record 16% gross margin, despite increased operating expenses leading to a $4.9 million net loss, with cash improving to $8.7 million [Revenues](index=1&type=section&id=Revenues) Q2 2024 revenue reached $14.8 million, a 2% sequential increase, with commercial customers contributing 31% of the total Revenue Performance | Period | Revenue ($ million) | Note | | :--- | :--- | :--- | | Q2 2024 | $14.8 | +2% vs Q1 2024 | | H1 2024 | $29.4 | - | [Gross Profit](index=1&type=section&id=Gross%20Profit) Q2 2024 gross profit was $2.4 million, achieving a record 16% gross margin, or 18% excluding non-cash items, driven by cost reductions and efficiencies Gross Profit Analysis (Q2 2024) | Metric | Value ($ million) | Note | | :--- | :--- | :--- | | Gross Profit | $2.4 | - | | Gross Margin | 16% | +6 percentage points vs Q1 2024 | | Gross Profit (Net of non-cash items) | $2.7 | - | | Gross Margin (Net of non-cash items) | 18% | - | - Margin improvement drivers include engineering design changes reducing bill of materials, labor efficiencies, lower material costs, and operational improvements from the Amiga acquisition[5](index=5&type=chunk) [Operating Expenses](index=1&type=section&id=Operating%20Expenses) Q2 2024 operating expenses increased significantly to $7.1 million, primarily due to a $1.8 million non-cash charge from the Amiga acquisition Operating Expenses Comparison | Period | Operating Expenses ($ million) | Change (QoQ) ($ million) | | :--- | :--- | :--- | | Q2 2024 | $7.1 | +$2.6 | | Q1 2024 | $4.5 | - | - The increase in operating expenses is mainly attributable to a **$1.8 million non-cash expense** for contingent consideration (Amiga acquisition), **$0.3 million** for Beam Europe operations, and **$0.6 million** in commission expenses[5](index=5&type=chunk) [Net Loss](index=2&type=section&id=Net%20Loss) Q2 2024 GAAP net loss was $4.9 million ($0.34 per share), with a non-GAAP net loss of $2.1 million ($0.14 per share) after adjusting for non-cash expenses Net Loss Summary (Q2 2024) | Metric | Value ($ million) | Per Share ($) | | :--- | :--- | :--- | | GAAP Net Loss | $4.9 | $0.34 | | Non-Cash Expenses | $2.8 | - | | Non-GAAP Net Loss | $2.1 | $0.14 | [Cash and Working Capital](index=2&type=section&id=Cash%20and%20Working%20Capital) Cash increased to $8.7 million by Q2 2024 due to improved collections, with minimal net cash used in operations for the first half, and working capital at $16.0 million Cash Position | Date | Cash Balance ($ million) | | :--- | :--- | | End of Q2 2024 | $8.7 | | End of Q1 2024 | $5.0 | | End of Q4 2023 | $10.4 | - Working Capital was **$16.0 million** at the end of Q2 2024. The decrease from Q4 2023 was mainly due to a non-cash reclassification of contingent consideration for the Amiga acquisition to current liabilities[9](index=9&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the Balance Sheet, Statement of Operations, and GAAP to Non-GAAP net loss reconciliation [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were $71.9 million, total liabilities $28.5 million, and stockholders' equity $43.4 million, with $8.7 million in cash Balance Sheet Summary (in thousands) | Account | June 30, 2024 (thousands $) | Dec 31, 2023 (thousands $) | | :--- | :--- | :--- | | **Total Assets** | **$71,914** | **$77,643** | | Cash | $8,749 | $10,393 | | Total current assets | $36,274 | $40,722 | | **Total Liabilities** | **$28,517** | **$28,101** | | Total current liabilities | $20,231 | $16,874 | | **Total Stockholders' Equity** | **$43,397** | **$49,542** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 revenue was $14.8 million, with gross profit improving to $2.4 million, resulting in a net loss of $4.9 million ($0.34 per share) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2024 (thousands $) | Q2 2023 (thousands $) | | :--- | :--- | :--- | | Revenues | $14,812 | $17,819 | | Gross Profit | $2,356 | $501 | | Loss from Operations | $(4,791) | $(3,541) | | Net Loss | $(4,916) | $(3,530) | | Net Loss Per Share | $(0.34) | $(0.32) | [Reconciliation of Net Loss to Non-GAAP Net Loss](index=6&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Non-GAAP%20Net%20Loss) This reconciliation adjusts the Q2 2024 GAAP net loss of $4.9 million for $2.8 million in non-cash items, yielding a Non-GAAP net loss of $2.1 million ($0.14 per share) Non-GAAP Reconciliation (Q2 2024, in thousands) | Metric | Value (thousands $) | | :--- | :--- | | GAAP Net Loss | $4,916 | | Non-cash adjustments | $(2,837) | | *Fair value of contingent consideration* | *$(1,679)* | | *Non-cash compensation* | *$(752)* | | **Non-GAAP Net Loss** | **$2,079** |

[FORM 10-Q - Quarterly Report](index=1&type=section&id=FORM%2010-Q%20-%20Quarterly%20Report) [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the basic identification details for Beam Global's Quarterly Report on Form 10-Q for the period ended June 30, 2024, confirming its filing status and key company identifiers - Beam Global is filing a Quarterly Report on Form 10-Q for the period ended June 30, 2024[1](index=1&type=chunk) - The company is classified as a **Non-accelerated Filer** and a **Smaller reporting company**[2](index=2&type=chunk) Registrant Key Details | Detail | Value | | :--- | :--- | | Exact name of Registrant | Beam Global | | State of incorporation | Nevada | | Commission File Number | 001-38868 | | Trading Symbol(s) | BEEM | | Exchange in which registered | Nasdaq Capital Market | | Common stock outstanding as of August 5, 2024 | 14,621,141 | | Filer Status | Non-accelerated Filer, Smaller reporting company | [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)) This section presents Beam Global's unaudited condensed consolidated financial statements, including balance sheets, statements of operations and comprehensive loss, statements of changes in stockholders' equity, and statements of cash flows, along with detailed notes explaining the company's financial position and performance [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The Condensed Consolidated Balance Sheets provide a snapshot of Beam Global's financial position as of June 30, 2024, compared to December 31, 2023, detailing assets, liabilities, and stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $36,274 | $40,722 | | Total assets | $71,914 | $77,643 | | Total current liabilities | $20,231 | $16,874 | | Total liabilities | $28,517 | $28,101 | | Total stockholders' equity | $43,397 | $49,542 | - Total assets decreased by approximately **$5.7 million** from December 31, 2023, to June 30, 2024, primarily driven by a reduction in current assets[5](index=5&type=chunk) - Total current liabilities increased by **$3.357 million**, while total stockholders' equity decreased by **$6.145 million** during the six-month period[4](index=4&type=chunk)[6](index=6&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This statement outlines Beam Global's financial performance for the three and six months ended June 30, 2024, and 2023, highlighting revenues, costs, and net loss Key Financial Performance Indicators (in thousands, except per share data) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $14,812 | $17,819 | $29,373 | $30,839 | | Cost of revenues | $12,456 | $17,318 | $25,538 | $30,333 | | Gross profit | $2,356 | $501 | $3,835 | $506 | | Operating expenses | $7,147 | $4,042 | $11,674 | $7,888 | | Loss from operations | $(4,791) | $(3,541) | $(7,839) | $(7,382) | | Net loss | $(4,916) | $(3,530) | $(7,953) | $(7,361) | | Net loss per share - basic | $(0.34) | $(0.32) | $(0.55) | $(0.69) | | Weighted average shares outstanding - basic | 14,533 | 10,990 | 14,486 | 10,604 | - Revenues decreased by **17%** for the three months ended June 30, 2024, and by **5%** for the six months ended June 30, 2024, compared to the respective prior periods[7](index=7&type=chunk) - Gross profit significantly improved, increasing from **$501 thousand (2.8% of sales)** in Q2 2023 to **$2,356 thousand (15.9% of sales)** in Q2 2024, and from **$506 thousand (1.6% of sales)** to **$3,835 thousand (13.0% of sales)** for the six-month period[7](index=7&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) This statement details the changes in each component of stockholders' equity for the three and six months ended June 30, 2024, and 2023, including common stock, additional paid-in capital, accumulated deficit, and accumulated other comprehensive income Changes in Stockholders' Equity (in thousands) | Item | Balance at Dec 31, 2023 | Six Months Ended June 30, 2024 Changes | Balance at June 30, 2024 | | :--- | :--- | :--- | :--- | | Common Stock (shares) | 14,398 | 210 | 14,608 | | Common Stock (amount) | $14 | $0 | $14 | | Additional Paid-in Capital | $142,265 | $2,232 | $144,497 | | Accumulated Deficit | $(93,361) | $(7,953) | $(101,314) | | Accumulated Other Comprehensive Income (AOCI) | $624 | $(424) | $200 | | Total Stockholders' Equity | $49,542 | $(6,145) | $43,397 | - The accumulated deficit increased by **$7.953 million** for the six months ended June 30, 2024, reflecting the net loss incurred during the period[8](index=8&type=chunk) - Additional paid-in capital increased by **$2.232 million**, primarily due to employee stock-based compensation, warrant exercises, and stock sales under the Committed Equity Facility[8](index=8&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2024, and 2023, providing insight into the company's liquidity Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(97) | $(5,062) | | Net cash used in investing activities | $(2,953) | $(601) | | Net cash provided by financing activities | $1,396 | $27,664 | | Net (decrease) increase in cash | $(1,644) | $22,001 | | Cash at end of period | $8,749 | $23,682 | - Net cash used in operating activities significantly decreased from **$5.062 million** in H1 2023 to **$97 thousand** in H1 2024, indicating improved operational cash management[10](index=10&type=chunk) - Investing activities used substantially more cash in H1 2024 (**$2.953 million**) compared to H1 2023 (**$601 thousand**), primarily due to a **$2.7 million** payment of deferred consideration for the Amiga acquisition[11](index=11&type=chunk)[106](index=106&type=chunk) [Notes To Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20To%20Condensed%20Consolidated%20Financial%20Statements) These notes provide additional information and explanations to the condensed consolidated financial statements, detailing accounting policies, significant estimates, liquidity, business combinations, and other financial disclosures [1. Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies](index=9&type=section&id=1.%20NATURE%20OF%20OPERATIONS,%20BASIS%20OF%20PRESENTATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note describes Beam Global's business as a sustainable technology innovation company focused on EV charging, energy security, and disaster preparedness products, covering financial statement presentation, estimates, accounting pronouncements, credit risk, customer concentrations, fair value measurement, and net loss per share calculations - Beam Global develops, designs, engineers, manufactures, and sells renewably energized infrastructure products for EV charging, energy security, and disaster preparedness, including energy-dense battery solutions[13](index=13&type=chunk) - For the three months ended June 30, 2024, **69%** of total revenues were derived from pre-funded federal, state, and local government programs, with three customers accounting for **21%, 11%, and 10%** of total revenues[22](index=22&type=chunk) - The company had Level 3 liabilities for contingent consideration as of June 30, 2024, valued at **$6.257 million**, reflecting a change in fair value of **$1.532 million** during the period[27](index=27&type=chunk)[28](index=28&type=chunk) - Basic and diluted net loss per share for the six months ended June 30, 2024, was **$(0.55)**, based on **14.486 million** weighted average shares outstanding[7](index=7&type=chunk) [2. Liquidity](index=12&type=section&id=2.%20LIQUIDITY) This note addresses Beam Global's liquidity position, including net losses, cash used in operations, working capital, and available financing options like the Committed Equity Facility and a supply chain line of credit, to fund future operations Liquidity Snapshot (in thousands) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash balance | $8,749 | $10,393 | | Working capital | $16,000 | $23,800 | | Net loss (six months) | $(7,953) | $(7,361) (for H1 2023) | | Net cash used in operating activities (six months) | $(97) | $(5,062) (for H1 2023) | - The company believes it has sufficient liquidity to fund operations for at least twelve months, based on its current operating plan and available working capital, including **$12.7 million** in accounts receivable[33](index=33&type=chunk) - Beam Global has a Committed Equity Facility with B. Riley, allowing it to sell up to an additional **$27.0 million** or **1,718,843 shares** of common stock until October 1, 2024[34](index=34&type=chunk)[60](index=60&type=chunk) - A supply chain line of credit agreement with OCI Group for up to **$100 million** is available, though the company has not yet borrowed against it[37](index=37&type=chunk)[109](index=109&type=chunk) [3. Business Combination (Amiga DOO Kraljevo)](index=13&type=section&id=3.%20BUSINESS%20COMBINATION) This note details the acquisition of Amiga DOO Kraljevo in October 2023, outlining the purchase consideration, earnout provisions, strategic rationale for expanding into Europe, and pro forma financial impacts - On October 20, 2023, Beam Global acquired Amiga DOO Kraljevo, a Serbian manufacturer of steel structures with integrated electronics[39](index=39&type=chunk) Amiga Acquisition Purchase Consideration | Consideration Type | Amount | | :--- | :--- | | Cash paid at closing | 4.6 million euros ($4.9 million) | | Additional cash paid (Jan 2, 2024) | 2.5 million euros ($2.7 million) | | Common stock issued to Sellers | 451,807 shares | - Sellers are eligible for additional common stock (Earnout Consideration) if Amiga meets specific revenue milestones for 2024 and 2025, with a fair value adjustment of **$1.5 million loss** recorded in H1 2024[40](index=40&type=chunk) - The acquisition aims to introduce Beam's products to Europe, increase and diversify revenues, enhance manufacturing capabilities, and accelerate product development[41](index=41&type=chunk) Pro Forma Financial Information (Six Months Ended June 30, 2023, in thousands) | Metric | Amount | | :--- | :--- | | Revenues | $35,362 | | Net Loss | $(7,354) | [4. Inventory](index=14&type=section&id=4.%20INVENTORY) This note provides a breakdown of the company's inventory components as of June 30, 2024, and December 31, 2023 Inventory Composition (in thousands) | Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Finished goods | $5,106 | $1,953 | | Work in process | $2,694 | $2,006 | | Raw materials | $5,041 | $7,974 | | Total inventory, net | $12,841 | $11,933 | - Total inventory, net, increased by **$908 thousand** from December 31, 2023, to June 30, 2024, primarily driven by a significant increase in finished goods[46](index=46&type=chunk) [5. Property and Equipment](index=14&type=section&id=5.%20PROPERTY%20AND%20EQUIPMENT) This note details the composition of property and equipment, net of accumulated depreciation, and reports depreciation expense for the periods presented Property and Equipment, Net (in thousands) | Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total property and equipment (gross) | $17,985 | $18,226 | | Less accumulated depreciation | $(3,091) | $(1,713) | | Property and Equipment, net | $14,894 | $16,513 | Depreciation Expense (in thousands) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Three months ended June 30 | $700 | $100 | | Six months ended June 30 | $1,400 | $200 | - Net property and equipment decreased by **$1.619 million** from December 31, 2023, to June 30, 2024[47](index=47&type=chunk) [6. Intangible Assets](index=15&type=section&id=6.%20INTANGIBLE%20ASSETS) This note provides a breakdown of intangible assets, including developed technology, trade names, customer relationships, backlog, and patents, along with their accumulated amortization and weighted-average amortization periods Intangible Assets, Net (in thousands) | Category | Gross Carrying Amount (June 30, 2024) | Accumulated Amortization (June 30, 2024) | Net Carrying Amount (June 30, 2024) | Net Carrying Amount (Dec 31, 2023) | | :--- | :--- | :--- | :--- | :--- | | Developed technology | $8,074 | $(1,713) | $6,361 | $6,728 | | Trade name | $1,756 | $(410) | $1,346 | $1,434 | | Customer relationships | $444 | $(135) | $309 | $334 | | Backlog | $185 | $(185) | $0 | $0 | | Patents | $537 | $(67) | $470 | $554 | | Total intangible assets, net | $10,996 | $(2,510) | $8,486 | $9,050 | Amortization Expense (in thousands) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Three months ended June 30 | $200 | $200 | | Six months ended June 30 | $500 | $600 | - Total intangible assets, net, decreased by **$564 thousand** from December 31, 2023, to June 30, 2024[51](index=51&type=chunk)[52](index=52&type=chunk) [7. Accrued Expenses](index=16&type=section&id=7.%20ACCRUED%20EXPENSES) This note details the major components of accrued expenses and other long-term liabilities, including accrued vacation, salaries, vendor accruals, and an acquired long-term liability related to the Amiga acquisition Accrued Expenses and Other Long-Term Liabilities (in thousands) | Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Accrued vacation | $290 | $246 | | Accrued salaries and bonus | $2,055 | $1,086 | | Vendor accruals | $118 | $50 | | Accrued warranty | $10 | $27 | | Other accrued expense | $1,966 | $1,328 | | Total accrued expenses | $4,439 | $2,737 | | Long-term deferred tax liability | $1,652 | $1,698 | | Acquired long-term liability | $3,689 | $3,787 | | Total long-term liabilities | $5,341 | $5,485 | - Total accrued expenses increased by **$1.702 million** from December 31, 2023, to June 30, 2024, primarily due to increases in accrued salaries and bonus and other accrued expenses[54](index=54&type=chunk) - The acquired long-term liability of **$3.7 million** relates to a restructuring debt settlement from the Amiga acquisition, with six years and six months remaining on a nine-year term[54](index=54&type=chunk) [8. Note Payable](index=16&type=section&id=8.%20NOTE%20PAYABLE) This note describes the company's outstanding notes payable, primarily for financing vehicle and equipment purchases, detailing their terms, interest rates, and balances - In May 2023, the Company financed two new trucks with a 60-month auto loan at **7.55% interest**, with a short-term balance of **$40 thousand**[55](index=55&type=chunk) - In March and April 2024, the Company financed two forklifts through auto loans with 60-month terms, bearing interest at **6.54%** and **7.89%** respectively, with short-term balances of **$6 thousand** and **$14 thousand**[55](index=55&type=chunk) [9. Commitments and Contingencies](index=16&type=section&id=9.%20COMMITMENTS%20AND%20CONTINGENCIES) This note addresses legal matters and other contractual commitments, stating that management believes there are no pending or threatened lawsuits that would materially affect operations and outlining various agreements entered into in the normal course of business - As of June 30, 2024, management believes there are no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of operations[56](index=56&type=chunk) - The company enters into various contracts, including reseller agreements, joint development contracts, referral agreements, sales agent agreements, business development agreements, strategic alliance agreements, and vendor arrangements[58](index=58&type=chunk) [10. Income Taxes](index=17&type=section&id=10.%20INCOME%20TAXES) This note explains the company's income tax position, indicating no federal income tax expense due to net losses and the establishment of a full valuation allowance against deferred tax assets - There was no Federal income tax expense for the six months ended June 30, 2024 or 2023, due to the Company's net losses[59](index=59&type=chunk) - A full valuation allowance has been established to offset all deferred tax assets as of June 30, 2024, reflecting the company's history of operating losses[59](index=59&type=chunk) [11. Stockholders' Equity](index=17&type=section&id=11.%20STOCKHOLDERS'%20EQUITY) This note provides detailed information on the components of stockholders' equity, including the Committed Equity Facility, stock option activity, restricted stock units (RSUs), restricted stock awards, and warrants, outlining their terms, fair values, and compensation expenses - Under the Committed Equity Facility with B. Riley, Beam Global has the right to sell up to **$30.0 million** or **2.0 million shares** of common stock, with **$3.0 million** in proceeds generated from **281,157 shares** issued as of June 30, 2024[60](index=60&type=chunk)[61](index=61&type=chunk) Stock Option Activity (Six Months Ended June 30, 2024) | Activity | Number of Options | Weighted Average Exercise Price | | :--- | :--- | :--- | | Outstanding at December 31, 2023 | 481,858 | $10.41 | | Granted | 116,000 | $6.07 | | Forfeited | (3,300) | $9.29 | | Outstanding at June 30, 2024 | 594,558 | $8.46 | - Stock compensation expense for stock options was **$0.3 million** for the six months ended June 30, 2024, with **$1.3 million** in unrecognized costs remaining[64](index=64&type=chunk) - **142,500 PSUs** and **35,625 RSUs** remain outstanding as of June 30, 2024, with **$0.6 million** in stock compensation expense recognized for the six months ended June 30, 2024[65](index=65&type=chunk) Warrant Activity (Six Months Ended June 30, 2024) | Activity | Number of Warrants | Weighted Average Exercise Price | | :--- | :--- | :--- | | Exercisable at December 31, 2023 | 610,745 | $9.80 | | Expired | (282,334) | – | | Exercised | (128,411) | $6.30 | | Outstanding at June 30, 2024 | 200,000 | $17.00 | | Exercisable at June 30, 2024 | 200,000 | $17.00 | [12. Revenues](index=20&type=section&id=12.%20REVENUES) This note categorizes Beam Global's revenues by type and geographic location, and provides details on deferred revenue Revenue Categorization (in thousands) | Category | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Product sales | $13,981 | $17,103 | $27,551 | $29,914 | | Maintenance fees | $26 | $18 | $53 | $34 | | Professional services | $357 | $24 | $422 | $60 | | Shipping and handling | $549 | $804 | $1,526 | $1,020 | | Discounts and allowances | $(101) | $(130) | $(179) | $(189) | | Total revenues | $14,812 | $17,819 | $29,373 | $30,839 | - Revenues from California customers were **26%** and **17%** for the three months ended June 30, 2024 and 2023, respectively, and **27%** and **35%** for the six months[74](index=74&type=chunk) - International sales comprised **15%** of revenues for the six months ended June 30, 2024, up from **10%** in the prior year, primarily from Beam Europe[74](index=74&type=chunk)[100](index=100&type=chunk) - Deferred revenue increased to **$1.5 million** at June 30, 2024, from **$1.2 million** at December 31, 2023, mainly from customer deposits and prepaid multi-year maintenance plans[75](index=75&type=chunk) [13. Subsequent Events](index=20&type=section&id=13.%20SUBSEQUENT%20EVENTS) This note confirms that management has evaluated events occurring after the financial statement date and found no reportable subsequent events requiring adjustment or disclosure - Management has determined that no reportable subsequent events exist through the date of filing that would require adjustment or disclosure in the financial statements[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Beam Global's financial condition and results of operations, including an overview of the business, future outlook, critical accounting estimates, and a detailed comparison of financial performance and liquidity for the periods presented [Forward-Looking Statements and Risk Factors](index=21&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This subsection serves as a cautionary note regarding forward-looking statements within the report, highlighting various assumptions, risks, and uncertainties that could cause actual results to differ materially from projections - The report contains forward-looking statements subject to numerous assumptions, risks, and uncertainties that may cause actual results to differ materially[79](index=79&type=chunk) - Key risk factors include stock price volatility, fluctuation in quarterly results, failure to earn revenues or profits, inadequate capital, reductions in demand, litigation, and rapid changes to raw material costs[79](index=79&type=chunk) - Readers are advised not to place undue reliance on forward-looking statements and to consider the 'Risk Factors' section in the 2023 Form 10-K[81](index=81&type=chunk) [Overview of Business and Products](index=22&type=section&id=Overview%20of%20Business%20and%20Products) This section describes Beam Global's core business of developing and selling renewably energized infrastructure products for EV charging, energy storage, and disaster preparedness, detailing its key product lines and strategic differentiators, including recent acquisitions - Beam Global's product lines include EV ARC™, Solar Tree® DCFC, EV ARC™ DCFC, BeamSpot™ (under development), and UAV ARC™ (under development), all incorporating proprietary technology for off-grid renewable energy[82](index=82&type=chunk)[83](index=83&type=chunk) - Key differentiators include patented renewable energy products that reduce installation cost/time, proprietary energy storage solutions, first-to-market advantage, operation during grid outages, and continuous innovation[86](index=86&type=chunk) - The acquisition of All Cell Technologies in March 2022 introduced Beam AllCell™ energy storage technology, providing flexible lithium-ion battery platforms with passive thermal management[87](index=87&type=chunk) - The October 2023 acquisition of Amiga DOO Kraljevo expanded Beam's presence into the European market, enhancing manufacturing, engineering, and sales capabilities for steel structures and integrated electronics[88](index=88&type=chunk) [Overall Business Outlook](index=23&type=section&id=Overall%20Business%20Outlook) Management discusses the company's revenue trends, market opportunities in EV charging and energy storage, the strategic impact of acquisitions, and efforts to improve gross margins through cost reductions and operational efficiencies - Revenues for the first six months of 2024 decreased by **5%** to **$29.4 million** from **$30.8 million** in 2023, attributed to order timing from larger federal customers, despite an increased pipeline[89](index=89&type=chunk)[100](index=100&type=chunk) - Commercial, non-government revenues increased from **14%** to **24%** of total revenues in the first six months of 2024 compared to 2023[89](index=89&type=chunk)[100](index=100&type=chunk) - Gross profit improved to **15.9% of sales** in Q2 2024 (up **13.1%** from Q2 2023) and **13% of sales** for the six months ended June 30, 2024 (up **11.4%** from H1 2023), driven by design changes, operational improvements, and positive margins from Amiga[94](index=94&type=chunk)[98](index=98&type=chunk)[101](index=101&type=chunk) - The company expects continued growth in the EV market, increased demand for EV charging infrastructure, and further gross margin improvements through lean manufacturing, engineering changes, and leveraging Serbian operations for cost reductions[90](index=90&type=chunk)[94](index=94&type=chunk)[108](index=108&type=chunk) - New patented products, BeamSpot™ and UAV ARC™, are under development, with Amiga's expertise in streetlights expected to accelerate BeamSpot™ development[93](index=93&type=chunk) [Critical Accounting Estimates](index=25&type=section&id=Critical%20Accounting%20Estimates) This section highlights the significant estimates and assumptions management makes in preparing the financial statements, acknowledging that actual results could differ and impact future operations - Significant estimates include allowance for expected credit losses (CECL), inventory valuation, depreciable lives of property and equipment, valuation of contingent consideration liability, intangible assets, loss contingencies, lease liabilities, share-based costs, and valuation allowance on deferred tax assets[96](index=96&type=chunk) [Results of Operations - Three Months Ended June 30, 2024 and 2023](index=25&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030,%202024%20and%202023) This section provides a detailed comparison of revenues, gross profit, and operating expenses for the second quarter of 2024 versus 2023, highlighting key drivers of change - Revenues decreased **17%** to **$14.8 million** in Q2 2024 from **$17.8 million** in Q2 2023, primarily due to a **$5.1 million** decrease in federal customer revenues, partially offset by **$2.8 million** from the Amiga acquisition[97](index=97&type=chunk) - Gross profit improved significantly to **$2.4 million (15.9% of sales)** in Q2 2024, compared to **$0.5 million (2.8% of sales)** in Q2 2023, driven by cost improvements from EV ARC design changes and positive margins from Amiga[98](index=98&type=chunk) - Total operating expenses increased by **$3.1 million** to **$7.1 million (48% of revenues)** in Q2 2024, mainly due to a **$1.4 million** non-cash change in fair value of contingent consideration for Amiga, **$0.6 million** for Beam Europe operating expenses, and increases in audit, commission, and legal costs[99](index=99&type=chunk) [Results of Operations - Six Months Ended June 30, 2024 and 2023](index=25&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030,%202024%20and%202023) This section provides a detailed comparison of revenues, gross profit, and operating expenses for the first six months of 2024 versus 2023, emphasizing the impact of federal customer orders, international sales, and acquisition-related expenses - Revenues decreased **5%** to **$29.4 million** for the six months ended June 30, 2024, from **$30.8 million** in 2023, with federal customer revenues decreasing by **$5.1 million**[100](index=100&type=chunk) - International customers, primarily Beam Europe, comprised **15%** of revenues in H1 2024, and non-government commercial entity revenues increased by **83%** from Q2 2023 to Q2 2024[100](index=100&type=chunk) - Gross profit improved to **$3.8 million (13% of sales)** in H1 2024, compared to a gross loss of **$0.5 million (2% of sales)** in H1 2023, driven by cost improvements and positive margins from Amiga[101](index=101&type=chunk) - Total operating expenses increased by **$3.8 million** to **$11.7 million (40% of revenues)** in H1 2024, largely due to a **$1.3 million** non-cash change in fair value of contingent consideration for Amiga, **$0.9 million** for Beam Europe operating expenses, and increases in audit, commission, and consultant costs[102](index=102&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes Beam Global's cash position, cash flow activities, working capital changes, and strategies for funding operations, including historical revenue growth, cost reduction measures, and available financing facilities Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(97) | $(5,062) | | Net cash used in investing activities | $(2,953) | $(601) | | Net cash provided by financing activities | $1,396 | $27,664 | - Cash balance decreased to **$8.7 million** at June 30, 2024, from **$10.4 million** at December 31, 2023[103](index=103&type=chunk) - Working capital decreased to **$16.0 million** at June 30, 2024, from **$23.8 million** at December 31, 2023, primarily due to decreases in accounts receivable and cash, and increases in accrued expenses and contingent consideration liabilities[107](index=107&type=chunk) - The company has achieved significant annual revenue growth (**45%** from 2020-2021, **144%** from 2021-2022, and **206%** from 2022-2023) and is implementing design changes, process improvements, and leveraging Serbian operations to reduce production costs and improve gross profitability[108](index=108&type=chunk) - The **$100 million** Supply Chain Line of Credit with OCI Limited remains undrawn, and the Committed Equity Facility with B. Riley provides additional capital raising potential[109](index=109&type=chunk)[110](index=110&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that the company has no material quantitative or qualitative disclosures about market risk to report - The company does not have any material quantitative and qualitative disclosures about market risk to report[111](index=111&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) This section details management's evaluation of the effectiveness of disclosure controls and procedures, concluding they were not effective as of June 30, 2024, due to identified material weaknesses, and outlines ongoing remediation efforts - Management concluded that disclosure controls and procedures were not effective as of June 30, 2024, due to material weaknesses in internal controls over financial reporting[112](index=112&type=chunk)[116](index=116&type=chunk) - Material weaknesses include inadequate program change management and user access controls in the NetSuite ERP system, insufficient segregation of duties, and lack of adequate documentation for review and approval of reconciliations[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - Despite the material weaknesses, management concluded that the consolidated financial statements fairly present the company's financial position, results of operations, and cash flows[112](index=112&type=chunk) - Remediation efforts include reviewing NetSuite ERP access for proper segregation of duties, managing inventory processes, increasing staffing with technical expertise, and formalizing reconciliation review and approval procedures[117](index=117&type=chunk)[118](index=118&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) This section states that Beam Global is not currently involved in any legal proceedings that are considered material to its business, results of operations, or financial condition - The company is not currently involved in any legal proceedings that are believed to be individually or in the aggregate, material to its business, results of operations or financial condition[120](index=120&type=chunk) [Item 1A. Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the comprehensive discussion of risk factors in the company's Annual Report on Form 10-K for the year ended December 31, 2023, noting that additional unknown risks may also exist - Readers should carefully consider the risk factors discussed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2023[121](index=121&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section indicates that there were no unregistered sales of equity securities or use of proceeds to report during the period - There were no unregistered sales of equity securities and use of proceeds to report[121](index=121&type=chunk) [Item 3. Defaults Upon Senior Securities](index=30&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities to report - There were no defaults upon senior securities to report[121](index=121&type=chunk) [Item 4. Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable to the company[121](index=121&type=chunk) [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information) This section reports that no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter - During the quarter ended June 30, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement[122](index=122&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including certifications, XBRL documents, and other corporate governance documents - The exhibits include certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[124](index=124&type=chunk) - Various Inline XBRL documents (Instance, Schema, Calculation, Definition, Labels, Presentation) are filed[124](index=124&type=chunk) [SIGNATURES](index=32&type=section&id=SIGNATURES) This section contains the authorized signatures of Beam Global's principal executive officer and principal financial/accounting officer, certifying the filing of the report - The report is signed by Desmond Wheatley, Chairman and Chief Executive Officer, and Lisa A. Potok, Chief Financial Officer, on August 13, 2024[127](index=127&type=chunk)

SAN DIEGO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM), (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 Q2 2024 operating results on Tuesday, August 13, 2024 after the market closes. Management will host a conference call on Tuesday, August 13, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Follow ...

Core Insights - The increasing demand for electric vehicle (EV) charging stations is driving investments from both public and private sectors, which is expected to boost EV charging stocks [1][2]. Industry Overview - Automakers such as BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis are collaborating to establish a network of 30,000 new EV charging stations across North America [2]. - BP plans to invest $1 billion in EV charging infrastructure in the U.S. by 2030 to support the demand for EV rentals from Hertz [2]. Consumer Sentiment - A significant barrier to EV adoption is the lack of public charging stations, with approximately 77% of potential buyers citing this as a concern [3]. Investment Opportunities - EVgo (NASDAQ:EVGO) has seen its stock price rise from around $1.66 in April to $3.71, with potential for further gains if it surpasses resistance at $4.09 [4]. - Analysts at Benchmark have raised EVgo's price target from $3 to $5, citing increased utilization of charging networks and positive market sentiment [5]. - Beam Global (NASDAQ:BEEM) reported new second-quarter orders of $10.6 million, a 128% year-over-year increase, and is considered a strong buy [6][7]. - Blink Charging (NASDAQ:BLNK) is currently trading between $2.30 and $3.75, with potential to reach $7 as EV charging momentum grows [8][9]. Financial Performance - Beam Global reported a revenue of $14.6 million, up 12.1% year-over-year, although it missed estimates by $4.71 million [7]. - Blink Charging's first-quarter revenue increased by 73% to $37.6 million, with product revenue up 68% to $27.5 million [10].

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article. Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio. Market size is estima ...

Of course, such an attitude comes with it extraordinary risks. If an enterprise was predictable, guess what? It's probably not a small cap but a mid-tier or even blue-chip entity. But you're not going to get extreme growth with such ideas. For those that can truly handle the heat, below are breakout stocks to consider. Based in San Diego, California, Beam Global (NASDAQ:BEEM) falls under the solar technology ecosystem. Recently, the company has gained a lot of attention – indeed, BEEM stock is absolutely fl ...

Core Insights - Beam Global has announced that its Beam AllCell™ energy storage solutions have been selected by a leading provider of solar-powered Transport Refrigeration Units (TRUs) [1][2] - The CEO of Beam Global, Desmond Wheatley, emphasized the growth opportunities in the energy storage space and the company's commitment to uncovering new revenue streams through electrification in transportation [2] Company Overview - Beam Global is a clean technology innovator focused on sustainable infrastructure products and technologies, operating at the intersection of clean energy and transportation [2] - The company develops, patents, designs, engineers, and manufactures advanced clean technology solutions that enhance transportation, provide secure electricity sources, and promote environmental protection [2] Market Context - The California Air Resources Board (CARB) has launched the Clean Off-Road Equipment Voucher Incentive Project (CORE) to incentivize the purchase or lease of zero-emission freight equipment, including TRUs, by providing a streamlined voucher process [4] - The global Refrigerated Trailer market was valued at USD 4.2 billion in 2023 and is projected to grow to USD 6.3 billion by 2030, driven by government initiatives and increasing consumer awareness in North America and Europe [6] Product Technology - Beam AllCell™ energy storage solutions utilize patented PCC™ technology, which allows for more power in a smaller, lighter battery while providing advanced thermal management to enhance safety and efficiency in various environments [7]

Purchase orders up 128% year-over-year with over half of U.S. orders from new customers Beam Global ships first EV ARC™ systems for UK Ministry of Defence (MOD) from European facility Beam Global CEO Desmond Wheatley and the Company's executive team to ring the opening bell at Nasdaq today SAN DIEGO, July 02, 2024 (GLOBE NEWSWIRE) -- Beam Global (NASDAQ:BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announ ...

So, today, I'll zero in on three companies poised to grow alongside the renewable energy sector. To get the list of stocks, I screened the market using the following criteria: I sorted the list based on the latest annual reports' highest to lowest revenue growth. This lets me focus on the stocks that continuously grow their revenue, have Wall Street's stamp of approval, and can potentially ride the trend of the growing transition to a greener economy. Source: Ilija Erceg / Shutterstock The company has recen ...