The weakness of Blink Charging (NASDAQ:BLNK) is also a buying opportunity. After failing at about $3.60, Blink dropped to $2.60, which appears to have found strong support. From $2.60, I'd like to see BLNK initially retest its prior high. Helping, the company says it's a step closer to being an EV charging solutions provider to the U.S. government. It now has an "in process" designation from the Federal Risk and Authorization Management Program for EV charging solutions. If Blink becomes the government's of ...

Industry Overview - The deployment of EV charging infrastructure in Vacaville signifies a major shift towards sustainable transportation, with California's EV market share increasing to 25% in 2023 from 18.84% in 2022, representing a record-breaking year for EV adoption [1][9] - California aims to install 1.2 million public and shared private chargers by 2030 to support the growing number of electric vehicles (EVs) [1][5] Company Profile - Beam Global is a clean technology innovator focused on sustainable energy infrastructure and scalable EV charging solutions, with operations in the U.S. and Europe [2] - The company has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM, emphasizing its commitment to clean technology solutions [2] Product Offering - Beam's EV ARC™ systems can be rapidly deployed without the typical delays associated with grid-tied charger installations, making them a viable solution for public charging [1][10] - Each EV ARC™ system is off-grid, powered by 100% renewable energy, and capable of generating and storing clean electricity, thus providing reliable power during adverse weather and outages [10] Strategic Initiatives - The City of Vacaville's order for three EV ARC™ systems aligns with its commitment to sustainable energy and conservation, aiming to reduce greenhouse gas emissions [4][9] - The CEO of Beam Global highlighted the significance of this order as it opens new opportunities for public charging, anticipating a need for 12.5 million EVs and 1.2 million chargers in California by 2035 [5]

Financial Data and Key Metrics Changes - Beam Global reported record first quarter revenues of $14.6 million, a 12% increase compared to the same period in 2023, attributed to increased federal sales [4][10] - The gross profit margin reached 10.2%, the highest margin ever, due to cost reductions implemented in late 2023 [4][10] - Operating expenses for Q1 2024 were $4.5 million, or 31% of revenue, compared to $3.8 million, or 30% of revenue in Q1 2023 [5] - The net loss narrowed to $3 million, or 21% of revenue, from $3.8 million, or 29% of revenue in the same period last year, marking an 8% year-over-year improvement [5][10] - Cash balance decreased to $5 million from $10.4 million at the end of 2023, primarily due to cash payments for the acquisition of Amiga [6] Business Line Data and Key Metrics Changes - The majority of revenue in Q1 2024 came from EV ARC deliveries, with contributions from European business and batteries [12] - Beam Europe's legacy business typically sees slower revenue in the first quarter but is expected to improve in the second and third quarters [19][20] - Purchase orders from Beam Europe increased by about 30% year-over-year, indicating strong demand [22][27] Market Data and Key Metrics Changes - Significant increase in commercial orders, approximately 300%, due to efforts to diversify revenue opportunities [27] - A notable $7.4 million order from the US Army was received, adding to a previous $30 million order in 2022 [27] - The company secured its first large government contract in Europe with the UK Crown Commercial Services, leading to a million-dollar order from the British Army [28][29] Company Strategy and Development Direction - The company is focused on efficiency and improving gross profitability, with cash flow as a primary objective for 2024 [35] - Beam Global is expanding its operations in Europe and the Middle East, leveraging new opportunities and partnerships [7][31] - The introduction of the EV Standard product is anticipated to generate significant gross profit, with plans for demonstration in the second half of 2024 [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory towards cash flow, emphasizing the importance of operational improvements and cost management [18][35] - The company is optimistic about the European market, noting rapid progress and strong interest from major players [31][66] - Management highlighted the importance of the UK government's zero-emission vehicle mandates as a growth opportunity [66] Other Important Information - The company has instituted a price increase of approximately 8.25% on its base model, which is expected to positively impact future revenues [14][15] - The acquisition of Amiga has allowed Beam Global to create inventory for future periods, enhancing operational efficiency [23][24] Q&A Session Summary Question: What does the backlog and pipeline comprise of geographically and between AllCell, EV ARC, and Amiga? - The majority of the backlog is from Beam Global EV Charging Infrastructure products, with Beam Europe contributing about $3 million [38] Question: Should we expect Amiga to do around 30% over last year's amount? - Purchase orders from Amiga are up about 30% over historical norms, but this does not directly translate to a 30% increase in revenues [42][43] Question: Were there any inefficiencies in making the EV ARCs in Europe? - Initial units produced in Europe experienced some inefficiencies, but the quality is high and future production is expected to be more efficient [48][49] Question: Is the gross margin improvement simply due to increased sales volume? - Both increased sales volume and further engineering efficiencies will contribute to gross margin improvements [52][53] Question: What is the margin profile for the EV Standard product? - The first units will be more expensive, but future models are expected to have better unit economics and higher gross profitability [55][56] Question: What is the timing of the $4.3 million non-cash contingent consideration? - The $4.3 million is a current liability expected to impact the next 12 months, tied to earnouts for Beam Europe [60]

Exhibit 99.1 Beam Global Announces Record First Quarter 2024 Operating Results Conference Call Tuesday May 21, 2024 at 4:30 p.m. ET SAN DIEGO, CA – May 21, 2024 – Beam Global, (Nasdaq: BEEM), (the "Company"), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2024. Q1 2024 Financial and Recent Company Highlights · Record first quarter revenue of $14 ...

SAN DIEGO, May 21, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM), (the "Company"), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2024. Q1 2024 Financial and Recent Company Highlights Gross profit for the quarter ended March 31, 2024, was a record $1.5 million, or 10% of sales, compared to a gross profit of $5 thousand, or .04% of sales in ...

4 Beam Global Consolidated Statements of Changes in Stockholders' Equity (Unaudited, in thousands) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------------------------|------------------|-------|--------------------------------------------|-------|--------------------------------------|-------|----------------------------------------------|--------------------------- ...

Core Insights - Beam Global will report its Q1 2024 operating results on May 20, 2024, after market close [1] - A conference call to discuss the financial results and corporate developments is scheduled for May 21, 2024, at 4:30 p.m. ET [1][2] Company Overview - Beam Global is a clean technology innovator focused on sustainable infrastructure products and technologies [4] - The company operates at the intersection of clean energy and transportation, emphasizing sustainable energy infrastructure and scalable EV charging solutions [4] - Beam Global has a significant patent portfolio and operates in the U.S. and Europe, with headquarters in San Diego and facilities in Chicago, Belgrade, and Kraljevo [4]

SAN DIEGO, May 15, 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 Q1 2024 operating results on Monday, May 20, 2024 after the market closes. Management will host a conference call on Tuesday May 21, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following mana ...

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 ...