SAN DIEGO, Jan. 30, 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 former Nuclear Navy Officer Mark Myers has joined the Beam Global executive team as chief operating officer (COO). Mr. Myers is a proven manufacturing and operations executive with over 20 years of experience leading lean transformations in design, manufacturing and logistics. ...

SAN DIEGO, Jan. 23, 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, today announced that the U.S. Department of Homeland Security (DHS) has ordered 47 Beam EV ARC™ sustainable off-grid charging systems and 16 ARC Mobility™ trailers to enable efficient transportation of the products. The EV ARC™ systems will be deployed to the Federal Emergency Management Agen ...

SAN DIEGO, Jan. 16, 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 the U.S. Army Corps of Engineers, Army Material Command (AMC) placed an order for 88 EV ARC™ sustainable off-grid charging systems. The systems will be deployed across 21 locations in 16 states. The purchase was made through GSA Multiple Award Schedule (MAS) Contract Number 47QSWA21 ...

SAN DIEGO, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that Desmond Wheatley, CEO of Beam Global, has received the Global Sustainability Hero award from the Business Intelligence Group in the 2023 Sustainability Awards program. The Sustainability Awards honor those people, teams and organizations who have made sustainability an integral ...

SAN DIEGO, Jan. 10, 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 EV ARC™ system has been honored with the prestigious Top Product of the Year Award 2023 by the Environment + Energy (E+E) Leader Awards program. This accolade recognizes the EV ARC™ sustainable EV charging system as an exemplary product making great strides in energy advanc ...

SAN DIEGO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that Desmond Wheatley, Chief Executive Officer, will present a corporate overview at the 26th Annual Needham Growth Conference. The conference is being held January 17 - 18, 2024 at the Lotte New York Palace Hotel. Presentation Date:January 17, 2024Presentation Time:11am ET (Rutherfo ...

SAN DIEGO, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that Desmond Wheatley, Chief Executive Officer, will present a corporate overview at the 26th Annual Needham Growth Conference. The conference is being held January 17 - 18, 2024 at the Lotte New York Palace Hotel. Presentation Date:January 17, 2024Presentation Time:11am ET (Rutherf ...

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)