SAN DIEGO, March 29, 2023 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, today announced financial results for the year ended December 31, 2022.
2022 and Recent Company Highlights
“Beam Global has moved to an entirely new level. Triple digit growth in sales and a pipeline that shows a continuation of this trend; triple digit growth in production and lots of room to grow; no debt and available cash to fund our growth; entirely new opportunities through our energy storage products and a doubling of our patent portfolio; plans to expand to Europe and other regions; and continued balance sheet and equity discipline making us one of the tightest and least diluted public companies I know of,” said Desmond Wheatley, CEO of Beam Global. “The sales, engineering and operations teams at Beam Global are firing on all cylinders and determined to show how much more we can do. We are managing costs and improving our gross profitability while still in an inflationary cycle. The better we get at this in the United States, the better I feel about our international expansion, especially now that we have the OCI Group in London as a powerful ally.”
Fourth Quarter and Year-End 2022 Financial Summary
Revenues
For the fourth quarter of 2022, Beam Global reported record revenues of $7.9 million, a 126% increase over the same period in 2021. Full year revenues for 2022 were a record of $22.0 million, a 144% increase over 2021. The increase in revenues resulted from growth in Federal, state and local government agencies which accounted for 65% of our revenues, and from commercial entities which accounted for 35% of our revenues. In addition, we generated revenues of $5.2 million from our new energy storage sales.
Gross Loss
Gross loss for the quarter ended December 31, 2022 was $0.7 million, or 9% of sales, compared to $0.3 million, or 10% of sales in the same quarter of the prior year. Gross loss for the year ended December 31, 2022 was $1.7 million, or 8% of sales, compared to $1.0 million, or 11% of sales in the same period of the prior year, a 3% improvement. As a percentage of sales, the gross loss is improving in spite of our direct costs including $0.8 million of non-cash intangible amortization related to purchased assets from the All Cell acquisition and increases in material costs for steel and other components due to supply chain shortages and other inflationary pressures. Improvements in gross profitability are primarily due to increased production levels resulting in favorable fixed overhead absorption, improved labor efficiency and engineering improvements.
Operating Expenses
Operating Expenses were $7.1 million for the fourth quarter of 2022, compared to $1.7 million for the same period in the prior year. Operating expenses for the year ended December 31, 2022 were $18.0 million compared to $5.6 million for the same period in the prior year. The increases were primarily due to a $5.5M non-cash increase in the fair value of contingent consideration related to the All Cell acquisition, $3.4 million for the addition of All Cell expenses, $1.6 million for non-cash share-based compensation, $0.7 million for employee compensation, $0.6 million for legal and accounting expenses primarily related to the acquisition and $0.5 million for sales and marketing costs to support sales growth.
Cash and Working Capital
At December 31, 2022, we had cash of $1.7 million, compared to $21.9 million at December 31, 2021. The cash decrease was primarily from increases in inventory and prepayments to vendors to secure battery cells for production as well as cash components of the net loss. Our working capital decreased from $24.6 million to $6.8 million from December 31, 2021 to December 31, 2022. The decrease in working capital includes a $6.7 million increase in current liabilities for the change in fair value of contingent consideration related to the All Cell acquisition. When subtracting this non-cash current liability, our working capital is $13.5 million.
Conference Call Today at 4:30 PM ET
Management will host a conference call on Wednesday March 29, 2023 at 4:30 PM ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
Participants can register for the conference through the following link:
https://dpregister.com/sreg/10176878/f8b7d92e02
Please note that registered participants will receive their dial in number upon registration.
Those without internet access or unable to pre-register may dial in by calling:
PARTICIPANT DIAL IN (TOLL FREE): 1-844-739-3880
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5716
Please ask to be joined into the Beam Global call.
A webcast archive is available for 3 months following the call at the following URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3jAvJPLo
About Beam Global
Beam Global is a clean technology leader providing innovative, sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media. Core platforms include Beam EV ARC™ and Solar Tree® sustainable EV charging systems, Beam AllCell™ high-performance energy storage solutions, energy resiliency and disaster preparedness products and a deep patent library.
Beam EV ARC™ EV charging infrastructure systems support any quality brand EV charging service equipment, and Beam AllCell™ battery solutions power micro-mobility, terrestrial EVs, aviation, maritime and recreational vehicles as well as stationery and energy-security platforms.
Beam develops, patents, designs, engineers and manufactures unique and advanced clean mobility solutions that protect the environment, save customers time and money, empower communities and keep people moving. Based in San Diego and Chicago, the company produces Made-in-America products with the mission to Lead the World to Clean Mobility. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and Twitter.
Forward-Looking Statements
This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results.
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| Beam Global | ||||||
| Condensed Balance Sheets | ||||||
| (In thousands) | ||||||
| December 31, | ||||||
| 2022 | 2021 | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash | $ | 1,681 | $ | 21,949 | ||
| Accounts receivable | 4,429 | 3,827 | ||||
| Prepaid and other current assets | 1,579 | 180 | ||||
| Inventory, net | 12,246 | 1,611 | ||||
| Total current assets | 19,935 | 27,567 | ||||
| Property and equipment, net | 1,548 | 650 | ||||
| Operating lease right of use asset | 1,638 | 2,030 | ||||
| Goodwill | 4,600 | - | ||||
| Intangible assets, net | 9,947 | 359 | ||||
| Deposits | 62 | 52 | ||||
| Total assets | $ | 37,730 | $ | 30,658 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 2,865 | $ | 1,567 | ||
| Accrued expenses | 1,687 | 727 | ||||
| Sales tax payable | 33 | 57 | ||||
| Deferred revenue, current | 1,183 | 136 | ||||
| Contingent consideration, current | 6,776 | - | ||||
| Operating lease liabilities, current | 628 | 468 | ||||
| Total current liabilities | 13,172 | 2,955 | ||||
| Deferred revenue, noncurrent | 266 | 118 | ||||
| Contingent consideration, noncurrent | 15 | - | ||||
| Operating lease liabilities, noncurrent | 1,070 | 1,607 | ||||
| Total liabilities | 14,523 | 4,680 | ||||
| Total stockholders' equity | 23,207 | 25,978 | ||||
| Total liabilities and stockholders' equity | $ | 37,730 | $ | 30,658 | ||
| Beam Global | |||||||||||||
| Condensed Statements of Operations | |||||||||||||
| (In thousands, except per share amounts) | |||||||||||||
| For the Three Months Ended | For the Year Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Revenues | $ | 7,896 | $ | 3,488 | $ | 21,995 | $ | 9,002 | |||||
| Cost of revenues | 8,593 | 3,828 | 23,662 | 9,973 | |||||||||
| Gross loss | (697) | (340) | (1,667) | (971) | |||||||||
| Operating expenses | 7,116 | 1,675 | 18,049 | 5,628 | |||||||||
| Loss from operations | (7,813) | (2,015) | (19,716) | (6,599) | |||||||||
| Total other income, net | 2 | - | 36 | 4 | |||||||||
| Loss before income tax expense | (7,811) | (2,015) | (19,680) | (6,595) | |||||||||
| Income tax expense | 1 | - | 2 | 1 | |||||||||
| Net loss | $ | (7,812) | $ | (2,015) | $ | (19,682) | $ | (6,596) | |||||
| Net loss per share - basic and diluted | $ | (0.77) | $ | (0.22) | $ | (1.99) | $ | (0.74) | |||||
| Weighted average shares outstanding - basic and diluted | 10,153 | 8,960 | 9,909 | 8,882 | |||||||||
| Last Trade: | US$2.88 |
| Daily Change: | -0.11 -3.68 |
| Daily Volume: | 284,767 |
| Market Cap: | US$42.540M |
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