Beam Global Reports Second Quarter Fiscal 2021 Financial Results

Conference call today at 4:30 p.m. ET

SAN DIEGO, August 12, 2021 (GLOBE NEWSWIRE) – Global beam, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), the leading provider of innovative sustainable technologies for electric vehicle (EV) charging, outdoor media and energy security, today announced its financial results for the second quarter ended June. 30, 2021.

Second Quarter and Company Recent Highlights

  • Recorded the highest revenue in company history for the second quarter.

  • Received the largest single order from the California Department of General Service for 52 systems.

  • Has seen an increase in orders for GSA and California contracts and an increase in multi-unit orders.

  • Increased sales pipeline by 50% from $ 50M to $ 75M.

  • Deployments and orders completed in Q2 2021 for California, Wisconsin, Georgia, Hawaii, New Mexico, New York, Pennsylvania, South Carolina, Tennessee and Washington State.

  • Increased engagement and pipeline activity with the utility and commercial real estate sectors.

  • Sets a world record for the longest flight in a production electric aircraft, powered only by the sun.

  • EV ARCMTCharging of transportable electric vehicles was showcased for military and civilian purposes during the 2021 Electric Mobility Symposium at Marine Corps Air Station Miramar in San Diego.

  • Beam Global was added to the Russell 2000® Index.

  • Beam Global presented virtually at the LD Micro Invitational XI event. He was presented as one of the 50 Best Artists in the Hall of Fame, selected from over 2,000 companies.

  • Negotiated under CEC’s Clean Transportation Program – Up to $ 200 million in potential EVSE funding.

  • Admitted to CARB’s Carl Moyer Grant Program for EVSE – $ 60 million in annual funding.

  • New patent granted in China for EV ARCMT.

“The second quarter of 2021 saw a record number of Beam deliveries, record revenues, a record pipeline, our largest order to date and many other powerful indicators that our strategy and execution are working,” said the CEO by Beam, Desmond Wheatley. “Fundraising and interest activity at all levels of government as well as in the corporate arena is increasing and accelerating with respect to Beam’s products. We’re seeing bigger and more orders and for all the reasons we’ve built our business around. People want and need a rapidly deployed, scalable, lowest TCO, and highly resilient emergency charging and power infrastructure, and our products deliver these attributes in unique, patented systems. We take the necessary steps to reduce our manufacturing costs, defend against shipping fluctuations and interruptions, and make the appropriate investments in sales and marketing, government relations, R&D and upgrades at our plant. so that we are well positioned to profitably take advantage of the significant increase in orders that we expect to come and see in our current $ 75 million pipeline.

Financial summary for the second quarter of fiscal 2021

Income
Our revenues for the second fiscal quarter ended June 30, 2021 were $ 2,121,098, compared to $ 1,455,158 for the same period last year, an increase of 46%. For the first six months of 2021, revenue was $ 3,493,490, an increase of 26% from the $ 2,772,210 reported for the same period in 2020. Our shipments to municipalities have remained strong and the increase of revenue comes from sales to federal customers where grants and other funding become available. for electric vehicles and charging infrastructure, as well as corporate customers, as many employees return to the office due to stay-at-home requirements due to the COVID-19 pandemic.

Gross loss
The gross loss for the quarter ended June 30, 2021 was $ 273,877, compared to gross income of $ 55,336 for the same period in 2020. Our gross loss for the first six months of 2021 was $ 422,997, compared to gross revenue of $ 15,695 for the same period in 2020. Our gross loss increased primarily due to increased costs of the new EV ARC ™ 2020 unit which was launched in late 2019 and deployed in 2020, compared to to the original EV ARC ™. We expect the cost of this product to improve over time due to process and cost improvements. Additionally, we have seen an increase in steel prices and shipping costs due to high demand. We expect our margins to improve as we increase our production levels, which will reduce our overhead per unit and improve the efficiency of our workforce.

Operating Expenses
Total operating expenses were $ 1,369,010 for the quarter ended June 30, 2021, compared to $ 888,456 for the same period in 2020, an increase of 54%. Operating expenses for the six-month period ended June 30, 2021 were $ 2,471,685, an increase of 38% from $ 1,790,456 for the same period in 2020. Selling and marketing expenses to support the income growth.

Net loss
The net loss for the first quarter of 2021 was $ 1,641,788, compared to $ 833,957 for the first quarter of 2020. The net loss for the first half of 2021 was $ 2,892,597, compared to $ 1,776,478 for the same period in 2020. This is mainly due to the increase in gross loss and increase in operating expenses.

Cash and working capital
As at June 30, 2021, we had cash of $ 25,308,606, compared to $ 26,702,804 as at December 31, 2020. Cash has decreased due to the use of operating cash since the beginning of the year. , partially offset by the exercise of warrants. Our working capital increased from $ 28,063,320 as of December 31, 2020 to $ 28,177,437 as of June 30, 2021.

Conference call today at 4:30 p.m. ET
Management will host a conference call today at 4:30 p.m. ET to review the financial results and provide an update on the company’s developments. After formal management remarks, there will be a question-and-answer session.

Participants can register for the conference via the following link:
https://dpregister.com/sreg/10159467/ec400dc50c
Please note that registered participants will receive their call number upon registration.

Those who do not have internet access or cannot register can connect by calling:
PARTICIPANT DIAL (TOLL FREE): 1-844-739-3880
INTERNATIONAL PARTICIPANT COMPOSITION: 1-412-317-5716
Please apply to participate in the Beam Global call.

A webcast archive is available for 3 months after the call to the following URL:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=RaloCqGP

About Beam Global
Beam Global is a cleantech leader producing innovative and sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, without the construction, disruption, risk and cost of grid-related solutions. . Products include the patented EV ARC ™ and Sun Shaft® lines with patented BeamTrak ™ solar tracking and ARC Technology ™ energy storage, as well as electric vehicle charging, outdoor media and disaster preparedness packages.

The company develops, patents, designs, develops and manufactures unique and advanced renewable energy products that save customers time and money, protect the environment, empower communities and get people moving. . Based in San Diego, the company manufactures Made in America products. Beam Global is listed on the Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information, visit https://BeamForAll.com/, LinkedIn, YouTube and Twitter.

Forward-looking statements
This Beam Global press release may contain forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements are generally accompanied by words or phrases such as “estimate”, “plan”, “predict”, “believe”, “expect”, “anticipate”, “target”, “plan”, ” intend “,” “seek”, “objective”, “will”, “should”, “may”, or other similar words and expressions which reflect the uncertainty of future events or results.

Media contact:
Next PR
[email protected]
+1 813-526-1195

Investor Relations:
Kathy mcdermott
[email protected]
+1 858-295-7661

Global beam

Condensed balance sheets

(in thousands omitted)

June 30th

The 31st of December,

2021

2020

(Unaudited)

ASSETS

Current assets

Cash

$

25,309

$

26,703

Accounts receivable

2 808

1786

Prepaid assets and other current assets

296

321

Inventory, net

1 937

1,093

Total current assets

30,350

29,903

Property and equipment, net

363

235

Asset right of use in simple rental

2 254

2,419

Patents, net

321

294

Deposits

52

52

Total assets

$

33,340

$

32,903

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

$

1,077

$

728

Increased expenses

396

392

Sales tax payable

108

92

Deferred revenue

156

107

Operating lease debts, in progress

436

521

Total current liabilities

2 173

1,840

Operating lease debts, non-current

1,850

1 911

Total responsibilities

4,023

3 751

Total equity for shareholders

29,317

29,152

Total liabilities and equity

$

33,340

$

32,903

Global beam

Condensed income statements

(in thousands omitted except the amounts per share and per share)

(Unaudited)

For the three months ended June 30,

For the semester ended June 30,

2021

2020

2021

2020

Income

$

2 121

$

1,455

$

3 493

$

2,772

Cost of income

2395

1,400

3 916

2 756

Gross income (loss)

(274)

55

(423)

16

Operating Expenses

1,369

888

2,472

1791

Operating loss

(1643)

(833)

(2,895)

(1775)

Other income (expenses)

Interest income

2

1

3

ten

Interest charges

(1)

(ten)

Total other income (expense), net

2

3

Loss before tax charge

(1641)

(833)

(2,892)

(1775)

Income tax expense

1

1

1

1

Net loss

$

(1642)

$

(834)

$

(2,893)

$

(1776)

Net loss per share – basic and diluted

$

(0.18)

$

(0.16)

$

(0.33)

$

(0.34)

Weighted average shares outstanding – basic and diluted

8 882 322

5 257 681

8 823 965

5,240,427

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