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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
May 21, 2024
BEAM
GLOBAL
(Exact Name of Registrant as Specified in Charter)
Nevada |
|
000-53204 |
|
26-1342810 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
5660 Eastgate Drive, San Diego, CA |
92121 |
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (858) 799-4583
___________________________________________________
(Former name or Former Address, if Changed Since
Last Report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. o
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock |
|
BEEM |
|
NASDAQ Capital Market |
Warrants |
|
BEEMW |
|
NASDAQ Capital Market |
Item 2.02. |
Results of Operations and Financial Condition. |
On May 21, 2024, Beam Global
(the “Company”) issued a press release announcing financial results for its quarter ending March 31, 2024. A copy of the press
release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished
in this Form 8-K and the press release attached as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2)
of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit
99.1 shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether
made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
BEAM GLOBAL |
|
|
|
|
|
|
Dated: May 21, 2024 |
By: |
/s/ Lisa A. Potok |
|
Name: |
Lisa A. Potok |
|
Title: |
Chief Financial Officer |
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 $14.6 million, 12% increase over Q1 2023 |
| · | Record
gross profit with 10.2% gross margin |
| · | Backlog
of $20 million on March 31, 2024; pipeline of over $160 million |
| · | Debt
free and $100 million line of credit available and unused |
| · | 310%
increase in Q1 EV charging new orders from business/commercial sector over Q1 2023 |
| · | $7.4
million order from the U.S. Army for 88 off-grid EV ARC™ systems |
| · | $4.8
million order from U.S. Department of Homeland Security for EV ARC™ systems |
| · | $1.7
million order from the North Carolina Department of Adult Correction for sustainable EV charging infrastructure products |
| · | $1.2
million in orders from leading European market telecommunications provider |
| · | Awarded
first European government supplier agreement on the UK’s Crown Commercial Service, the main purchasing vehicle for UK government
entities |
| · | $1.0
million order from United Kingdom Ministry of Defense for EV ARC™ systems |
| · | Federal
Railroad Administration orders EV ARC™ charging systems |
| · | U.S.
National Park Service deploys EV ARC™ systems at the National Mall |
| · | Awarded
European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer |
| · | Awarded
U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy |
| · | Commenced
fabrication of EV Standard™ beta products |
“First quarter revenues of $14.6 million marked our highest first
quarter revenues in the company’s history. Gross profits were also the highest ever with a gross margin of over 10%, and we see continued
upside going forward through the work we have done to reduce direct costs, increase production efficiencies and price increases,”
said Desmond Wheatley, CEO of Beam Global. “Bookings were in-line with our expectations given our normal seasonality patterns, particularly
in Europe. Our sales pipeline is robust and we are working on the most significant opportunities in our history, particularly through
Beam Europe. As we noted during the quarter, winning the UK’s equivalent of our federal GSA contract was a significant milestone
for Beam Europe, resulting in our first million-dollar EV ARC contract in Europe from the British Army. Product development was highly
active in the quarter with new patents won and announced, and we saw significant progress on EV Standard, which we intend to rebrand later
this year. Finally, we have taken initial steps towards the development of an entirely new product which we hope to launch in 2024,
which will further augment our strategy to diversify revenue and profit opportunities in expanded markets with more product offerings.
We are excited about what we’ve done and more excited about what we believe we will accomplish in the future.”
First Quarter 2024 Financial Summary
Revenues
For the first quarter of 2024, Beam Global reported record first quarter
revenues of $14.6 million, a 12% increase over the same period in 2023. The revenue growth is partially attributable to an increase in
federal orders and the acquisition of Amiga to create Beam Europe LLC.
Gross Profit
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 the first quarter of the prior year. The improvement
in gross margin is primarily because of cost reductions implemented in late 2023 as a result of engineering improvements to the EV ARCTM.
Our gross profits were negatively impacted by $0.2 million for non-cash intangible amortization included in our costs of goods sold.
Operating Expenses
Total operating expenses were $4.5 million, or 31% of revenues, for
the quarter ended March 31, 2024, compared to $3.8 million, or 30% of revenues, for the same quarter in the prior year. The $0.7 million
increase is mostly attributable to a $0.4 million increase in consultant costs related to the integration of our new ERP accounting software,
sales and marketing, government relations and engineering design support, $0.3 million for operating expenses pertaining to our new Beam
Europe operations, partially offset by $0.1 million reduction for favorable change in the present value factor of our contingent consideration
related to the earnout for the Amiga acquisition.
Net Loss
Net loss was $3.0 million, or 21% of revenue for the first quarter
of 2024, compared to $3.8 million, or 29% of revenue, for the same period in 2023, an improvement of 8% year over year. The first quarter
net loss included non-cash expense items such as depreciation, intellectual property amortization and non-cash compensation expense of
$1.1 million in 2024 and $0.9 million in 2023. 2024 net loss excluding noncash items was $1.9 million or 18% of revenues.
Cash and Working Capital
On March 31, 2024, we had cash of $5.0 million, compared to $10.4 million
at December 31, 2023. The cash decrease was primarily due to cash payments for the acquisition of Amiga as well as operating cash used
to increase inventory. Our working capital decreased from $23.8 million to $17.8 million from December 31, 2023 to March 31, 2024.
Conference Call May 21, 2024 at 4:30 p.m. ET
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 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/10189455/fc91e69e73
Please note that registered participants will receive their call in
number upon registration.
Those without internet access or unable to pre-register may call in
by calling:
PARTICIPANT CALL IN (TOLL FREE): 1-844-739-3880
PARTICIPANT INTERNATIONAL CALL IN: 1-412-317-5716
Please ask to join the Beam Global call.
A webcast archive is available at the above URL for one year following
the call.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate
at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging
solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents,
designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of
electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and
Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbols BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X
(formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release contains forward-looking statements
including but not limited to statements about the Company’s belief about its future profitability. 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.
These statements relate to future events or future results of operations, including, but not limited to the following statements: statements
regarding the acquisition of Amiga, its expected benefits, and the anticipated future financial performance as a result of the acquisition. These
statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global's actual
results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly
disclaims any obligation to update any forward-looking statements.
# # #
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
Beam Global
Condensed Consolidated Balance Sheets
(In thousands, except share and
per share data)
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 4,962 | | |
$ | 10,393 | |
Accounts receivable, net of allowance for credit losses of $112 and $447 | |
| 20,139 | | |
| 15,943 | |
Prepaid expenses and other current assets | |
| 2,216 | | |
| 2,453 | |
Inventory, net | |
| 11,474 | | |
| 11,933 | |
Total current assets | |
| 38,791 | | |
| 40,722 | |
| |
| | | |
| | |
Property and equipment, net | |
| 15,597 | | |
| 16,513 | |
Operating lease right of use assets | |
| 2,249 | | |
| 1,026 | |
Goodwill | |
| 10,150 | | |
| 10,270 | |
Intangible assets, net | |
| 8,769 | | |
| 9,050 | |
Deposits | |
| 98 | | |
| 62 | |
Total assets | |
$ | 75,654 | | |
$ | 77,643 | |
| |
| | | |
| | |
Liabilities and Stockholders' Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 10,778 | | |
$ | 9,732 | |
Accrued expenses | |
| 3,812 | | |
| 2,737 | |
Sales tax payable | |
| 211 | | |
| 209 | |
Deferred revenue, current | |
| 1,007 | | |
| 828 | |
Note payable, current | |
| 45 | | |
| 40 | |
Deferred consideration, current | |
| – | | |
| 2,713 | |
Contingent consideration, current | |
| 4,330 | | |
| – | |
Operating lease liabilities, current | |
| 851 | | |
| 615 | |
Total current liabilities | |
| 21,034 | | |
| 16,874 | |
| |
| | | |
| | |
Deferred revenue, noncurrent | |
| 470 | | |
| 402 | |
Note payable, noncurrent | |
| 178 | | |
| 160 | |
Contingent consideration, noncurrent | |
| 248 | | |
| 4,725 | |
Other liabilities, noncurrent | |
| 3,716 | | |
| 3,787 | |
Deferred tax liabilities, noncurrent | |
| 1,662 | | |
| 1,698 | |
Operating lease liabilities, noncurrent | |
| 1,444 | | |
| 455 | |
Total liabilities | |
| 28,752 | | |
| 28,101 | |
| |
| | | |
| | |
Stockholders' equity | |
| | | |
| | |
Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of March 31, 2024 and December 31, 2023. | |
| – | | |
| – | |
Common stock, $0.001 par value, 350,000,000 shares authorized, 14,438,270 and 14,398,243 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. | |
| 14 | | |
| 14 | |
Additional paid-in-capital | |
| 142,991 | | |
| 142,265 | |
Accumulated deficit | |
| (96,398 | ) | |
| (93,361 | ) |
Accumulated Other Comprehensive Income (AOCI) | |
| 295 | | |
| 624 | |
| |
| | | |
| | |
Total stockholders' equity | |
| 46,902 | | |
| 49,542 | |
| |
| | | |
| | |
Total liabilities and stockholders' equity | |
$ | 75,654 | | |
$ | 77,643 | |
Beam Global
Condensed Consolidated Statements of Operations
and Comprehensive Loss
(Unaudited, in thousands except per share data)
| |
Three Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 14,561 | | |
$ | 13,020 | |
| |
| | | |
| | |
Cost of revenues | |
| 13,082 | | |
| 13,015 | |
| |
| | | |
| | |
Gross profit | |
| 1,479 | | |
| 5 | |
| |
| | | |
| | |
Operating expenses | |
| 4,527 | | |
| 3,846 | |
| |
| | | |
| | |
Loss from operations | |
| (3,048 | ) | |
| (3,841 | ) |
| |
| | | |
| | |
Other income (expense) | |
| | | |
| | |
Interest income | |
| 71 | | |
| 1 | |
Other (expense) income | |
| (56 | ) | |
| 10 | |
Interest expense | |
| (4 | ) | |
| – | |
Other income | |
| 11 | | |
| 11 | |
| |
| | | |
| | |
Loss before income tax expense | |
| (3,037 | ) | |
| (3,830 | ) |
| |
| | | |
| | |
Income tax expense | |
| – | | |
| 1 | |
| |
| | | |
| | |
Net loss | |
$ | (3,037 | ) | |
$ | (3,831 | ) |
| |
| | | |
| | |
Net foreign currency translation adjustments | |
| (329 | ) | |
| – | |
Total Comprehensive Loss | |
$ | (3,366 | ) | |
$ | (3,831 | ) |
| |
| | | |
| | |
Net loss per share - basic | |
$ | (0.21 | ) | |
$ | (0.38 | ) |
Net loss per share - diluted | |
$ | (0.21 | ) | |
$ | (0.38 | ) |
| |
| | | |
| | |
Weighted average shares outstanding - basic | |
| 14,422 | | |
| 10,214 | |
Weighted average shares outstanding - diluted | |
| 14,422 | | |
| 10,214 | |
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Beam Global (NASDAQ:BEEM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Beam Global (NASDAQ:BEEM)
Historical Stock Chart
From Sep 2023 to Sep 2024