Business
Beam Global Announces Record Contracted Backlog of More Than $7M and Pipeline of More Than $75M
SAN DIEGO, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable technology for electric
About this update from Beam Global
[{"type":"text","content":"SAN DIEGO, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, announced that it has a current backlog of purchase orders for EV ARC™, and other proprietary products, totaling more than $7M. This is a historically high level of contracted backlog for the Company and represents near-term future revenue which is greater than any prior full year. The Company’s sales pipeline has also grown from $50M at the end of the second quarter to more than $75M at the end of Q3 representing a material acceleration of Pipeline growth which is also at historically high levels. Both backlog and pipeline amounts are comprised of purchase orders and opportunities (respectively) which include EV ARC™ system quantities which are greater than historical averages. Backlog includes orders which have transitioned from pipeline in less time than historical averages. The Company believes that these trends are indicative of increased order volumes and urgency, as federal, state and local governments accelerate their adoption of EVs, and as corporations return to the workplace post-vaccine resulting in an increased requirement for workplace charging.Beam is making modest but highly impactful investments in its factory facility and delivery equipment to allow for an efficient increase in throughput and delivery of products. Certain purchase orders currently in backlog, like the recently announced United States Marine Corps order, are placed through government contract vehicles which specify delivery times of 90 days from purchase order issuance.“It took ten years for us to get a pipeline of $50M and just one more quarter to get to over $75M,” said Beam Global CEO Desmond Wheatley. “We are converting pipeline to backlog and backlog to revenue at better rates than at any time in our history and we only anticipate improving on all these metrics. Government tailwinds both in the US and internationally, and consumer adoption of the fantastic new line up of EVs now available are creating the intense and urgent need for EV charging infrastructure that has been central to our investment thesis. We have zero debt and plenty of cash to execute on our organic growth. There’s never been a better time to be Beam.” Car News repo...