Business
Beam Global Announces Record Second Quarter 2023 Operating Results
379% Quarterly Revenue Growth Year-Over-Year 312% First Half Revenue Growth Year-Over-Year 589% EV ARC™ Deployment Growth Year-Over-Year $23.7 Million in Cash
About this update from Beam Global
[{"type":"text","content":"379% Quarterly Revenue Growth Year-Over-Year 312% First Half Revenue Growth Year-Over-Year 589% EV ARC™ Deployment Growth Year-Over-Year $23.7 Million in Cash and $37.1 Million in Working Capital LOI to Enter European Market with Acquisition of Amiga DOO Conference Call Monday August 14, 2023 at 4:30 P.M. ET SAN DIEGO, Aug. 14, 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 operating results for the second quarter ended June 30, 2023. Q2 2023 and Recent Company Highlights Record quarterly revenue of $17.8 million, a 379% increase over Q2 2022Record first half revenue of $30.8 million, a 312% increase over first half 2022Record Q2 EV ARC™ system deployments; increased 589% YOY, increased 33% from Q1 2023Record Q2 gross profit of $0.5 million, 3% gross profit marginGross margin improvement of 12% as a percentage of revenue over same period prior yearOperating expenses improved by 44% as a percentage of revenue over same period prior yearBacklog of $34 million on June 30, 2023$100 million line of credit available and unusedNo DebtExecuted binding Letter of Intent (LOI) to acquire Europe-based Amiga DOO Kraljevo to expand into the European market and increase production, engineering, sales and product development expertiseOversubscribed public offering of $25 million, net of expenses, to support the acquisition of Amiga and working capitalAwarded Gold Company of the Year from Stevie® 2023 American Business Awards®Issued a European patent for Compact Transportation-Configurable EV ARC™ Systems “The Beam Team executed efficiently and effectively, delivering the best quarter in our company’s history. We are focused on our European expansion through our intended acquisition of Amiga which will enable us to sell our solutions in the largest market for our products in the world while also accelerating the development of the EV Standard. $24 million in cash and working capital totaling $37.1 million combined with no debt, highly attractive capitalization table and $100 million untapped credit facility provide a solid foundation to execute on our growth plan in the U.S. and abroad. It’s a great time to be Beam Global,” said Desmond Wheat...