Business
Beam Global Announces Record Second Quarter 2024 Operating Results
Conference Call Tuesday August 13, 2024 at 4:30 p.m. ET SAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), (the “Company”), a provider
About this update from Beam Global
[{"type":"text","content":"Conference Call Tuesday August 13, 2024 at 4:30 p.m. ET\nSAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), (the “Company”), a provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its second quarter results for the period ended Q2 2024. Q2 2024 Financial Highlights: Increased revenue 2% to $14.8 million over Q1 2024Record gross margin of 16%, an increase over Q1 2024 of 6 percentage points31% of revenue derived from commercial customersBacklog of $11 million; record pipeline of over $183 millionNet cash used of $0.1 million in operating activities for the six months ended Q2 2024Debt free and $100 million line of credit available and unused Q2 2024 and Recent Operational Highlights: Q2 purchase orders up 129% year-over-year with over half of U.S. orders from new customersSigned first European distributor for EV charging and energy infrastructure product linesOver half of Q2 EV ARC™ orders are new customers, expanding our customer baseNew orders from U.S. commercial business in Q2 increase 66% year-over-year “The Beam Team is laser focused on improving margins and continuing our progress towards positive cash flow. This quarter’s record gross margin at 18%, net of non-cash items, is a validation of that progress and we see continued upside going forward through the work we are doing to reduce direct costs, increase production efficiencies and benefit from our price increases,” said Desmond Wheatley, CEO of Beam Global. “We are taking important steps to diversify our revenue opportunities through geographic expansion as well as through the recruiting of external sales partners to enhance our internal team’s capacity so that we can increase our sales overall while reducing the impact of seasonal or other fluctuations in our order cadence. Consequently, our sales pipeline is at a record high, 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. Finally, we have taken initial steps towards the development of an entirely new product which we hope to launc...