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Beam Global Reports Fiscal Q3 2021 Financial Results
Conference Call Today at 4:30 PM ET SAN DIEGO, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), the leading
About this update from Beam Global
[{"type":"text","content":"Conference Call Today at 4:30 PM ET\nSAN DIEGO, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, today announced financial results for the third quarter ended September 30, 2021. Third Quarter and Recent Company Highlights Ended the quarter on September 30, 2021 with the highest backlog of $7.1 million in the company’s history.Grew sales pipeline by 50% from $50M to $75M.Recorded the highest Q3 revenue in the company’s history, 63% increase over same period prior year.Exceeded $5M in new orders in the quarter.Recent multiple unit orders include: U.S. Marine Corps purchased 21 EV ARCTM systems to be deployed at 14 Marine Corps bases in the U.S.California State Department of Motor Vehicles purchased 15 EV ARCTM units for public use.Ventura County CA purchased 10 EV ARCTM Systems for fleet and public use.City of San Jose, California purchased 4 EV ARC™ systems to charge the city’s fleet. Beam Global was issued a patent by the Chinese Patent Office that covers the Company’s compact transportation-configurable EV ARCTM products. Set the world record for the longest flight in a production electric aircraft, powered only by sunshine, proving Beam products can re-fuel a diverse set of electric transportation solutions.Volvo CE demonstrated EV ARC™ at the Utility Expo to utility professionals and construction contractors who can now purchase Volvo electric construction equipment and EV ARC™ together.Beam Global declared Hall of Fame Top 50 performer by LD Micro, selected out of more than 2,000 companies. “We reported the highest second quarter revenues in the Company’s history and now, continuing that trend, we are reporting the highest third quarter revenues in our history. We also ended the quarter with our highest ever backlog of over $7 million and our highest pipeline of over $75 million. We are seeing many more multiple unit orders and we are experiencing an acceleration through the sales process,” said Beam CEO Desmond Wheatley. “The passing of the infrastructure bill by Congress on November 5, 2021 will provide $7.5 billion for building a nationwide network of plug-in electric vehicle chargers which demonstrates the commitment from the current administratio...