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Beam Global Reports Fiscal Q3 2022 Financial Results Record Revenue, Record Orders and Record Backlog
Conference Call Thursday November 10, 2022 at 4:30 p.m. ET SAN DIEGO, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”),
About this update from Beam Global
[{"type":"text","content":"Conference Call Thursday November 10, 2022 at 4:30 p.m. ET\nSAN DIEGO, Nov. 10, 2022 (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 the financial results for the third fiscal quarter ended September 30, 2022. Fiscal Q3 2022 and Recent Company Highlights Sold more EV ARC™ systems in September, October and November of 2022 than over the last 10 years combined367 EV ARC™ system, $29.4 million order for the U.S. Army through TechFlow, Inc.140 EV ARC™ system, $11.6 million order for U.S. Dept. of Veterans Affairs71 EV ARC™ system, $5.3 million re-order for City of New York32 EV ARC™ system, $2.9 million order for U.S. Department of Homeland Security68 EV ARC™ system, $6.3 million in miscellaneous orders from other government and enterprise customers are also in current EV ARC™ backlogCurrent backlog of $6.7 million for the energy storage businessExperienced a significant return of enterprise revenues in Q3 2022Total current contracted backlog of $62.2 million to be executed in next 12 monthsAchieved the highest quarterly revenue in the Company’s history of $6.6 million, a 227% increase over Q3 2021Achieved the highest 9 months of revenue in the Company’s history of $14.1 million, a 156% increase over same period 2021Improved Gross Profitability year to date by 5% of revenue despite inflationImproved Net Profitability year to date by 25%, despite inflation, when excluding the $3.7 million expense for the change in fair value of non-cash contingent consideration “Our investments in product development, sales, marketing and government relations combined with a significant increase in the urgency for sustainable and reliable EV charging infrastructure, driven by the relentless and accelerating move to electric transportation, has resulted in an order of magnitude increase in the orders we are receiving,” said Desmond Wheatley, CEO of Beam Global. “We have been preparing for this moment and have leveraged our experience, facilities and balance sheet to be able to accept and deliver on these new orders. Our sales team continues to drive pipeline growth, and I believe that what we are seeing, based on these growing fundamentals and EV trends,...