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Beam Global Reports Fiscal Year 2020 Financial Results
Conference Call Today at 4:30 PM ET SAN DIEGO, March 30, 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 SAN DIEGO, March 30, 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 fiscal year ended December 31, 2020. Fourth Quarter and Recent Company Highlights Generated record annual revenues of $6.2 million.Awarded extension and expansion to State of California state-wide contract - now allows use by other governmental agencies nationwide. Awarded Federal General Services Administration Multiple Award Schedule Contract – available to all Federal agencies.Awarded a statewide Florida purchasing contract – available to all state agencies.Issued patent for UAV ARCTM renewably energized drone recharging product which will provide en route charging for unmanned aerial vehicles.Improved the performance of the EV ARCTM 2020 charging system by 12%, now delivering up to 265 e-miles in a day.Completed delivery of 30 EV ARC™ solar-powered EV charging systems for Electrify America.Increased working capital to $28M.The City of Olathe, Kansas deployed six EV ARCTM solar-powered EV charging systems with the help of a Metropolitan Energy Center (MEC) federal grant. “In a challenging year, the Beam Team generated record revenues, expanded our customer base with both government and enterprise, strengthened our balance sheet, deployed new products and added to our patent portfolio,” said Desmond Wheatley, CEO of Beam. “I believe that our new contracts with the state of Florida and especially the Federal government, position us favorably as we look at 2021. Our products are made in America and provide a clean and secure source of energy both for the electrification of transportation and for the strengthening of U.S. energy security. We have no debt, a strong balance sheet and increasing liquidity in our stock. I can't think of a better position to be in as we anticipate a significant increase in government and corporate spending on energy and transportation infrastructure as well as an enthusiastic consumer adoption of new and exciting electric vehicles which will, for the first time, include pickup trucks and SUVs. Fiscal Year End 2020 Financial Summary RevenuesWe reported record revenues in fiscal 2020 of $6,210,...