Business
Beam Global Reports Fourth Quarter and Full Year 2022 Financial Results
Conference Call Wednesday March 29, 2023 at 4:30 p.m. ET SAN DIEGO, March 29, 2023 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”),
About this update from Beam Global
[{"type":"text","content":"Conference Call Wednesday March 29, 2023 at 4:30 p.m. ET\nSAN DIEGO, March 29, 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 financial results for the year ended December 31, 2022. 2022 and Recent Company Highlights Record full year revenues of $22 million, 144% year over year increaseRecord Q4 revenues of $7.9 million, 126% year over year increaseRecord annual orders of $76 million, 548% year over year increaseRecord full year EV ARC™ system production, 105% year over year increaseRecord Q4 EV ARC™ system production, 115% year over year increaseOrders from commercial sector grew 1190% year over year Orders from government sector grew 489% year over year Secured $100 million credit facility through London based OCI GroupAcquired All Cell Technologies to secure vital battery supply, reduce costs, increase revenues and barrier to entryReceived largest order in company history, $29.4 million for the U.S. ArmyReceived second largest order in company history, $11.7 million order for the U.S. Department of Veterans AffairsReceived third largest order in company history, $5.3 million order for New York CityReceived $8.1M in energy storage solutions orders across micro-mobility, aviation, marine and industrial sectorsAwarded Federal Blanket Purchase Agreement (BPA) for Electric Vehicle Charging InfrastructureAwarded follow-on State of California Contract for 2022 – 2025 for rapidly deployed sustainable EV charging infrastructure productsReceived record orders through California and Federal contracts from extensions to other government entitiesPatents issued in China and India for Thermal Management Technology that makes lithium-ion batteries safer “Beam Global has moved to an entirely new level. Triple digit growth in sales and a pipeline that shows a continuation of this trend; triple digit growth in production and lots of room to grow; no debt and available cash to fund our growth; entirely new opportunities through our energy storage products and a doubling of our patent portfolio; plans to expand to Europe and other regions; and continued balance sheet and equity discipline making us one of the tightest and least diluted public ...