Business
Beam Global Reports Third Quarter 2020 Financial Results
Conference Call Today at 4:30 PM ET SAN DIEGO, Nov. 12, 2020 (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. 12, 2020 (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 fiscal quarter ended September 30, 2020.\n Third Quarter and Recent Company Highlights Initiated Media business unit with the successful closing of an agreement with the City of San Diego, the Company’s first city contracted to host a sponsored network of EV ARC™ terminals. The Company believes this agreement will lead to the acquisition of our first sponsor and a significant recurring revenue business model which we believe we can replicate in other major cities.Prepared for planned growth through the addition of approximately $10.5 million cash to our balance sheet through an underwritten public offering. Current working capital of approximately $14.0 million is sufficient for multiple years of operations.Re-branded to Beam Global - well received by investors, customers and partners. Beam provides a clear branding path towards our strategic growth plan of operating profitably at the intersection of clean energy and transportation. New web site, videos and sales and marketing collateral.Awarded GSA Multiple Award Schedule Contract to provide our products to the Federal Government. The Company views this contract, which allows Federal agencies to buy Beam products at pre-negotiated pricing, terms, and conditions, to be particularly important given the upcoming Biden administration and the likelihood of significant Federal stimulus and other spending on EV charging infrastructure.Received confirmation from the US Patent and Trademark Office of the allowance of claims for the issuance of a patent on the UAV ARC™ renewably energized drone recharging product. Also applied for two new patents on advanced renewably energized products which are now patent pending.Deployed the first 8 of 30 solar-powered, off-grid EV ARC™ terminals for Electrify America to provide sustainable electric vehicle infrastructure for rural communities throughout Fresno County in California. The Company anticipates the deployment of the remaining 22 units in Q4 2020.Deployed the first of our advanced generation Solar Tree® products which will pr...