Beam Q1 2020 Earnings Report
Key Takeaways
Envision Solar reported an 11% increase in revenue compared to the same quarter last year, driven by a diverse customer base and large contracts. The company experienced a gross loss, which is expected to improve with increased revenue and production volume. Net loss remained comparable to the previous year, with increased operating expenses in sales and marketing.
Revenue increased by 11% compared to Q1 2019, reaching $1,317,052.
The company expanded its customer base, serving municipalities, colleges, and commercial businesses.
Gross loss decreased by 25% compared to Q1 2019, totaling $39,641.
Cash reserves stood at $2,432,300 as of March 31, 2020.
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Forward Guidance
The company expects delayed projects from Q4 2019 to be delivered in Q2 2020. COVID-19 pandemic has caused some funding delays and cancellations, which may impact future opportunities.