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Mar 31, 2021
Beam Q1 2021 Earnings Report
Beam Global's financial performance for Q1 2021 was reported, demonstrating revenue growth and strategic advancements.
Key Takeaways
Beam Global reported a 4% increase in revenue for Q1 2021, reaching $1,372,392. The company experienced a gross loss of $149,120 and a net loss of $1,250,809, impacted by initial costs of the new EV ARC™ 2020 unit and increased operating expenses. Cash reserves increased to $28,214,029, driven by warrant exercises.
Revenue increased by 4% year-over-year, reaching $1,372,392.
Gross loss increased to $149,120 due to higher costs associated with the new EV ARC™ 2020 unit.
Net loss was $1,250,809, primarily due to increased gross loss and operating expenses.
Cash reserves increased to $28,214,029, driven by warrant exercises.
Forward Guidance
Beam Global anticipates increased demand for its products due to federal, state, and local spending on EV charging infrastructure, combined with a return to office and increased awareness of rapidly deployed, construction-free EV charging infrastructure.
Positive Outlook
- Federal, state, and local spending on EV charging infrastructure.
- Increase in workplace charging with a return to the office.
- Increased awareness of rapidly deployed, construction-free EV charging infrastructure.
- Renewably energized and immune to blackouts charging solutions.
- Strong contracted backlog exceeding 2020 revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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