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Jun 30, 2023
Beam Q2 2023 Earnings Report
Beam Global reported record revenues driven by growth in deliveries to federal agencies and energy storage sales.
Key Takeaways
Beam Global announced record second quarter 2023 operating results with a 379% increase in quarterly revenue year-over-year. The company reported $17.8 million in revenue and a net loss of $3.5 million. They have $23.7 million in cash and $37.1 million in working capital. They also intend to expand into Europe by acquiring Amiga DOO.
Reported record revenues of $17.8 million, a 379% increase over the same period in 2022.
Generated record revenues of $2.1 million from energy storage sales.
Gross profit was $0.5 million, or 3% of sales, compared to a gross loss of $0.3 million, or 9% of sales in the second quarter of the prior year.
Net loss was $3.5 million, or 20% of revenue, compared to $2.8 million, or 75% of revenue, for the same period in 2022.
Beam
Beam
Forward Guidance
Beam Global anticipates continued growth and expansion, particularly in the European market through the acquisition of Amiga DOO.
Positive Outlook
- Intended acquisition of Amiga to enable sales in the largest market for Beam's products.
- Acceleration of the development of the EV Standard.
- $24 million in cash and working capital totaling $37.1 million.
- No debt and a $100 million untapped credit facility.
- Solid foundation to execute on growth plan in the U.S. and abroad.