Beam Q2 2023 Earnings Report
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.