Beam Q3 2020 Earnings Report
Key Takeaways
Beam Global reported a decrease in revenue and a net loss for the third quarter of 2020. The company's revenue decreased due to order delays related to COVID-19 and early-stage delivery challenges. The net loss was $1.1 million, or $0.17 per share, compared to a net loss of $0.61 million, or $0.12 per share, for the same period in 2019.
Cash reserves increased to $12.3 million compared to $3.8 million at the end of 2019.
Working capital increased to $13.9 million from $5.1 million at the end of 2019.
Gross loss was $188,732, a decrease from a gross profit of $340,836 in Q3 2019.
Operating expenses decreased slightly to $906,962 from $963,487 in Q3 2019.
Beam
Beam
Forward Guidance
Beam Global anticipates increased U.S. Federal Government support for the electrification of transportation and believes they are strategically well-positioned as they round out 2020 and head into 2021.
Positive Outlook
- President Elect Biden has committed to the deployment of hundreds of thousands of public EV charging stations.
- The company has the fastest deployed, most scalable EV charging infrastructure solutions available.
- Products are now available on the GSA Federal procurement contract.
- Made-in-America, shovel-ready, EV charging and energy security products.
- Outdoor Media Business Unit expected to be a significant growth engine.