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Sep 30, 2022
Beam Q3 2022 Earnings Report
Reported record revenue driven by increased demand for sustainable EV charging infrastructure.
Key Takeaways
Beam Global reported record quarterly revenues of $6.6 million, a 227% increase over the same period last year. The company's growth was fueled by investments in product development, sales, and marketing, as well as the increasing demand for sustainable EV charging infrastructure. Gross loss and operating expenses increased, primarily due to the acquisition of All Cell Technologies.
Reported record quarterly revenues of $6.6 million, a 227% increase year-over-year.
Energy storage business contributed $1.7 million in revenue due to the acquisition of All Cell Technologies.
Federal and Enterprise customers showed the strongest revenue growth in the quarter.
Gross loss improved as a percentage of sales due to increased production levels and improved labor efficiency.
Beam
Beam
Forward Guidance
The company expects the extraordinary rate of growth to continue for many years to come due to growing fundamentals and EV trends.
Positive Outlook
- Investments in product development.
- Investments in sales.
- Investments in marketing.
- Investments in government relations.
- Significant increase in the urgency for sustainable and reliable EV charging infrastructure.
Challenges Ahead
- Non-cash increase in the fair value of contingent consideration.
- Increases in inventory.
- Increases in prepayments to vendors to secure battery cells for production.
- Net loss.
- Increase in material costs for steel and other components due to supply chain shortages and other inflationary pressures.