Beam Global, (Nasdaq: BEEM, BEEMW) ("Beam" or "the Company"), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, today announced financial results for the third quarter ended September 30, 2021.
Third Quarter and Recent Company Highlights
-- Ended the quarter on September 30, 2021 with the highest backlog of $7.1 million in the company's history.
-- Grew sales pipeline by 50% from $50M to $75M.
-- Recorded the highest Q3 revenue in the company's history, 63% increase over same period prior year.
-- Exceeded $5M in new orders in the quarter.
-- Recent multiple unit orders include:
- U.S. Marine Corps purchased 21 EV ARC systems to be deployed at 14 Marine Corps bases in the U.S.
-- Beam Global was issued a patent by the Chinese Patent Office that covers the Company's compact transportation-configurable EV ARC products.
-- Set the world record for the longest flight in a production electric aircraft, powered only by sunshine, proving Beam products can re-fuel a diverse set of electric transportation solutions.
-- Beam Global declared Hall of Fame Top 50 performer by LD Micro, selected out of more than 2,000 companies.
"We reported the highest second quarter revenues in the Company's history and now, continuing that trend, we are reporting the highest third quarter revenues in our history. We also ended the quarter with our highest ever backlog of over $7 million and our highest pipeline of over $75 million. We are seeing many more multiple unit orders and we are experiencing an acceleration through the sales process," said Beam CEO Desmond Wheatley. "The passing of the infrastructure bill by Congress on November 5, 2021 will provide $7.5 billion for building a nationwide network of plug-in electric vehicle chargers which demonstrates the commitment from the current administration to support electric vehicle growth. We are seeing an increase in orders through our GSA Federal contract. At the same time the enterprise and consumer markets are heating up with fantastic new products from companies like Rivian and Ford, while a post vaccine return to the office is reinvigorating the workplace charging market. We are investing in our factory and in our team while remaining laser focused on cost control, because we see nothing but growth in our future. It's a great time to be Beam."
Fiscal Q3 2021 Financial Summary
Our revenues for the third fiscal quarter ended September 30, 2021 were $2,020,612, compared to $1,237,434 for the third quarter in the prior year, a 63% increase. For the first nine months of 2021, revenues were $5,514,102, a 38% increase over $4,009,644 reported for the same period in 2020. Shipments to state and local agencies were bolstered by increasing Federal and enterprise orders.
The gross loss for the three months ended September 30, 2021 was $208,023, compared to gross loss of $188,732 for the same period in 2020. Our gross loss for the first nine months of 2021 was $631,020, compared to gross loss of $173,037 for the same period in 2020. Our gross loss increased primarily due to an increase in costs for the new EV ARC(TM) 2020 unit compared to the original EV ARC(TM) which we expect to improve over time, and due to increases in the cost of materials and delivery services due to supply shortages.
Total operating expenses were $1,481,306 for the three months ended September 30, 2021, compared to $906,962 for the same period in 2020, a 63% increase. Operating expense for the nine months ended September 30, 2021 was $3,952,991, a 47% increase compared to $2,697,418 for the same period in 2020. The increase was primarily due to non-cash compensation expense for stock options and vesting of director restricted shares and increased sales and marketing expense to support revenue growth.
The net loss for the third quarter of 2021 was $1,688,631, compared to $1,100,023 for the third quarter of 2020. The net loss for the first nine months of 2021 was $4,581,228, compared to $2,876,501 for the same period in 2020. This is primarily attributable to the increase in gross loss and increased operating expenses.
Cash and Working Capital
At September 30, 2021, we had cash of $23,078,452, compared to $26,702,804 at December 31, 2020. Cash decreased due to year to date operating cash usage, partially offset by the exercise of warrants. Our working capital decreased from $28,063,320 at December 31, 2020 to $26,008,773 at September 30, 2021.
Conference Call Today at 4:30 PM ET
Management will host a conference call today at 4:30 PM ET to review financial results and provide an update on corporate developments. Following management's formal remarks, there will be a question-and-answer session.
Participants can register for the conference through the following link:
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About Beam Global
Beam Global is a Cleantech leader that produces innovative, sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, risks, and costs of grid-tied solutions. Products include the patented EV ARC(TM) and Solar Tree(R) lines with BeamTrak(TM) patented solar tracking, and ARC Technology(TM) energy storage, along with EV charging, outdoor media and disaster preparedness packages.
The company develops, patents, designs, engineers and manufactures unique and advanced renewably energized products that save customers time and money, help the environment, empower communities and keep people moving. Based in San Diego, the company produces Made in America products. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information visit https://BeamForAll.com/, LinkedIn, YouTube and Twitter.
This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements.
Forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may," or other words and similar expressions that convey the uncertainty of future events or results.
Beam Global Condensed Balance Sheets (000's omitted) September 30, December 31, 2021 2020 (Unaudited) ASSETS Current assets Cash $ 23,078 $ 26,703 Accounts receivable 2,476 1,786 Prepaid and other current assets 232 321 Inventory, net 2,127 1,093 Total current assets 27,913 29,903 Property and equipment, net 642 235 Operating lease right of use asset 2,143 2,419 Patents, net 342 294 Deposits 52 52 Total assets $ 31,092 $ 32,903 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 790 $ 728 Accrued expenses 429 392 Sales tax payable 73 92 Deferred revenue 44 102 Operating lease liabilities, current 452 521 Total current liabilities 1,788 1,835 Deferred revenue, noncurrent 116 5 Operating lease liabilities, noncurrent 1,732 1,911 Total liabilities 3,636 3,751 Total stockholders' equity 27,456 29,152 Total liabilities and stockholders' equity $ 31,092 $ 32,903
Beam Global Condensed Statements of Operations (000's omitted except share and per share amounts) (Unaudited) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues $ 2,021 $ 1,237 $ 5,514 $ 4,010 Cost of revenues 2,229 1,426 6,145 4,183 Gross loss (208 ) (189 ) (631 ) (173 ) Operating expenses 1,481 907 3,953 2,697 Loss from operations (1,689 ) (1,096 ) (4,584 ) (2,870 ) Other income (expense), net - - 4 (1 ) Loss before income tax expense (1,689 ) (1,096 ) (4,580 ) (2,871 ) Income tax expense - 4 1 5 Net loss $ (1,689 ) $ (1,100 ) $ (4,581 ) $ (2,876 ) Net loss per share - basic and diluted $ (0.19 ) $ (0.17 ) $ (0.52 ) $ (0.50 ) Weighted average shares outstanding - basic and diluted 8,919,824 6,615,893 8,856,269 5,702,262