Beam Global (NASDAQ:BEEM) Announces Earnings Results

by · The Cerbat Gem

Beam Global (NASDAQ:BEEM – Get Free Report) posted its earnings results on Friday. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.15), Zacks reports. Beam Global had a negative net margin of 95.63% and a negative return on equity of 61.84%. The firm had revenue of $3.13 million during the quarter, compared to analyst estimates of $7.33 million.

Here are the key takeaways from Beam Global’s conference call:

  • Beam Global’s Q1 revenue fell 51% to $3.1 million from $6.3 million a year ago, mainly because two large EV ARC orders slipped into Q2, Europe was seasonally slower, and U.S. federal EV spending continued to decline.
  • Backlog rose 50% to $9 million during the quarter, and management said Q2 revenue through the call date had already exceeded all of Q1, suggesting business momentum is improving.
  • The company highlighted major diversification wins, including its first EV ARC sale in Abu Dhabi, a patented autonomous wireless charging system for autonomous vehicles, battery systems for drones, and a record week of smart city orders in Europe.
  • Revenue mix continued to shift away from government customers: international customers represented 51% of revenue and non-government commercial entities made up 78% of Q1 sales, up sharply from last year.
  • Management emphasized that Beam remains debt-free with an unused $100 million credit facility and said improving unit economics and disciplined costs should help operating leverage as volumes recover.

Beam Global Trading Down 6.5%

Shares of Beam Global stock traded down $0.12 on Friday, reaching $1.73. The company had a trading volume of 574,337 shares, compared to its average volume of 1,147,171. The firm’s 50 day moving average price is $1.60 and its two-hundred day moving average price is $1.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.93 and a current ratio of 1.74. Beam Global has a 52-week low of $1.34 and a 52-week high of $4.04. The firm has a market cap of $36.57 million, a PE ratio of -1.04 and a beta of 1.48.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Global in a research report on Wednesday, January 21st. Wall Street Zen upgraded Beam Global from a “strong sell” rating to a “hold” rating in a research report on Saturday, April 11th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.00.

View Our Latest Stock Report on BEEM

Institutional Trading of Beam Global

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Beam Global by 8.8% in the third quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock valued at $1,903,000 after purchasing an additional 53,640 shares during the period. Renaissance Technologies LLC boosted its position in shares of Beam Global by 268.0% during the fourth quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock worth $186,000 after buying an additional 90,300 shares during the period. State Street Corp grew its stake in shares of Beam Global by 17.6% in the fourth quarter. State Street Corp now owns 58,228 shares of the company’s stock valued at $87,000 after buying an additional 8,700 shares in the last quarter. Virtue Capital Management LLC grew its stake in shares of Beam Global by 1,339.7% in the fourth quarter. Virtue Capital Management LLC now owns 50,000 shares of the company’s stock valued at $81,000 after buying an additional 46,527 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Beam Global in the 4th quarter valued at $61,000. Institutional investors and hedge funds own 26.59% of the company’s stock.

Beam Global Company Profile

(Get Free Report)

Beam Global (NASDAQ:BEEM) is a developer of solar-powered infrastructure solutions designed to support the transition to clean energy and electric transportation. Headquartered in California, the company specializes in producing off-grid EV charging units, solar canopy systems and energy storage solutions that can be rapidly deployed in urban, rural and remote environments. By integrating photovoltaic panels with battery storage and charging hardware, Beam Global’s products aim to reduce reliance on grid power and lower carbon emissions at charging locations.

The company’s flagship product, EV ARC, is a standalone, solar-powered electric vehicle fast-charging kiosk that requires no construction, trenching or utility upgrades.

Recommended Stories