Beam Global, a provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, today announced the financial results for the second fiscal quarter ended June 30, 2022.
Fiscal Q2 2022 and Recent Company Highlights
- Generated the highest second quarter revenue in the company’s history of $3.7 million, a 75% increase over Q2 2021
- Generated highest first half revenue in the company’s history of 7.5M, a 114% increase over first half 2021
- Improved Gross Profitability in first half by 4% of revenue despite inflation
- Reduced net loss by over 14% of revenue in first half despite inflation and acquisition
- Grew sales orders to a record backlog of over $10M
- Grew sales pipeline to a new record of $122 million
- Grew EV ARC system revenue per employee by 34% over Q2 of 2021
- Awarded Federal Blanket Purchase Agreement (BPA) for Electric Vehicle Charging Infrastructure
- Awarded new State of California Contract for rapidly deployed sustainable EV charging infrastructure products
- Received $0.9 million battery order to power autonomous on-demand delivery drones
- Announced partnership with Volvo Construction Equipment (CE) to bundle EV ARC off-grid EV charging systems with Volvo electric construction equipment
- Increased momentum in enterprise customers, multi-unit orders and repeat customers
- Selected for the California DGS Green Proving Ground program for grid balancing
- Honored as Stevie Award Winner for Achievement in Product Innovation in 2022 American Business Awards
“Q2 has been another quarter of records at Beam Global,” said Desmond Wheatley, CEO of Beam. “Our sales are up, our efficiencies are improving and we have the highest contracted backlog and sales pipeline in our history. First half revenues are more than double this time last year and we have no indication that this momentum is going to let up. We continue to make progress on our integration of the battery company we bought earlier this year with sales, revenues and the first deployments of our new internally produced battery solution in our EV ARC systems. With first half revenues exceeding any prior full year except ’21 and all the other improvements we are making I am excited by what I expect the Beam Team will make happen during the remainder of 2022. ”
Second Fiscal Quarter 2022 Financial Summary
Revenues
Beam Global reported record second quarter revenues of $3.7 million in the second fiscal quarter of 2022, compared to $2.1 million in the same period in the prior year, an increase of 75%. For the first six months of 2022, we reported record first half revenues of $7.5 million, a 114% increase over $3.5 million reported for the same period in 2021. Revenues included $1.4 million for energy storage in the second quarter and $1.8 million for the six months ended June 30, 2022 as a result of closing the acquisition of All Cell Technologies, LLC (“All Cell”) in early March.
Gross Loss
Gross loss in the three months ended June 30, 2022 and 2021 was $0.3 million. Gross loss for the first six months of 2022 was $0.6 million, compared to $0.4 million for the same period in 2021. As a percentage of sales, the gross loss improved by four percentage points for the quarter and year to date, reflecting favorable fixed overhead absorption and improved labor efficiency due to the increase in production levels. This was partially offset by an increase in material costs for steel and other components due to supply chain shortages and other inflationary pressures.
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