Beam global announces third quarter 2023 results

San diego, nov. 14, 2023 (globe newswire) -- beam global , (nasdaq: beem , beemw), (the “company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its third quarter results for the period ended september 30, 2023. q3 2023 financial highlights quarterly revenue of $16.5 million, a 149% increase over q3 2022 record year-to-date revenues of $47.3 million, a 236% increase over 2022 record q3 ev arc™ system deployments; increased 295% yoy record year-to-date gross profit of $0.8 million, or 2% of revenues; year-to-date gross profit excluding non-cash items of $1.5 million, or 3% of revenues year-to-date gross profit improvement of 9% as a percentage of revenue over 2022 year-to-date operating expenses improved by 52% as a percentage of revenue over 2022 oversubscribed public offering of $25 million, net of expenses, to support european acquisition and strengthen balance sheet debt free and $100 million line of credit available and unused backlog of $31 million on september 30, 2023, pipeline of over $112m acquisition highlights—amiga doo: closed acquisition of europe based amiga doo on october 20, 2023, a leading european provider of transportation, communications and energy infrastructure products opened largest automotive market in the world to beam global clean technology solutions through expansion of sales team and existing customer relationships in 17 nations significantly expanded engineering expertise to further develop new product solutions for the electrification of transportation and the securing and decarbonizing of energy infrastructure significantly expanded development and manufacturing capacity to bring beam global products to european markets and beyond enhanced in-sourcing capabilities resulting in cost and risk reduction in manufacturing of beam global products provided virtual facility tour as first public look at beam europe with live streamed tour of the new factory and offices on november 9, 2023 product development and order highlights: launched 160 mph wind-rated ev arc™ sustainable ev charging infrastructure product line continued rapid deployments of ev arc™ products for federal, state, municipal and corporate customers completed initial deployment of solar-powered ev arc™ systems for top global automotive manufacturer ev arc™ systems withstood and continued to operate before, during and after hurricane idalia in florida, georgia and the carolinas demonstrating disaster preparedness value of beam global products received new and follow on orders from government and commercial entities including the city of los angeles, u.s. army, clearpath robotics, national park service and california institute of technology (caltech) issued a european patent for ev standard™ curbside ev charging infrastructure product “the beam team delivered another record-breaking quarter while also continuing to improve our products and sell them to an ever-expanding group of quality customers,” said desmond wheatley, ceo of beam global.
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