During the quarter, the company received an order for 23 EV ARC systems from the California Department of General Services. This also meant cash burn for the quarter, including capital expenditure of around $100,000, was at $2 million.Ī majority of Beam's customers are public bodies, hence, the company has been a big winner of a number of EV infrastructure funding pledges announced since the new Biden administration. This was a 77% increase from the year-ago figure. The company is still unprofitable, with a net loss during the quarter of $2.3 million. This came on the back of a 250% increase in system deliveries during the quarter and a sales pipeline that grew to hit a record of over $100 million. It was a broadly positive earnings report with revenue coming in at $3.77 million, a 175% increase from the comparable year-ago quarter and a $420,000 beat on consensus estimates. Revenue Ramps Up As Electrification Charges Upīeam last reported earnings for its fiscal 2022 first quarter. The company now trades on a $144 million valuation, with $19 million in cash and equivalents held. Hence, the growth ahead is likely to be dramatic even against heavy competition from a large number of competing public companies like ChargePoint (CHPT), Blink Charging (BLNK), EVgo (EVGO) and Volta (VLTA).īeam has joined the cascade of collapsing stock prices over the last year, with its stock down nearly 81% from its all-time highs. 2021 saw only 4% of new cars sold in the United States being all-electric. With sales of EVs as a per cent of total new cars sold yearly still quite low, the structural shift to electric transport is very much still in its early stages. This year-over-year beat looks set to continue in 2022 even with the spectre of a recession.Īncillary charging companies like Beam are likely to ramp up the pace of their revenue growth in the years ahead on the back of the rising number of new EV owners. Sales of all-electric vehicles and plug-in hybrid electric vehicles in the United States nearly doubled from 308,000 in 2020 to 608,000 in 2021. There is now a clear upward trend of rising EV sales from a mix of supportive government policy and rising consumer sentiment. The bull case for Beam is built on the growing adoption of EVs across the United States. This product is more easily deployed than conventional charging stations, and generates and stores its own energy. The company also continues to make headway into its core markets with new deals signed with state and local governments for the rollout of the EV ARC 2020, an off-grid renewable EV charging solution. The company recently closed on the all-stock acquisition of AllCell Technologies, an energy storage solutions and technologies provider. Management expects the continued growth of EV sales to drive further consensus beating revenue gains in the quarters ahead.īeam Global (BEEM) is a relatively under-the-radar EV charging company that's been riding the growing wave of EVs to newer operational heights. The company's cash position is quite strong even against heavy cash burn. Beam Global: Building Revenue One Charge At A Timeīeam is experiencing rapid revenue growth.

Beem stock forcast