Beam Global Announces Record Contracted Backlog of More Than $7M and Pipeline of More Than $75M
October 12 2021 - 8:00AM
Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of
innovative sustainable technology for electric vehicle (EV)
charging, outdoor media and energy security, announced that it has
a current backlog of purchase orders for EV ARC™, and other
proprietary products, totaling more than $7M. This is a
historically high level of contracted backlog for the Company and
represents near-term future revenue which is greater than any prior
full year. The Company’s sales pipeline has also grown from $50M at
the end of the second quarter to more than $75M at the end of Q3
representing a material acceleration of Pipeline growth which is
also at historically high levels.
Both backlog and pipeline amounts are comprised of purchase
orders and opportunities (respectively) which include EV ARC™
system quantities which are greater than historical averages.
Backlog includes orders which have transitioned from pipeline in
less time than historical averages. The Company believes that these
trends are indicative of increased order volumes and urgency, as
federal, state and local governments accelerate their adoption of
EVs, and as corporations return to the workplace post-vaccine
resulting in an increased requirement for workplace charging.Beam
is making modest but highly impactful investments in its factory
facility and delivery equipment to allow for an efficient increase
in throughput and delivery of products. Certain purchase orders
currently in backlog, like the recently announced United States
Marine Corps order, are placed through government contract vehicles
which specify delivery times of 90 days from purchase order
issuance.“It took ten years for us to get a pipeline of $50M and
just one more quarter to get to over $75M,” said Beam Global CEO
Desmond Wheatley. “We are converting pipeline to backlog and
backlog to revenue at better rates than at any time in our history
and we only anticipate improving on all these metrics. Government
tailwinds both in the US and internationally, and consumer adoption
of the fantastic new line up of EVs now available are creating the
intense and urgent need for EV charging infrastructure that has
been central to our investment thesis. We have zero debt and plenty
of cash to execute on our organic growth. There’s never been a
better time to be Beam.” Car News reports that there will be 100 EV
models to choose from in 2022 including the Ford F-150 Lightning
and several other van, SUV, sedan and luxury models delivered by
the large OEMs and new entrants like Rivian and Lucid.
Announcements of investments in the tens of billions from the large
OEMs are not uncommon and most auto manufactures have committed to
fully electric fleets in the next two decades. The U.S. federal
government fleet encompasses about 657,000 cars, SUVs and trucks.
In January, Executive Order 14008 was signed directing agencies to
dramatically increase the number of electric vehicles in the
government fleet to help tackle the climate crisis. Beam’s EV
charging infrastructure products are included on the federal GSA
MAS Contract as the result of an extensive evaluation process
conducted by GSA that serves as a testament to the company’s
capabilities, performance history and customer satisfaction. For
more information on purchasing Beam’s EV ARC™ ready-to-deploy
sustainable EV charging solutions through the GSA MAS Contract,
please contact The Beam Team at 858-799-4583 or
BeamTeam@BeamForAll.com.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™
and Solar Tree® lines with BeamTrak™ patented solar tracking, and
ARC Technology™ 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
BeamForAll.com, LinkedIn, YouTube and
TwitterForward-Looking Statements 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
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the uncertainty of future events or results.Media
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