Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading
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 fiscal
year ended December 31, 2021.
Fiscal 2021 and Recent Company Highlights
- Generated record annual revenues of $9.0 million in 2021
- 134% growth in new orders year-over-year
- 67% growth in system deliveries year-over-year
- 66% growth in Q4 2021 system deliveries over Q3 2021
- Acquired energy storage leader AllCell Technologies in an
all-stock transaction
- Record revenue of $1.9M and orders of $2.9M in the first full
year on the federal GSA contract
- Received the largest single order in company history of 52
units
- Beam EV charging systems are now in 29 U.S. states
- Expanded non-government sales among business sectors including
automotive, commercial real estate, construction, travel and
entertainment, pharmaceuticals and education
- Increased sales to utilities
- Received first battery order of $2.3 million within weeks of
the acquisition of AllCell Technologies
- Set the world record for the longest flight in a production
electric aircraft, charged exclusively by transportable, off-grid
EV ARC™ systems
- Increased EV ARC™ system energy performance by 12%
- Granted eligibility in the California Energy Commissions
CALeVIP incentive program
- Granted eligibility in Carl Moyer incentive program
- Streamlined production and deployment for significant gain in
efficiencies
- Chinese patent issued for Compact Transportation-Configurable
EV ARC™ System
“2021 was a year in which we broke record after record,” said
Desmond Wheatley, CEO of Beam. “Most importantly, we had material
improvements in sales, revenues, deliveries and performance. At the
same time, we reduced our costs as a percentage of revenues during
the most severe inflationary period in over forty years. We are now
seeing dramatic increases in spending on EVs and EV charging
infrastructure in the US and internationally so I anticipate that
all the positive trends we put in place in 2021 will continue and
accelerate in 2022. Acquiring AllCell Technologies uniquely
positions us in the industry as the only provider with a
proprietary energy storage solution and at the same time it will
dramatically reduce our costs. I believe we are very well
positioned for 2022.”
Fiscal Year End 2021 Financial Summary
RevenuesBeam Global reported record revenues in
fiscal 2021 of $9,001,751, compared to $6,210,350 in fiscal 2020,
an increase of 45%. In the fourth quarter the Company generated
revenues of $3,487,649, a 56% increase over $2,200,706 in the
fourth quarter of 2020. The Company invested in sales and marketing
resources during the past two years to expand its outreach and
increase brand awareness. This has resulted in more opportunities,
including increased interest and orders from federal agencies. We
also received a 52-unit order from the State of California, making
renewable charging more available throughout the state.
Gross LossGross loss in fiscal 2021 was
$971,644, or 10.8% of sales, compared to $710,974, or 11.4% of
sales during fiscal 2020. The gross loss in the fourth quarter of
2021 was $340,624, or 9.8% of sales, compared to $537,937, or 24.4%
of sales in the fourth quarter of 2020. During 2021, we saw price
increases on many of our purchased materials, primarily for steel
and batteries due to Covid-19 related issues. Transportation costs
increased as well for third party logistics, which we partially
mitigated using company transportation. With the increase in
production levels in 2021 and improvements in engineering and labor
combined with an increase in fixed overhead absorption we were able
to offset the increase in material and components costs for a
slight improvement in gross margin year over year. This was
particularly notable in the fourth quarter as the results of the
changes we implemented took effect.
Operating ExpensesOperating Expenses as a
percentage of revenue decreased by 10% in 2021, compared to 2020.
Operating expenses were $5,627,674, in fiscal 2021, compared to
$4,496,660 in fiscal 2020. Operating expenses in the fourth quarter
of 2021 were $1,674,683 down from $1,799,242 in the same period of
2020. The increase in total year operating expense was primarily
due to increases in sales and marketing to support revenue growth,
research and development for design changes and cost reductions,
and accounting and filing fees related to a change in auditors and
our proxy and meeting costs.
Net LossNet Loss as a percentage of revenue
decreased by 11% in 2021, compared to 2020. The net loss was
$6,596,039 for the 2021 fiscal year, compared to $5,213,025 for the
2020 fiscal year. For the three months ended December 31, 2021, the
net loss was $2,014,811 compared to $2,336,524 for the same period
in the prior year. The change in net loss is attributable to
the gross loss and increased operating expenses.
Cash and Working CapitalAt December 31, 2021,
we had cash of $21,948,512, compared to $26,702,804 at December 31,
2020. The cash decrease was primarily from operating activities,
which was partially offset by cash generated from the exercise of
warrants. Our working capital decreased from $28,133,031 to
$24,611,810 from December 31, 2020 to December 31, 2021.
Conference Call Today at 4:30 PM ET
Management will host a conference call today at 4:30 PM ET to
review financial results and provide an update on corporate
developments. Following management’s formal remarks, there will be
a question and answer session.
Participants can register for the conference through the
following
link: https://dpregister.com/sreg/10164944/f20cf2b2d0Please
note that registered participants will receive their dial in number
upon registration.
Those without internet access or unable to pre-register may dial in
by calling: |
PARTICIPANT DIAL IN (TOLL FREE):PARTICIPANT INTERNATIONAL DIAL
IN: |
1-844-739-38801-412-317-5716 |
Please ask to be joined into the Beam Global call. |
A webcast archive is available for 3 months following the call
at the following
URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=tclalQFA
About Beam Global
Beam Global is a clean technology leader providing innovative,
sustainable products and technologies for electric vehicle (EV)
charging, energy storage, energy security and outdoor media. Core
platforms include Beam EV ARC™ and Solar Tree® sustainable EV
charging systems, Beam AllCell™ high-performance energy storage
solutions, energy resiliency and disaster preparedness products and
a deep patent library.
Beam EV ARC™ EV charging infrastructure systems support any
quality brand EV charging service equipment, and Beam AllCell™
battery solutions power micro-mobility, terrestrial EVs, aviation,
maritime and recreational vehicles as well as stationery and
energy-security platforms.
Beam develops, patents, designs, engineers and manufactures
unique and advanced clean mobility solutions that protect the
environment, save customers time and money, empower communities and
keep people moving. Based in San Diego and Chicago, the company
produces Made-in-America products with the mission to Lead the
World to Clean Mobility. Beam Global is listed on Nasdaq under the
symbols BEEM and BEEMW. For more information visit BeamForAll.com,
LinkedIn, YouTube and Twitter.
Forward-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 “estimate,” “project,” “predict,” “believe,”
“expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,”
“will,” “should,” “may,” or other words and similar expressions
that convey the uncertainty of future events or results. These
statements relate to future events or future results of operations,
including, but not limited to the following statements: statements
regarding the proposed acquisition, its expected benefits, the
acquisition’s anticipated timing, and the anticipated future
financial performance as a result of the acquisition. These
statements are only predictions and involve known and unknown
risks, uncertainties and other factors, which may cause Beam
Global's actual results to be materially different from these
forward-looking statements. There can be no assurances that the
proposed acquisition of AllCell will be completed. Except
to the extent required by law, Beam Global expressly disclaims any
obligation to update any forward-looking statements.
Investor Relations:Kathy
McDermottIR@BeamForAll.com+1 858-799-4583
Media Contact:Next PR+1
813-526-1195Press@BeamForAll.com
Beam Global |
Condensed Balance Sheets |
(000's omitted) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2021 |
|
2020 |
|
|
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
|
Cash |
|
$ |
21,948 |
|
$ |
26,703 |
Accounts receivable |
|
3,827 |
|
1,786 |
Prepaid and other current assets |
|
180 |
|
321 |
Inventory, net |
|
1,611 |
|
1,093 |
Total current assets |
|
27,566 |
|
29,903 |
|
|
|
|
|
Property and equipment, net |
|
650 |
|
235 |
Operating lease right of use asset |
|
2,030 |
|
2,419 |
Patents, net |
|
360 |
|
294 |
Deposits |
|
52 |
|
52 |
Total assets |
|
$ |
30,658 |
|
$ |
32,903 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
1,567 |
|
$ |
728 |
Accrued expenses |
|
727 |
|
392 |
Sales tax payable |
|
57 |
|
92 |
Deferred revenue |
|
136 |
|
38 |
Operating lease liabilities, current |
|
468 |
|
521 |
Total current liabilities |
|
2,955 |
|
1,771 |
|
|
|
|
|
Deferred revenue, noncurrent |
|
118 |
|
70 |
Operating lease liabilities, noncurrent |
|
1,607 |
|
1,910 |
Total liabilities |
|
4,680 |
|
3,751 |
|
|
|
|
|
Total stockholders' equity |
|
25,978 |
|
29,152 |
Total liabilities and stockholders' equity |
|
$ |
30,658 |
|
$ |
32,903 |
|
|
|
|
|
Beam Global |
Condensed Statements of Operations |
(000's omitted except share and per share
amounts) |
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
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For the Three Months Ended |
|
For the Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
3,488 |
|
|
$ |
2,201 |
|
|
$ |
9,002 |
|
|
$ |
6,210 |
|
Cost of revenues |
|
|
3,828 |
|
|
2,739 |
|
|
9,973 |
|
|
6,921 |
|
Gross loss |
|
|
(340 |
) |
|
(538 |
) |
|
(971 |
) |
|
(711 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
1,675 |
|
|
1,799 |
|
|
5,628 |
|
|
4,497 |
|
Loss from operations |
|
|
(2,015 |
) |
|
(2,337 |
) |
|
(6,599 |
) |
|
(5,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
|
- |
|
|
1 |
|
|
4 |
|
|
- |
|
Loss before income tax expense |
|
|
(2,015 |
) |
|
(2,337 |
) |
|
(6,595 |
) |
|
(5,208 |
) |
Income tax expense |
|
|
- |
|
|
- |
|
|
1 |
|
|
5 |
|
Net loss |
|
|
$ |
(2,015 |
) |
|
$ |
(2,337 |
) |
|
$ |
(6,596 |
) |
|
$ |
(5,213 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
|
$ |
(0.22 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.84 |
) |
Weighted average shares outstanding - basic and diluted |
|
|
8,960,100 |
|
|
7,564,171 |
|
|
8,882,440 |
|
|
6,170,283 |
|
|
|
|
|
|
|
|
|
|
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|
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