Beam Global Reports Fiscal Q1 2022 Financial Results – Benzinga – Press Release

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SAN DIEGO, May 24, 2022 (GLOBE NEWSWIRE) — Beam Global, 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 first fiscal quarter ended March 31, 2022.

Fiscal Q1 2022 and Recent Company Highlights

  • Generated the highest quarterly revenues in the company’s history of $3.8 million, a 175% increase over Q1 2021
  • Q1 22 system deliveries 250% higher than Q1 21
  • Grew pipeline to a new record of over $100M
  • Reduced the gross loss in Q1 2022 by 3 percentage points, compared to Q1 2021, in spite of inflationary pressures
  • Closed the strategic acquisition of All Cell Technologies, LLC (All Cell), an energy storage leader, which is expected to secure vital battery supply, reduce battery costs for Beam, and increase Company revenues
  • Received a $2.4 million order from mobile EV charging company SparkCharge for Beam AllCell™ battery products
  • Received a follow-on order from the California Department of General Services for 23 EV ARC™ systems to charge fleet EVs for government agencies
  • Awarded Federal Blanket Purchase Agreement for electric vehicle charging infrastructure to provide a streamlined procurement process
  • Beam Global products featured on the front cover of the FHA NEVI Program Guidance document
  • Selected for autonomous wildfire fighting exercise, Project Vesta, to charge electric vehicles that were used to provide autonomous wildfire fighting experiment
  • Award winner for Achievement in Product Innovation in 2022 American Business Awards®

“We continue to make advances across all areas of our business with new records in revenues, product deliveries and, perhaps most importantly, pipeline,” said Desmond Wheatley, CEO of Beam. “Deliveries and new opportunities in the quarter came from government and commercial sectors and we anticipate strong continued growth from both. Operationally we are more…

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