Beam Global reports Q2 EPS (14c), consensus (20c)

Reports Q2 revenue $14.81M, consensus $16.86M. Reports Q2 purchase orders up 129% year-over-year. “The Beam Team is laser focused on improving margins and continuing our progress towards positive cash flow. This quarter’s record gross margin at 18%, net of non-cash items, is a validation of that progress and we see continued upside going forward through the work we are doing to reduce direct costs, increase production efficiencies and benefit from our price increases,” said Desmond Wheatley, CEO of Beam Global. “We are taking important steps to diversify our revenue opportunities through geographic expansion as well as through the recruiting of external sales partners to enhance our internal team’s capacity so that we can increase our sales overall while reducing the impact of seasonal or other fluctuations in our order cadence. Consequently, our sales pipeline is at a record high, and we are working on the most significant opportunities in our history, particularly through Beam Europe. As we noted during the quarter, winning the UK’s equivalent of our federal GSA contract was a significant milestone for Beam Europe, resulting in our first million-dollar EV ARC contract in Europe from the British Army. Finally, we have taken initial steps towards the development of an entirely new product which we hope to launch in 2024, which will further augment our strategy to diversify revenue and profit opportunities in expanded markets with more product offerings. I am proud of the Beam Team’s achievements and more even excited about what I believe we will accomplish in the future.”