Beam Global (NASDAQ:BEEM) Issues Earnings Results, Misses Estimates By $0.15 EPS

Beam Global (NASDAQ:BEEM) posted its quarterly earnings results on Friday. The company reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.15), Zacks reports. Beam Global had a negative return on equity of 61.84% and a negative net margin of 95.63%.The firm had revenue of $3.13 million for the quarter, compared to analyst estimates of $7.33 million.

Here are the key takeaways from Beam Global’s conference call:

• Beam Global’s Q1 revenue fell 51% to $3.1 million from $6.3 million a year ago, mainly because two large EV ARC orders slipped into Q2, Europe was seasonally slower, and U.S. federal EV spending continued to decline.
• Backlog rose 50% to $9 million during the quarter, and management said Q2 revenue through the call date had already exceeded all of Q1, suggesting business momentum is improving.
• The company highlighted major diversification wins, including its first EV ARC sale in Abu Dhabi, a patented autonomous wireless charging system for autonomous vehicles, battery systems for drones, and a record week of smart city orders in Europe.
• Revenue mix continued to shift away from government customers: international customers represented 51% of revenue and non-government commercial entities made up 78% of Q1 sales, up sharply from last year.
• Management emphasized that Beam remains debt-free with an unused $100 million credit facility and said improving unit economics and disciplined costs should help operating leverage as volumes recover.

Beam Global Trading Down 6.5%

NASDAQ BEEM opened at $1.73 on Friday. The firm has a market capitalization of $36.57 million, a P/E ratio of -1.80 and a beta of 1.48. The business has a fifty day simple moving average of $1.61 and a 200 day simple moving average of $1.72. Beam Global has a 12 month low of $1.34 and a 12 month high of $4.04. The company has a current ratio of 1.74, a quick ratio of 0.93 and a debt-to-equity ratio of 0.01.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wall Street Zen raised Beam Global from a “strong sell” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Global in a report on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.00.

Institutional Investors Weigh In On Beam Global

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its position in Beam Global by 17.6% in the 4th quarter. State Street Corp now owns 58,228 shares of the company’s stock valued at $87,000 after buying an additional 8,700 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Beam Global in the 3rd quarter valued at $102,000. Quadrature Capital Ltd purchased a new position in shares of Beam Global in the 4th quarter worth approximately $61,000. Virtue Capital Management LLC boosted its stake in shares of Beam Global by 1,339.7% in the 4th quarter. Virtue Capital Management LLC now owns 50,000 shares of the company’s stock worth $81,000 after buying an additional 46,527 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Beam Global by 8.8% in the 3rd quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock worth $1,903,000 after buying an additional 53,640 shares during the last quarter. 26.59% of the stock is owned by hedge funds and other institutional investors.

Beam Global Company Profile

Beam Global (NASDAQ:BEEM) is a developer of solar-powered infrastructure solutions designed to support the transition to clean energy and electric transportation. Headquartered in California, the company specializes in producing off-grid EV charging units, solar canopy systems and energy storage solutions that can be rapidly deployed in urban, rural and remote environments. By integrating photovoltaic panels with battery storage and charging hardware, Beam Global’s products aim to reduce reliance on grid power and lower carbon emissions at charging locations.

The company’s flagship product, EV ARC, is a standalone, solar-powered electric vehicle fast-charging kiosk that requires no construction, trenching or utility upgrades.