Beam Global (NASDAQ:BEEM) Issues Earnings Results

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

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%

Shares of NASDAQ:BEEM traded down $0.12 during midday trading on Friday, reaching $1.73. The company had a trading volume of 574,337 shares, compared to its average volume of 1,147,171. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.93 and a current ratio of 1.74. Beam Global has a 1-year low of $1.34 and a 1-year high of $4.04. The firm has a market cap of $36.57 million, a price-to-earnings ratio of -1.04 and a beta of 1.48. The company has a fifty day simple moving average of $1.60 and a two-hundred day simple moving average of $1.72.

Hedge Funds Weigh In On Beam Global

A number of hedge funds and other institutional investors have recently modified their holdings of BEEM. Renaissance Technologies LLC boosted its position in shares of Beam Global by 268.0% in the 4th quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock valued at $186,000 after purchasing an additional 90,300 shares during the period. Vanguard Group Inc. boosted its position 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 valued at $1,903,000 after purchasing an additional 53,640 shares during the period. Virtue Capital Management LLC boosted its position 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 valued at $81,000 after purchasing an additional 46,527 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Beam Global in the 4th quarter valued at $61,000. Finally, Two Sigma Investments LP acquired a new position in shares of Beam Global in the 3rd quarter valued at $102,000. Institutional investors and hedge funds own 26.59% of the company’s stock.

Analysts Set New Price Targets

BEEM has been the subject of several research analyst reports. Wall Street Zen upgraded Beam Global from a “strong sell” rating to a “hold” rating in a report on Saturday, April 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Global in a report on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $4.00.

About Beam Global

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.