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Beam Global (BEEM)

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35.19+9.89 (+39.09%)
At close: 4:00PM EST

33.01 -2.18 (-6.19%)
Before hours: 8:08AM EST

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Neutralpattern detected
Previous Close25.30
Open22.34
Bid0.00 x 1100
Ask35.97 x 2900
Day's Range29.50 - 37.50
52 Week Range6.09 - 37.50
Volume4,309,672
Avg. Volume419,080
Market Cap247.173M
Beta (5Y Monthly)-0.09
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateNov 12, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est26.67
  • Beam Global Announces Pricing of $7.5 Million Bought Deal Offering
    GlobeNewswire

    Beam Global Announces Pricing of $7.5 Million Bought Deal Offering

    SAN DIEGO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), a provider of innovative sustainable technology for electric vehicle (“EV”) charging, outdoor media and energy security, today announced that it has entered into an underwriting agreement with Maxim Group LLC under which the underwriter has agreed to purchase, on a firm commitment basis, 250,000 shares of common stock of the Company, at a price to the public of $30.00 per share, less underwriting discounts and commissions. The gross proceeds from the public offering will be approximately $7.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. Maxim Group LLC is acting as the sole manager for the offering.The closing of the offering is expected to occur on or about November 27, 2020, subject to satisfaction of customary closing conditions.The offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 26, 2020 and declared effective on June 4, 2020. A prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained, when available, by contacting Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, or by telephone at (212) 895-3745.This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About Beam GlobalBeam Global is a Cleantech company that produces innovative, sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, risks and costs of grid-tied solutions. Products include the patented EV ARC™ and Solar Tree® lines with BeamTrak™ patented solar tracking, and ARC Technology™ energy storage, along with EV charging, outdoor media and disaster preparedness packages.The company develops, patents, designs, engineers and manufactures unique and advanced renewably energized products that save customers time and money, help the environment, empower communities and keep people moving. Based in San Diego, the company produces Made in America products. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information visit https://BeamForAll.com/, LinkedIn, YouTube and Twitter.Forward-Looking InformationThis Beam Global Press Release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. These forward-looking statements also are subject to risks, uncertainties and assumptions, including those detailed from time to time in the company’s filings with the SEC, and represent the company’s views only as of the date they are made and should not be relied upon as representing the company’s views as of any subsequent date.Media Contacts: The Bulleit Group BeamGlobal@BulleitGroup.com +1 415-742-1894Investor Relations: Kathy McDermott IR@BeamForAll.com +1 858-799-4583

  • Beam Global Awarded GSA MAS Contract to Provide EV ARC™ Solar EV Charging Infrastructure Products to Federal Government
    GlobeNewswire

    Beam Global Awarded GSA MAS Contract to Provide EV ARC™ Solar EV Charging Infrastructure Products to Federal Government

    Beam Global Awarded GSA MAS Contract for Federal Purchases Beam Global Awarded GSA MAS Contract to Provide EV ARC™ Solar EV Charging Infrastructure Products to Federal GovernmentSAN DIEGO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, today announced the award of their General Services Administration (GSA) Multiple Award Schedule (MAS) Contract. Federal agencies can now purchase EV ARC™ solar EV Charging infrastructure products on the GSA Advantage!® site. Due to the recent rebrand from Envision Solar to Beam Global, products are listed under Envision Solar while the name change is processed. GSA MAS Contracts, frequently referred to as GSA Schedules, are pre-competed, Federal Acquisition Regulation (FAR) compliant contracts that serve to streamline the government procurement process. The award of Beam Global’s (formerly Envision Solar) GSA MAS Contract is the result of an extensive evaluation process conducted by GSA, and serves as a testament to the company’s capabilities, performance history and customer satisfaction.“Beam Global’s GSA Schedule now allows Federal agencies, state and local governments, educational institutions and others to easily purchase the fastest deployed EV charging infrastructure products on the market,” said Desmond Wheatley, Beam Global CEO. “Five Federally funded National Laboratories and the U.S. Navy already use EV ARC™ products. It will be much easier to get follow on orders from them and new orders from other Federal agencies as a result of this contract vehicle being in place. We believe that the timing could not be better: not only do we anticipate significant Federal Stimulus and funding for EV charging infrastructure when the new administration takes office, we are also providing the opportunity for state and local governments to buy EV ARC™ products from the GSA Schedule with the Disaster Purchasing designation.”Beam currently offers the EV ARC™ line of sustainable EV charging infrastructure products through their GSA MAS Contract under the following Special Item Numbers (SINs): * SIN 335999 Power Distribution Equipment * SIN 335911 BatteriesFederal agencies can use the company’s GSA MAS Contract to secure EV ARC™ sustainable EV charging products at pre-negotiated pricing, terms and conditions. These products include: * Beam EV ARC™ charging units with ChargePoint™ EV Charging Station(s) Pre-mounted: Configurations with 1 plug, 2-plugs * Beam EV ARC™ charging units with Enel X JuiceBox® Pro EV Charging Station(s) Pre-mounted: Configurations with 1 plug, 2 plugs, 3 plugs, 4 plugs, 5 plugs, 6 plugs * The above products are also designated Disaster Purchasing status and are available for purchase by state and local government entities and educational institutions in accordance with Section 833 of the John Warner Defense Authorization Act of 2007 and the Federal Supply Schedules Usage Act of 2010. The U.S. government operates the largest civilian fleet in the world with more than 640,000 vehicles. As fleet electrification increases due to the resultant reduction in fuel costs, maintenance, and emissions, the requirement for rapid deployment of EV charging infrastructure is expected to grow dramatically. Additionally, President Elect Joe Biden has committed to the deployment of more than 500,000 new public charging outlets by the end of 2030 and to a 100% clean energy economy with net-zero emissions by 2050.Beam Global’s GSA MAS Contract Number 47QSWA21D0006 is valid through October 31, 2025 with exercise options through October 31, 2040. For more information on purchasing Beam’s EV ARC™ ready-to-deploy sustainable EV charging solutions through the GSA MAS Contract, please contact The Beam Team at 858-799-4583 or BeamTeam@BeamForAll.com.About Beam Global Beam Global is a Cleantech leader that produces innovative, sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, risks and costs of grid-tied solutions. Products include the patented EV ARC™ and Solar Tree® lines with BeamTrak™ patented solar tracking, and ARC Technology™ energy storage, along with EV charging, outdoor media and disaster preparedness packages.The company develops, patents, designs, engineers and manufactures unique and advanced renewably energized products that save customers time and money, help the environment, empower communities and keep people moving. Based in San Diego, the company produces Made in America products. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information visit https://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.Media Contact: The Bulleit Group BeamGlobal@BulleitGroup.com +1 415-742-1894A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58c8a2df-099e-4f0c-a930-57127f23cae0

  • GlobeNewswire

    Beam Global Reports Third Quarter 2020 Financial Results

    Conference Call Today at 4:30 PM ETSAN DIEGO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam” or “the Company”), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, today announced financial results for the third fiscal quarter ended September 30, 2020. Third Quarter and Recent Company Highlights * Initiated Media business unit with the successful closing of an agreement with the City of San Diego, the Company’s first city contracted to host a sponsored network of EV ARC™ terminals. The Company believes this agreement will lead to the acquisition of our first sponsor and a significant recurring revenue business model which we believe we can replicate in other major cities. * Prepared for planned growth through the addition of approximately $10.5 million cash to our balance sheet through an underwritten public offering. Current working capital of approximately $14.0 million is sufficient for multiple years of operations. * Re-branded to Beam Global - well received by investors, customers and partners. Beam provides a clear branding path towards our strategic growth plan of operating profitably at the intersection of clean energy and transportation. New web site, videos and sales and marketing collateral. * Awarded GSA Multiple Award Schedule Contract to provide our products to the Federal Government. The Company views this contract, which allows Federal agencies to buy Beam products at pre-negotiated pricing, terms, and conditions, to be particularly important given the upcoming Biden administration and the likelihood of significant Federal stimulus and other spending on EV charging infrastructure. * Received confirmation from the US Patent and Trademark Office of the allowance of claims for the issuance of a patent on the UAV ARC™ renewably energized drone recharging product. Also applied for two new patents on advanced renewably energized products which are now patent pending. * Deployed the first 8 of 30 solar-powered, off-grid EV ARC™ terminals for Electrify America to provide sustainable electric vehicle infrastructure for rural communities throughout Fresno County in California. The Company anticipates the deployment of the remaining 22 units in Q4 2020. * Deployed the first of our advanced generation Solar Tree® products which will provide charging for electric medium and heavy-duty vehicles like electric buses, semi-trucks, agricultural equipment, public transportation and a growing number of electric equipment options in the construction industry. Further Solar Tree® products were deployed by The Ocean Discovery Institute during the second fiscal quarter. * The Company’s EV ARC™ product powered the world’s first Flying on Sunshine™ test-flight in a Pipistrel production electric aircraft. The successful test-flight proved the technology and was the first step in a bigger program the Company intends to pursue in 2021. * The Company’s EV ARC™ product (bought by Georgia Power) powered the EV Corral at the annual Motul Petit Le Mans event at the Michelin Raceway in Georgia. * Increased utility customer base with EV ARC™ deliveries to Baltimore Gas and Electric and Georgia Power and an order from Southern California Edison. The Company views utilities as offering significant opportunities as they play an increasing role in the electrification of transportation. * Increased Federal Government customer base with deliveries to more Federally Funded Research and Development Centers. * Added a Director of Operations, a Director of Engineering and sales professionals to increase efficiencies, reduce costs, continue to strengthen IP and increase sales. * Presented at The LD 500 virtual investor conference on September 2, 2020 and continued to perform other virtual trade shows and investor relations activities during COVID-19. * Received a repeat order and a new multi-unit order from San Francisco Bay Area municipalities. “We are well funded, essentially debt free and we have laid the foundation for our Outdoor Media Business Unit, which I believe will be the biggest and most profitable growth engine for our future, through the signing of an agreement with the City of San Diego. We already have interest from other cities, and we believe the timing is very good to engage sponsors,” said Desmond Wheatley, CEO of Beam. “At the same time, we are executing on our core business, increasing our intellectual property portfolio and continuing to do things that have never been done before, like powering a production electric aircraft. 2021 looks set to usher in a new era of U.S. Federal Government support for the electrification of transportation. President Elect Biden has committed to the deployment of hundreds of thousands of public EV charging stations. We have the fastest deployed, most scalable EV charging infrastructure solutions available. Our products are now available on the GSA Federal procurement contract and we have made-in-America, shovel-ready, EV charging and energy security products. I believe that we are strategically well-positioned as we round out 2020 and head into 2021.”    Q3 2020 Financial SummaryCash and Working Capital At September 30, 2020, we had cash of $12,332,224, compared to $3,849,456 at December 31, 2019. The increase resulted from proceeds of $10.5 million from a public offering, net of offering expenses and from the exercise of warrants. Our working capital increased from $5,142,719 to $13,914,212 from December 31, 2019 to September 30, 2020.Revenue Third quarter revenues were $1,237,434, compared to $1,785,724 in the same period last year. The decrease was due to delays in the receipt of orders, partially related to the impact of the COVID-19 virus and to early stage delivery challenges related to our latest generation of Solar Tree® products which provide charging of electric buses and heavy-duty vehicles and equipment.         Gross Profit/Loss Third quarter gross loss was $188,732, compared to a gross profit of $340,836 in the third quarter of 2019. The decrease in gross profit was primarily due to the decreased revenues and the corresponding reduction in fixed overhead absorption.Operating Expenses Third quarter operating expenses were $906,962 compared to $963,487 in the third quarter of 2019. The decrease was primarily due to the reduction of a one-time severance payment made in 2019, reduced travel expenses due to COVID-19, a reduction in Director’s fees and a reduction in commissions, offset by an increase in expenses related to sales and marketing activities.Net Loss The net loss was $1,100,023, or $0.17 per share, for the three months ended September 30, 2020, compared to a net loss of $610,094, or $0.12 per share for the same period in 2019. This is primarily attributable to the reduction in revenue.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 by navigating to   https://dpregister.com/sreg/10149538/dc352936a2 Please 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):  1-844-739-3880 PARTICIPANT INTERNATIONAL DIAL IN:  1-412-317-5716 Please ask to be joined into the Beam Global call.Webcast URL: https://services.choruscall.com/links/beem201112.html A webcast replay of the call will be available approximately one hour after the end of the call through February 12, 2021. The replay can be accessed through the above links.About Beam Global Beam Global is a Cleantech leader that produces innovative, sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, risks and costs of grid-tied solutions. Products include the patented EV ARC™ and Solar Tree® lines with BeamTrak™ patented solar tracking, and ARC Technology™ energy storage, along with EV charging, outdoor media and disaster preparedness packages.The company develops, patents, designs, engineers and manufactures unique and advanced renewably energized products that save customers time and money, help the environment, empower communities and keep people moving. Based in San Diego, the company produces Made in America products. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information visit https://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.  Media Contact: The Bulleit Group BeamGlobal@BulleitGroup.com +1 415-742-1894Investor Relations: Kathy McDermott IR@BeamForAll.com +1 858-799-4583  Beam Global Condensed Balance Sheets (000's omitted)          September 30,      2020 December 31,    (Unaudited) 2019  ASSETS     Current Assets      Cash $12,332 $3,849  Accounts receivable, net 1,310 765  Prepaid and other current assets 262 148  Inventory, net 1,919 1,844  Total Current Assets 15,823 6,606         Property and equipment, net 137 419  Operating lease right of use asset 2,558    Patents, net 271 205  Deposits 52 57  Total Assets $18,841 $7,287         LIABILITIES AND STOCKHOLDERS' EQUITY      Current Liabilities      Accounts payable $371 $485  Accrued expenses 483 305  Sales tax payable 81 6  Deferred revenue 112 94  Convertible note payable - related party, net - 215  Note payable 339 -  Operating lease liabilities, current 521 349  Auto loan 1 9  Total Current Liabilities 1,908 1,463         Operating lease liabilities, noncurrent 2,041 -  Total Liabilities 3,949 1,463         Total Stockholders' Equity 14,892 5,824  Total Liabilities and Stockholders' Equity  $18,841 $7,287         Beam Global Condensed Statements of Operations (000's omitted except share and per share amounts) (Unaudited)                                       For the Three Months ended September 30, For the Nine Months ended September 30,   2020  2019  2020  2019                   Revenues $1,237  $1,786  $4,010  $4,616  Cost of revenues  1,426   1,445   4,183   4,267  Gross profit  (189)  341   (173)  349                    Operating expenses  907   964   2,698   2,227  Loss From operations  (1,096)  (623)  (2,871)  (1,878)                   Other income (expense)                 Interest income  1   22   10   46  Interest expense  (1)  (7)  (11)  (709) Total other income (expense)  -   15   (1)  (663)                   Loss before tax expense  (1,096)  (608)  (2,872)   (2,541) Tax expense  4   2   5   3  Net loss $(1,100) $(610) $(2,877) $(2,544)                   Net loss per share - basic and diluted $(0.17) $(0.12) $(0.50) $(0.60) Weighted average shares outstanding - basic and diluted  6,615,893   5,114,296   5,702,262   4,220,398