Beam GlobalBEEM
▲ PositiveCapitalrelevance
Q2 revenue up 174% q/q, gross profit positive, net loss narrowed, and cost savings from relocation.
Impact on stocks 1
Electrification & Mobility
Beam GlobalBeam Global reported second quarter revenue of $8.6 million, up 174% from $3.1 million in the first quarter, as the company converted a substantial portion of its backlog into shipments. Gross profit was $1.5 million, or 17.8% of revenue, while adjusted non-GAAP gross margin was 26.2%. Operating expenses fell to $4.5 million from $5.9 million a year earlier, and net loss narrowed to $3.1 million, or $0.14 per share, including $1.1 million of noncash charges. The company completed its manufacturing relocation to Yuma, Arizona, which is expected to generate approximately $2.7 million in rent savings over the five-year lease term compared with historical San Diego costs. Beam Global ended June with a backlog of $5.4 million, down from $9.0 million at March 31, and management highlighted growing contributions from Europe, batteries, and energy storage, while noting no quantitative revenue or EPS guidance was issued.
Beam GlobalQ2 revenue up 174% q/q, gross profit positive, net loss narrowed, and cost savings from relocation.