Beam Global (NASDAQ:BEEM) Posts Quarterly Earnings Results, Misses Estimates By $0.16 EPS

Beam Global (NASDAQ:BEEM) issued its quarterly earnings results on Friday. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.16), Zacks reports. The firm had revenue of $3.13 million for 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 Stock Performance

Shares of Beam Global stock opened at $1.73 on Friday. Beam Global has a 12 month low of $1.34 and a 12 month high of $4.04. The stock’s fifty day simple moving average is $1.61 and its 200 day simple moving average is $1.72. The company has a market capitalization of $36.57 million, a PE ratio of -1.04 and a beta of 1.48. 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 firms have issued reports on BEEM. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Global in a research report on Wednesday, January 21st. Wall Street Zen raised shares of Beam Global from a “strong sell” rating to a “hold” rating in a research note on Saturday, April 11th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $4.00.

Institutional Investors Weigh In On Beam Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd acquired a new position in Beam Global in the 4th quarter worth $61,000. Virtue Capital Management LLC lifted its holdings in shares of Beam Global by 1,339.7% in the fourth 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 in the last quarter. State Street Corp grew its holdings in shares of Beam Global by 17.6% during the fourth quarter. State Street Corp now owns 58,228 shares of the company’s stock worth $87,000 after buying an additional 8,700 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of Beam Global during the third quarter worth about $102,000. Finally, Renaissance Technologies LLC raised its position in 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 buying an additional 90,300 shares during the last quarter. 26.59% of the stock is currently owned by institutional investors and hedge funds.

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.