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

Beam Global (NASDAQ:BEEM) released its quarterly earnings data on Friday. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.15), Zacks reports. Beam Global had a negative net margin of 95.63% and a negative return on equity of 61.84%. The company 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 Stock Performance

BEEM stock traded down $0.12 during trading on Friday, reaching $1.73. 574,337 shares of the company’s stock were exchanged, compared to its average volume of 1,147,171. The company has a quick ratio of 0.93, a current ratio of 1.74 and a debt-to-equity ratio of 0.01. Beam Global has a 1-year low of $1.34 and a 1-year high of $4.04. The company’s fifty day moving average price is $1.60 and its 200-day moving average price is $1.72. The firm has a market cap of $36.57 million, a PE ratio of -1.04 and a beta of 1.48.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BEEM. Vanguard Group Inc. boosted its position in Beam Global by 8.8% during the 3rd quarter. Vanguard Group Inc. now owns 660,619 shares of the company’s stock worth $1,903,000 after acquiring an additional 53,640 shares during the period. Two Sigma Investments LP acquired a new position in Beam Global during the 3rd quarter worth $102,000. Renaissance Technologies LLC boosted its position in Beam Global by 268.0% during the 4th quarter. Renaissance Technologies LLC now owns 124,000 shares of the company’s stock worth $186,000 after acquiring an additional 90,300 shares during the period. State Street Corp boosted its position in Beam Global by 17.6% during the 4th quarter. State Street Corp now owns 58,228 shares of the company’s stock worth $87,000 after acquiring an additional 8,700 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Beam Global during the 4th quarter worth $61,000. Institutional investors and hedge funds own 26.59% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently 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 upgraded Beam Global from a “strong sell” rating to a “hold” rating in a research report 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.