UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including
area code:
___________________________________________________
(Former name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Item 2.02. | Results of Operations and Financial Condition. |
On August 12, 2021, Beam Global (the “Company”) issued a press release announcing financial results for the fiscal second quarter ended June 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Form 8-K and the press release attached as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
|
Exhibit Number |
Description |
| 99.1 | Press Release dated August 12, 2021 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BEAM GLOBAL | ||
| Dated: August 12, 2021 | By: | /s/ Katherine H. McDermott |
| Name: | Katherine H. McDermott | |
| Title: | Chief Financial Officer | |
| 3 |
Exhibit 99.1
Beam Global Reports Fiscal Q2 2021 Financial Results
Conference Call Today at 4:30 PM ET
SAN DIEGO, CA, August 12, 2021—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 second quarter ended June 30, 2021.
Second Quarter and Recent Company Highlights
| · | Recorded the highest second quarter revenue in the company’s history. |
| · | Received largest single order from California’s Department of General Services for 52 systems. |
| · | Experienced an increase in orders from the GSA and California contracts and an increase in multi-unit orders. |
| · | Grew sales pipeline by 50% from $50M to $75M. |
| · | Executed deployments and orders during Q2 2021 for California, Wisconsin, Georgia, Hawaii, New Mexico, New York, Pennsylvania, South Carolina, Tennessee, Washington. |
| · | Increased engagement and pipeline activity with utility and commercial real estate industries. |
| · | Sets a world record for the longest flight in a production electric aircraft, powered only by sunshine. |
| · | The EV ARCTM’s Transportable EV charging was featured for military and civilian use at the 2021 Electric Mobility Symposium at the Marine Corps Air Station Miramar in San Diego. |
| · | Beam Global was added to the Russell 2000® Index. |
| · | Beam Global presented virtually at the LD Micro Invitational XI event. It was featured as a Hall of Fame Top 50 performer, selected out of more than 2,000 companies. |
| · | Negotiated into CEC’s Clean Transportation Program – Up to $200 million in potential EVSE funding. |
| · | Granted entrance into CARB’s Carl Moyer Grant Program for EVSE - $60 million in annual funding. |
| · | Issued a further patent in China for EV ARCTM. |
“Q2 of 2021 saw a record number of Beam deliveries, record revenue, record pipeline, our largest order to date and many other powerful
indicators that our strategy and execution is working,” said Beam CEO Desmond Wheatley. “Funding and interest activity at
every level of government and also in the corporate enterprise arena is increasing and accelerating as it relates to Beam’s products.
We are seeing larger orders and more of them and for all the reasons that we have built our business around. People want and need rapidly
deployed, scalable, lowest TCO and highly resilient EV charging and emergency power infrastructure and our products deliver those attributes
in unique and patented systems. We are taking the necessary steps to reduce our costs of manufacturing, defend ourselves from fluctuations
and disruptions in shipping, and make the appropriate investments in sales and marketing, government relations, R&D and upgrades to
our factory so that we are well positioned to profitably take advantage of the significant increase in orders we believe are coming and
that we see in our current $75M pipeline.”
| 1 |
Fiscal Q2 2021 Financial Summary
Revenues
Our revenues for the second fiscal quarter ended June 30, 2021 were $2,121,098, compared to $1,455,158 for the same period in the prior year, a 46% increase. For the first six months of 2021, revenues were $3,493,490, a 26% increase over $2,772,210 reported for the same period in 2020. Our shipments to municipalities continued strong, and increased revenues came from sales to federal customers where grants and other funding is becoming available for electric vehicles and charging infrastructure, and to enterprise customers as many employees are returning to the office following stay-at-home requirements due to the COVID-19 pandemic.
Gross Loss
The gross loss for the three months ended June 30, 2021 was $273,877, compared to gross income of $55,336 for the same period in 2020. Our gross loss for the first six months of 2021 was $422,997, compared to gross income of $15,695 for the same period in 2020. Our gross loss increased primarily due to an increase in costs for the new EV ARC™ 2020 unit that was launched at the end of 2019 and rolled out in 2020, compared to the original EV ARC™. We expect the cost of this product to improve over time as a result of process and cost improvements. In addition, we have seen increases in steel prices and shipping costs due to high demand. We expect our margins to improve as we increase our production levels, which will reduce our overhead costs per unit and improve our labor efficiency.
Operating Expenses
Total operating expenses were $1,369,010 for the three months ended June 30, 2021, compared to $888,456 for the same period in 2020, a 54% increase. Operating expense for the six months ended June 30, 2021 was $2,471,685, a 38% increase compared to $1,790,456 for the same period in 2020. The increase was primarily due to non-cash compensation expense for stock options and vesting of director restricted shares and increased sales and marketing expense to support revenue growth.
Net Loss
The net loss for the first quarter of 2021 was $1,641,788, compared to $833,957 for the first quarter of 2020. The net loss for the
first half of 2021 was $2,892,597, compared to $1,776,478 for the same period in 2020. This is primarily attributable to the increase
in gross loss and increased operating expenses.
Cash and Working Capital
At June 30, 2021, we had cash of $25,308,606, compared to $26,702,804 at December 31, 2020. Cash decreased due to year to date operating cash usage, partially offset by the exercise of warrants. Our working capital increased from $28,063,320 at December 31, 2020 to $28,177,437 at June 30, 2021.
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 through the following link:
https://dpregister.com/sreg/10159467/ec400dc50c
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.
A webcast archive is available for 3 months following the call at the following URL:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=RaloCqGP
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:
Next PR
Press@BeamForAll.com
+1 813-526-1195
Investor Relations:
Kathy McDermott
IR@BeamForAll.com
+1 858-295-7661
| 2 |
Beam Global
Condensed Balance Sheets
(000's omitted)
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 25,309 | $ | 26,703 | ||||
| Accounts receivable | 2,808 | 1,786 | ||||||
| Prepaid and other current assets | 296 | 321 | ||||||
| Inventory, net | 1,937 | 1,093 | ||||||
| Total current assets | 30,350 | 29,903 | ||||||
| Property and equipment, net | 363 | 235 | ||||||
| Operating lease right of use asset | 2,254 | 2,419 | ||||||
| Patents, net | 321 | 294 | ||||||
| Deposits | 52 | 52 | ||||||
| Total assets | $ | 33,340 | $ | 32,903 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,077 | $ | 728 | ||||
| Accrued expenses | 396 | 392 | ||||||
| Sales tax payable | 108 | 92 | ||||||
| Deferred revenue | 156 | 107 | ||||||
| Operating lease liabilities, current | 436 | 521 | ||||||
| Total current liabilities | 2,173 | 1,840 | ||||||
| Operating lease liabilities, noncurrent | 1,850 | 1,911 | ||||||
| Total liabilities | 4,023 | 3,751 | ||||||
| Total stockholders' equity | 29,317 | 29,152 | ||||||
| Total liabilities and stockholders' equity | $ | 33,340 | $ | 32,903 | ||||
| 3 |
Beam Global
Condensed Statements of Operations
(000's omitted except share and per share amounts)
(Unaudited)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues | $ | 2,121 | $ | 1,455 | $ | 3,493 | $ | 2,772 | ||||||||
| Cost of revenues | 2,395 | 1,400 | 3,916 | 2,756 | ||||||||||||
| Gross income (loss) | (274 | ) | 55 | (423 | ) | 16 | ||||||||||
| Operating expenses | 1,369 | 888 | 2,472 | 1,791 | ||||||||||||
| Loss from operations | (1,643 | ) | (833 | ) | (2,895 | ) | (1,775 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 2 | 1 | 3 | 10 | ||||||||||||
| Interest expense | – | (1 | ) | – | (10 | ) | ||||||||||
| Total other income (expense), net | 2 | – | 3 | – | ||||||||||||
| Loss before income tax expense | (1,641 | ) | (833 | ) | (2,892 | ) | (1,775 | ) | ||||||||
| Income tax expense | 1 | 1 | 1 | 1 | ||||||||||||
| Net loss | $ | (1,642 | ) | $ | (834 | ) | $ | (2,893 | ) | $ | (1,776 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.18 | ) | $ | (0.16 | ) | $ | (0.33 | ) | $ | (0.34 | ) | ||||
| Weighted average shares outstanding - basic and diluted | 8,882,322 | 5,257,681 | 8,823,965 | 5,240,427 | ||||||||||||
| 4 |
B2B[T[618D('/F9Q3&9:OA>Z= '%
MP^];KDL-*'&_%40#=V%H("