This Beam Global Press Release contains forward-looking statements including but not limited to statements about the Company's belief about its future profitability. 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. These statements relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the acquisition of Amiga, and Telcom, its expected benefits, the anticipated future financial performance as a result of the acquisition and statements about our future margins. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global's actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
Beam Global
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
September 30, December 31,
--------------- ------------
2024 2023
--------------- ----------------
(Unaudited)
Assets
Current assets
Cash $ 4,874 $ 10,393
Accounts receivable, net of
allowance for credit losses of
$324 and $447 11,343 15,943
Prepaid expenses and other
current assets 2,187 2,453
Inventory, net 12,714 11,933
Total current assets 31,118 40,722
---------- ------------
Property and equipment, net 14,909 16,513
Operating lease right of use assets 1,831 1,026
Goodwill 11,027 10,270
Intangible assets, net 8,271 9,050
Deposits 106 62
Total assets $ 67,262 $ 77,643
========== ============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 8,349 $ 9,732
Accrued expenses 2,968 2,737
Sales tax payable 233 209
Deferred revenue, current 787 828
Note payable, current 62 40
Deferred consideration, current - 2,713
Operating lease liabilities,
current 851 615
Total current liabilities 13,250 16,874
---------- ------------
Deferred revenue, noncurrent 794 402
Note payable, noncurrent 215 160
Contingent consideration, noncurrent 456 4,725
Other liabilities, noncurrent 3,372 3,787
Deferred tax liabilities, noncurrent 1,716 1,698
Operating lease liabilities,
noncurrent 1,035 455
Total liabilities 20,838 28,101
---------- ------------
Stockholders' equity
Preferred stock, $0.001 par value,
10,000,000 authorized, none
outstanding as of September 30, 2024
and December 31, 2023. - -
Common stock, $0.001 par value,
350,000,000 shares authorized,
14,773,901 and 14,398,243 shares
issued and outstanding as of
September 30, 2024 and December 31,
2023, respectively. 15 14
Additional paid-in-capital 145,553 142,265
Accumulated deficit (100,017) (93,361)
Accumulated Other Comprehensive
Income (AOCI) 873 624
---------- ------------
Total stockholders' equity 46,424 49,542
---------- ------------
Total liabilities and stockholders'
equity $ 67,262 $ 77,643
========== ============
Beam Global
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(Unaudited, In thousands except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ------------------------
2024 2023 2024 2023
-------- ------------ ---------- ------------
Revenues $11,482 $ 16,486 $ 40,855 $ 47,325
Cost of
revenues 10,251 16,203 35,789 46,536
------ ------- -------- --------
Gross profit 1,231 283 5,066 789
Operating
expenses (51) 4,037 11,623 11,925
------ ------- -------- --------
Income (Loss)
from
operations 1,282 (3,754) (6,557) (11,136)
Other income
(expense)
Interest
income 58 136 167 161
Other income
(expense) (33) (7) (238) 4
Interest
expense (10) (4) (28) (6)
Other income
(expense) 15 125 (99) 159
------ ------- -------- --------
Income (Loss)
before income
tax expense 1,297 (3,629) (6,656) (10,977)
Income tax
expense - - - 13
------ ------- -------- --------
Net Income
(Loss) $ 1,297 $ (3,629) $ (6,656) $ (10,990)
====== ======= ======== ========
Net foreign
currency
translation
adjustments 673 249 -
Total
Comprehensive
Income/Loss $ 1,970 $ (3,629) $ (6,407) $ (10,990)
====== ======= ======== ========
Net Income
(loss) per
share -
basic $ 0.09 $ (0.26) $ (0.46) $ (0.79)
====== ======= ======== ========
Net Income
(loss) per
share -
diluted $ 0.09 $ (0.26) $ (0.46) $ (0.79)
====== ======= ======== ========
Weighted
average
shares
outstanding -
basic 14,702 13,936 14,558 13,939
====== ======= ======== ========
Weighted
average
shares
outstanding -
diluted 14,711 13,936 14,558 13,939
====== ======= ======== ========
(END) Dow Jones Newswires
November 14, 2024 20:57 ET (01:57 GMT)
Comments