PUEBLO, Colo. - Beam Global (NASDAQ:BEEM), a provider of sustainable infrastructure solutions, has announced the deployment of its off-grid, solar-powered EV charging systems in the City of Pueblo, Colorado. The systems, known as EV ARC™, were acquired through a rebate from the U.S. Department of Energy's Energy Efficiency and Conservation Block Grant program.
The initiative is part of Pueblo's goal to transition to 100% renewable energy by 2035. Several EV ARC™ units will be accessible to the public at no cost until the end of September 2024, aligning with the city's free charging station initiative. Additional systems are set to support Pueblo's city fleet, including vehicles used by the Police Department, Parks and Recreation, and the Fleet Department. This deployment coincides with the state of Colorado's objective to have 940,000 electric vehicles on the road by 2030, contributing to broader efforts to reduce greenhouse gas emissions and promote sustainable transportation.
The EV ARC™ product is designed to generate and store electricity using solar power, featuring the patented BeamTrak™ sun tracking system, which allows it to produce up to 25% more energy than a fixed solar array. The systems are independent of the grid, eliminating the need for construction, electrical work, or utility costs. They are also transportable, offering flexibility to be relocated during emergencies or to adapt to changing public charging patterns.
Beam Global CEO Desmond Wheatley emphasized the cost benefits and adaptability of the EV ARC systems for municipalities aiming to meet sustainability targets. The company operates in the U.S. and Europe, focusing on clean energy and transportation, with a portfolio that includes EV charging solutions, energy storage, and energy security.
This announcement is based on a press release statement from Beam Global and does not include any additional analysis or commentary. The deployment in Pueblo reflects a growing trend among U.S. cities to adopt environmentally friendly infrastructure to support the increasing number of electric vehicles on the road.
In other recent news, Beam Global reported its Q2 2024 operating results, showcasing a slight revenue increase to $14.8 million, a 2% rise from the previous quarter, and an improved 16% gross margin. On the flip side, the company experienced a net loss of $4.9 million, or $0.14 per share. Despite this, Beam Global has a substantial pipeline of potential customers valued at over $183 million and a backlog of $11 million. The company's strategic partnerships, like the one with Jesse Group, and the development of new products such as the BeamSpot curbside charging product, are anticipated to drive future sales and profitability. These recent developments reflect the company's commitment to achieving long-term profitability and positive cash flow, despite the current net loss. The company's European acquisition and its focus on cost reductions and operational improvements are steps in this direction. With a robust pipeline and strategic expansion into European and U.S. markets, Beam Global remains optimistic about its future prospects.
InvestingPro Insights
As Beam Global (NASDAQ:BEEM) continues to make strides in the renewable energy sector with its latest deployment of solar-powered EV charging systems in Pueblo, Colorado, it's important for investors to consider the financial health and market performance of the company. With a market capitalization of $71.64 million, BEEM's financial metrics reveal some challenges and opportunities.
InvestingPro data indicates that BEEM holds more cash than debt on its balance sheet, which could provide financial flexibility and resilience. However, the company has not been profitable over the last twelve months, with a negative P/E ratio of -4.23, and analysts do not anticipate the company will be profitable this year. This is underscored by a negative operating income margin of -22.75% for the same period.
Despite these challenges, the company's revenue growth stands at a robust 45.3% for the last twelve months as of Q2 2024, suggesting that Beam Global is expanding its top-line earnings. Yet, investors should note that the stock has experienced significant price volatility, with a one-week price total return of -13.88%, indicating short-term pressure on the stock price.
For those looking to delve deeper into BEEM's stock performance and financial health, there are additional InvestingPro Tips available that provide further insights into the company's valuation, including its price volatility and gross profit margins. For instance, BEEM's valuation implies a poor free cash flow yield, and the stock has fared poorly over the last month, with a price total return of -22.59%.
To access a comprehensive list of InvestingPro Tips for Beam Global, which can provide a more detailed analysis of the company's financials and market performance, investors can visit https://www.investing.com/pro/BEEM. Currently, there are 12 additional tips listed on InvestingPro, offering valuable perspectives for informed investment decisions.
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