SAN DIEGO – Beam Global (NASDAQ: BEEM), a company specializing in semiconductors and related devices with a current market capitalization of $41.5 million, has completed a separation agreement with its former Vice President of Sales and Marketing, Sandra Peterson. The agreement, effective as of January 20, 2025, follows Peterson's resignation which was announced on October 7, 2024, and became effective on December 31, 2024.
Under the terms of the separation agreement, Peterson will receive a severance payment of $18,750, payable within ten days from the effective date of the agreement. Additionally, she is entitled to any commissions earned on payments received by Beam Global after her departure date for sales completed on or before October 15, 2024. Furthermore, the company has agreed to extend the post-termination exercise period of Peterson's stock options until December 31, 2025.
The agreement also includes a general release of claims by Peterson in favor of Beam Global and related parties, as well as customary non-disclosure and non-solicitation provisions. Both Peterson and Beam Global have agreed to a mutual non-disparagement provision.
Beam Global, formerly known as Envision Solar International, Inc., and prior to that as Casita Enterprises, Inc., is headquartered in San Diego, California, and is listed on the NASDAQ Capital Market under the ticker symbol (NASDAQ:BEEM). According to InvestingPro analysis, the company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 2.35, though its stock has declined by nearly 58% over the past year. InvestingPro's comprehensive analysis suggests the stock may be undervalued at current levels.
In other recent news, Beam Global, a sustainable energy solutions company, has seen significant changes in its financial outlook. H.C. Wainwright has reduced the company's price target from $30 to $8, primarily due to lower-than-expected revenue performance in recent quarters and challenges from U.S. governmental customers. Despite the revised price target, the firm still maintains a Buy rating on Beam Global's stock.
The firm also adjusted its revenue forecasts, projecting revenues of $11.1 million in the fourth quarter of 2024, down from the prior expectation of $17.3 million. The revenue expectation for 2025 has been revised to $55.1 million, a significant decrease from the earlier projection of $102.7 million.
Despite these revisions, Beam Global reported strong Q3 results, with revenues reaching $11.5 million, an 80% increase from the same quarter in the previous year. The company's gross margin also improved significantly, climbing to 10.7% from a mere 1.7% in Q3 2023. Furthermore, Beam Global managed to reverse a net loss of $3.6 million from the previous year to a net income of $1.3 million in Q3 2024.
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