Beam Global reports Q1 EPS (21c), consensus (30c)

Reports Q1 revenue $14.6M, consensus $17.71M. “Q1 revenues of $14.6M marked our highest Q1 revenues in the company’s history. Gross profits were also the highest ever with a gross margin of over 10%, and we see continued upside going forward through the work we have done to reduce direct costs, increase production efficiencies and price increases,” said CEO Desmond Wheatley. “Bookings were in-line with our expectations given our normal seasonality patterns, particularly in Europe. Our sales pipeline is robust and we are working on the most significant opportunities in our history, particularly through Beam Europe…we have taken initial steps towards the development of an entirely new product which we hope to launch in 2024, which will further augment our strategy to diversify revenue and profit opportunities in expanded markets with more product offerings. We are excited about what we’ve done and more excited about what we believe we will accomplish in the future.”