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
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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).
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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 October 12, 2021, Beam Global (the “Company”) issued a press release announcing information regarding backlog of purchase orders and sales pipeline as of September 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 October 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: October 13, 2021 | By: | /s/ Katherine H. McDermott |
| Name: | Katherine H. McDermott | |
| Title: | Chief Financial Officer | |
| 3 |
Exhibit 99.1
Beam Global Announces Record Contracted Backlog of More Than $7M and Pipeline of More Than $75M
SAN DIEGO, CA, October 12, 2021—Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, announced that it has a current backlog of purchase orders for EV ARC™, and other proprietary products, totaling more than $7M. This is a historically high level of contracted backlog for the Company and represents near-term future revenue which is greater than any prior full year. The Company’s sales pipeline has also grown from $50M at the end of the second quarter to more than $75M at the end of Q3 representing a material acceleration of Pipeline growth which is also at historically high levels.
Both backlog and pipeline amounts are comprised of purchase orders and opportunities (respectively) which include EV ARC™ system quantities which are greater than historical averages. Backlog includes orders which have transitioned from pipeline in less time than historical averages. The Company believes that these trends are indicative of increased order volumes and urgency, as federal, state and local governments accelerate their adoption of EVs, and as corporations return to the workplace post-vaccine resulting in an increased requirement for workplace charging.
Beam is making modest but highly impactful investments in its factory facility and delivery equipment to allow for an efficient increase
in throughput and delivery of products. Certain purchase orders currently in backlog, like the recently announced United States Marine
Corps order, are placed through government contract vehicles which specify delivery times of 90 days from purchase order issuance.
“It took ten years for us to get a pipeline of $50M and just one more quarter to get to over $75M,” said Beam Global CEO Desmond Wheatley. “We are converting pipeline to backlog and backlog to revenue at better rates than at any time in our history and we only anticipate improving on all these metrics. Government tailwinds both in the US and internationally, and consumer adoption of the fantastic new line up of EVs now available are creating the intense and urgent need for EV charging infrastructure that has been central to our investment thesis. We have zero debt and plenty of cash to execute on our organic growth. There’s never been a better time to be Beam.
Car News reports that there will be 100 EV models to choose from in 2022 including the Ford F-150 Lightning and several other van, SUV,
sedan and luxury models delivered by the large OEMs and new entrants like Rivian and Lucid. Announcements of investments in the tens
of billions from the large OEMs are not uncommon and most auto manufactures have committed to fully electric fleets in the next two decades.
The U.S. federal government fleet encompasses about 657,000 cars, SUVs and trucks. In January, Executive Order 14008 was signed directing
agencies to dramatically increase the number of electric vehicles in the government fleet to help tackle the climate crisis. Beam’s
EV charging infrastructure products are included on the federal GSA MAS Contract as the result of an extensive evaluation process conducted
by GSA that serves as a testament to the company’s capabilities, performance history and customer satisfaction. For more information
on purchasing Beam’s EV ARC™ ready-to-deploy sustainable EV charging solutions through the GSA MAS Contract, please contact
The Beam Team at 858-799-4583 or BeamTeam@BeamForAll.com.
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 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
+1 813-526-1195
Press@BeamForAll.com
Cover |
Oct. 12, 2021 |
|---|---|
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 12, 2021 |
| Entity File Number | 000-53204 |
| Entity Registrant Name | BEAM GLOBAL |
| Entity Central Index Key | 0001398805 |
| Entity Tax Identification Number | 26-1342810 |
| Entity Incorporation, State or Country Code | NV |
| Entity Address, Address Line One | 5660 Eastgate Drive |
| Entity Address, City or Town | San Diego |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 92121 |
| City Area Code | (858) |
| Local Phone Number | 799-4583 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Common Stock [Member] | |
| Title of 12(b) Security | Common Stock |
| Trading Symbol | BEEM |
| Security Exchange Name | NASDAQ |
| Warrants | |
| Title of 12(b) Security | Warrants |
| Trading Symbol | BEEMW |
| Security Exchange Name | NASDAQ |
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