Beam Global Files Q2 2024 10-Q

TL;DR

**Beam Global's Q2 2024 10-Q is in! Check financials for the latest.**

AI Summary

Beam Global filed its 10-Q for the period ending June 30, 2024. The company, formerly Envision Solar International, Inc., reported financial results for the second quarter of 2024. Key financial data and operational details for the period are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Beam Global, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance and market conditions.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240813 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Beam Global (company) — Filer of the 10-Q
• Envision Solar International, Inc. (company) — Former name of Beam Global
• 20240630 (date) — End of the reporting period
• 20240813 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — nge in which registered Common stock, $0.001 par value BEEM Nasdaq Capital Market
• $30.0 million — , but not the obligation, to sell up to $30.0 million worth of shares, but in any event, no m
• $3.4 million — that could generate up to an additional $3.4 million of proceeds, conditioned upon the marke
• $100 million — edit agreement with OCI Group for up to $100 million to further support our working capital

Filing Documents

• beam_i10q-063024.htm (10-Q) — 760KB
• beam_ex3101.htm (EX-31.1) — 10KB
• beam_ex3102.htm (EX-31.2) — 10KB
• beam_ex3201.htm (EX-32.1) — 4KB
• beam_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-005571.txt ( ) — 4706KB
• beem-20240630.xsd (EX-101.SCH) — 38KB
• beem-20240630_cal.xml (EX-101.CAL) — 58KB
• beem-20240630_def.xml (EX-101.DEF) — 156KB
• beem-20240630_lab.xml (EX-101.LAB) — 350KB
• beem-20240630_pre.xml (EX-101.PRE) — 295KB
• beam_i10q-063024_htm.xml (XML) — 590KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes To Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Beam Global Condensed Consolidated Balance Sheets (In thousands, except share and per share data) June 30, December 31, 2024 2023 (Unaudited) Assets Current assets Cash $ 8,749 $ 10,393 Accounts receivable, net of allowance for credit losses of $ 378 and $ 447 12,678 15,943 Prepaid expenses and other current assets 2,006 2,453 Inventory, net 12,841 11,933 Total current assets 36,274 40,722 Property and equipment, net 14,894 16,513 Operating lease right of use assets 2,038 1,026 Goodwill 10,116 10,270 Intangible assets, net 8,486 9,050 Deposits 106 62 Total assets $ 71,914 $ 77,643 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 8,028 $ 9,732 Accrued expenses 4,440 2,737 Sales tax payable 554 209 Deferred revenue, current 918 828 Note payable, current 45 40 Deferred consideration, current – 2,713 Contingent consideration, current 5,365 – Operating lease liabilities, current 881 615 Total current liabilities 20,231 16,874 Deferred revenue, noncurrent 594 402 Note payable, noncurrent 246 160 Contingent consideration, noncurrent 892 4,725 Other liabilities, noncurrent 3,689 3,787 Deferred tax liabilities, noncurrent 1,652 1,698 Operating lease liabilities, noncurrent 1,213 455 Total liabilities 28,517 28,101 Stockholders' equity Preferred stock, $ 0.001 par value, 10,000,000 authorized, none outstanding as of June 30, 2024 and December 31, 2023. – – Common stock, $ 0.001 par value, 350,000,000 shares authorized, 14,608,342 and 14,398,243 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 14 14 Additional paid-in-capital 144,497 142,265 Accumulated deficit ( 101,314 ) ( 93,361 ) Accumulated Other Comprehensive Income (AOCI) 200 624 Total stockholders' equity 43,397 49,542 Total liabilities and stockholders' equity $ 71,914

financial statements

financial statements. Concentrations Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and accounts receivable. The Company maintains its cash in banks and financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts from inception through June 30, 2024. As of June 30, 2024, approximately $ 8.1 million of the Company's cash deposits were greater than the federally insured limits. Major Customers The Company continually assesses the financial strength of its customers. We are not aware of any material credit risks associated with our customers. 69 % of our second quarter revenues were derived from pre-funded federal, state and local government programs, and the remaining 31 % were derived from commercial customers that we believe have good credit or, alternatively, favorable payment terms which minimizes our credit risk with respect to such customers. For the three months ended June 30, 2024, three customers accounted for 21 %, 11 % and 10 % of total revenues and for the six months ended June 30, 2024, one customer accounted for 25 % of total revenues, with no other single customer accounting for more than 10 % of total revenues. At June 30, 2024, accounts receivable from three customers accounted for 22 %, 13 % and 10 % of total accounts receivable with no other single customer accounting for more than 10% of the accounts receivable balance. At December 31, 2023, accounts receivable from four customers accounted for 11 %, 10 %, 10 % and 10 % of total accounts receivable each with no other single customer accounting for more than 10% of the accounts receivable balance. For the three months ended June 30, 2024 and 2023, the Company's sales to federal, 8 Fair Value Measurement The Company follows the authoritative guidance that establishes a f

View Full Filing

View this 10-Q filing on SEC EDGAR