Beam Global (NASDAQ:BEEM) Q3 2022 Results Earnings Conference Call November 10, 2022 4:30 PM ET

Company Participants

Desmond Wheatley - President, Chief Executive Officer and Chairman

Kathy McDermott - Chief Financial Officer

Conference Call Participants

Tyler DiMatteo - BTIG

Tate Sullivan - Maxim Group

Craig Irwin - ROTH Capital Partners

Christopher Souther - B. Riley

Noel Parks - Tuohy Brothers

Stephen Wagner - Integrity Wealth Advisors

Cliff Weinstein - Private Investor

Operator

Good day and welcome to the Beam Global Third Quarter 2022 Financial Results and Corporate Update Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Kathy McDermott, CFO. Please go ahead.

Kathy McDermott

Thank you, Betsy. Good afternoon and thank you for participating in Beam Global's conference call for the second quarter of 2022. We appreciate you joining us today to hear an update of our business.

Joining me is Desmond Wheatley, President, CEO and Chairman of Beam. Desmond will be providing an update on recent activities at Beam followed by a question-and-answer session.

But first, I'd like to communicate to you that, during this call, management will be making forward-looking statements, including statements that will address Beam's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about those risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports filed with the SEC. The content of this call contains time-sensitive information that is accurate only as of today, November 10, 2022. Except as required by law, Beam disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

Next, I'd like to provide an overview of our financial results for the third quarter ended September 30, 2022. Revenues for the third fiscal quarter of 2022 set a new record for the company of $6.6 million, a 227% increase over $2 million reported in Q3 of 2021. Revenues for the first three quarters of 2022 were $14.1 million, a 156% increase over $5.5 million reported for the same period of 2021.

The increase in revenue was driven primarily by increased sales to federal customers, primarily for national laboratories, for enterprise customers, for workplace charging, as employees are returning to the office and for fleet vehicles and revenue for our battery business that was acquired in March 2022. Revenues to state agencies, primarily California, has also been strong on a year-to-date basis.