Beam Global (NASDAQ:BEEM) Q2 2022 Earnings Conference Call August 12, 2022 4:30 PM ET

Company Participants

Desmond Wheatley - President, Chief Executive Officer and Chairman

Kathy McDermott - Chief Financial Officer

Conference Call Participants

Christopher Souther - B. Riley

Tate Sullivan - Maxim Group

Amit Dayal - HCW

Noel Parks - Tuohy Brothers Investment Research

Joseph Miranda - Private Investor

James McCulloch - Private Investor

Frank Hart - High Capital Funding

Allen Ginsberg - Private Investor

Operator

Good afternoon and welcome to the Beam Global Second Quarter 2022 Financial Results and Corporate Update Conference Call. [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. Good afternoon and thank you for participating in Beam Global’s conference call for the second quarter of 2022. We appreciate your time today to join us for this call. Joining me is Desmond Wheatley, President, CEO and Chairman of the Board. Desmond will be providing an update on the 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, August 12, 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.

And next, I’d like to provide an overview of our financial results for Beam’s second quarter ended June 30, 2022. For the second quarter of 2022, we reported record Q2 revenues of $3.7 million, a 75% increase over $2.1 million reported to the second quarter of 2021. We also reported record first half revenues of $7.5 million, a 114% increase over $3.5 million reported in the first half of 2021. During the first half, of the $4 million increase in revenue, $1.8 million was for our newly acquired battery storage business. $1.8 million was for increased shipments to federal, state and local governments, and the balance consisted primarily of shipments to enterprise customers for fleet vehicles or workplace charging.