Beam Global Q2 Results: Company Beats Top and Bottomline Estimates, Stock Trades Higher After-Hours

Beam Global BEEM shares are trading higher in the after-hours session Monday after the company reported second-quarter earnings. Here’s a summary of the details. 

What To Know: The company reported quarterly losses of 32 cents per share which beat the analyst consensus estimate of losses of 34 cents, a 14.29% decrease over losses of 28 cents per share from the same period last year.

The company reported quarterly sales of $17.82 million which beat the analyst consensus estimate of $14.40 million, a 379.26% increase over sales of $3.72 million the same period last year.

Beam reported record second-quarter EV ARC system deployments, which increased 589% year-over-year and increased 33% from the first-quarter 2023.

"The Beam Team executed efficiently and effectively, delivering the best quarter in our company's history. We are focused on our European expansion through our intended acquisition of Amiga which will enable us to sell our solutions in the largest market for our products in the world while also accelerating the development of the EV Standard," said Desmond Wheatley, CEO of Beam Global. 

"[The] $24 million in cash and working capital totaling $37.1 million combined with no debt, highly attractive capitalization table and $100 million untapped credit facility provide a solid foundation to execute on our growth plan in the U.S. and abroad. It's a great time to be Beam Global,"

Related Link: What's Going On With Maxeon Stock Today?

BEEM Price Action: Shares of BEEM were up 6.66% at $10.25 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by (Joenomias) Menno de Jong from Pixabay