Beam Global (NASDAQ:BEEM) shares are trading higher after the close Monday on the heels of the company’s first-quarter report.
What Happened: Beam said first-quarter revenue increased 245% year-over-year to $13.02 million, which beat average analyst estimates of $8.28 million, per Benzinga Pro. The company reported a quarterly loss of 38 cents per share, which beat estimates for a loss of 42 cents per share.
Beam said it ended the quarter with a backlog of $52 million. The company had $5 million in cash in the bank at the time of reporting. Beam also has a $100-million line of credit available that it has not tapped into.
“The Beam Team produced 3 times more EV ARC™ systems in Q1 of 2023 than in the same period in the prior year, demonstrating that we can deliver on the extraordinary growth in sales that we are experiencing,” said Desmond Wheatley, CEO of Beam Global.
Beam is a provider of sustainable products and technologies for electric vehicle charging, energy storage and more. The company will host a conference call to discuss these results at 4:30 p.m. ET.
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BEEM Price Action: Beam shares were up 12.8% after hours at $11.19 at time of publication, according to Benzinga Pro.
Photo: Paul Brennan from Pixabay.
