Shares of Beam Global (NASDAQ: BEEM) exhibited a notable surge during the extended trading session on Monday, following the company’s announcement of unprecedented quarterly orders and its inaugural European order. The stock closed the regular session with an 18.00% increase, reaching $6.49, and continued to rise on US stock charts by 15.41% in the extended session, settling at $7.49.
Remarkable Growth and Market Expansion of Beam Global
Beam Global reported record Q2 new orders amounting to $10.6 million, marking a 128% year-over-year increase. The company has expanded its government contracts, receiving new and repeat orders from state agencies in Massachusetts, California, North Carolina, and Nevada, as well as from 15 local government entities.
Beam Global’s U.S. commercial sector also experienced significant growth, with Q2 commercial orders increasing by 66% compared to the previous year. The continued expansion of electric vehicle (EV) charging infrastructure by U.S. government and commercial customers supports sustainability initiatives, community and workplace programs, fleet electrification, and emergency preparedness.
Expansion into European Markets
In Europe, Beam Global achieved a significant milestone by shipping its first EV ARC systems to Cyprus for the UK Ministry of Defense, marking its initial entry into the European market. Over half of the Q2 EV ARC orders came from new customers, including two major California public transportation providers and a global supplier of advanced mobility products and systems.
The customer base also expanded to include the Sacramento Municipal Utility District (SMUD) and a data center leader, attracted by Beam Global’s security and grid relief features. BEEM manufactured a record number of ARC Mobility trailers, enhancing customers’ ability to rapidly relocate their EV ARC systems.
Promising Outlook and Future Innovations
Beam Global has had a strong start to 2024, with the company beginning to see the impact of its European expansion. Notably, it secured its first million-dollar order in Europe within five months of establishing its European operations, a milestone that took five years to achieve in the U.S. The first and second quarters saw a healthy mix of repeat and new customers, with the commercial business continuing to expand.
Beam Global is preparing to introduce a new sustainable curbside EV charging infrastructure product and has several new products in the patent pipeline. Moreover, despite recent negative and contradictory reporting within the EV industry, Beam Global remains optimistic about its progress and long-term growth potential.