Overview
Beam Global Q3 revenue fell 50% yr/yr, missing analyst expectations
Net loss for Q3 missed analyst estimates
Company expanded into Middle East with new joint venture
Outlook
Beam Global anticipates growth from Middle East expansion due to $1 trillion infrastructure investment, in the next decade
Company expects revenue growth from increased product portfolio and geographic footprint
Beam Global sees opportunities in autonomous vehicle and drone charging markets
Result Drivers
BEAMBIKE DEMAND - Successful deployment of BeamBike in the U.S. and Abu Dhabi highlights potential for recurring revenue in the electric bicycle market
ORDER TIMING IMPACT - Revenue decline attributed to unfavorable order timing, with expectations to execute on delayed orders in the near future
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $5.79 mln | $8.45 mln (5 Analysts) |
Q3 Net Income | Miss | -$4.87 mln | -$4.22 mln (4 Analysts) |
Q3 Basic EPS | -$0.28 | ||
Q3 Income From Operations | -$4.87 mln | ||
Q3 Operating Expenses | $4.84 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the renewable energy equipment & services peer group is "buy"
Wall Street's median 12-month price target for Beam Global is $3.50, about 48.3% above its November 13 closing price of $1.81
Press Release: ID:nGNX615x2C
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)