Beam Global Surges Over 26% in After-Hours Trading as Q2 Results Beat Expectations

Beam Global shares were a hot topic on Thursday.

The California-based clean technology company's stock jumped 26.45% to $1.53 in after-hours trading on Wednesday, following the announcement of robust second-quarter results for the period ending June 30, which beat expectations.

Revenue and EPS Both Beat Expectations

Beam Global reported quarterly revenue of $8.6 million, surpassing analyst expectations of $8.15 million by 5%. Revenue grew 174% quarter-over-quarter and 21% year-over-year.

Earnings per share came in at -$0.14, beating the expected -$0.20 by 30%.

The company holds a backlog of $5.4 million in orders, zero debt, and access to a $100 million unused credit facility.

CEO Desmond Wheatley stated, "Our European operations now generate approximately half of our revenue, making a significant contribution to the 174% quarter-over-quarter growth we just achieved."

He added, "We believe we have created substantial potential demand in the Middle East, and when the turmoil in that region subsides, we will have another opportunity to generate significant growth for the company."

Trading Metrics and Technical Analysis

Beam Global has a market capitalization of $26.86 million, with a 52-week high of $4.04 and a 52-week low of $0.97.

BEEM's Relative Strength Index stands at 60.01.

The stock has declined 50.21% over the past 12 months.

BEEM is currently trading near the lower end of its 52-week price range.

Price Action: In regular trading, the stock rose 5.22%, closing at $1.21. Zacks Edge stock rankings indicate that BEEM stock exhibits negative price trends across all time frames.