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SAN DIEGO, CA – Beam Global (NASDAQ:BEEM), a company specializing in semiconductors and related devices, announced the results of its 2024 Annual Meeting of Stockholders held on Monday. The meeting saw the re-election of four board directors and approval of executive compensation, based on the information provided in a recent SEC filing.
During the meeting, shareholders voted on several key proposals detailed in the proxy statement filed on August 9, 2024. The elected directors, who will serve a one-year term, include Desmond Wheatley, Judy Krandel, Anthony Posawatz, and George Syllantavos. The voting results indicated strong support for the board's nominees, with Desmond Wheatley receiving 3,301,183 votes in favor.
Additionally, the compensation of the company's named executive officers was approved in an advisory vote. The proposal received 3,134,936 votes for, 224,584 against, and 98,150 abstentions, indicating a majority of shareholders support the executive compensation plan.
The appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was also ratified with an overwhelming majority. The proposal garnered 7,874,610 votes for, 189,152 against, and 71,063 abstentions.
Beam Global, formerly known as Envision Solar International (NASDAQ:BEEM), Inc., and before that as Casita Enterprises, Inc., has undergone name changes in its history, reflecting its evolving business focus. The company, incorporated in Nevada and headquartered in San Diego, CA, has a fiscal year ending on December 31.
In other recent news, Beam Global, a sustainable energy company, has reported a slight revenue increase of 2% in Q2 2024, reaching $14.8 million, along with an improved gross margin of 16%. However, the company experienced a net loss of $4.9 million.
These recent developments come in the wake of Beam Global's deployment of its solar-powered EV charging systems, known as EV ARC™, in Pueblo, Colorado. This initiative, supported by a rebate from the U.S. Department of Energy, aligns with Pueblo's goal of transitioning to 100% renewable energy by 2035.
In addition, Beam Global has entered into a strategic partnership with Jesse Group to distribute products in Spain, Portugal, and the Spanish-speaking Caribbean. The company is also developing new products, including the BeamSpot curbside charging product, which are expected to drive future sales and profitability.
Despite the current net loss, Beam Global remains optimistic about its future prospects, with a robust pipeline of potential customers valued at over $183 million and a backlog of $11 million. These recent developments reflect Beam Global's commitment to achieving long-term profitability and positive cash flow."
InvestingPro Insights
In light of Beam Global's recent annual meeting, a look at the company's financial health and market performance may offer shareholders additional context. According to InvestingPro data, Beam Global holds a market capitalization of approximately $71.35 million. Despite a revenue growth of 45.3% over the last twelve months as of Q2 2024, the company has reported weak gross profit margins of 6.88%. This aligns with the InvestingPro Tips that highlight the company's struggle with profitability, as analysts do not expect Beam Global to be profitable this year. Moreover, the stock's price volatility is evident, with a 27.4% decline over the past six months, underscoring the high-risk nature of the investment.
For those considering a deeper dive into Beam Global's prospects, there are additional InvestingPro Tips available. These tips provide further analysis, such as the company's cash position relative to its debt and how its liquid assets compare to short-term obligations. In total, there are nine more InvestingPro Tips accessible for Beam Global, which can be found through the dedicated InvestingPro platform.
Investors may also note that the company's stock trades at 57.43% of its 52-week high, with a previous close price of $4.85. While Beam Global does not pay dividends, the potential for capital gains may still be a consideration for investors, as reflected by an analyst target fair value of $10 and an InvestingPro fair value estimate of $6.84.
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