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Beam Global Inc. (NASDAQ:BEEM) shares have been highly volatile over the past week and trading higher Monday afternoon.
What Happened: Last week, the company announced record second-quarter new orders totaling $10.6 million, marking a substantial 128% year-over-year increase. This surge was fueled by expanded government contracts across various U.S. states and local entities, alongside significant growth in its commercial business.
Further boosting investor confidence, Beam Global also made its first shipments of EV ARC systems to Europe, specifically to Cyprus for the U.K. Ministry of Defence. Over half of the second quarter orders for EV AR came from new customers.
What Else: CEO Desmond Wheatley highlighted Beam Global’s achievements during the company’s fifth anniversary on Nasdaq, emphasizing revenue growth, international patent acquisitions and a strong financial position with no debt. He expressed optimism about future growth prospects, citing upcoming product launches and advancements in sustainable energy solutions.
BEEM Price Action: Beam Global shares were up by 18% at $6.49 at market close Monday, according to Benzinga Pro.
See Also: CVS Health Falls 24% in 3 Months: Should You Buy the Dip?
Photo: Shutterstock.
Posted In: BEEM
