Beam Global (NASDAQ:BEEM) shares are trending on Thursday.
Shares of the Californian clean technology company jumped 26.45% to $1.53 in after-hours trading on Wednesday, following the announcement of strong second-quarter results for the period ended Jun. 30, that outperformed expectations.
Revenue And Earnings Beat Estimates
Beam Global reported quarterly revenue of $8.6 million, beating the analyst estimate of $8.15 million by 5%. Revenue rose 174% from the first quarter and 21% year-over-year.
Earnings per share came in at $-0.14, surpassing the estimated $-0.20 by 30%.
The company had a backlog of $5.4 million, no debt, and access to a $100 million unused credit line.
CEO Desmond Wheatley said, “Our European operations are now generating approximately half of our revenues and have contributed significantly to the 174% quarter-over-quarter growth that we’ve just delivered.”
He also added, “We believe that we are creating significant pent-up demand in the Middle East so that when the disruption in that region comes to an end, we will have another opportunity to create significant growth for our company.”
Trading Metrics, Technical Analysis
Beam Global has a market capitalization of $26.86 million, a 52-week high of $4.04 and a 52-week low of $0.97.
The Relative Strength Index (RSI) of BEEM stands at 60.01.
The stock has dropped 50.21% over the past 12 months.
BEEM is currently trading near the lower end of its 52-week price range.
Price Action: In the regular session, the stock gained 5.22% to close at $1.21, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate BEEM stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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