{"id":48833,"date":"2023-08-15T18:17:34","date_gmt":"2023-08-15T22:17:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/beam-crushes-earnings-the-stock-falls\/"},"modified":"2023-08-15T18:17:37","modified_gmt":"2023-08-15T22:17:37","slug":"beam-crushes-earnings-the-stock-falls","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48833","title":{"rendered":"Beam Crushes Earnings. The Stock Falls."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

EV charging stocks just can\u2019t get any love from investors right now. There are a couple of reasons for that. Both could reverse in coming months. <\/p>\n

Monday evening, EV charging equipment provider
\n Beam Global
\n (ticker: BEEM) reported better-than-expected results. <\/p>\n

\n

Sales came in at $17.8 million, up about 380% year over year and higher than the $13.5 million analysts had projected. Beam isn\u2019t profitable yet, but the company reported a per-share loss of 32 cents, a little better than the 34-cent loss Wall Street expected. <\/p>\n

Results look sold, especially sales numbers. The stock is down anyway. Shares are off 4.8% in late trading Tuesday, while the
\n S&P 500
\n and
\n Nasdaq Composite
\n are down 1% and 0.9%, respectively. <\/p>\n

Tuesday\u2019s trading action is a microcosm of what\u2019s been going on in the EV charging space. Beam stock is off 46% over the past six months. Shares of
\n EVgo
\n (EVGO),
\n ChargePoint
\n (CHPT), and
\n Wallbox
\n (WBX) are down 38%, 43%, and 52%, respectively, over the same span. <\/p>\n

Beam\u2019s business is a little different than the other three, but all are involved in the EV charging ecosystem. Beam provides solar equipment to keep EV chargers off the grid, eliminating the need for digging trenches to hook up to the existing infrastructure. The other three make charging equipment and support the charging stations. Beam\u2019s solar solution is more expensive in some instances, but cheaper in places such as New York City where it can take years to get permits, and digging a trench to lay electrical cables in the street can cost $2,000 a foot. <\/p>\n

\u201cIt goes further than EV charging stocks,\u201d says Beam CEO Desmond Wheatley. \u201cGrowth stocks in general have been, very, very difficult here.\u201d <\/p>\n

He has a point. The
\n iShares Russell 2000 Growth ETF
\n (IWO) is down about 1% over the past six months, about four percentage points worse than the
\n Dow Jones Industrial Average.<\/span>
\n It isn\u2019t a big difference, but growth stocks that don\u2019t make money have been hit even harder than the average. The EV charging group falls into that category.<\/p>\n

Growth falling out of favor is one factor. The nature of the shareholder base is another factor, says Wheatley. He\u2019s seeing more retail investors in his stock. They typically have smaller positions and trade more frequently, introducing more volatility to a stock or group of stocks. <\/p>\n

A growing fear that the EV revolution is stuck in neutral is yet another issue.
\n General Motors
\n (GM) EV sales fell in the second quarter compared with the first quarter.
\n Ford Motor
\n (F) recently backed off some of its EV growth goals and increased its expected EV loss for 2023. <\/p>\n

\u201cThere is a perception of a lack of sales than a reality of lack of sales,\u201d says Desmond. U.S. EV sales were a record in both the first and second quarters of 2022. Business trends look solid too. \u201cOur backlog is very healthy,\u201d he says, adding that the current backlog amounts to about two-quarters of sales and that his sales pipeline is four times the size of the backlog. <\/p>\n

The EV charging companies will need to make money eventually. That might take some time. Wall Street projects positive earnings for the four EV charging stocks around 2026. Perception will likely turn faster than that. When it does, investors should get ready by knowing who can benefit from the shift. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

EV charging stocks just can\u2019t get any love from investors right now. There are a couple of reasons for that. Both could reverse in coming months. Monday evening, EV charging equipment provider Beam Global (ticker: BEEM) reported better-than-expected results. Sales came in at $17.8 million, up about 380% year over year and higher than the […]<\/p>\n","protected":false},"author":1,"featured_media":48834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-48833","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBeam Crushes Earnings. The Stock Falls. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"EV charging stocks just can\u2019t get any love from investors right now. There are a couple of reasons for that. 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