SAN DIEGO, CA – Beam Global (NASDAQ:BEEM), a company specializing in semiconductors and related devices, disclosed in a recent SEC filing that Peter Davidson, a member of its Board of Directors, has decided to resign for personal reasons effective September 23, 2024. Mr. Davidson, who also served on the Audit, Nominating, and Governance committees, has been a part of the company's Board for an unspecified duration.
According to the filing, Mr. Davidson's departure is not due to any disagreements with the company's operations, policies, or practices. Beam Global expressed its gratitude for Mr. Davidson's commitment and contributions during his tenure. The company also noted that Mr. Davidson remains a strong supporter and shareholder of Beam Global.
As of now, Beam Global has not named a successor for Mr. Davidson on the Board. The company's stock, listed on the NASDAQ Capital Market under the ticker symbol BEEM, may see investor reaction to this change in the coming weeks.
This development is part of the natural ebb and flow of corporate governance, where board members may step down due to various reasons. It is not uncommon for companies to experience changes in their board composition, and Beam Global will be undertaking the process to fill the vacancy left by Mr. Davidson.
In other recent news, Beam Global reported a mix of developments in its first-quarter financial results for 2024. The firm announced record revenues of $14.6 million, marking a 12% increase mainly driven by higher federal sales. Despite missing revenue consensus estimates due to weaker seasonal demand and challenges faced by its recently acquired Amiga business, the firm's gross margin exceeded expectations due to improved manufacturing efficiencies. These recent developments led Needham to adjust its projections for Beam Global, reducing the estimate for the number of EV ARC units expected to be sold and lowering the revenue forecast for the year 2024.
In addition, Beam Global secured an order for its Beam AllCell™ energy storage solutions to be used by a leading solar-powered Transport Refrigeration Units (TRUs) provider. This move aligns with industry trends towards sustainability and the growing opportunities presented by the shift towards transportation electrification. Beam's AllCell™ batteries use patented PCC™ technology, designed to prevent thermal runaway propagation, ensuring safety and efficiency across varying temperature conditions. These are all recent developments for Beam Global.
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