Below, from its 2018 10-K, are two tables which outline the cost of goods for two versions of the EV ARC: Very few companies we have analyzed have been so kind as to provide unit-level cost economics, but BEEM does. “All the time our customers ask us, ‘How do you make money doing this?’ The answer is simple – volume.” These factors lead us to assign a $12.49 price target to BEEM’s stock, down ~82% from current levels. In this report, we explain our views on BEEM’s unprofitable products, its falling revenue outlook, disappearing forward-looking disclosure, excessive executive compensation, and troubling management histories. We also believe that management quality remains unchanged from the Noble days. We believe that BEEM’s rocket ship stock performance is the result of investor optimism about the renewables space magnified by price insensitive ETF purchases of BEEM stock, but that this excessive excitement for BEEM is largely unwarranted. While a distant memory, we’ve long believed that zebras don’t change their stripes – the reverse merger history plus the 1460% stock price performance over the last year caught our eye. At the time, BEEM’s founder, Robert Noble, was CEO, and the company had a rather sordid set of allegations against it, which includes lying about installation contracts to attract investors: The EV ARC line includes a frame, panels, and battery to which a purchaser can connect an EV charger of their choice:īEEM is the product of a 2010 reverse merger into a shell company known as Casita Enterprises. BEEM’s primary product is the Electric Vehicle Autonomous Renewable Charger (EV ARC), which is effectively a carport with solar panels mounted on top.
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