Ann: ZOLEO Orders Exceed 100K - Beam Receives New Orders, page-7

The total Zoleo orders for 1Q FY22 of 33,980 makes my recent posts Part 1 to Part 3 look very underdone. Why do I say this?

Up to now, the delay between Zoleo orders and “shipped and invoiced” has been between 1 and 2 quarters. With the launch into Europe, this could easily extend up to 3 quarters. My recent Part 1 post on numbers of units only estimates 21,000 units being “shipped and invoiced” in the 4^th Quarter of FY22. However, taking a worst case scenario of a 3 Quarters delay from the current quarter, the new orders mean that at least 33,980 units should be shipped in the4^th Quarter of FY22, an increase of 62% on my estimate. I also believe all my earlier “shipped and invoiced” numbers should also be higher, as Beam had orders for 22,000 in 4Q FY21. This also implies all my numbers are underdone.

This would blow away my estimates of Beam’s royalties and profits for the next 2 FY’s that I included in my recent posts($7M NPAT in FY23). I believe that Beam is a rare bargain indeed at a market cap of around $20M.

I intend to update my model when Beam updates the market in more detail in October.