Beam Accelerates Growth with 36% Surge in Gross Revenue, Achieves Adjusted EBITDA Profitability
Beam, a global micromobility company, celebrates a landmark year in 2023 with impressive revenue growth and profitability
Fueled by surging demand and strategic expansion, Beam saw a 36% year-over-year increase in gross revenue, reaching a record USD $53 million in 2023. This growth was complemented by a significant reduction in operating overheads, achieving a 25% decrease in group overheads over the same period.
Alan Jiang, CEO of Beam, remarked, “From 2020 to 2022, Beam proved a strong ability to rapidly scale a mobility business across Asia Pacific, even throughout COVID. In the past 18 months, we have been laser-focused on operational efficiency and profitability and have achieved the milestone of building a sustainable base for future growth. We’re excited about the potential for micromobility to bring affordable, safe, and low-emissions mobility to cities across APAC, and we are well-positioned to continue with profitable growth ahead.”
In the second half of 2023, Beam reached a significant milestone by achieving adjusted EBITDA profitability. This milestone underscores the company’s ability to convert its impressive revenue growth into a sustainable business model. The single-digit adjusted EBITDA margin highlights Beam’s efficiency in turning revenue into healthy profits. The company is on track for a full-year double-digit adjusted EBITDA margin in FY 2024.
Beam’s strategic focus on building sustainable operations will continue to drive its growth in key markets, including Australia, New Zealand, South Korea, and Turkey. The company aims to increase vehicle density and introduce new modal types, enhancing reliability and usage comparable to other forms of public transportation.
Beam’s commitment to operational efficiency and profitability has positioned it for ongoing success and growth in the burgeoning micromobility sector. As cities across APAC seek affordable, safe, and low-emission transportation options, Beam’s robust performance and strategic initiatives ensure it remains at the forefront of this dynamic industry.
Pic courtesy: Beam Official website
