Beam Rides High: A 36% Surge in Gross Revenue and Achieving Profitability Milestone
Beam, the global micromobility leader, has marked a stellar performance in 2023, showcasing robust growth, profitability, and operational finesse. Bolstered by a remarkable 36% year-on-year surge in gross revenue, reaching an impressive USD $53 million, Beam has firmly established itself as a frontrunner in the micromobility landscape.
The surge in revenue comes on the heels of burgeoning demand and strategic expansion initiatives, catapulting Beam to new heights of financial success. Notably, amidst this rapid growth trajectory, Beam managed to streamline its operational overheads, witnessing a commendable 25% reduction in group overheads throughout 2023.
Alan Jiang, CEO of Beam, reflected on the company’s journey, stating, “From 2020 to 2022, Beam showcased its prowess in swiftly scaling a mobility venture across the Asia Pacific, even amidst the challenges posed by COVID. Over the past 18 months, our relentless focus has been on operational efficiency and profitability, culminating in the establishment of a robust foundation for sustained growth. We envision micromobility as the harbinger of accessible, safe, and eco-friendly urban transportation across the APAC region, and we stand poised to spearhead further profitable expansion.”
In a significant milestone, Beam achieved adjusted EBITDA profitability in the latter half of 2023, underscoring the company’s adeptness at translating exponential growth into a viable and sustainable business model. This achievement, with a single-digit adjusted EBITDA margin, underscores Beam’s prowess in converting revenue growth into robust profits. Furthermore, the company remains on course to attain a double-digit adjusted EBITDA margin for the full fiscal year 2024.
With an unwavering commitment to fostering sustainable operations, Beam sets its sights on continued expansion in key markets such as Australia, New Zealand, South Korea, and Turkey. The strategic focus will be on augmenting vehicle density and introducing novel modal types to enhance reliability and usage, thereby positioning micromobility as a compelling alternative to conventional public transportation.
Beam’s remarkable ascent exemplifies not only its market leadership but also its steadfast dedication to innovation, efficiency, and profitability in the dynamic realm of micromobility. As it embarks on the next phase of its journey, Beam remains poised to revolutionize urban transportation, one ride at a time.
