• Fueled by a 36% YOY increase in gross revenue, up to USD $53M
• Achieved adjusted EBITDA milestone in H2 2023, on track for full-year double digit profitability in 2024

Singapore, 30 April 2024: Global micromobility company Beam today announced it capped off a strong year in 2023, demonstrating significant growth, profitability, and operational efficiency.

Fueled by surging demand and strong expansion, Beam saw a 36% increase in gross revenue from 2022, to a record USD $53 million in 2023.At the same time, Beam streamlined operating overheads, with a 25% reduction in group overheads over 2023.  

"From 2020 to 2022, Beam proved a strong ability to rapidly scale a mobility business across Asia Pacific, even throughout COVID,” said Alan Jiang, CEO of Beam.

‍“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 achieved a significant milestone by reaching adjusted EBITDA profitability; signifying the company's ability to translate its impressive growth into a sustainable business model.

The single-digit adjusted EBITDA margin demonstrates its ability to translate revenue growth into healthy profits, with the company on track for a full-year double digit adjusted EBITDA margin in FY 2024.

With the continued focus on building sustainable operations, Beam will target further growth in Australia, New Zealand, South Korea and Turkey, looking to increase vehicle density and introduce new modal types to increase reliability and usage comparable to other forms of public transportation.