Sydney, May 1: Global micro mobility leader, Beam, announced a stellar performance for 2023, achieving a significant 36 per cent increase in gross revenue, reaching a record $53 million.
Alongside revenue growth, the company successfully reduced its operating overheads by 25 per cent.
Beam’s CEO, Alan Jiang, highlighted the company’s swift scale-up across the Asia Pacific since 2020, emphasizing their focus on operational efficiency and profitability over the past 18 months. “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,” Jiang said.
A major achievement for Beam in the latter half of 2023 was reaching adjusted EBITDA profitability, a testament to its sustainable business model.
This sets the stage for an anticipated full-year double-digit EBITDA margin in 2024.
In Australia, Beam made considerable progress, enhancing its app interface and introducing innovative technologies for parking and rider safety.
This contributed to a 100 per cent success rate in capital city tenders, securing its presence in Brisbane through 2028 and expanding in markets like Darwin, Perth, and Hobart.
Tom Cooper, Beam’s General Manager (ANZ), commented on the company’s dominance in the Australian market. “We started the year as Australia’s largest shared micromobility operator, and capped it off strongly as the only operator with a presence in every state and territory,” said Cooper.
Beam plans to further expand in Australia, New Zealand, South Korea, and Turkey, aiming to increase vehicle density and introduce new vehicle types to boost reliability and usage.
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