Global micromobility company Beam has reported a highly successful 2023, marked by significant growth, profitability, and operational efficiency. The company saw a remarkable 36% increase in gross revenue from 2022, reaching a record USD $53 million. This surge in revenue reflects the rising demand for micromobility solutions and Beam’s robust expansion across the Asia Pacific region.

In addition to its impressive revenue growth, Beam also streamlined its operations, achieving a 25% reduction in group overheads over the year. This focus on efficiency and cost management has been a key part of Beam’s strategy since 2020, enabling the company to scale rapidly even during the challenging COVID-19 pandemic.

Alan Jiang, CEO of Beam, highlighted the company’s achievements over 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,” Jiang said. “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.”

One of the significant milestones for Beam in 2023 was achieving adjusted EBITDA profitability in the second half of the year. This accomplishment signifies Beam’s ability to convert its impressive growth into a sustainable business model. The company is on track to achieve a double-digit adjusted EBITDA margin for the full year of 2024.

Looking ahead, Beam plans to focus on further growth in key markets such as Australia, New Zealand, South Korea, and Turkey. The company aims to increase vehicle density and introduce new modal types to enhance the reliability and usage of its services, making them comparable to other forms of public transportation.