Fueled by surging demand and strong expansion, Singapore-based micromobility company Beam saw a 36 percent increase in gross revenue from 2022, to a record $53 million in 2023.

Beam said in a statement on Tuesday that the firm capped off a strong year in 2023, demonstrating significant growth, profitability, and operational efficiency.

The firm noted it has streamlined operating overheads, with a 25 percent reduction in group overheads over 2023.

According to the statement, in the second half of 2023, Beam achieved a significant milestone by reaching adjusted earnings before interest, taxes, depreciation, and amortization (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, said the firm.

With the continued focus on building sustainable operations, Beam said it 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.

“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,” said Alan Jiang, Chief Executive Officer of Beam.

“We’re excited about the potential for micromobility to bring affordable, safe, and low-emissions mobility to cities across Asia Pacific (APAC), and we are well positioned to continue with profitable growth ahead,” he added.

Beam is Asia Pacific’s largest shared micromobility company.

The firm has operations in over 130 cities across Australia, New Zealand, South Korea, Japan, Indonesia, Thailand, Malaysia and Turkey.

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