Robust demand and expansion boost Beam's 2023 revenue by 36%

The company eyes entering more markets this year.

Micromobility firm Beam said its revenue for 2023 was $71.84m (US$53m), which represents a 36% growth from the previous year.

The company said this was fueled by “surging demand and strong expansion.”

Its overhead also declined 25% after streamlining operating costs.

“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 Beam CEO Alan Jiang.

“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,” he added.

MORE LIKE THIS: BMW Group Asia's Singapore Sales Surge in 1Q24

After achieving a single-digit adjusted EBITDA margin, Beam said it is on track for a full-year double-digit margin in 2024.

The company eyes expanding in Australia, New Zealand, South Korea and Turkey by increasing vehicle density and introducing new modal types to enhance reliability and usage comparable to other forms of public transportation.

US$1=S$1.36