- Beam, a global micromobility player, posted a 36% revenue boost to $53 million in 2023.
- The company achieved EBITDA profitability in the latter half.
- Beam aims to expand services prudently.
Beam, a global micromobility player, announced a 36% year-on-year revenue boost in 2023, totaling US$53 million. Simultaneously, the company slashed group expenses by 25%, propelling it to achieve EBITDA profitability in the latter half of the year.
This impressive growth stemmed from increased demand for its e-scooters and e-bikes.
Cruising ahead, eyes on expansion
According to CEO Alan Jiang, Beam witnessed an uptick in commuter usage, particularly in mature micromobility markets like Australia, New Zealand, and South Korea.
The company aims to ramp up vehicle availability and introduce new models, providing services akin to conventional public transit.
Currently operating in over 130 cities across eight countries, Beam focuses on markets offering regulatory frameworks for nationwide services.
Prudent path to growth
To fuel expansion efforts, Beam will primarily rely on debt financing, prioritizing judicious capital allocation over fundraising.
The company last raised US$93 million in a series B round in 2022. Jiang highlighted reduced competition, allowing Beam to consolidate its position and run more efficient operations.
Key targets include boosting accessibility and affordability in markets like Australia, New Zealand, South Korea, and Turkey.
To read the original article: https://www.techinasia.com/micromobility-beam-36-revenue-boost-2023-ebitda-profitability
