Beam Reports Strong Q2 Results, Zoleo Arbitration Begins

Beam Communications Holdings Ltd (ASX: BCC) reported positive free cash flow in Q2 FY24, with $10.4m in cash receipts, supporting positive free cash flow for the quarter and the last 12 months (CY23). Zoleo Inc., in which Beam owns 50%, achieved 40% subscriber growth for the year ending December 2023 and is poised for strong growth in FY24.

The arbitration process for Zoleo Inc. has begun, expected to conclude by mid-2024. The company aims to increase cash reserves in FY24 due to business strength and scale. In Q2 FY24, the free cash flow of $0.2m and total revenue of $9.8m, including $0.6m of annuity-style subscription revenue, showcased business growth. Beam continues investing in the development of Certus terminal and Certus Messaging Service.

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