$886M, 230 Cities, and an IPO Filing - Inside Lime's S-1
[MICROMOBILITY PRO]Lime filed its S-1 with the SEC on May 7, 2026, disclosing $886.7M in 2025 revenue (up 29%), and plans to list on Nasdaq under the ticker LIME.
Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into the financials of micromobility companies and share exclusive insights tailored for professionals and members.
Contents
Introduction
Chart: Lime’s History and Growth
Lime Today
How the Business Works
Chart: Revenue Split by Geography (2025)
Vehicles and Unit Economics
The Financials
Chart: Lime Financials
Chart: Quarterly Net Revenue vs Operating Income
Chart: Annual Average Operational Fleet vs MAU
Chart: Quarterly Average Operational Fleet vs MAU
Table: P&L Snapshot
The Debt Picture, and What the IPO Does About it
Table: Consolidated Balance Sheet
Uber's Layered Role
The Permit Question
Lime, Voi and Dott - A Brief Comparison
Table: Shared Metrics - Brief Comparison (2025)
What’s Ahead
Introduction
Lime spent nearly a decade as a private company. It survived the chaos of the first dockless scooter wave, watched companies go bankrupt around it, restructured itself in 2020, and slowly built something that started looking like a real business. On May 7, 2026, Neutron Holdings, Inc., the legal entity behind Lime, filed its S-1 registration statement with the U.S. Securities and Exchange Commission. The company plans to list on Nasdaq under the ticker LIME, with Goldman Sachs, J.P. Morgan, and Jefferies leading the offering.
The filing is the most complete public view of Lime to date. It shows a business that crossed $886m in revenue in 2025, generated more than $100m in free cash flow, and grew Adjusted EBITDA 42% on the year. It also reveals an unusually layered capital structure, and a relationship with Uber that runs deeper than the revenue line suggests.
