Lime's revenue keeps climbing. The company hit $886.7 million in 2025, up from $521 million two years earlier.
None of that means much if it can't pay its bills. The IPO filing flat-out says it can't, not without help.
Lime's net loss narrowed to $59.3 million in 2025, down from a $122.3 million hole in 2023. Free cash flow hit $104 million last year, almost double the year before.
Then comes the catch. The company has roughly $1 billion in short-term debts, with $846 million of that due by the end of 2026.
Lime had $261 million in cash at the end of March, nowhere near enough to cover the bill.
That gap is why the filing tells investors there is "substantial doubt" about the company keeping the lights on without fresh funding.
The 2024 net loss was just $33.9 million, so the 2025 number is a step back. Investors will want to know why.
Uber led Lime's $170 million funding round in 2020. The deal came with Uber's old Jump e-bike business, which Uber had bought in 2018 for about $200 million.
Today, about 14.3% of Lime's revenue runs through Uber's app, where Lime scooters and e-bikes show up as a ride option.
That partnership is a tailwind for the IPO story. It's also a reminder of how dependent Lime is on a single distribution channel.
If Uber ever pulls back from the deal, more than one in seven of Lime's revenue dollars would need a new home.
Lime CEO Wayne Ting has been talking publicly about an IPO since at least 2023. What's changed is that the math no longer leaves much choice.
People familiar with the plans told the press the company is targeting roughly a $2 billion valuation. That would be a step up from the $510 million tag Uber set in 2020, but still below the $2.4 billion peak Lime hit in 2019.
Goldman Sachs and JPMorgan are leading the offering, with Jefferies as a book-running manager.
The plan is to list on Nasdaq under the ticker "LIME." Final terms have not been shared yet.
Lime is in 230 cities across 29 countries with a real operating business behind it. Investors will weigh that growth against a balance sheet that needs the IPO to clear.
The 2025 revenue jump and the free cash flow turn give bulls something to cheer. The going-concern warning and the big debt wall give bears just as much to chew on.
If demand is strong enough to clear the $846 million debt wall, Lime buys itself more runway. If not, the company will need other sources of cash, which the filing also flags.
