Lime had about $1 billion in liabilities, with more than half due by the end of 2026. It even told investors it had "substantial doubt" it could keep operating without new money.
The IPO gives it fresh capital and a public stage.
The Numbers Behind the IPO
The company's revenue grew from $521 million in 2023 to $686.6 million in 2024, and $886.7 million in 2025. Losses were trimmed from $122.3 million in 2023 to $33.9 million in 2024, though that figure edged back up in 2025 to $59.3 million. In 2025, Lime reported adjusted gross profit of more than $400 million, when discounting costs like depreciation.
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Why Now, and Why Public
CEO Wayne Ting said the company waited to go public until it could show it was a real business. "We felt like we needed to demonstrate we were going to be a self-sustaining, profitable, free cash flow positive business, and that only happened over the last three years, [where] we had three years of free cash flow positive results," Ting said. "I think the timing is right, because the business is strong. We still have a lot of growth ahead of us."
Ting also said being public will make cities trust Lime more. "I know a lot of cities don't like the fact that they sometimes would bring an operator into the market and that operator will go out of business in six to 12 months. They want a long-term sustainable partnership, and now that we're public, our financials are available to any city regulator looking to decide who's going to be a good long-term partner," he said.
The Competitive Landscape and Uber's Role
Lime is not alone in the micromobility world, but many rivals have crashed. Bird, after becoming a public company, was forced to file for bankruptcy and undergo a restructuring. Tier and Dott merged to survive.
Micromobility.com was delisted from major exchanges. Superpedestrian went out of business entirely.
Lime's biggest ally is Uber. Uber owns 24% of the company and accounted for more than 14% of Lime's revenue last year. Lime operates in 230 cities across 29 countries.
Ting said the IPO gives Lime even more room to run. "It's more capital for us to invest in growth and expanding Lime, in investing back into our technology. I feel like a lot of the advantages that we have being the only skilled operator, the only profitable operator, is only going to amplify now that we're public," he said. "It's a real game of inches business, and we're constantly looking for this 1%, 2% improvement."
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