1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. What does Neutron Holdings, Inc. do?
4. Valuation
5. Business & Product Moat
6. People & Governance
7. Financial Quality
Discussion
Symbol
LIME
Event Date
2026-07-01
Sector
Information Technology
Subsector
Software
Offer Range
$25.00
Shares Offered
6.96M
Shares Outstanding Pre-IPO
64.26M
70.94M
$1.8B
9.8%
Implied Upside vs Midpoint
Description
Lime is the largest global shared micromobility business. We are on a mission to build a future where transportation is shared, affordable, and carbon-free. Lime provides convenient and reliable short-term rentals of e-scooters and e-bikes at an affordable price. As of December 31, 2025, we operated in approximately 230 cities(1) across 29 countries(2). In 2025, we delivered a seamless rider experience to approximately 19 million riders. Our market leadership and scale have made Lime a widely recognized brand — valued by riders for our availability and trusted by cities for our operating track record. This leadership and scale have also yielded favorable unit economics, enabling us to continue investing in our growth. Lime has revolutionized the shared micromobility industry through our vertically integrated platform, which combines our proprietary hardware and software, data, tech-enabled operations, and government relations expertise. Our vertical integration allows us to maintain control of key aspects of our service and is designed to accelerate rider adoption, boost usage frequency, facilitate regulatory compliance, and optimize cost efficiency — fueling sustainable growth while solidifying trusted partnerships with cities and positioning us as a leader in the shared micromobility industry. Our platform creates a self-reinforcing, virtuous network effect that aligns value for riders and city priorities: more riders using our service enables cities to meet their local policy goals faster, which encourages cities to expand shared micromobility programs and invest in additional infrastructure, which in turn enhances the rider experience and attracts even more riders. What started as convenience enjoyed by individual riders has, through our platform, reshaped how people move around cities, which demonstrates that shared micromobility isn’t just viable but can be an essential component of urban life. The extensive presence of our electric vehicles in cities around the world has established our brand with the public, reinforcing our leadership position in the shared micromobility industry. Each of our e-scooters and e-bikes serves as mobile advertisements within the cities in which we operate, continuously reinforcing brand recognition. Our reach is further amplified through our network partnerships, including our mutually exclusive partnership with Uber. Lime vehicles are featured as a ride option within the Uber app in nearly all of our shared markets, providing Lime with direct access to Uber’s global user base. Revenue generated through our partnership with Uber was approximately 14.1%, 15.8%, and 14.3% of total revenue in 2023, 2024, and 2025, respectively, and was approximately 14.0% for the three months ended March 31, 2026. We believe our platform, combined with our global scale, market leadership, brand awareness, efficient operating model, and network partnerships creates significant competitive advantages, which has positioned us as a leader in the shared micromobility industry, has fueled sustained growth over time, and has contributed to our significant market share. We calculate our market share primarily using data for monthly active app users (“MAAUs”) from Sensor Tower (as defined below) for each of the countries we operated in and supplementing with publicly available information and our internal data. For the year ended December 31, 2025, our market share across both docked and dockless shared micromobility operators was approximately 27% across the countries we operated in, representing a 1% increase from the prior year and nearly three times the market share of the next largest operator by MAAUs, and 37% in the United States, representing a 4% increase from the prior year. When focusing solely on dockless shared micromobility operators, our market share was approximately 35% across the countries we operated in and 48% in the United States, representing a 2% and 6% increase from the prior year, respectively. (1) As used in this prospectus, a “city” may refer to a metropolitan area that may be a city or could include regions outside of city limits or in defined areas of operation within a metropolitan area. (2) The principal countries we have operated in are the United States, the United Kingdom, and France from which we generated 33%, 15%, and 11% of total revenue, respectively, in 2023, 34%, 21%, and 10%, respectively, in 2024, 32%, 22%, and 10%, respectively, in 2025, and 29%, 23%, and 8%, respectively, in the three months ended March 31, 2026. --- We were incorporated in January 2017 as a Delaware corporation. Our principal executive offices are located at 444 Townsend Street, First Floor, San Francisco, California 94107, and our telephone number is (415) 449-4139. Our website address is www.li.me.
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Lead underwriters Goldman Sachs & J.P. Morgan with strong institutional reach○
Largest global shared micromobility platform with presence in 230 cities across 29 countries○
2025 revenue of $886.7 million, growing 29% YoY○
Vertically integrated model combining hardware, software, and operations○
Exclusive commercial partnership with Uber for distributionPost-IPO economic shares by class, valued at the offer midpoint.
| Class | Shares | % Economic | Est. value |
|---|---|---|---|
Common Stock (listed) 1 vote per share | 64.03M | 90.3% | $1.6B |
Convertible Preferred Stock (various series) Preferred rights as issued; convertible into common stock in connection with Transactions · As provided in charter; preferred converted in connection with Transactions (see prospectus) | 6.92M | 9.7% | $172.9M |
| Total economic shares | 70.94M | 100% | $1.8B |
Neutron Holdings (Lime) is likely to trade on EV/revenue and EBITDA durability rather than GAAP net loss, because convertible note fair‑value swings can dominate reported earnings. The main push-pull is improving operating performance versus dilution and capital-structure complexity from the large as‑converted share count and the need to refinance ahead of 2026 maturities, which can compress per‑share value and keep a risk discount in the multiple.
The next clear inflection is a refinancing or tender that reduces the convertible overhang and extends the maturity runway ahead of the Senior Secured Term Loan due Sep 2026. Operationally, the most credible re‑rating path is a run of quarterly revenue beats and continued margin gains over the next 4–8 quarters, with Uber-partnership driven city expansion playing out over 12–24 months.
Revenue has grown ~30% YoY recently and EBITDA reached $195M in FY2025, with operating income turning positive, supporting a path to sustained positive adjusted operating cash generation if utilization holds. The upside case rests on vehicle life extension, lower field-ops cost per trip, and higher subscription/recurring penetration; the downside is higher maintenance/capex intensity or weaker utilization that reverses operating leverage.
The leadership/board mix (CEO Wayne Ting; chair Jim Rowan; Uber connection via Andrew Macdonald) strengthens execution credibility and partnership alignment. The main governance concern is minority-investor sensitivity to control and dilution outcomes given the conversion-heavy capital structure; operational risk is concentrated in municipal permitting outcomes and seasonal demand in core markets.
Base case: 25–30% revenue growth with EBITDA margin improvement supports a higher-quality multiple once refinancing uncertainty clears. Upside: Uber-driven expansion accelerates utilization and improves fleet economics, driving a sharper re‑rating. Downside: an unfavorable refinancing outcome or permit losses forces dilution or balance-sheet stress and triggers valuation compression within 12 months.
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Revenue grew 29.1% in 2025 and operating income has been positive since 2024○
Exclusive distribution partnership with Uber supports market penetration○
Vertically integrated platform provides control over key unit-economics levers○
Large as-converted share base (~12 billion) creates dilution sensitivity○
Refinancing needs around convertible notes and term loans are a near-term overhang−
Refinancing risk around convertible obligations is a near-term valuation overhang○
Operating income and EBITDA momentum can justify a higher-quality multiple if durability holds○
Dilution sensitivity from the ~12 billion as-converted share base can weigh on per-share outcomes+
Board chaired by Jim Rowan with automotive and supply chain expertise○
CEO Wayne Ting brings operations and government-relations experience○
Co-founder Zhoujia Bao maintains product continuity○
Uber President & COO Andrew Macdonald strengthens strategic alignment○
Brandon Pedersen adds finance and governance experience+
Revenue growth of +31.6 in 2024 and +29.1 in 2025, reaching $886.7 million−
~$1B of debt and a going concern disclosure elevate refinancing as a gating issue○
Gross margin improved from 32.4% (2023) to ~39–41 in later years○
Operating income positive since 2024; EBITDA rose to $195M in 2025○
Net losses largely reflect non-cash fair value fluctuations on convertible-related liabilities