Lime Finally Makes Its Move
After years of signaling that it wanted to test the public markets, Lime has formally filed for an initial public offering. The Uber-backed micromobility company, incorporated as Neutron Holdings Inc., plans to list on Nasdaq under the ticker LIME, according to the supplied report. The filing gives investors a clearer view of a company that has managed to grow revenue meaningfully while still confronting a financing problem serious enough to cast doubt on its near-term outlook.
The revenue trajectory is easy to understand. Lime reported $521 million in revenue in 2023, $686.6 million in 2024, and $886.7 million in 2025, the supplied text says. That kind of top-line expansion suggests the company has continued to deepen adoption of its electric bike and scooter rental network even after a period in which shared micromobility businesses were often viewed as operationally fragile.
The profitability picture is more complicated. Lime's net loss narrowed from $122.3 million in 2023 to $33.9 million in 2024, then widened again to $59.3 million in 2025. At the same time, the company reported positive free cash flow for the past three years, reaching $104 million in 2025. That mix of improving operational cash generation and uneven bottom-line performance is unusual but not unheard of in asset-heavy transportation businesses.
The Debt Problem Is the Real Story
The sharper issue is the balance sheet. Lime disclosed around $1 billion in current liabilities, with roughly $846 million due by the end of 2026, according to the supplied filing summary. The company also reported having $261 million in cash as of March 31, 2026. Based on those numbers, Lime said it does not have sufficient liquidity to pay what comes due and warned investors there is substantial doubt about its ability to continue as a going concern unless it raises funds through the IPO or other financing.
That language is serious. Companies do not use going-concern warnings lightly, and the disclosure changes how the IPO should be read. This is not simply a growth company choosing an opportune window to list. It is also a company under pressure to recapitalize. In practical terms, the public offering is part expansion story and part balance-sheet repair.
That duality may shape investor interest. Some buyers will focus on the revenue growth, improving cash flow, and the possibility that micromobility has matured into a more disciplined urban transportation category. Others will focus on the refinancing need, the debt wall, and the execution risk of operating fleets across cities where regulation, seasonality, and utilization patterns can change quickly.
