Uber-backed Lime plans IPO as debt concerns mount for the e-scooter maker

By William Gavin

Investors will soon be able to invest in an e-bike and e-scooter pure play again, following Bird's turbulent prior run on the public market

Lime's electric scooters and bikes have been used for years as alternatives to taxis.

The electric bike- and scooter-rental startup Lime has officially filed to go public, after years of teasing the move.

The company, officially known as Neutron Holdings, has talked about becoming a public company for at least the last five years. After San Francisco-based Lime raised $523 million in 2021 from investors including Uber Technologies (UBER), CEO Wayne Ting told Reuters it would use the cash as a "launching pad" to go public the following year.

But Lime - despite repeatedly saying it was considering a public listing - delayed its plans until Friday, when it officially filed paperwork for an initial public offering. The company plans to list its common stock on the Nasdaq under the "LIME" ticker symbol, according to the filing.

As of the end of last year, Lime had grown its operations to about 230 cities across 20 countries. And while its revenue has shown consistent growth over the past few years, the eight-year-old company isn't profitable yet and it has accumulated a lot of debt.

Lime generated $886.7 million in revenue last year, a 29% increase compared to 2024. The company also recorded a net loss of $59.3 million in 2025, worse than the $33.9 million loss it posted a year earlier, according to the filing.

The e-bike company said it had free cash flow of nearly $103.8 million in 2025, a 119% increase from the prior year thanks to its greater operational activities. It also has to pay $675.8 million in principal on convertible notes and a term loan by the end of 2026.

Lime said it doesn't have "sufficient liquidity" for its payments due at the end of December and that "substantial doubt exists" about its "ability to continue as a going concern." The company had $261 million in cash and cash equivalents as of the end of March.

The company said its ability to continue operating is dependent on raising funds through its IPO. Without the IPO, it will need to find an alternative way to finance its payments or amend the terms of its convertible notes.

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Lime also faces a seasonal risk: Put simply, scooters and bikes are a lot less popular when its snowing or raining, and more in demand when it's warm and dry outside.

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The company posted negative free cash flow of $79 million for the first quarter of 2026, pointing to weather impacts, all while costs remained fixed. It also tends to spend more capital in the first quarter to expand its manufacturing, Lime said.

Also weighing on Lime is its relationship with Uber, which led a $170 million funding round in 2020 and sold its micromobility subsidiary Jump to Lime as part of the deal. Lime vehicles are also featured prominently on Uber's app.

For the past three years, Lime's relationship with Uber has accounted for between 14% and 16% of its annual revenue. Its current agreement with the ride-hailing provider was renewed last May and lasts through 2028 - but Lime noted that it is subject to "unilateral termination" by Uber under certain conditions.

"If exclusivity under our current agreement were to end or be narrowed, Uber could list or prioritize competing shared micromobility operators, which may reduce Lime's share of rider traffic and bookings within the Uber app," Lime said.

The planned IPO is the latest from a sector that has often grappled with regulatory hurdles and high costs.

Lime rival Bird Global went public in 2021, but struggled in the market and filed for bankruptcy protection just two years later. In 2024, Bird was acquired by Third Lane Mobility, which recently raised $20 million from investors to deploy its latest micromobility vehicles.

Another Lime competitor is Also, a startup spun out by Rivian Automotive (RIVN) last year. Also was most recently valued at $1 billion and in March announced a partnership with Uber food-delivery rival DoorDash (DASH).

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-William Gavin

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05-08-26 1404ET