Lime (Neutron Holdings, Inc., Nasdaq: LIME) — research brief (BMC #078 on gallery, queue id 77)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by the company in its IPO prospectus (Form 424B4 filed 2 Jul 2026, containing audited fiscal 2025 statements) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed 11 Aug 2026). SECONDARY = none used for figures. INFERENCE = ratios computed by this project from company numbers.

Sources (accessed 2026-10-11)

Prospectus (424B4): https://www.sec.gov/Archives/edgar/data/1699963/000162828026046635/neutronholdingsinc-424b4.htm
Form 10-Q, quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1699963/000162828026055698/lime-20260630.htm
Company site: https://www.li.me
Logo: project monogram ("L" on a green tile), not Lime's official mark. Trademark of its owner; identification only.

Teaching arc

Own a fleet of electric scooters and bikes, win city-by-city permits, rent rides by the minute (with bundles and a subscription for regulars and Uber as a second booking app), and use fleet density to turn a thin operating profit — while debt and convertible-note accounting made the bottom line negative until the July 2026 IPO reset the balance sheet.

Key numbers (FACT unless noted)

FY2025 (prospectus, audited)

Revenue $886,719K (2024 $686,630K, +29%; 2023 $521,983K). Cost of revenue $541,272K; gross profit $345,447K (39%); adjusted gross profit $467.2M (53% adjusted margin).
SG&A $169,460K; operations and support $51,636K; R&D $53,950K; operating income $70,401K (2024 $46,969K; 2023 −$24,624K).
Interest expense $20,626K; other expense, net $99,005K (includes a $124,957K loss on the fair value of the 2021 convertible notes, vs $40,950K in 2024, partly offset by foreign-currency gains); income taxes $10,079K; net loss $59,309K (2024 −$33,913K; 2023 −$122,358K).
Adjusted EBITDA $218.1M (+42%; non-GAAP). Operating cash flow $214,841K; capital expenditures $111,053K (vehicles $97,860K); free cash flow $103.8M.
KPIs: average operational fleet 325,137 (+18%); revenue per vehicle per day $7.47 (+10%); monthly active users 3.794M (+21%); about 19M riders; ~230 cities, 29 countries; 19 new cities in 2025; operational fleet retention 116%.
Mix: Pay-As-You-Go 72% / LimePass 28% of revenue (2024: 80% / 20%). U.S. 32%, U.K. 22%, France 10% of revenue. Uber-sourced Pay-As-You-Go revenue 14.3% (2024: 15.8%). Marketing about 2% of revenue.
Unit economics: blended fully landed vehicle cost about $1,300; payback about 12 months. Vehicles depreciated straight-line, five years (scooters/bikes) and four years (swappable batteries).
Going-concern: auditor's report carried a going-concern paragraph because the term loan and convertible notes came due within 12 months.

H1 / Q2 2026 (10-Q)

Q2 revenue $304,224K (+24%); H1 $474,374K vs $375,083K (+26%). H1 lease revenue $356,746K; revenue from contracts with customers $117,628K.
H1 gross profit $173,642K; operating loss $16,222K (Q2 operating profit $12,810K); pre-tax loss $62,484K; income tax benefit $296,577K; net income $234,093K (Q2 $295,379K). Deferred tax assets $303,289K (Dec 2025: $8,623K).
H1 stock-based compensation $40,721K (H1 2025: $6,121K) after the IPO satisfied the vesting condition of employee share units.
H1 operating cash flow $49,291K; vehicle purchases $122,562K; company-defined free cash flow −$83,325K. Cash $278,065K plus $55,671K short-term restricted cash at Jun 30, 2026.
Q2 average operational fleet 407,707 (+22%); MAU 5.024M (+22%); revenue per vehicle per day $8.20 (+1%).
Uber: Q2 revenue earned through the Uber integration $39,641K (INFERENCE: about 13% of Q2 revenue); service fees paid to Uber $4,944K. Agreement runs through 2028 with exclusivity in certain overlapping cities.
IPO: trading began on Nasdaq 1 Jul 2026; closed 2 Jul at $25.00 per share; company sold 6,679,791 shares for $141.7M net proceeds; selling holders sold 276,731 shares. 2020 and 2021 convertible notes converted to equity at 30 Jun 2026; $115.0M term loan repaid in July 2026; new $200.0M secured revolving credit facility with leverage and fixed-charge covenants from the quarter ending 30 Sep 2026.

Cautions

Net income in H1 and Q2 2026 reflects a large income tax benefit, not rides; operating result for H1 was a loss.
Q1 and Q4 are seasonally weak; the company's own materials caution against annualizing a quarter. This brief does not annualize any quarter.
Company-estimated market share (27% overall, 37% U.S.) is Lime's own figure using Sensor Tower app-user data.

# Lime (Neutron Holdings, Inc., Nasdaq: LIME) — research brief (BMC #078 on gallery, queue id 77) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by the company in its IPO prospectus (Form 424B4 filed 2 Jul 2026, containing audited fiscal 2025 statements) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed 11 Aug 2026). **SECONDARY** = none used for figures. **INFERENCE** = ratios computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Prospectus (424B4): https://www.sec.gov/Archives/edgar/data/1699963/000162828026046635/neutronholdingsinc-424b4.htm - Form 10-Q, quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1699963/000162828026055698/lime-20260630.htm - Company site: https://www.li.me - Logo: project monogram ("L" on a green tile), **not** Lime's official mark. Trademark of its owner; identification only. ## Teaching arc **Own a fleet of electric scooters and bikes, win city-by-city permits, rent rides by the minute (with bundles and a subscription for regulars and Uber as a second booking app), and use fleet density to turn a thin operating profit — while debt and convertible-note accounting made the bottom line negative until the July 2026 IPO reset the balance sheet.** ## Key numbers (FACT unless noted) **FY2025 (prospectus, audited)** - Revenue $886,719K (2024 $686,630K, +29%; 2023 $521,983K). Cost of revenue $541,272K; gross profit $345,447K (39%); adjusted gross profit $467.2M (53% adjusted margin). - SG&A $169,460K; operations and support $51,636K; R&D $53,950K; operating income $70,401K (2024 $46,969K; 2023 −$24,624K). - Interest expense $20,626K; other expense, net $99,005K (includes a $124,957K loss on the fair value of the 2021 convertible notes, vs $40,950K in 2024, partly offset by foreign-currency gains); income taxes $10,079K; net loss $59,309K (2024 −$33,913K; 2023 −$122,358K). - Adjusted EBITDA $218.1M (+42%; non-GAAP). Operating cash flow $214,841K; capital expenditures $111,053K (vehicles $97,860K); free cash flow $103.8M. - KPIs: average operational fleet 325,137 (+18%); revenue per vehicle per day $7.47 (+10%); monthly active users 3.794M (+21%); about 19M riders; ~230 cities, 29 countries; 19 new cities in 2025; operational fleet retention 116%. - Mix: Pay-As-You-Go 72% / LimePass 28% of revenue (2024: 80% / 20%). U.S. 32%, U.K. 22%, France 10% of revenue. Uber-sourced Pay-As-You-Go revenue 14.3% (2024: 15.8%). Marketing about 2% of revenue. - Unit economics: blended fully landed vehicle cost about $1,300; payback about 12 months. Vehicles depreciated straight-line, five years (scooters/bikes) and four years (swappable batteries). - Going-concern: auditor's report carried a going-concern paragraph because the term loan and convertible notes came due within 12 months. **H1 / Q2 2026 (10-Q)** - Q2 revenue $304,224K (+24%); H1 $474,374K vs $375,083K (+26%). H1 lease revenue $356,746K; revenue from contracts with customers $117,628K. - H1 gross profit $173,642K; operating loss $16,222K (Q2 operating profit $12,810K); pre-tax loss $62,484K; income tax benefit $296,577K; net income $234,093K (Q2 $295,379K). Deferred tax assets $303,289K (Dec 2025: $8,623K). - H1 stock-based compensation $40,721K (H1 2025: $6,121K) after the IPO satisfied the vesting condition of employee share units. - H1 operating cash flow $49,291K; vehicle purchases $122,562K; company-defined free cash flow −$83,325K. Cash $278,065K plus $55,671K short-term restricted cash at Jun 30, 2026. - Q2 average operational fleet 407,707 (+22%); MAU 5.024M (+22%); revenue per vehicle per day $8.20 (+1%). - Uber: Q2 revenue earned through the Uber integration $39,641K (INFERENCE: about 13% of Q2 revenue); service fees paid to Uber $4,944K. Agreement runs through 2028 with exclusivity in certain overlapping cities. - IPO: trading began on Nasdaq 1 Jul 2026; closed 2 Jul at $25.00 per share; company sold 6,679,791 shares for $141.7M net proceeds; selling holders sold 276,731 shares. 2020 and 2021 convertible notes converted to equity at 30 Jun 2026; $115.0M term loan repaid in July 2026; new $200.0M secured revolving credit facility with leverage and fixed-charge covenants from the quarter ending 30 Sep 2026. ## Cautions - Net income in H1 and Q2 2026 reflects a large income tax benefit, not rides; operating result for H1 was a loss. - Q1 and Q4 are seasonally weak; the company's own materials caution against annualizing a quarter. This brief does not annualize any quarter. - Company-estimated market share (27% overall, 37% U.S.) is Lime's own figure using Sensor Tower app-user data.