In 2025, Lime served 19 million customers across 230 cities globally, with each vehicle generating $7.47 per day, according to its first public financial documents. The company's June share market debut on the Nasdaq provided insight into its business model, revealing both growth and significant financial challenges.
Financial Overview and Debt
Lime's filings showed it owed nearly $850 million in debt repayments within the next year and warned investors it may never turn a profit. However, its parent company, Neutron Holdings, listed on 1 July, clearing most of its debt. A spokesperson for Lime stated: “Lime has been free cash flow positive for two consecutive years, while growing topline revenue. With a significantly reduced debt burden coming out of our listing, our business is healthy and we’re excited about this next chapter.”
Revenue and Costs
Lime reported $887 million in revenue in 2025, surging 30% annually since 2023. But operating expenses totaled $946 million, exceeding revenue by $59 million. The company spent $98 million on new vehicles, each costing about $1,300 and taking a year to pay off. Field operations ran at a profit, with maintenance and movement of bikes and scooters being the biggest expense. Lime keeps 39% of revenue from field operations.
Back-end operations cost $271 million, including advertising and customer support. Lime also set aside $57 million for personal injury claims, which it said it was defending “vigorously.”
Fleet Expansion and Usage
The average fleet grew from 229,000 vehicles in 2023 to 325,000 in 2025, with more e-scooters than ebikes. Most users paid per minute, but 28% of earnings came from bundle and subscription models. The top-earning country, the US, contributed 32% of revenue, followed by the UK at 22% and France at 10%. Australia contributed 3% in 2024.
Advantages and Risks
Lime's two key advantages are its relationship with Uber, its biggest shareholder with over 23% ownership, and its local monopolies in key cities. Uber has funded much of Lime's debt and enabled bookings through its app, generating $126 million, or over 14% of Lime’s 2025 revenue. Gad Allon, a professor at the Wharton School, noted: “Lime holds … local monopolies that a rival can’t simply buy its way into.”
However, Allon warned: “It is betting on regulators staying friendly and Uber staying aligned, and neither is in management’s hands.” Lime’s free cash flow improved from $1 million in 2023 to $103 million in 2025, and it has no plans to pay dividends. The company plans to experiment with tandem riding, longer-distance travel, and new pricing plans to grow market share.
