Lime's financial documents reveal a precarious situation: the company owes nearly $850 million in debt repayments within the next year and may never turn a profit. In April, before launching in Canberra, Lime had already lost nearly $2 million in Australia's capital, emblematic of broader profitability issues.
Revenue vs. Costs
In 2025, Lime reported $887 million in revenue, up 30% annually since 2023. However, operating expenses totaled $946 million, exceeding revenue by $59 million. Each of its 325,000 vehicles brought in only $7.47 per day on average across 230 cities. Lime spent $98 million on new vehicles in 2025, each costing about $1,300 and taking a year to pay off. Back-end operations cost $271 million, and $57 million was reserved for personal injury claims.
Debt and Market Debut
Lime's share market debut on NASDAQ on July 1 raised $167 million from Uber and other investors, primarily to pay down debt. The company has no plans to pay dividends. Gad Allon, a Wharton professor, noted, "Lime is a real cash-generating operation sitting on a balance sheet that can’t yet pay its near-term bills."
Fleet and Usage Growth
Lime's fleet grew from 229,000 in 2023 to 325,000 in 2025, with more e-scooters than ebikes. Riders totaled 19 million globally in 2025. While most pay per minute, 28% of earnings now come from bundles and subscriptions. Lime's field operations run at a profit, keeping 39% of revenue, but expansion costs outpace income.
Advantages and Risks
Lime's advantages include Uber as its largest shareholder (23%) and local monopolies in key cities. Uber generated $126 million, or 14%, of Lime's 2025 revenue through app bookings. CEO Wayne Ting said, "When we deploy more vehicles into a single city, we improve our density, and when we improve our density, it becomes a more reliable product." However, Allon warned, "Lime is betting on regulators staying friendly and Uber staying aligned, and neither is in management’s hands."
