Dear Future Lime Stock Investors, Mark Your Calendars for July 1

Another IPO is knocking on Wall Street's door, yet this one comes with enough twists to keep investors on the edge of their seats. While 2026 has already flooded the market with fresh listings, smaller technology companies have often found themselves fighting an uphill battle for attention against corporate heavyweights. 

Now, another contender has rolled up to the starting line. Neutron Holdings wants its turn, and this one comes riding in on two wheels instead of chasing the latest artificial intelligence (AI) craze.

More commonly known as Lime, the electric scooter and e-bike rental company is set to list on Nasdaq on Wednesday, July 1, under the ticker LIME. The IPO will reveal whether investors still have room in their portfolios for a hardware-driven, low-margin business built around shared scooters.

About Lime

The San Francisco, California-based Lime began its journey in 2017. Today, it is the world's largest shared micromobility company, offering affordable short-term rentals through its fleet of electric scooters and bikes. 

What sets Lime apart is how little it outsources. The company has built its business around a vertically integrated model that ties together proprietary hardware, software, data, technology-powered operations, and government relations expertise. This approach gives Lime greater control over vehicle lifespan, repairability, and rider safety.

Lime enjoys an important advantage through its network partnerships, especially its mutually exclusive partnership with Uber Technologies (UBER). As of Dec. 31, 2025, the setup spanned roughly 230 cities in 29 countries, and in 2025 alone, nearly 19 million riders climbed aboard.

Inside the IPO

Lime filed its S-1 registration statement with the SEC on Friday, May 8, before launching its roadshow on June 22. The offering includes 6,679,791 shares of the company's common stock. Selling stockholders identified in the prospectus will also sell an aggregate of 276,731 shares of common stock.

Lime expects the IPO price to land between $24 and $26 per share. Based on the midpoint price of $25 per share, the company expects net proceeds of approximately $141.6 million. The figure could climb to approximately $165.8 million if the underwriters exercise their option to purchase all additional shares.

Goldman Sachs, J.P. Morgan, and Jefferies will lead the offering. Evercore ISI, Citizens Capital Markets, KeyBanc Capital Markets, Needham & Company, and William Blair will serve as additional bookrunners.

The Uber Tie

No conversation about Lime gets far without bumping into Uber, and the history between the two goes back further than most people realize. Wayne Ting, now CEO of Lime, once served as Chief of Staff to Uber CEO Dara Khosrowshahi, and the connection eventually grew into something much bigger.

Uber invested in Lime during 2018 before bringing Lime rentals onto the Uber app. The partnership gained even more momentum in 2020 after Uber led a $170 million investment round, which also transferred Uber's entire electric bike and scooter business to Lime, giving the company another major push in the right direction.

The partnership has only become more valuable with time. Uber generated 14.1% of Lime's revenue in 2023, climbed to 15.8% in 2024, then settled back to 14.3% in 2025. For the three months ended March 31, Uber still made up about 14% of the revenue pie.

The numbers show that Uber wears two hats at once. The company serves as Lime's largest distribution partner and is also among its biggest supporters in the public markets. Uber currently owns a 24.4% stake in Lime and plans to invest up to $20 million in the IPO itself, representing roughly 11.5% of the offering.

Financial Performance

Lime has kept its revenue moving in the right direction. Revenue climbed from $522 million during 2023 to $686.6 million during 2024 before reaching $886.72 million during 2025. The 29% growth during 2025 shows that demand for shared micromobility continues to gain traction despite several competitors stumbling through failures and restructurings.

Gross profit followed the same upward trail, growing from $281.1 million in 2024 to $345.4 million in 2025. Adjusted EBITDA jumped 42% to hit $218.1 million, and operating income came in at $70.4 million. The numbers suggest the company has tightened its operating model instead of simply adding more vehicles that fail to earn their keep.

However, the bottom line tells a less cheerful story. Net loss widened to $59.3 million from $33.9 million in 2024, with depreciation, interest expenses, currency swings, and changes in the value of convertible notes all eating into what otherwise looked like a solid year of operations.

The balance sheet adds one more wrinkle worth noting. As of March 31, Lime held about $261.3 million in cash and cash equivalents, while staring down principal payments on convertible notes and secured loans totaling roughly $845.8 million due within the next 12 months. That math simply doesn't balance on its own.

Lime's management has been upfront about it too, flagging that this gap raises real doubt about the company's ability to continue operating as a going concern for at least a year from the date its financials for the quarter ended March 31 became available. If the IPO doesn't close as planned, Lime will need to lean on fresh financing or strike a deal to amend its 2021 Notes on terms it can actually live with.

The Investor Takeaway

Lime plans to use the IPO proceeds to raise fresh capital, convert secured and convertible debt into equity, and retire the Uber-backed financial support that has carried the business until now. The offering also marks the final leg of the company's balance sheet cleanup, shifting a burden once shouldered by private investors and lenders to the public market.

That could leave Lime on firmer financial footing with lower interest costs and a stronger balance sheet. Even so, investors should remember that the IPO also solves a meaningful financial problem, leaving the company with less of a cushion if demand softens after the listing.

The final IPO price and first day of trading will reveal how investors view that tradeoff. Pricing above the top end of the $26 range would signal strong institutional demand for micromobility at scale. A price at or below the $24 floor would suggest the market still wants a discount for the financial risk, even with Uber's backing.