TechCrunch Mobility: Lime’s IPO gamble

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After years of hints and preparation, the Uber-backed electrical motorcycle and scooter rental startup Lime filed for an archetypal nationalist offering. A micromobility institution going public? In 2026? Surely it’s the incorrect year.

Lime CEO Wayne Ting has been talking astir an IPO for years. TechCrunch spoke to him astir it successful 2020, 2021, and 2023. It ne'er materialized and I benignant of forgot astir it, until — roar — the S-1 doc, the registration connection filed with the U.S. Securities and Exchange Commission, posted aboriginal Friday morning.

There are immoderate absorbing hazard factors successful the S-1, though we inactive are waiting for Lime to stock presumption of the offering.

Revenue is climbing, it has affirmative escaped currency flow, and nett losses narrowed aft 2023, though determination has been a flimsy uptick betwixt 2024 and 2025. Uber, which invested successful Lime respective years ago, inactive plays an important relation for the company. Lime said astir 14.3% of its gross came done its concern with Uber, which allows customers to find and rent scooters and e-bikes done its app.

All of this suggests Lime is simply a maturation institution headed toward profitability. But determination is 1 important headwind. Lime has astir $1 cardinal successful existent liabilities, and astir $675.8 cardinal of that is owed by the extremity of 2026. In all, astir $846 cardinal is owed wrong 12 months. Lime does not person capable liquidity to wage that, according to its filing. Lime states it plainly successful the S-1: If it can’t spell nationalist and rise the indispensable capital, oregon alteration its indebtedness agreements, it whitethorn not beryllium capable to proceed operating arsenic a business.

Senior newsman Sean O’Kane, who likes digging done an S-1 arsenic overmuch arsenic I do, spotted immoderate different tidbits successful the hazard factors. Investment by cities successful their nationalist roadworthy infrastructure is simply a hazard factor, according to the company. Lime specifically lists potholes, which made maine chuckle and past motion successful agreement. Potholes are not benignant to shared scooters.

Lime besides warned that a important information of rides are concentrated successful a comparatively tiny fig of markets successful which it operates. One specified market, which accounted for 22.2% of its gross successful 2025, is the U.K.

A small vertebrate

Last summer, Uber announced a program to motorboat a premium robotaxi work utilizing Lucid Gravity vehicles equipped with Nuro’s autonomous conveyance technology. This is much than a collaboration. Uber said it would put $300 cardinal successful Lucid and would separately bargain “at least” 20,000 of the EV maker’s caller Gravity SUV implicit the adjacent six years. Uber precocious raised its concern successful Lucid to $500 cardinal and pushed the conveyance bid to 35,000.