This Uber-backed bike rental company has filed for an IPO
What's the story
Lime, the electric bike and scooter rental company backed by Uber Technologies, has filed for a US initial public offering (IPO). The San Francisco-based start-up reported a massive jump in its annual revenue in the filing. The move comes as the US IPO market rebounds from earlier volatility due to equity market fluctuations and geopolitical tensions in the Middle East.
Market response
Revenue growth and net losses
Lime's IPO filing shows a company with growing revenue but not yet profitable. The firm posted $521 million in revenue in 2023, which increased to $686.6 million in 2024 and further rose to $886.7 million last year. However, it also reported net losses of $122.3 million in 2023, which have narrowed over the past two years with losses of $33.9 million and $59.3 million recorded in 2024 and 2025 respectively.
Financial outlook
Cash flow and IPO proceeds utilization
Lime has reported positive free cash flow for three consecutive years, with a significant increase to $104 million in 2025. The company intends to use the IPO proceeds for operational expenses, debt repayment, and potential investments or acquisitions of complementary technologies or assets. Despite its current loss-making status, analysts believe Lime's improved financial picture could attract investor interest in the upcoming IPO market.
Business expansion
Global presence and partnership with Uber
Founded in 2017, Lime now operates in around 230 cities across 29 countries. The company's exclusive partnership with Uber has been a major contributor to its growth. Lime vehicles are offered as a ride option within the Uber app in most of its shared markets. Last year, around 14% of Lime's revenue came from this partnership, according to the SEC document.