Lime files for IPO to address debt load

Lime, legally incorporated as Neutron Holdings, Inc., has officially filed for an initial public offering with the U.S. Securities and Exchange Commission to list on the Nasdaq under the ticker symbol “LIME.” The company, which has eyed the public markets for at least five years, submitted the filing on Friday. In 2023, CEO Wayne Ting stated that “Lime had the economics, the growth, and the profitability to take the startup public.” However, in its filing, the company warned investors that it has “substantial doubt” regarding its ability to continue as a going concern—an accounting term for a company’s ability to continue operations. Lime stated that it does not have sufficient liquidity to pay its debt due by the end of 2026, and needs to go public to raise funds or find other financing.

The IPO filing reveals a business with growing revenue but persistent net losses. Lime’s financial performance over the last three years shows:

• 2023: Revenue of $521 million against a net loss of $122.3 million.
• 2024: Revenue of $686.6 million against a net loss of $33.9 million.
• 2025: Revenue of $886.7 million against a net loss of $59.3 million.

While Lime reported positive free cash flow—cash generated after accounting for capital expenditures—of $104 million in 2025, it faces a severe debt load. The company reported around $1 billion in current liabilities, which are debts or obligations due within one year. Roughly $846 million of that is due 12 months from now, and about $675.8 million is due by the end of 2026. As of March 31, 2026, Lime reported having $261 million in cash, leaving it with insufficient liquidity to cover these upcoming obligations without new capital.

Lime’s expansion has been heavily supported by its strategic partnership with Uber. Founded in 2017, Lime established deep ties with the ride-hailing giant when Uber led a $170 million funding round in 2020. As part of that deal, Lime acquired Jump, an electric bike and scooter division that Uber had purchased in 2018 for around $200 million. Today, Lime operates in 230 cities across 29 countries. The relationship remains a key driver of Lime’s business, with its vehicles integrated directly into the Uber app. Last year, about 14.3% of Lime’s revenue came through this partnership.

Why it matters

Lime’s IPO is a critical test of whether a high-growth micromobility business can successfully transition to public markets while carrying significant debt and facing questions about its long-term viability as a going concern.