Neutron Holdings (LIME) investor relations material

Company overview and business model

• Operates the largest global shared micromobility platform, offering e-scooter and e-bike rentals in ~230 cities across 29 countries as of December 31, 2025.

• Vertically integrated model combines proprietary hardware, software, data analytics, tech-enabled operations, and government relations.

• Key partnerships, including an exclusive integration with Uber, provide access to a broad user base and drive ~14% of annual revenue.

• Revenue is generated through pay-as-you-go rides, prepaid bundles (LimePass), and subscriptions (LimePrime).

• Focuses on both routine and casual riders, with a strong emphasis on city relationships and regulatory compliance.

Financial performance and metrics

• Revenue grew from $522.0M in 2023 to $886.7M in 2025, a 70% increase over two years.

• Gross profit rose from $169.2M in 2023 to $345.4M in 2025; adjusted gross margin remained above 52% in 2023–2025.

• Net losses were $122.4M (2023), $33.9M (2024), and $59.3M (2025); adjusted EBITDA improved to $218.1M in 2025.

• Free cash flow was $103.8M in 2025, up from $47.3M in 2024.

• As of March 31, 2026, cash and cash equivalents were $261.3M; principal debt payments of $845.8M due within 12 months raised substantial doubt about going concern status, pending IPO completion.

Use of proceeds and capital allocation

• IPO expected to raise ~$141.6M net (or $165.8M if underwriters exercise full option), assuming a $25.00/share price.

• $115.0M of proceeds to repay outstanding Senior Secured Term Loan; $4.8M and $2.8M for tax obligations related to RSU settlements.

• Remaining funds allocated to general corporate purposes, working capital, operating expenses, capital expenditures, and potential strategic investments.