Neutron Holdings (LIME) Registration filing summary

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 with proprietary hardware, software, data analytics, and government relations expertise.

• Revenue generated primarily from pay-as-you-go rides and subscription products (LimePass, LimePrime); 72% of 2025 revenue from pay-as-you-go, 28% from subscriptions.

• Strategic partnerships, notably with Uber, provide access to a global user base and accounted for 14–16% of annual revenue in recent years.

• Focus on sustainable, carbon-free urban transportation, with a mission to make transportation shared, affordable, and carbon-free.

Financial performance and metrics

• 2025 revenue: $886.7M (29% YoY growth); 2024: $686.6M; 2023: $522.0M.

• 2025 gross profit: $345.4M (23% YoY growth); adjusted gross profit: $467.2M (27% YoY growth).

• Net losses: $59.3M in 2025, $33.9M in 2024, $122.4M in 2023.

• Adjusted EBITDA: $218.1M in 2025 (42% YoY growth); $153.4M in 2024; $99.8M in 2023.

• Q1 2026 revenue: $170.2M (32% YoY growth); net loss: $61.3M.

• As of March 31, 2026: $261.3M in cash and cash equivalents; $845.8M in debt due within 12 months, raising substantial doubt about going concern absent IPO proceeds.

Use of proceeds and capital allocation

• Net proceeds will be used to repay all outstanding indebtedness under the Senior Secured Term Loan, with remaining funds for general corporate purposes, working capital, operating expenses, and capital expenditures.

• May use a portion of proceeds for strategic acquisitions or investments in complementary technologies, assets, or IP.

• Management will have broad discretion in the use of proceeds.