Lime, the E-Scooter Giant.
Uber Holds It by Six Strings.

On May 7, 2026, Lime (legal name Neutron Holdings, Inc.) filed its S-1 with the SEC. Eight years old, roughly 1 billion cumulative rides, about 105 million cumulative riders. Its share of US dockless (free-floating) mobility is 48%, and 27% globally — about three times the next competitor. The S-1 calls the company “the world’s largest shared-mobility company.” It has scattered electric scooters and e-bikes across street corners in roughly 230 cities in 29 countries.

But one name appears in Lime’s S-1 with unusual frequency: Uber. Shareholder, exclusive customer channel, holder of two convertible notes, term-loan guarantor, board seat. Six strings — and Uber holds Lime by all of them.

The numbers have a strong side, too. 2025 revenue of about $887 million, up 29% year over year; Adjusted EBITDA of about $218 million, more than doubled in three years; Free Cash Flow of $1M → $47M → $104M (100x in three years). US dockless share of 48%, and 27% globally — about three times the next competitor. CEO Wayne Ting puts it plainly in the CEO Letter that opens the S-1: “Lime’s advantage is not accidental. It’s intentional.”

And yet the S-1 confesses: it has principal repayment obligations of about $846 million coming due within 12 months, and does not currently have the liquidity to repay them. The auditor has expressed substantial doubt about the company’s ability to continue as a going concern. This is the surviving shared-mobility company sprinting toward its IPO as a lifeline.

Ten questions. We lay out only what the S-1 says.

Question 1

What is this company, really?

In one line: the world’s largest company for putting electric scooters on every street corner.

What it offers is short-distance travel inside a city. Find a nearby vehicle in the app, scan a QR code to unlock it, ride to your destination, and leave it wherever you like.

It does this with electric scooters (e-scooters) and electric-assist bikes (e-bikes). Across 29 countries and about 230 cities, an average of 325,137 vehicles sit on street corners.

On a dedicated page right after the S-1 cover, Lime prints its mission large. This is its first word to investors, a line CEO Wayne Ting repeats in his letter.

“

We are on a mission to build a future where transportation is shared, affordable, and carbon-free.

LIME S-1 (MAY 2026) — ITEM 503 PROSPECTUS SUMMARY

Lime frames its fight not as “the shared-mobility industry” but as “rewriting a city’s transportation infrastructure.”

Nine years since founding. There are seven moments that decided Lime’s fate.

Lime is “vertically integrated” — it builds both hardware and software in-house. The vehicle itself, the IoT communication module, the rider-facing app, the field-operator app (Lime Supply App): all designed and run internally.

But it owns not a single factory or warehouse. In its words, “We do not own any warehouses or other real property.”

Its operating sites across 29 countries are all leased. Even the SF headquarters is a five-year lease running to 2031.

There is an important design philosophy here. The vehicles are scattered across the city.

It describes them as “mobile advertisements within the cities.” An e-scooter that costs a few hundred dollars to buy can be rented from Lime for a few dollars a ride. The vehicles placed around the city are themselves the mechanism that builds Lime’s awareness.

In the CEO Letter, Wayne Ting defines the social role of shared mobility: it has “transformed a bold idea into critical infrastructure that millions rely upon.”

It is a clear declaration to IPO investors that Lime positions itself as a city’s critical infrastructure.

The vehicle itself becomes a “mobile advertisement,” and the more you place on the street, the more awareness rises.

Question 2

What does it compete on?

Lime competes in four distinctive ways.

Winning the “permit” from cities — government-relations strength

This is the biggest barrier to entry in shared mobility. A city Lime is allowed to place vehicles in is only one that has granted it a “permit.” Permits are allocated by competitive bid. A city announces, “We will license one to three e-scooter companies in our city — submit a proposal,” and the chosen company is allowed to operate on its streets for a set period.

To win a permit, you must know the city’s transportation policy, safety requirements, regulations, and local characteristics inside out. Lime keeps a dedicated “government-relations team” in-house and earns permits through long dialogue with city officials.

The proof of permit retention is the “Operational Fleet Retention Rate.” The three disclosed years run 114% (2023) → 119% (2024) → 116% (2025). Three years in a row above 100%. In other words, at permit renewal it can grow its vehicle count to 116%. It also entered 19 new cities in 2025 alone.