Lime filing shows UK riders now generate 23% of global revenue
Key Points
- Lime filed to list on Nasdaq under ticker LIME on 8 May, with Goldman Sachs and JPMorgan leading
- UK generated 23% of Lime's global revenue in Q1 2026, second only to the US
- LimePass and LimePrime subscriptions doubled to 28% of revenue between 2023 and 2025
- Lime carries $845.8 million of debt due within 12 months and depends on the IPO to repay it
- Uber holds over 5% of Lime, generates 14.3% of its revenue, and guarantees its $115 million term loan
Lime’s pre-IPO filing reveals that the UK has become the company’s second-largest market and a central part of the case it is making to investors ahead of its planned Nasdaq listing.
Neutron Holdings, the San Francisco company that operates Lime e-bikes and e-scooters, filed its S-1 registration statement with the US Securities and Exchange Commission on Friday (8 May), setting out plans to list on Nasdaq under the ticker LIME.
Goldman Sachs and JPMorgan are leading the offering. Pricing and share count have not yet been disclosed, though bankers familiar with the process have pointed to a target valuation in the $4 to $5 billion range.
The filing shows the UK generated $196.9 million (around £145 million) of Lime’s $886.7 million (£660 million) global revenue in 2025, or 22%, up from 21% the year before.
In the three months to 31 March 2026, the UK share rose again to 23%. Only the United States contributes more, and the gap is closing: the US share fell from 34% in 2024 to 29% in the first quarter of 2026 while the UK share climbed.
London is the engine
Lime treats London as a single market in its reporting, even though the city requires separate permits across multiple boroughs.
UK revenue grew 38% year on year in 2025, compared with 29% globally, driven by what Lime describes as fleet expansion in cities where it already operates rather than new launches.
The S-1 also reveals the financial mechanics behind LimePrime, the flat-rate subscription Lime launched across London, Milton Keynes, Oxford, Manchester and Nottingham in March.
For £6.99 a month in London, riders get unlimited 20-minute trips at £1.70 each, undercutting a single Tube fare.
The filing discloses that LimePass and LimePrime combined moved from 14% of Lime’s global revenue in 2023 to 28% in 2025, and that LimePass riders take roughly six times more trips than Pay-As-You-Go riders.
Lime credits “targeted pricing actions and program impacts” for an 8% rise in revenue per vehicle per day in the first quarter of 2026.
A going concern
The going concern disclosure dominates the financial picture.
Lime carries $845.8 million in principal payments due within twelve months of the filing and states it does not have the liquidity to repay them.
The company said its ability to continue trading depends on completing the IPO or refinancing its 2021 convertible notes.
Net losses widened to $59.3 million in 2025 from $33.9 million in 2024, although free cash flow nearly doubled to $103.8 million.
Uber’s role is unusually deep as the ride-hailing company holds more than 5% of Lime’s stock, generated 14.3% of Lime’s revenue in 2025 through the integration that puts Lime vehicles inside the Uber app, and guarantees Lime’s $115 million senior secured term loan.
Lime intends to use IPO proceeds to repay that loan in full, releasing Uber from the guarantee. Uber has agreed to a staggered two-year lock-up on its shares.
The company says 94% of its 2025 revenue came from cities where it has operated for at least four years, suggesting the London commuter base is now mature enough that Lime can monetise it through subscriptions rather than chase new riders.
The English Devolution and Community Engagement Bill, passed on 29 April, gives Transport for London and other regional bodies expanded powers to license and regulate shared micromobility schemes.
How those powers are used will shape whether Lime’s UK growth continues at its current pace.
