Lime Delivers Record Revenue and Profitability, Positive Free Cash Flow in 2024

Lime, the world’s largest shared electric vehicle company, today announced record unaudited financial results for 2024, reflecting continued operating and financial momentum as the Company executes against its mission to build a future where transportation is shared, affordable and carbon-free.

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Full Year 2024 Financial Highlights (unaudited)

• Gross bookings of $810 million, reflecting growth of 31% versus 2023
• Net revenue of $686 million, an increase of 32% compared to 2023
• Fourth consecutive year of 30%+ topline growth
• Adjusted EBITDA¹ over $140 million, up from $94 million in 2023, representing year-over-year growth of 49%
• Adjusted EBITDA margin¹ over 20%, representing more than 200 basis points of expansion versus prior year
• Free cash flow positive for second consecutive year

“2024 was an exceptional year for Lime and our global leadership is evident both operationally and financially with strong results across all of our key metrics,“ said Wayne Ting, CEO. “We grew profits faster than revenue in 2024, posting another record year of results through serving more than 24 million riders in hundreds of communities around the world and bringing Lime to more cities globally. As we continue to expand our fleet, our permit win and retention rates demonstrate that Lime remains the clear choice for cities seeking to reduce traffic congestion and meet carbon emission goals. While we saw record demand in 2024, we’re just scratching the surface of micromobility’s potential to transform cities and better connect people. Our proven execution, combined with these global tailwinds, position Lime for durable growth for years to come.”

Full Year 2024 Operating Highlights and Metrics

• Provided more than 200 million rides in 2024, up 30% from 2023, equating to more than six rides per second, with more than 24 million riders taking a trip in 2024
• Surpassed 750 million lifetime rides
• Won over 90% of competitive permits to operate in top tier cities
• Expanded to more than 20 new cities globally, including launches into two new countries, Japan and Greece
• Expanded average operational fleet by nearly 20% to over 270,000 vehicles globally

Lime also deepened its management team in 2024, with key executive appointments who draw on decades of experience at Fortune 500 companies. Chief Legal Officer Susie Giordano brings more than 30 years of experience in capital markets, governance, compliance and M&A, including serving as the Corporate Secretary for Intel Corporation. Incoming Chief Technology Officer Jon Jenkins joined Lime from Amazon, with prior roles including Head of Engineering at Pinterest.

“As we continue to advance our mission, we are driving consistent growth through fleet expansion, increased rider utilization, geographic expansion and continuous innovation,” said Ann Gugino, CFO. “We are well above a ‘rule of 40’ company and are intently focused on scaling our unit economics. In 2024, we invested for growth, while simultaneously delivering increased profitability and positive free cash flow. Importantly, our team has a proven track record of strong execution and Lime has an exciting roadmap and multiple avenues for growth in 2025 and beyond.”

Environmental sustainability remains a key focus for Lime and it continues to make an impact on reducing carbon emissions in cities. Last year, riders avoided an estimated 20,000 metric tons of CO2 emissions, spared an estimated 2.2 million gallons of gas (8.5M liters) from being consumed and replaced more than an estimated 43 million car trips with two-wheeled, emissions-free rides. Lime also continues to make meaningful strides in reducing its own carbon intensity across Scopes 1, 2 and 3 emissions. Its most recent carbon inventory measuring 2023 impact showed a 59.5% reduction from its 2019 baseline. Lime plans to release its 2024 carbon inventory later this spring.

About Lime

Lime’s mission is to build a future where transportation is shared, electric and carbon-free. As a leading global provider of shared electric vehicles, Lime partners with cities to deploy electric bikes and scooters to serve any trip under five miles. A Time Magazine 100 Most Influential Companies and Fast Company Brand that Matters, Lime has powered more than 750 million rides across five continents, spurring a new generation of clean alternatives to car ownership. Learn more at li.me.

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¹ The company’s unaudited financial results communicated herein reflect certain non-GAAP financial measures. In particular, the Company presents adjusted EBITDA which is defined as earnings before interest, income taxes, depreciation and amortization, and excludes certain items that affect comparability from period to period or are not indicative of our ongoing operating performance, and Adjusted EBITDA margin, which is calculated as Adjusted EBITDA/Net Revenue. The non-GAAP financial measures provided in this press release are not a substitute for the company’s financial results prepared in accordance with U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies. Unaudited financial results communicated herein are subject to change upon finalization of the audit.

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