Lime's highly anticipated Nasdaq listing on 1 July 2026 has finally shed light on the micro-mobility giant's finances, clearing £670 million in debt repayments due within the next year and offering analysts a comprehensive view of its shared vehicle business model. The company's rapid expansion across 29 countries and 230 cities has been marked by significant upfront investment, with each e-bike or e-scooter costing an average of £1,050, and nearly £1.6 million spent on launching operations in Canberra, Australia.
Despite these substantial costs, the revenue generated per vehicle remains relatively modest at £5.90 per day across its global operations, contributing to a total revenue of nearly £700 million in 2025. This figure represents a consistent 30% annual growth since 2023, supported by an expansion of its fleet from an average of 229,000 vehicles in 2023 to 325,000 in 2025, with e-scooters outnumbering e-bikes.
However, the financial documents reveal that Lime's operating expenses have outpaced revenue, reaching approximately £746 million in 2025, exceeding its revenue by around £47 million. A significant portion of these expenses, £77 million, was directed towards new vehicle purchases in 2025, with each device estimated to take a year to pay for itself. Furthermore, the company allocated £213 million to back-end operations and £45 million to cover personal injury claims, which it is vigorously defending.
The company has highlighted an improving free cash flow, surging from just £800,000 in 2023 to £81 million in 2025, a metric that excludes certain items and accounts for investment in new vehicles. Lime's spokesperson confirmed the company has been free cash flow positive for two consecutive years while growing its top-line revenue, expressing optimism about its future with a significantly reduced debt burden post-listing.
Lime's expansion strategy involves considerable upfront costs, which extend beyond vehicle purchase to include staff wages, warehouse facilities, app maintenance, repairs and permit fees. The company has indicated that it intends to continue investing in its operations, maintaining its position as one of the leading micro-mobility providers globally. With a significantly reduced debt burden and improving free cash flow, investors will be closely monitoring Lime's future prospects.