Lime recorded a 317% increase in ridership in the UK last year as the shared operator achieves its first full profitable year in the firm’s history.
Since launching locally in 2018, almost 1.5 million people have ridden Lime’s e-bikes and e-scooters in the UK.
Lime’s CEO Wayne Ting told Zag Daily that demand has been driven by investments and policy changes made by local government and councils to encourage more people out of cars.
“UK cities are embracing micromobility like never before and beginning to grapple with the damage done by a century of car-first policies,” said Ting. “It’s our fifth year operating here, and we’re committed to operating here long-term as they navigate this transition.
“Following the launch of our e-bikes in Nottingham and Derby in Spring we’ll now have vehicles in five UK cities as we look to expand our presence further in the market.”
Lime is the first micromobility company to post a full profitable year in the industry.
In 2022, the firm reported $466 million in gross bookings, a 33% year-on-year growth. More than 20% year-on-year growth was reported in every quarter of last year.
The company also registered a $15 million profit on an adjusted EBITDA and $4 million on an unadjusted basis.
Present in over 250 cities in 30 countries, Lime’s global operations registered nearly 120 million trips last year, the equivalent of almost four trips a second.
Ting told Zag that “more than 35 markets doubled trips year-on-year in 2022, including the UK.”
Lime has won over 90% of competitive permits, being present in Europe’s main capitals. Earlier this year, the company expanded into the Middle East with a new operation in Doha.
“As countries globally are battling economic downturns, we continue to expand and see our shared e-bikes and e-scooters as not only part of the solution to the climate crisis, but also a more affordable and convenient option to cars,” added Ting.
Lime has not shared any revenue or expenses metrics but the findings suggest the operator has found a way to make shared micromobility a sustainable business.