Shared operator Lime is off to the best start of any year in its history having achieved positive adjusted global EBITDA of $27m in the first half of 2023.
This is a margin improvement of 29 percentage points compared to last year.
The company’s growth in 2023 is powered by its highest ever ridership in a single quarter, with more than 40 million trips taken globally in Q2 alone, besting its previous record quarter of Q3 in 2022.
Expanding into established and fresh markets has resulted in an uptick in the average number of trips taken per vehicle per day, ultimately enhancing the availability and dependability of Lime’s services for riders.
Lime attributes its success in recent years to hardware innovation, tech-enabled operations and winning competitive tenders. Russell Murphy, Global Communications Director at Lime, told Zag Daily: “We provide a differentiated service across three areas that have helped distinguish Lime.
“These areas include in-house vehicle design, which allows us to build for longevity and sustainability and offer an option riders prefer; software-enabled operations, which has helped to drive improved margins for our business and reliability for riders; and significant investments in building strong relationships with cities, resulting in a 90% win rate in competitive permit processes, including in the largest cities with micromobility programmes.
“This record first half reinforces that the investments we’ve made in these areas are paying dividends as we’re now tracking toward our first full year of positive free cash flow. ”
Lime’s CEO Wayne Ting recently told sources the time is almost right to go public.