Micromobility giant Lime has posted its best-ever unaudited financial results, driven by aggressive growth in cities and ridership.
The world’s largest shared electric vehicle operator has now been profitable on a free cash flow basis for two consecutive years.
Lime’s 2024 results were a record high for the company, with revenue surging by 32 percent to $686 million, while adjusted EBITDA reached $140 million, a 49 percent increase from the previous year.
The company’s rapid fleet and city expansion strategy have been driving forces behind this success.
“Lime proved over 2024 that we can both invest in growth and deliver improved margins for the business. This means we can fund our own investments into growing our fleet, expanding to new cities and deepening our presence in the cities we serve today,” Russell Murphy, Global Communications Director at Lime, told Zag Daily.
In 2024, Lime added 20 new cities, including two new countries, Japan and Greece, and expanded its operational fleet to over 270,000 vehicles.
The company also won over 90 percent of competitive permits in top-tier cities, securing footholds in key markets.
“Our track record in winning 90% of permits in major cities underscores how Lime has become the preferred provider for city leaders eager to cut congestion and carbon emissions,” Murphy added.
Lime’s success also aligns with growing municipal support for micromobility as cities look to cut congestion and emissions. With 43 million car trips replaced by Lime rides in 2024 and an estimated 20,000 metric tons of CO2 emissions avoided, the company continues to position itself as a critical player in urban sustainability efforts.
Is Lime gearing up for IPO?
Lime is now moving closer to an initial public offering (IPO) after reporting its financial results.
Lime’s latest financial performance strengthens its position as it eyes a public listing, though the timing of the IPO remains dependent on market conditions.
The company has made key executive appointments to bolster its leadership team ahead of a potential IPO.
Chief Legal Officer Susie Giordano, formerly of Intel Corporation, brings extensive capital markets and compliance experience, while incoming Chief Technology Officer Jon Jenkins joins from Amazon, having previously led engineering at Pinterest.
