Neutron Holdings, Inc. (LIME)

Price$34.09Cached quoteAs of 2026-09-09 21:52 UTC

AI: Fair-priced

Price checkThe shares look reasonably valued, but weak near-term cash generation prevents a clear bargain verdict.

Using the latest reported 64.98 million shares, the observed quote implies equity value of roughly $2.4 billion. After July’s debt repayment and using the latest quarter-end cash as a guide, enterprise value is about $2.2 billion. That is near 2 times management’s 2026 revenue midpoint and about 8 times midpoint adjusted earnings before interest, taxes, depreciation, and amortization. Those are reasonable if growth and cash conversion persist, but not bargain levels; therefore the verdict is Fair-priced.

Big pictureRevenue growth is impressive, yet profits and cash remain less dependable than the sales trend.

Revenue rose from $522.0 million in 2023 to $886.7 million in 2025, while operating income improved from a $24.6 million loss to $70.4 million profit. However, net income remained negative, including a $59.3 million loss in 2025. First-half 2026 free cash flow—cash left after running and investing in the business—was negative $83.3 million versus negative $19.9 million a year earlier. Seasonal riding demand can make peak summer results look stronger than normal.

Business strengthA larger fleet and stronger balance sheet support growth, although margins and operating costs still need watching.

Revenue grew from $522.0 million in 2023 to $886.7 million in 2025, while gross margin improved from about 32% to 39%. In the latest quarter, revenue rose 24% to $304.2 million, adjusted earnings before interest, taxes, depreciation, and amortization reached $84.2 million, and the fleet grew 22% to 407,707 vehicles. June cash was $278.1 million; July IPO proceeds repaid the $115 million term loan. Still, quarterly gross margin slipped to 42.4% from 44.3%, so growth needs disciplined fleet spending.

What could change the storyThe upside needs guidance delivery and cash conversion, while dilution could quietly reduce each shareholder’s benefit.

The bull case is management’s 2026 outlook: $1.04–$1.10 billion of revenue and $265–$285 million of adjusted earnings before interest, taxes, depreciation, and amortization. The bear case is weaker cash durability: first-half free cash flow was negative $83.3 million, while planned capital spending is $180–$185 million. Second-quarter stock compensation was $38.1 million. The 2026 equity plan reserves 6.5 million shares, the employee plan 0.65 million, and 2.35 million restricted shares were unvested at quarter-end. The valuation needs guidance delivery, sustained margins, and controlled share growth.

AI: News

Public listing completedLime completed its public offering, repaid old debt, and gained funding for fleet expansion.

On July 2, Lime completed its Nasdaq offering, selling 6.68 million primary shares while existing holders sold 0.28 million; gross company proceeds were about $167 million. The company used proceeds to repay its $115 million senior secured term loan and established an undrawn $200 million secured revolving facility. The listing opened access to capital and reduced near-term refinancing pressure, but the larger share count and asset liens increase the importance of future cash generation.

Second-quarter resultsSecond-quarter growth was strong, but reported profit overstated the underlying business because of a one-time tax benefit.

On August 4, Lime reported second-quarter revenue of $304.2 million, up 24% year over year, with a 22% larger average fleet and adjusted earnings before interest, taxes, depreciation, and amortization of $84.2 million. Net income of $295.4 million was boosted by a $289.1 million release of a tax valuation allowance, so it should not be treated as recurring earnings. Management guided 2026 revenue to $1.04–$1.10 billion and adjusted earnings before interest, taxes, depreciation, and amortization to $265–$285 million; meeting those targets is central to the current valuation.

Canadian operations acquiredLime acquired Neuron’s Canadian operations, adding cities and vehicles but creating integration work.

In July, Lime took over Neuron Mobility’s Canadian operations in 12 cities, including Calgary, Ottawa, and Waterloo, according to Canadian press and government records. The deal expands Lime’s permitted operating footprint and may improve fleet utilization where it already has logistics and rider systems. No purchase price or standalone earnings contribution was disclosed, so the value is an opportunity rather than a measurable near-term earnings change. Integration costs and city-contract execution remain the key observable tests.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

2026

Financial statements

	2025	2024	2023
Revenue	$886.7M	$686.6M	$522.0M
Gross profit	$345.4M	$281.1M	$169.2M
Gross margin	38.96%	40.94%	32.42%
Research & development	$54.0M	$41.4M	$37.0M
Operating expenses	$275.0M	$234.1M	$193.8M
Operating income	$70.4M	$47.0M	−$24.6M
Operating margin	7.94%	6.84%	−4.72%
EBITDA	$96.1M	$80.3M	$13.2M
EBITDA margin	10.83%	11.70%	2.53%
Net income	−$59.3M	−$33.9M	−$122.4M
Net profit margin	−6.69%	−4.94%	−23.44%
Basic EPSper basic share	-$0.93	-$0.53	-$1.91
Diluted EPSper diluted share	-$6.14	-$3.73	-$14.12

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 7 reported holders of LIME
Holder	Shares held
Uber Technologies, Inc	3.39M
Bao Zhoujia	953.53K
Ting Wayne Hsing-Yuan	559.67K
GUGINO ANN B	165.64K
Ryan Michael S.	26.79K
PEDERSEN BRANDON	3.71K
Rowan James	3.18K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Neutron Holdings, Inc. (LIME)

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