Key Highlights

  • Revenue rose 20% to USD 361 million, and trailing twelve-month Revenue exceeded USD 1 billion for the first time.
  • Net income rose 41% to USD 44 million, and adjusted EBITDA was USD 118 million at a 33% margin.
  • The average operational fleet grew 26% to 447,184 vehicles, and the average LimePrime rider took 8 times as many trips.
  • Fourth-quarter revenue guidance is USD 240 to 250 million, and full-year revenue guidance is USD 1.04 to 1.1 billion.

Landmark Quarter

Neutron Holdings, Inc., operating as Lime (NASDAQ:LIME), the largest global shared micromobility business, reported third-quarter 2026 revenue of USD 361 million, up 20% year over year. Net Income was USD 44 million, up 41%, which represents a 12% margin, and adjusted EBITDA was USD 118 million, a 33% margin. Chief Executive Officer Wayne Ting called it a landmark quarter in which trailing twelve-month revenue crossed USD 1 billion for the first time.

The average operational fleet grew 26% to 447,184 vehicles. The LimePrime subscription continues to scale, and the average LimePrime rider took 8 times as many trips as the average pay-as-you-go rider.

Ting said the company is prioritizing long-term value over short-term metrics, and that targeted market investments and LimePrime growth may temporarily affect near-term margins while helping secure local market leadership. The company highlighted its 2025 Carbon Inventory Report, which showed an 81% decrease in total emission intensity in 2025 alongside a 250% increase in total miles traveled compared with 2019.

Analyst estimates were EPS of USD 0.68 against reported EPS of USD 0.63, and revenue of USD 352.3 million against reported revenue of USD 360.6 million.

Cash Flow

Net cash provided by Operating Activities was USD 114.6 million versus USD 112.5 million, while capital expenditures were USD 24.0 million versus USD 13.7 million, leaving free Cash Flow of USD 90.6 million versus USD 98.8 million. For the first nine months, Operating Cash Flow was USD 163.9 million versus USD 179.1 million, capital expenditures were USD 156.6 million versus USD 100.2 million, and free cash flow was USD 7.3 million versus USD 78.9 million.

Guidance

The company provided guidance for the balance of 2026, setting fourth-quarter 2026 revenue at a range of USD 240 million to USD 250 million and full-year 2026 revenue to a range of USD 1.04 billion to USD 1.1 billion. The Chief Financial Officer said momentum remains and positions the company for another quarter of growth and profitability while it invests in select markets and expands LimePrime. Full-year guidance of USD 1.04 billion to USD 1.1 billion compares with trailing twelve-month revenue above USD 1 billion.

Cash and cash equivalents were USD 417.7 million versus USD 339.8 million at December 31, 2025, short-term restricted cash was USD 29.8 million versus USD 69.5 million, and Accounts Receivable were USD 18.2 million versus USD 8.1 million.

The company guides to fourth-quarter adjusted EBITDA of USD 43 million to USD 45 million and full-year adjusted EBITDA of USD 253 million to USD 255 million, with full-year capital expenditures of USD 172 million to USD 177 million. The chief financial officer said the average rider now generates two times the adjusted Gross Profit of a non-subscription rider in LimePrime.

Items to Follow

Margin effects of LimePrime and market investments, fleet growth and capital spending are the items to follow.