Key Highlights

  • Revenue at Lime (NASDAQ:LIME) rose 20% to USD 361 million in the third quarter of 2026, and trailing twelve-month Revenue exceeded USD 1 billion for the first time.
  • Net income rose 41% to USD 43.7 million, a 12% margin, while adjusted EBITDA reached USD 118 million, a 33% margin.
  • Average operational fleet grew 26% to 447,184 vehicles, and the average LimePrime rider took 8 times as many trips as a pay-as-you-go rider.
  • Fourth-quarter guidance is revenue of USD 240 to USD 250 million and adjusted EBITDA of USD 43 to USD 45 million.

Record Quarter Pushes Trailing Revenue Past USD 1 Billion

Lime (NASDAQ:LIME), the operating Brand of Neutron Holdings, announced results for the quarter ended September 30, 2026 on November 3, 2026. Revenue was USD 360.6 million against USD 301.6 million, and the company described itself as the largest global shared micromobility business, renting e-bikes and e-scooters through partnerships with cities. Net Income was USD 43.7 million, up 41%, or USD 0.63 per diluted share against USD 1.01, as shares outstanding rose to 65.3 million from 10.8 million at December 31, 2025. Nine-month revenue was USD 835.0 million, up from USD 676.7 million.

Operating Profit Slipped Despite the Revenue Surge

Growth cost more to deliver. Cost of revenue rose to USD 199.7 million from USD 159.0 million, so Gross Profit of USD 161.0 million represented about 44.6% of revenue against about 47.3% (own arithmetic). Selling, general and administrative expense rose to USD 59.2 million from USD 46.6 million, and Research and Development to USD 21.7 million from USD 13.6 million. Operating profit fell to USD 64.5 million from USD 68.9 million. Net income was lifted by a swing in other income, which was a USD 4.3 million gain against a USD 31.2 million expense, and by sharply lower interest expense. Management said market investments and LimePrime, its subscription, may temporarily affect near-term margins.

Debt-Free Balance Sheet, Tax Benefit and Guidance Risks

The Balance Sheet changed dramatically. Cash was USD 417.7 million at September 30, 2026, no term Loan or convertible notes remain, and Equity was USD 988.3 million against a Deficit of USD 521.4 million at December 31, 2025. Nine-month net income of USD 277.8 million includes a USD 272.1 million income tax benefit, which the company ties to releasing a valuation allowance on deferred tax assets, so it is not a measure of operating earnings. Full-year guidance is revenue of USD 1.04 to USD 1.1 billion, adjusted EBITDA of USD 253 to USD 255 million and capital expenditures of USD 172 to USD 177 million. The fourth-quarter revenue range is well below the third quarter, a gap the release does not explain.

Where Things Stand

Revenue crossed USD 1 billion on a trailing basis because the fleet grew 26% and the subscription base deepened, but margins narrowed as costs grew faster than sales: operating profit fell while revenue rose 20%. For Lime (NASDAQ:LIME), net income of USD 43.7 million still grew 41% on lower interest and other costs. The picture is a fast-growing, now debt-free Business choosing to invest for market share. The next checkpoints are the fourth-quarter outcome against the USD 43 to USD 45 million adjusted EBITDA guide and evidence that LimePrime lifts profit per rider.