Micromobility company Lime reports first profitable year, mulls IPO

Lime is hoping to go public as soon as the macroeconomic surroundings turns into extra beneficial, CEO Wayne Ting stated as per a TechCrunch report. The US-based shared micromobility agency stated it has achieved full-year profitability on each an adjusted and unadjusted EBITDA foundation.

Lime reported adjusted EBITDA profitability of $15 million and unadjusted profitability of $4 million in 2022, as per the report.

“The company expects to achieve free cash flow positivity this year or next, and once the macroeconomic environment becomes more favourable, Lime will move to enter the public markets,” stated Ting.

He stated that Lime will go public “because the company wants to access the public markets, not because it needs to raise money”.

“We were fortunate enough to raise over $500 million in 2021, so we came into 2022 with a very strong cash position,” stated Ting as per the report. “Now we’re burning very little, and we have unlimited runway. We continue to invest in markets at a moment where a lot of our competitors are pulling back precisely because they can’t make money doing this.”

Founded in 2017, Lime runs electrical scooters, electrical bikes and electrical mopeds in varied cities world wide. It affords dockless automobiles that individuals can discover and unlock through a smartphone app.

According to the CEO, 2022 was Lime’s greatest 12 months because it expanded into new markets, hit document gross bookings of $466 million and onboarded 150 full-time staff.“2022 was a hard year for many people, but it’s actually good for the strong players,” stated Ting. “This is a year where if you can’t make your business work, you’ve got to start shrinking because there’s not free money on the other side.”

Lime acquired Uber’s bike and scooter business Jump in 2020 when the ride-hailing platform led a $170 million funding spherical within the firm.

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