Highlights

  • The company completed its IPO on July 2, 2026, selling 6,679,791 shares at $25.00 per share for net proceeds of $141.7 million.
  • Second quarter 2026 revenue was $304,224 thousand, compared with $246,068 thousand, and operating profit was $12,810 thousand.
  • Net income was $295,379 thousand, including a discrete tax benefit of $289.1 million from releasing the U.S. valuation allowance.
  • Stock-based compensation expense was $38,079 thousand in the quarter, compared with $2,969 thousand a year earlier.

Neutron Holdings, Inc. (NASDAQ: LIME) shares were trading at USD 23.75 on October 27, 2026, up 1.67%, with a relative volume at time of 2.24. The company, which operates the Lime shared micromobility business, had its registration statement declared effective on June 30, 2026, began trading on the Nasdaq Global Select Market on July 1, 2026, completed its initial public offering on July 2, 2026, and filed its Form 10-Q for the quarter ended June 30, 2026 on August 11, 2026.

Neutron Holdings is incorporated in Delaware and has its principal executive offices at 444 Townsend Street in San Francisco, California. Under the Lime brand, it provides short-term rentals of e-scooters and e-bikes, earning revenue from unlock fees, per-minute usage fees from Pay-As-You-Go riders, minute bundles that can be used for 1 to 30 days and the LimePrime recurring monthly subscription. It is an emerging growth company, and its fiscal year ends December 31.

Second Quarter 2026 Results

For the three months ended June 30, 2026, revenue was $304,224 thousand, compared with $246,068 thousand a year earlier. The company said the increase was primarily due to a 22% increase in average operational fleet, a 22% increase in monthly active users (MAU) and a 1% increase in revenue per vehicle per day (RVD).

Gross profit was $129,051 thousand, compared with $109,098 thousand. Total operating expenses were $116,241 thousand, compared with $67,556 thousand. Selling, general and administrative expenses were $67,260 thousand, and research and development expenses were $31,243 thousand. The company cited stock-based compensation expense recognized on restricted stock units upon satisfaction of the performance-based liquidity condition. Operating profit was $12,810 thousand, compared with $41,542 thousand.

The loss before income taxes was $3,054 thousand. The benefit from income taxes was $298,433 thousand, including a discrete benefit of $289.1 million from releasing the valuation allowance on U.S. federal and state deferred tax assets. Net income was $295,379 thousand, compared with $20,505 thousand. Diluted net income per share was $4.73, compared with $0.71.

Adjusted EBITDA, a non-GAAP measure, was $84,197 thousand. For the six months, revenue was $474,374 thousand, and net income was $234,093 thousand, compared with a net loss of $35,459 thousand.

Going Concern, Debt and Liquidity

The filing states that debt maturities due within twelve months had historically raised doubt about the company's ability to continue as a going concern. It states that the 2020 Notes and 2021 Notes converted to common shares as of June 30, 2026, and that the Senior Secured Term Loan was repaid in full in July 2026. Management concluded that the going concern doubt had been alleviated.

Cash and cash equivalents were approximately $278.1 million as of June 30, 2026, excluding short-term restricted cash of $55.7 million. Net cash provided by operating activities for the six months was $49,291 thousand, compared with $66,652 thousand. Free cash flow, a non-GAAP measure, was negative $83,325 thousand, compared with negative $19,883 thousand.

Upon completion of the IPO, the company entered into a new $200.0 million senior secured revolving credit facility. The agreement includes a maximum total net leverage ratio covenant of 3.25 to 1.00, commencing with the quarter ending September 30, 2026.

IPO and Subsequent Events

The IPO price was $25.00 per share. The company sold 6,679,791 shares, and selling stockholders sold 276,731 shares. Net proceeds were $141.7 million after underwriting discounts and commissions of $11.7 million and offering expenses of $13.6 million. In July 2026, it acquired a micromobility operator in Canada for estimated preliminary cash consideration of approximately $8.5 million. The filing notes that the company is a defendant in matters related to accidents or incidents involving its vehicles.

Outlook

The filing does not give numerical guidance. The company said it expects cost of revenue, selling, general and administrative expenses, operations and support expenses and research and development expenses to increase in absolute dollars in future periods.