Lime IPO filing shows $887 million revenue, Uber reliance

Lime reported $886.7 million in 2025 revenue in its initial public offering filing, but investors are likely to focus first on another figure: $675.8 million of principal due within 12 months of Dec. 31, 2025. In its Form S-1, the scooter company said Uber Technologies generated 14.3 per cent of 2025 revenue, leaving Lime to sell both a growth story and a balance-sheet repair plan.

Public markets have reopened, though selectively. TechCrunch’s report on the filing presented Lime as another test of whether investors will back a venture-era mobility business, while Cerebras’s $5.5 billion flotation and the arrival of SpaceX’s own filing indicate fresh issues are getting traction when the growth case is big enough or the financing need is plain.

Revenue rose 29.1 per cent, yet the income statement still pointed the other way. Lime said net loss widened to $59.3 million in 2025 from $33.9 million a year earlier. At year-end, cash and cash equivalents were $339.8 million, well below the amount due within a year. Investors now have to decide whether operating momentum can outrun that funding gap.

One line in the risk factor section was blunt. Lime wrote in its Form S-1:

“Our ability to continue as a going concern is dependent upon the consummation of our initial public offering.”

Another was blunter still:

“We do not currently have sufficient liquidity to repay them.”

By itself, the arithmetic is stark: $339.8 million of cash against $675.8 million of principal due. The filing says Lime does not have enough liquidity to meet that burden without new capital, which is why the IPO reads partly as a refinancing exercise and not only a growth listing. Roadshow investors are likely to press on that point early.

That is the funding question.

Why Uber matters

Uber is the other concentration point. The filing said the ride-hailing group accounted for 14.3 per cent of Lime’s 2025 revenue, making it more than a passive shareholder in the story. Alongside the equity stake sits a meaningful revenue dependency.

Elsewhere in the filing, the growth case looks more straightforward. Axios argued that Lime is entering the market with a recognizable urban-mobility brand, but the document also shows how much of its distribution still runs through Uber and how directly that relationship feeds revenue. The filing said the integration agreement runs through 2028, giving Lime some visibility while tying a visible part of the sales case to a partner it does not control.

What the market will test

Now buyers have to decide whether Lime looks more like an IPO-market reopening candidate or a restructuring story wrapped in a consumer-tech brand. Bankers can point to the revenue line and to the 29.1 per cent growth rate. Buyers will also have to weigh the going-concern language, the near-term maturity load and the unfinished path to profitability.

Meanwhile, recent deals help explain the backdrop. Cerebras’s $5.5 billion flotation and first-day pop showed investors will still chase a headline offering, while CNBC’s analysis of the coming SpaceX debut described an IPO queue that is open but crowded. Lime appears to be entering that window with enough growth to draw attention, but also with enough urgency that the liability side of the balance sheet may get as much scrutiny as the revenue line.

Put together, the filing gives the market a clear set of numbers and a harder capital-markets question. Rising sales and a well-known partner help the pitch. So does a more active IPO tape. The document also tells prospective shareholders that this is a bet not only on micromobility demand, but on whether public-market cash can arrive in time and on terms strong enough to stabilize the balance sheet.