Neutron Holdings, Inc., the parent company of the micromobility firm Lime, made its Nasdaq debut on Wednesday, closing at $26.00 per share. That marks a 4% increase from its initial public offering (IPO) price of $25. The stock opened at $27.00 and reached an intraday high of $28.95 before settling. In after-hours trading, shares were last seen at $25.90.
The offering consisted of 6.96 million shares, including 6.68 million new shares issued by the company and 276,731 shares sold by existing shareholders. Lime raised $167 million from the sale of new shares, while proceeds from the secondary shares went to selling stockholders. Public investors received just 10.9% of the total shares outstanding after the deal, not including any potential underwriter options.
First-day trading volume was relatively light, with 3.67 million shares changing hands, representing about 53% of the total shares offered. The stock's performance was described by IPOX Research Associate Lukas Muehlbauer as "measured rather than euphoric." He noted that Lime must now prove it can sustain growth across all seasons and cycles, rather than simply relying on fleet expansion or increased capital expenditure.
The IPO significantly improved Lime's balance sheet. As of March 31, the company had $261.3 million in cash but a working capital deficit of $529.0 million. On a pro forma basis after the IPO and related debt paydown, cash stood at $290.7 million, working capital swung to a positive $289.9 million, and all outstanding balances on its term loan, 2020 notes, and 2021 notes were reduced to zero. Stockholders' equity also flipped from negative $565.7 million to positive $577.0 million.
Lime's operating metrics show strong growth. The average operational fleet increased 42% from 229,405 vehicles in 2023 to 325,137 in 2025. Revenue per vehicle per day rose 20% to $7.47, and monthly active users jumped 44% to 3.79 million. Total revenue grew 70% to $886.7 million, while net loss narrowed from $122.4 million to $59.3 million. However, for the first quarter of 2026, Lime reported a net loss of $61.3 million on revenue of $170.2 million, compared to a loss of $56.0 million on $129.0 million a year earlier. The company noted negative free cash flow in the quarter due to weather disruptions, fixed costs, and higher capital spending.
CEO Wayne Ting emphasized that Lime's best growth opportunity lies in deepening its presence in existing cities, where adding vehicles improves density and reliability. He rejected the notion that Lime should be valued solely as an app-based platform, arguing that it operates a "physical product" and that the core need for transportation remains strong.
Uber Technologies Inc. (NYSE:UBER) remains a significant stakeholder, owning just over 20% of Lime and featuring Lime scooters within its app. Uber-related entities have indicated they may purchase up to $20 million of Lime's IPO shares.
The stock closed with a market capitalization of $1.66 billion, based on 64.03 million post-IPO shares. That valuation represents roughly 1.9 times projected 2025 revenue and 16 times free cash flow for 2025. The next test for the stock will come with light trading, as Nasdaq is closed on Friday, July 3, for Independence Day. The deal is expected to close on July 2.
