Neutron Holdings, Inc. (LIME) IPO

Executive Summary

Neutron Holdings (dba Lime) priced 6,956,522 shares at $25.00 — the midpoint of its $24–26 range — for ~$173.9M gross, trading on NASDAQ 7/1.

1. Priced in-range at the midpoint ($25 of $24–26) — steady demand, neither hot nor soft.
2. Revenue $522.0M → $686.6M → $886.7M (2023–2025); Q1 2026 $170.2M vs $129.0M.
3. Net loss widened to $59.3M in 2025 (from $33.9M) even as revenue grew 29% — the central tension.
4. Adjusted EBITDA grew to $218.1M (2025); ~38.9% gross margin.
5. Uber is the largest shareholder (24.4% → 21.9%) and ~14% of revenue flows through the Uber partnership.
6. Goldman-led syndicate; single class of common stock; not a controlled company. BDI 67 ACTIVE.

How this Dossier is built

A Bellipo Dossier is built from the filing itself. We aggregate the company's S-1 and its amendments, extract the disclosures that move a deal, and compile them into a single structured brief — the financial statements normalized into comparable lines, the use-of-proceeds split between primary and secondary, the capitalization and ownership table, the underwriting syndicate, insider selling, the auditor and its prior engagements, and the ranked risk factors. Every figure is traced to the source filing rather than the press release. The result is a desk-grade read of what the company disclosed, not what it announced — in plain English, in about five minutes.

Company Information

Lime operates a shared electric bike and scooter (micromobility) platform under the Lime brand.

How it makes money

Riders unlock and pay per-ride (plus passes) to use Lime's fleet of e-bikes and e-scooters; Lime owns and operates the fleets in its markets and partners with cities for permits.

The Bellipo Take

A beloved consumer micromobility brand priced fairly at its midpoint — real growth, real scale, unfinished profitability.

1. Category leader, still growing.Revenue grew ~29% in 2025 to $886.7M with ~19 million riders — a consumer brand people actually use, not a niche product.
2. Adjusted EBITDA is climbing.Adjusted EBITDA rose to $218.1M in 2025 (from $153.4M), with gross margin expanding to ~38.9%.
3. Clean single-class structure.A single class of common stock and no controlled-company mechanics — public shareholders get straightforward economics and voting.
4. Uber distribution.Uber stays the anchor shareholder (21.9% post-IPO) and surfaces Lime as a ride option in its app across nearly all shared markets.

1. GAAP loss widened.Net loss widened to $59.3M in 2025 (from $33.9M) even as revenue grew — the path to GAAP profit is still unproven.
2. Regulatory dependence.Operations rely on city permits and caps across ~230 cities in 29 countries; a permit loss, cap, or ban in a key market would hurt results.
3. Uber concentration.~14% of revenue flows through the Uber partnership, and Uber is also the largest shareholder — a dependence on a single partner.
4. Asset-heavy fleet economics.Ridership swings with weather and season, and fleet depreciation weighs on unit economics.

Bottom line

The market priced Lime fairly — in-range — for exactly this reason: a growing, category-leading business whose profitability story isn't finished yet.

S-1 Deep Dive

Business overview

Shared e-bike/e-scooter micromobility under the Lime brand; ~19M riders in 2025 across ~230 cities in 29 countries; Uber partnership (Lime appears as a ride option in the Uber app in nearly all shared markets) and Google Maps integration.

Use of proceeds

Repay the full $115.0M Senior Secured Term Loan, plus ~$4.8M specified use; remainder for general corporate purposes and working capital. (Note: the term-loan's coupon/maturity/guarantee terms weren't independently confirmed in this pack — track to the 424B4.)

Key terms

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