Lime Parent Neutron Holdings Makes Its S-1 Filing for Nasdaq

An S-1 filing is the registration statement a U.S. company files with the SEC before selling shares to the public for the first time, and on May 8, 2026, Neutron Holdings, Inc., the company behind the Lime scooter and e-bike service, filed one to list on Nasdaq.

What happened

Neutron Holdings, a Delaware corporation based in San Francisco, filed its Form S-1 on May 8, 2026. It proposes to list common stock on the Nasdaq Global Select Market under the symbol LIME. Goldman Sachs, J.P. Morgan and Jefferies are the lead underwriters. The share count and price were left blank in this preliminary version.

Lime calls itself the largest global shared micromobility business. It rents e-scooters and e-bikes through a vertically integrated platform that combines its own hardware and software with data analytics, technology-driven field operations and government relations, a necessity in a business that depends on city permits.

The scale figures in the prospectus include:

• Operations in approximately 230 cities across 29 countries
• About 19 million riders in 2025
• Monthly active users up 21% year over year in 2025
• A 48% share of the U.S. dockless market and 35% across all operating countries in 2025
• Revenue concentration in the United States (32% of 2025 revenue), the United Kingdom (22%) and France (10%)

The financial history shows growth with continued losses:

• 2023: revenue of $522.0 million, adjusted EBITDA of $99.8 million and a net loss of $122.4 million
• 2024: revenue of $686.6 million, adjusted EBITDA of $153.4 million and a net loss of $33.9 million
• 2025: revenue of $886.7 million, gross profit of $345.4 million, adjusted EBITDA of $218.1 million and a net loss of $59.3 million
• First quarter 2026: revenue of $170.2 million, adjusted EBITDA of $7.5 million and a net loss of $61.3 million, compared with revenue of $129.0 million and a net loss of $56.0 million a year earlier

How it works

Micromobility is seasonal. The first quarter, winter in Lime’s largest markets, produces far lower revenue and thin adjusted EBITDA compared with the full year, which is why the first-quarter loss nearly matched the entire 2025 net loss. Readers comparing periods should keep that pattern in mind.

The use of proceeds is specific. Lime plans to repay all outstanding indebtedness under its senior secured term loan and use the remainder for general corporate purposes, including working capital, operating expenses, capital expenditures and possible acquisitions or technology licensing. Retiring secured debt at IPO reduces interest costs and frees assets from liens, which can change the risk profile for equity holders.

The company qualifies as an emerging growth company, allowing reduced disclosure and phased-in compliance obligations after listing. The preliminary prospectus describes a single class of common stock.

Key terms

• Form S-1: The SEC registration statement for a U.S. company’s public offering.
• Micromobility: Short-trip transport using small vehicles such as e-scooters and e-bikes.
• Dockless: Vehicles that can be picked up and left anywhere within a permitted zone rather than at fixed stations.
• Adjusted EBITDA: A company-defined non-GAAP earnings measure that excludes items such as depreciation, interest and stock compensation.
• Senior secured term loan: Borrowing backed by company assets that ranks ahead of other debt.

FAQ

What stands out in this S-1 filing?

Scale and leadership share in a fragmented industry, steadily rising adjusted EBITDA, and a plan to use IPO money to clear secured debt, set against ongoing net losses.

Is Lime profitable?

Not on a net basis. It reported net losses in every annual period shown, though adjusted EBITDA was positive and growing.

Why does the U.S. share matter?

With only 32% of revenue from the U.S., Lime’s results depend heavily on European cities, their permit regimes and currency movements.

What should readers watch?

An amended S-1 with a price range and share count, the size of the term loan to be repaid, and city permit developments disclosed in risk factors.