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Lime, positioned as “the world’s largest shared electric vehicle company”, has announced record unaudited financial results for 2024,
The results are said to reflect “continued operating and financial momentum as the company executes against its mission to build a future where transportation is shared, affordable and carbon-free”.
Full Year 2024 Financial Highlights (unaudited)
· Gross bookings of $810 million, reflecting growth of 31% versus 2023
· Net revenue of $686 million, an increase of 32% compared to 2023
· Fourth consecutive year of 30%+ topline growth
· Adjusted EBITDA1 over $140 million, up from $94 million in 2023, representing Y-O-Y growth of 49%
· Adjusted EBITDA margin1 over 20% = more than 200 basis points of expansion versus 2023
· Free cash flow positive for second consecutive year
“2024 was an exceptional year for Lime, and our global leadership is evident both operationally and financially with strong results across all of our key metrics,“ said Wayne Ting, CEO.
Ting continues: “We grew profits faster than revenue in 2024, posting another record year of results through serving more than 24 million riders in hundreds of communities around the world and bringing Lime to more cities globally. As we continue to expand our fleet, our permit win and retention rates demonstrate that Lime remains the clear choice for cities seeking to reduce traffic congestion and meet carbon emission goals.
“While we saw record demand in 2024, we’re just scratching the surface of micromobility’s potential to transform cities and better connect people. Our proven execution, combined with these global tailwinds, position Lime for durable growth for years to come.”
Full Year 2024 Operating Highlights and Metrics
· Provided more than 200 million rides in 2024, up 30% from 2023 – more than six rides per second
· More than 24 million riders taking a trip in 2024
· Surpassed 750 million lifetime rides
· Won over 90% of competitive permits to operate in top-tier cities
· Expanded to more than 20 new cities globally, plus new launches in Japan and Greece
· Expanded average operational fleet by nearly 20% to over 270,000 vehicles globally
Key hires supporting future growth ambitions
2024 also saw Lime deepen its management team, with key executive appointments that draw on decades of experience at Fortune 500 companies.
Chief Legal Officer Susie Giordano brings more than 30 years of experience in capital markets, governance, compliance and M&A, including serving as the Corporate Secretary for Intel Corporation.
Incoming Chief Technology Officer Jon Jenkins joined Lime from Amazon, with prior roles including Head of Engineering at Pinterest.
CFO insights
“As we continue to advance our mission, we are driving consistent growth through fleet expansion, increased rider utilisation, geographic expansion and continuous innovation,” said Ann Gugino, CFO.
“We are well above a ‘rule of 40’ company and are intently focused on scaling our unit economics. In 2024, we invested for growth while simultaneously delivering increased profitability and positive free cash flow. Importantly, our team has a proven track record of strong execution, and Lime has an exciting roadmap and multiple avenues for growth in 2025 and beyond.”
Active travel, shared mobility, and sustainability
Environmental sustainability remains a key focus for Lime, and it continues to make an impact on reducing carbon emissions in cities.
Last year, riders avoided an estimated 20,000 metric tons of CO2 emissions, spared an estimated 2.2 million gallons of gas (8.5M litres) from being consumed and replaced more than an estimated 43 million car trips with two-wheeled, emissions-free rides.
Lime also reports that it “continues to make meaningful strides in reducing its own carbon intensity across Scopes 1, 2 and 3 emission. Its most recent carbon inventory measuring 2023 impact showed a 53.5% reduction from its 2019 baseline”. With this in mind, Lime plans to release its 2024 carbon inventory later this spring.
