Lime Revenue Tops $1 Billion Over 12 Months as Third-Quarter Growth Reaches 20%
Key Facts
Lime’s trailing 12-month revenue for the period ended September 30, 2026, topped $1 billion for the first time in the company’s history, according to its third-quarter results statement published on November 3. The figure represents revenue over a rolling 12-month period, not gross bookings or revenue for the three months alone. Third-quarter revenue was $361 million, up 20% year over year, the statement said. The results put the $1 billion milestone alongside strong quarterly growth and higher net income than a year earlier. The data also showed an expanded operating fleet and improved net income, alongside a decline in adjusted EBITDA margin.
Third-quarter revenue was $360.628 million, compared with $301.571 million in the same period of 2025, according to the financial table accompanying the statement; the company rounded the figure to $361 million in its summary. Net income rose to $43.709 million from $30.9 million a year earlier, and Lime said the year-over-year increase was 41% and net income margin reached 12%. These figures show revenue growth accompanied by higher net income during the quarter. Adjusted EBITDA, meanwhile, was $118 million, compared with $106.686 million in the third quarter of 2025. But the metric’s margin fell to 33% from 35.4%, putting adjusted earnings growth alongside a narrower margin.
The average operating fleet grew to 447,184 vehicles in the third quarter, up 26% year over year, Lime said. The expansion provides an operational indicator alongside the increase in quarterly revenue, although the statement did not specify how much the fleet contributed to sales growth. On subscriptions, the company said the average LimePrime user took 8 times as many rides as the average pay-as-you-go user. The chief financial officer said, "The average user now generates twice the adjusted gross profit per user of a non-subscriber." This points to the role Lime attributes to LimePrime growth in user economics, while the chief executive warned that investment in target markets and subscription growth could temporarily weigh on near-term margins. He said these investments "also help reinforce our local leadership in markets."
Lime expects fourth-quarter 2026 revenue of between $240 million and $250 million and adjusted EBITDA of between $43 million and $45 million, according to the guidance in the statement. The revenue range is below third-quarter revenue of $361 million; the company says in its filing that quarterly results are affected by seasonality and other factors, and that first-half results are not necessarily indicative of the full-year outcome. For 2026, Lime raised its outlook to revenue of between $1.04 billion and $1.1 billion and adjusted EBITDA of between $253 million and $255 million. It also expects capital expenditures of about $172 million to $177 million during the fiscal year. The guidance puts the trailing 12-month result above $1 billion in the context of the company’s expectations for the rest of the year, with the impact of investment on near-term margins remaining as flagged by the chief executive.
The trailing revenue milestone follows continued annual growth in the figures reported by the company: revenue was $522 million in 2023, then $686.6 million in 2024 and $886.7 million in 2025. In the first half of 2026, revenue rose to $474.4 million from $375.1 million in the same period of 2025, an annual increase of 26.5%. But the revenue trajectory did not prevent annual net losses in the previous three years; losses were $122.4 million in 2023, $33.9 million in 2024 and $59.3 million in 2025. In July 2026, Lime completed its initial public offering and sold 6,679,791 shares, generating net proceeds of $141.7 million. The company also said its 2025 carbon report showed an 81% decline in overall emissions intensity, alongside a 250% increase in total miles traveled compared with 2019.