Lime said Tuesday (Feb. 18) that it saw record demand in 2024 for the shared electric bikes and scooters it deploys in partnership with cities.
Compared to 2023, the micromobility company provided 30% more rides, gained 31% more gross bookingsand earned 32% more net revenue, Lime said in a press release outlining its unaudited financial results for 2024.
In terms of numbers, Lime’s totals for 2024 included more than 200 million rides, $810 million in gross bookings and $686 million in net revenue, according to the release.
“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,” Lime CEO Wayne Ting said in the release. “While we saw record demand in 2024, we’re just scratching the surface of micromobility’s potential to transform cities and better connect people.”
During the year, Lime expanded to more than 20 new cities globally, launched in Japan and Greece, and expanded its average operational fleet by 20% to top 270,000 vehicles globally, according to the release.
Lime’s electric bikes and scooters are now available in 280 cities, according to its website.
The company’s two-wheeled, emissions-free rides are designed to serve trips under five miles. In 2024, they replaced an estimated 43 million car trips, thereby avoiding 20,000 metric tons of CO2 emissions and 2.2 million gallons of gas, per the release.
“As we continue to advance our mission, we are driving consistent growth through fleet expansion, increased rider utilization, geographic expansion and continuous innovation,” Lime Chief Financial Officer Ann Gugino said in the release.
Lime has been positioning itself for an initial public offering (IPO) by pledging to maintain double-digit growth in bookings and by hiring a chief legal officer and a chief technology officer, Bloomberg reported Tuesday.
The company considered an IPO in 2021 before public equity markets dried up, according to the report.
Ting told Bloomberg that the company has been waiting for the right macro environment and has been focused on building a “track record” of profitability and free cash flow in the meantime, per the report.
When Lime raised $523 million in convertible debt and term loan financing in November 2021, Ting said the round was “significantly oversubscribed” and showed investor confidence that the company would be going public.
