Lime Reports Strong Financial Figures, Aims for Profitability in Electric Scooter Business

The shared electric scooter business has gone through a series of ups and downs over the last few years — mostly downs, if we’re being honest — but now, one company is ready to claim the mantle of victor. Lime released a new set of financial figures that it says proves that last year’s slim profits were no fluke. The company reported gross bookings of $250 million in the first half of the year, a 45 percent increase over the same period last year.

And it’s touting an adjusted EBITDA profitability of $27 million — the first time the company has achieved this for the first half of the year and a 45 percent margin increase over last year — and an unadjusted $20.6 million profitability. 'To say that Lime is feeling itself would be an underestimate' To say that Lime is feeling itself would be an underestimate. As other micromobility firms continue to shed staff, exit markets, and burn cash, Lime says it is proudly trending in the other direction. The company is not sharing all of its metrics, like revenue and costs, but it says that it’s on its way to another record year. “I think historically people always believe there’s demand for micromobility, but this is an industry that is littered with dead bodies of people who just can’t make this business work,” Lime CEO Wayne Ting said in an interview with The Verge. “I think we are going to deliver tremendous profitability and hopefully even get to free cash flow positiv

Source: News Formal (newsformal.com)

Lime Electric Scooter Financial Figures Profits Bookings Micromobility Profitability Wayne Ting

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