Lime: Scooting Ahead of the Pack; Initiating at Overweight with $35 PT

Research evidence excerpt

Lime: Scooting Ahead of the Pack; Initiating at Overweight with $35 PT

s rider activity data and vehicle telemetry to

forecast demand, refine deployment decisions, and inform future hardware designs,

creating a feedback loop between product, operations, and utilization. On the operations

side, employees, logistics providers, and contingent workers use Lime’s technology and

data tools to manage tasks like maintenance, battery swapping, repairs, repositioning,

and retrieval of the fleet. The Lime Supply App creates 25M+ tasks annually and

prioritizes these tasks based on expected ROI. We believe this vertical integration

supports higher service reliability, improved fleet productivity, and better unit

economics, while creating execution advantages that are difficult for smaller, less-scaled

competitors to replicate.

Regulatory Moat

Almost all the cities where Lime operates or seeks to operate require a permit, and the

majority of these permits are secured following a competitive RFP process where cities

typically select one to three operators. Key factors in RFPs include permit fees, vehicle

caps, operational area restrictions, data-sharing requirements, and specific deployment

mandates. Lime has developed a strong track-record in winning RFPs as well as

retaining permits with 90%+ win rate in securing competitive RFPs on a global basis

and a permit retention rate of 95%+. Lime’s operational fleet retention rate in existing

cities was 114%, 119%, and 116% in 2023, 2024, and 2025, respectively. In addition,

Lime recorded 48 instances of fleet cap increases in 2025 that were exclusive to

Lime, resulting in an average increase to its fleet cap of 532 vehicles per city. Lime

remains focused on building durable relationships with the cities and ~63% of cities in