Neutron Holdings (LIME) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $304.2 million, up 24% year-over-year, driven by fleet growth, operational scale, and rider engagement initiatives.

• Net income reached $295.4 million, significantly impacted by one-time IPO-related items and a discrete tax benefit.

• Average operational fleet grew 22% year-over-year to approximately 408,000 vehicles; monthly active users rose 22% to 5 million.

• LimePrime subscription program exceeded expectations, contributing to higher engagement and retention.

• Completed IPO in July 2026, raising $141.7 million in net proceeds, repaid all outstanding term loan debt, and strengthened the balance sheet.

Financial highlights

• Q2 2026 revenue: $304.2 million, up 24% year-over-year; gross profit: $129.1 million (42.4% margin); adjusted gross profit: $158.4 million (52.1% margin).

• Adjusted EBITDA: $84.2 million (28% margin), up 11% year-over-year.

• Net income: $295.4 million, EPS $4.73, including one-time IPO-related items and tax benefit.

• Free cash flow for Q2 was negative at $(4.1) million, reflecting high capital expenditures; LTM free cash flow reached $40 million.

• CapEx for Q2 was $75.7 million, up from $35 million a year ago; full-year 2026 CapEx projected at $180–$185 million.

Outlook and guidance

• Q3 2026 revenue guidance: $340–$360 million; Adjusted EBITDA: $120–$130 million.

• Full-year 2026 revenue expected at $1.04–$1.1 billion; Adjusted EBITDA: $265–$285 million; CapEx: $180–$185 million.

• Management expects continued revenue growth driven by fleet expansion, new product offerings, and international market investments.

• Positive unit economics observed globally, supporting confidence in durable, profitable growth.

• Sufficient liquidity for at least 12 months post-IPO, with $278 million in cash and a new $200 million revolving credit facility.