Feb 22, 2023 | 5 min read
Lime become profitable!!!!
Hold on to your hats, folks - this is some seriously exciting news! You won't believe it, but a scooter company has become profitable! That's right, even with the fail-fast, break-things mindset of Silicon Valley, Lime has defied the odds and succeeded in the long-term.
When Lime was founded back in 2017, it was hard to imagine they would ever be profitable. They flooded cities with expensive and fragile rental bikes and scooters, all the while angering local governments and harming pedestrians. Then, in 2020, the pandemic hit, and consumer scooter spending dropped by almost 100%. It seemed like Lime was down for the count.
But wait, there's more! Lime, or as they like to call themselves, a "micromobility company," had their first profitable year in 2022! Yes, you read that right, they actually turned a profit!
So, how did Lime pull off this incredible feat? The secret is in their unit economics - they found a way to make more money off every single e-bike and scooter. And it all comes down to the battery. Last year, they introduced their Gen4 e-bike, which uses a swappable battery that can be replaced without taking the bike off the street. This innovation reduced operational costs and increased availability for users. And the best part? Their scooters use the same battery.
With ~5 million active users in ~200 cities, Lime is truly taking the world by storm. CEO Wayne Ting recently revealed to TechCrunch that the company will be seeking to IPO in the near future. We can't wait to see what the future holds for Lime and the world of micromobility!