Lime Profitability a Breakthrough for Share Sector

Melbourne, Victoria

A record year in Australia has helped propel global shared electric vehicle company Lime to its first full profitable year – an achievement that has been heralded as a major milestone for the micromobility as a service (MaaS) sector.

The California-based company recent declared it accumulated a record $466 million in gross bookings in 2022, a 33% increase from 2021, and hit an adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of $15 million.

Lime claimed it was the first micromobility company to achieve a full profitable year. While respected US publication Micromobility Newsletter has suggested it might not be the first operator to achieve the feat, it conceded it is probably a first for a large-scale micromobility company such as Lime.

The publication did celebrate the news as a major milestone for mobility as a service.

Lime stakes a claim as the world’s largest shared electric vehicle company, with shared e-bikes and e-scooters operations in 30 countries and more than 250 cities.

Lime’s general manager for Australia and NZ, Hugo Burt-Morris, the company had doubled its number of customer rides in this country in 2022, compared to the previous year.

He said the organisation’s global success during 2022 would help enable Lime to further expand its operations in Australasia.

“We look forward to working with cities and councils across the country to continue growing sustainable transport options, while ensuring safety remains the foundation of everything we do,” Hugo said.

Since landing in Australia in 2018, over 7 million rides on Lime vehicles have been completed. The appetite continues to grow as ride numbers increase by at least 90% in both 2021 and 2022, and 50% of riders recurring year on year.

Lime acquired 422,000 new riders across Australia last year and continued to expand its workforces across Sydney, Melbourne and the Gold Coast.

400 Million Rides Globally

Globally, Lime vehicles recorded nearly 120 million trips in 2022 – equating to one trip every three seconds for the entire year – and pushing the company’s total rides to 400 million.

The company experienced more than 20% year-on-year growth in gross bookings every quarter in 2022, and more than 35 of its markets double their year-on-year trip numbers.

One-and-a-half million people used Lime vehicles for the first time, elevating its number of active riders beyond four million – also a first.

Lime CEO Wayne Ting noted his company’s breakthrough year came as many countries were battling economic downturns.

“We continue to expand and see our shared e-bikes and e-scooters as not only part of the solution to the climate crisis, but also a more affordable and convenient option to cars,” he said.

Leave a Comment