TechCrunch Mobility: Lime’s IPO Gamble

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Electric bike and scooter rental startup backed by Uber after years of hints and preparation lime I applied for an initial public offering (IPO). Are micromobility companies going public? In 2026? Clearly this is the wrong year.

Lime CEO Wayne Ting We’ve been talking about an IPO for years. TechCrunch spoke to him about this in 2020, 2021, and 2023. It never materialized and I sort of forgot about it. BOOM – Document S-1, a registration statement filed with the Securities and Exchange Commission, was posted early Friday morning.

The S-1 has some interesting risk factors, but we’re waiting for Lime to share the terms of its proposal.

Revenues are growing, free cash flow is positive and net loss has decreased since 2023. However, it showed a slight upward trend between 2024 and 2025. Uber, which invested in Lime a few years ago, still plays an important role in the company. Lime said about 14.3% of its revenue comes from its partnership with Uber. Uber allows customers to find and rent scooters and e-bikes through its app.

All of this suggests that Lime is a growth company focused on profitability. However, there is one significant headwind. Lime has approximately $1 billion in current liabilities, of which approximately $675.8 million is due by the end of 2026. In total, approximately $846 million is due within 12 months. Lime does not have sufficient liquidity to pay it, according to the filing. Lime clearly states in its S-1: If we are unable to raise the necessary capital by going public or to change our debt covenants, we may not be able to continue operating our business.

Senior reporter Sean O’Kane, who loves digging into S-1 as much as I do, discovered some other information about the risks. According to the company, the city’s investment in public road infrastructure is a risk factor. Lime specifically listed the potholes, which made me laugh and nod. Potholes are not suitable for shared scooters.

Lime also warned that a significant portion of its rides are concentrated in the relatively few markets in which it operates. One of the markets accounting for 22.2% of sales in 2025 is the UK.

dickey

last summer, Uber Announced plans to launch a premium robotaxi service using Lucid Gravity vehicles. Nuro’s Self-driving car technology. This is more than collaboration. Uber said it would invest $300 million in Lucid and separately purchase “at least” 20,000 units of the EV maker’s new Gravity SUV over the next six years. Uber recently increased its investment in Lucid to $500 million and increased its order for 35,000 vehicles.

Details about Uber’s investment in Nuro, a privately held startup based in Silicon Valley, have been sparse so far. At the time, all we knew was that Uber had invested an undisclosed “hundreds of millions of dollars” in Nuro. One little bird shared more details.

Uber’s total financial commitment to Nuro, including its participation in the startup’s Series E round last year and future milestone-based investments, is nearly $500 million, according to people familiar with the deal.

My guess is that Nuro has just unlocked one of these milestones. The company is testing its Lucid vehicles in autonomous mode with a human safety worker in the driver’s seat. And last month, the company expanded its testing to allow Uber employees to request self-driving Lucid robotaxi with human safety operators on board. But the company just received two important permits: a driverless test permit from the Department of Motor Vehicles and a permit from the California Public Utilities Commission.

Do you have any tips? Email Kirsten Korosec. kirsten.korosec@techcrunch.com Or send my Signal to kkorosec.07 or email Sean O’Kane. sean.okane@techcrunch.com.

Special price!

Kodiak AI First quarter results provide a case study in how difficult it is to commercialize cutting-edge technologies. The company announced several deals that showed progress. A commercial agreement was reached with Roehl. West Fraser Timber Co.’s log hauling operation in Alberta, Canada has begun a pilot program to test autonomous trucks equipped with Kodiak. Military vehicle manufacturer announced a collaboration with General Dynamics Land Systems to create autonomous ground vehicles for defense applications.

But investors were not satisfied with the $100 million capital raising terms. The company sold the stock for $6.50 per share, a significant discount from its closing price of $9.10. The raise also included warrants, which are instruments that give investors the right to purchase additional shares at a later date at a set price, in this case as low as $6.

The funding came from existing backer Ares Management and several unnamed institutional investors.

Kodiak’s stock fell 37% in after-hours trading moments after the company announced its financing and first-quarter results. The stock has recovered slightly since then. Perhaps it’s because shareholders digested the news and looked at it half-wittedly.

Kodiak will need more capital as it continues to burn cash toward its big goal of driverless trucking on public highways.

Other deals that caught my attention this week…

instantaneous energya startup developing a new approach to EV battery repurposing, has raised a $40 million Series B funding round led by Canadian VC firm Evok Innovations, with additional funding from grocery retailer fund W23, joining existing investors such as Amazon’s Climate Pledge Fund and In-Q-Tel, a CIA-backed VC firm.

Roxysa startup developing a hands-free depot solution for autonomous electric vehicles, has raised $13 million in an expanded Series A round led by Capricorn Partners with participation from Scania Invest, Forward.One, SEB Greentech Venture Capital and Graduate Venture.

Notable Reads and Other Useful Information

Aurora Driverless trucks have begun hauling freight in Texas for retail giant McLane. The commercial agreement marks some progress for self-driving truck companies. Disclaimer: These driverless trucks still have human observers in the driver’s seat, and the company says the vehicles cannot be operated.

Lucid’s First-quarter results show the company is still feeling the impact of recalling its Gravity SUV and halting deliveries earlier this year due to supplier issues. The company, which is also going through a leadership transition, changed its guidance and said it was no longer sure how many EVs it would make or sell this year.

In 2024 National Highway Traffic Safety Administration Starting in 2026, we have updated our new vehicle evaluation program and added four new pass-fail tests to evaluate the performance of advanced assistance systems. And we are finally seeing the results. Released after 2026 tesla Model Y is the first vehicle to meet the agency’s new standards.

dike Launch of new color lidar sensor lineup selected by CEO Angus Pacala I believe it will replace the camera.

EV startup slate We lost a notable board member. The head of Jeff Bezos’ family office has left the board, according to numerous state filings reviewed by TechCrunch.

Volkswagen now rivianbecame the largest shareholder, pushing Amazon out of first place.

One more thing…

Well, there are probably two more.

senior reporter Rebecca Bellan interviewed Aurora Founder and CEO Chris Urmson On a recent Equity podcast. Listen to the episode here.

And finally, there was a survey last week! Here’s what I suggested to readers: “The California DMV announced new rules for AVs. Self-driving trucks can now be tested and deployed in the state. Reporting, data collection, and operational requirements have expanded, and law enforcement can issue traffic violations. These rules go too far, are over the target, or are not restrictive enough.”

About 41% chose “right”, 27.6% said the rules went too far, and 31% said they were not restrictive enough.

To take the survey, sign up to receive the Mobility newsletter in your inbox!