Neutron Holdings, Inc. · NASDAQ:LIME
Neutron — Q2 2026 Earnings Presentation
23 slides from Neutron's earnings presentation, August 2026
Slide 1: Q2 2026 Supplemental Information
Q2 2026 Supplemental Information August 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to fut
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow. We use Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow in conjunction with GAAP measures to evaluate our performance, inform our
Slide 4: Business Overview & Highlights
Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations 4
Slide 5: Global platform with growth and scale
Global platform with growth and scale Lime at-a-glance ~230 $986m 26% 40+ Global Revenue2 YoY revenue2 Rule of 402,3 operating cities1 growth (as of June 30, 2026) (on an LTM basis) (on an LTM basis) (on an LTM basis) $231m $40m 22% 5.0m Adjusted EBITDA2,5 FCF2,5 YoY MAU4 growth MAU4 (on an LTM basi
Slide 6: How we model the opportunity
We believe we are in the early stages of a global opportunity TAM Across all of our $70bn How we model markets, industry the opportunity penetration is only 15% Existing + Identified Expansion Opportunities @ 100% Penetration1 SAM Existing + Identified In our most mature $22bn Expansion Opportunitie
Slide 7: Lime's platform creates and supports a durable network effect
Lime’s platform creates and supports a durable network effect Utilization / Data adoption More Reliability riders Better unit Local network effects Economies of scale economics More vehicles Data Density Investment in R&D 7
Slide 8: We have multiple levers in our business to drive continued scale and growth
We have multiple levers in our business to drive continued scale and growth Average Revenue per Monthly active Revenue Adjusted Free Cash Flow4 operational fleet1 vehicle per day users (MAU)3 ($mm) EBITDA4 ($mm) (RVD)2 ($) (mm) ($mm) 3.8 325,137 $7.47 $887 $218 275,983 18% 3.1 $6.80 21% 10% $687 29%
Slide 9: …and those drivers continued to contribute to growth in 2Q 2026
…and those drivers continued to contribute to growth in 2Q 2026 Average Revenue per Monthly active Revenue Adjusted Free Cash Flow4,5 operational fleet1 vehicle per day users (MAU)3 ($mm) EBITDA4 ($mm) (LTM) (RVD)2 ($) (mm) ($mm) $84 407,707 $8.20 $80 $304 $8.10 5.0 $76 11% 333,827 22% $246 24% 4.1
Slide 10: Proven and attractive unit economics
Proven and attractive unit economics Disciplined annual capital combined with growth in …driving adj. EBITDA2 growth expenditures… our average operational fleet1… (in millions except percentages) (in millions) (in thousands) CapEx as % of revenue $84 408 $76 ~15% ~18% ~13% 324 334 288 266 $54 $122 $
Slide 11: In Q2'26, during the FIFA World Cup, Lime provided support for users and city-partners
DRAFT In Q2'26, during the FIFA World Cup, Lime provided support for users and city-partners while delivering record engagement Served 11 of the 16 FIFA World Cup host cities in North America In Atlanta alone, monthly active users increased ~67% year-over- year during the month of June 2026 Launched
Slide 12: Following Q2'26, Lime expanded across Canada
Following Q2'26, Lime expanded across Canada, scaling existing markets and entering major new regions through a strategic acquisition Scaling Our Canadian 12 Footprint… New cities1 The acquisition of Neuron across Canada Canada marks Lime’s return to Calgary, Canada’s 3rd largest city Builds on mome
Slide 13: Financial & Operational Highlights
Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations 13
Slide 14: Growth across key revenue drivers in 2Q 2026
Growth across key revenue drivers in 2Q 2026 Revenue Average Operational Fleet1 (in millions) (in thousands) +22% +24% 408 $304 324 334 $246 288 266 $170 $181 206 $129 $100 Q1 Q2 Q1 Q2 2024 2025 2026 2024 2025 2026 RVD2 MAU3 +1% (in millions) +22% $8.20 5.0 $8.10 4.1 3.1 3.3 $6.91 2.6 2.1 $5.83 $5.3
Slide 15: Growth across key revenue drivers in 2Q 2026
Growth across key revenue drivers in 2Q 2026 Adjusted Gross Profit1 Adjusted EBITDA1 (in millions) (in millions) +11% +16% $84 $158 $76 $137 $104 $54 $74 $48 $56 $7 $0 $2 Q1 Q2 Q1 Q2 2024 2025 2026 2024 2025 2026 CapEx +116% Free Cash Flow1 (in millions) (in millions) $76 $52 $57 $52 $44 $4 $39 $35
Slide 16: Condensed Consolidated Financials
Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations 16
Slide 17: Consolidated Balance Sheet
Consolidated Balance Sheet (in thousands) (Unaudited) As of June 30, 2026 As of December 31, 2025 Assets Current assets: Cash and cash equivalents $278,065 $ 339,825 Short-term restricted cash 55,671 69,470 Accounts receivable, net 27,900 8,145 Deposits 1,285 225 Prepaid expenses and other current a
Slide 18: Consolidated Statements of Operations
Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 304,224 $ 246,068 $ 474,374 $ 375,083 Cost of revenue 175,173 136,970 300,732 237,100 Gross profit 129,051 109,098
Slide 19: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cash flows from operating activities Net income (loss) $ 295,379 $ 20,505 $ 234,093 $ (35,459) Adjustments to reconcile net loss to net cash provided by operatin
Slide 20: Non-GAAP Reconciliations
Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations 20
Slide 21: Reconciliation of non-GAAP metrics
Reconciliation of non-GAAP metrics (in thousands except percentages) (Unaudited) Three Months Ended, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Gross Profit $ 129,051 $ 44,591 $ 64,847 $ 142,617 $ 109,098 Gross Margin (as a percentage of revenue) 42.4% 26.2% 30.9
Slide 22: Reconciliation of non-GAAP metrics (cont'd)
Reconciliation of non-GAAP metrics (cont’d) (in thousands) (Unaudited) Three Months Ended, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income (loss) $ 295,379 $ (61,286) $ (54,750) $ 30,900 $ 20,505 Adjusted to exclude the following: Interest expense 3,961 5,1
Slide 23: Reconciliation of non-GAAP metrics (cont'd)
Reconciliation of non-GAAP metrics (cont’d) (in thousands) (Unaudited) Three Months Ended, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net cash provided by operating activities $ 71,593 $ (22,302) $ 35,712 $ 112,477 $ 87,267 Capital expenditures (75,727) (56,889)