Neutron Holdings, Inc. (LIME) Q2 2026 Earnings Report

The call presents a predominantly positive growth and operational story: record revenue, double-digit fleet and MAU expansion, improving adjusted gross profit, strong adjusted EBITDA and disciplined capital allocation with a strengthened balance sheet post‑IPO. Key strategic initiatives (LimePrime rollout, selective M&A, permit wins) show early traction and support long-term unit economics and retention. Near-term headwinds include margin pressure from subscription scaling and new-market investments, elevated CapEx and a small quarterly negative free cash flow; GAAP net income is materially affected by one‑time accounting items. Management expects seasonal margin improvement in Q3 and profitable free cash flow for the full year, and overall the positives (scale, profitability, product traction, strong guidance and balance-sheet improvement) outweigh the near-term challenges.

Lime guided Q3 revenue of $340–$360M (≈16% growth at the midpoint) with adjusted EBITDA of $120–$130M and a fully diluted share count in the low‑70M range; for full‑year 2026 it expects revenue of $1.04–$1.10B (midpoint ≈21% YoY and the first time exceeding $1B), adjusted EBITDA of $265–$285M (midpoint ≈27% YoY) and CapEx of $180–$185M. Management expects Q3 to show sequential margin improvement driven by seasonal uplift (historically ~300–400 bps Q2→Q3), operating leverage and an expected ~$20M reduction in share‑based compensation, and they continue to expect to be free‑cash‑flow positive for the full year despite Q2 negative FCF of $4.1M. The guide is underpinned by Q2 results of revenue $304.2M (+23.6% YoY), adjusted EBITDA $84.2M (27.7% margin), adjusted gross profit $158.4M (adjusted gross margin 52.1%), gross profit $129.1M, average operational fleet 408,000 (+22.1% YoY), MAUs 5.0M (+22.1% YoY), RVD $8.20 (+1.2% YoY), Q2 CapEx $75.7M, and a stronger balance sheet after $155M IPO proceeds, repayment of a $115M term loan and conversion of convertible notes leaving no long‑term debt.