Lime reports first profitable quarter

Dive Brief:
Lime has crossed the threshold of profitability for the first time after reaching a cash-flow positive third quarter, CEO Wayne Ting said in a virtual event hosted by the Wall Street Journal on Thursday.

Lime saw a “massive decline in revenue” at the beginning of the coronavirus (COVID-19) pandemic amid a 95% drop in ridership, but “much of that revenue has come back,” Ting said. In August, Lime hit EBIT (earnings before interest and taxes) positive, the “gold standard for profitability,” and expects to be EBIT positive for the entirety of 2021, a Lime spokesperson said. Lime declined to provide Smart Cities Dive with specific profitability figures or data.

Ting also announced that Lime’s Gen4 model scooter will hit the streets of Paris this week. The new model is a “huge improvement on existing technology,” Ting said, with a swappable battery, tech-and-ride technology, bigger wheels and other features.