TechCrunch Mobility: Lime’s IPO gamble

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After years of hints and preparation, the Uber-backed electrical bike and scooter rental startup Lime filed for an initial public offering. A micromobility firm going public? In 2026? Absolutely it’s the improper yr.

Lime CEO Wayne Ting has been speaking about an IPO for years. TechCrunch spoke to him about it in 2020, 2021, and 2023. It by no means materialized and I form of forgot about it, till — growth — the S-1 doc, the registration assertion filed with the U.S. Securities and Trade Fee, posted early Friday morning.

There are some attention-grabbing threat components within the S-1, though we nonetheless are ready for Lime to share phrases of the providing.

Income is climbing, it has constructive free money circulate, and web losses narrowed after 2023, though there was a slight uptick between 2024 and 2025. Uber, which invested in Lime a number of years in the past, nonetheless performs an necessary position for the corporate. Lime stated about 14.3% of its income got here by way of its partnership with Uber, which permits prospects to search out and lease scooters and e-bikes by way of its app.

All of this implies Lime is a progress firm headed towards profitability. However there’s one substantial headwind. Lime has about $1 billion in present liabilities, and about $675.8 million of that’s due by the tip of 2026. In all, about $846 million is due inside 12 months. Lime doesn’t have adequate liquidity to pay that, in response to its submitting. Lime states it plainly within the S-1: If it might’t go public and lift the required capital, or change its debt agreements, it might not have the ability to proceed working as a enterprise.

Senior reporter Sean O’Kane, who likes digging by way of an S-1 as a lot as I do, noticed another tidbits within the threat components. Funding by cities of their public highway infrastructure is a threat issue, in response to the corporate. Lime particularly lists potholes, which made me chuckle after which nod in settlement. Potholes usually are not sort to shared scooters.

Lime additionally warned that a good portion of rides are concentrated in a comparatively small variety of markets wherein it operates. One such market, which accounted for 22.2% of its income in 2025, is the U.Okay.

Somewhat fowl

Final summer time, Uber introduced a plan to launch a premium robotaxi service utilizing Lucid Gravity autos outfitted with Nuro’s autonomous automobile know-how. That is greater than a collaboration. Uber stated it might make investments $300 million in Lucid and would individually purchase “not less than” 20,000 of the EV maker’s new Gravity SUV over the following six years. Uber lately raised its funding in Lucid to $500 million and pushed the automobile order to 35,000.

The main points about Uber’s funding in Nuro, a privately held startup primarily based in Silicon Valley, have been slim — till now. On the time, we solely knew that Uber invested an undisclosed “multi-hundred-million-dollar” quantity into Nuro. One little fowl has shared extra particulars.

Uber’s whole monetary dedication to Nuro, which incorporates its participation within the startup’s Collection E spherical final yr and future milestone-based investments, is sort of $500 million, per a supply acquainted with the deal.

My educated guess is that Nuro simply unlocked a kind of milestones. The corporate is testing the Lucid autos in autonomous mode with a human security operator within the driver’s seat. And final month it expanded testing to permit Uber staff to request an autonomous journey in a Lucid robotaxi with a human security operator nonetheless on board. However the firm simply obtained two essential permits — a driverless testing permit from the Division of Motor Autos and a allow from the California Public Utilities Fee.

Obtained a tip for us? E-mail Kirsten Korosec at kirsten.korosec@techcrunch.com or my Sign at kkorosec.07, or e mail Sean O’Kane at sean.okane@techcrunch.com.

Offers!

Kodiak AI’s first-quarter earnings presents a case research for a way difficult it’s to commercialize frontier tech. The corporate introduced quite a few offers that confirmed progress. It locked in a business contract with Roehl; launched a pilot program to check Kodiak-equipped autonomous vans at West Fraser Timber Co.’s log-hauling operations in Alberta, Canada; and introduced a collaboration with the navy automobile maker Normal Dynamics Land Methods to create autonomous floor autos for protection functions.

However buyers weren’t proud of the phrases of its $100 million capital raise. The corporate bought shares at $6.50 every — a steep low cost from its closing share value of $9.10. The increase additionally included warrants — devices that give buyers the appropriate to purchase further shares later at a set value, on this case as little as $6.

The financing got here from current backer Ares Administration and several other unnamed institutional buyers.

Kodiak’s inventory value fell 37% in after-hours buying and selling moments after the financing and Q1 earnings had been launched. Shares have recovered a bit since, maybe as shareholders digested the information and checked out it from a glass-half-full perspective.

Kodiak will possible want extra capital because it continues to burn money because it pushes towards its large aim: driverless trucking operations on public highways.

Different offers that received my consideration this week …

Second Vitalitya startup that’s developed a novel method to repurposing EV batteries, raised a $40 million Series B funding round led by Canadian VC agency Evok Improvements, with further funding from grocery retailer fund W23, becoming a member of current buyers like Amazon’s Local weather Pledge Fund and In-Q-Tel, the CIA-funded VC agency.

Rocsysa startup that has developed hands-free depot options for autonomous electrical autos, raised $13 million in an prolonged Collection A spherical led by Capricorn Companions, with participation from Scania Make investments, Forward.OneSEB Greentech Enterprise Capital, and Graduate Enterprise.

Notable reads and different tidbits

Aurora has began hauling masses in driverless trucks in Texas for distribution big McLane. The business contract reveals some progress by the self-driving vans firm. Disclaimer: These driverless vans nonetheless have human observers within the cab, and the corporate tells us they can not function the automobile.

Lucid’s first-quarter earnings revealed an organization nonetheless feeling the consequences of a provider concern earlier this yr that triggered it to recall its Gravity SUV and pause deliveries. The corporate, which can also be going by way of a management transition, modified its steering and stated it was now not certain how many EVs it will build or sell this year.

In 2024, the Nationwide Freeway Site visitors Security Administration up to date the New Automobile Evaluation Program and added 4 new pass-fail exams to evaluate the performance of advanced assistance systemsbeginning in 2026. And we’re lastly seeing the outcomes. The later-release 2026 Tesla Mannequin Y is the primary automobile to satisfy the company’s new benchmark.

Ouster is launching a brand new lineup of color lidar sensors that CEO Angus Pacala believes will change cameras.

EV startup Slate has misplaced a notable board member. The top of Jeff Bezos’ household workplace left the boardin response to quite a few state filings reviewed by TechCrunch.

Volkswagen is now Rivian’s largest shareholderpushing Amazon out of the highest spot.

Another factor …

Nicely, perhaps two extra.

Senior reporter Rebecca Bellan interviewed Aurora founder and CEO Chris Urmson lately for the Fairness podcast. Listen to the episode here.

And, lastly, we had a ballot final week! Right here was what I posed to readers: “The California DMV issued new guidelines for AVs. Self-driving vans can now check and deploy within the state. Reporting, knowledge assortment, and operations necessities have been expanded and legislation enforcement can concern visitors violations. These guidelines: go too far, hit the mark, or aren’t restrictive sufficient.”

About 41% picked “hit the mark,” whereas 27.6% stated the principles go too far, and 31% stated they aren’t restrictive sufficient.

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