Q2 2026: Lime (LIME) hits $304M revenue, sees up to $1.10B
Rhea-AI Filing Summary
Neutron Holdings (Lime) reported record second-quarter 2026 revenue of $304 million, up 24% year over year, in its first quarter as a public company. Net income was $295 million, supported by one-time IPO-related items, and Adjusted EBITDA reached $84 million, a 28% margin. Average operational fleet grew 22% to 407,707 vehicles, reflecting continued network expansion.
Management stated that proceeds from the recent IPO strengthened the balance sheet through the paydown of all outstanding long-term debt, and stockholders’ equity moved to a positive balance as of June 30, 2026. After the quarter, Lime acquired Neuron Mobility’s Canadian operations, expanding its footprint in key Canadian cities and regions.
For the third quarter of 2026, the company guides to revenue of $340–$360 million and Adjusted EBITDA of $120–$130 million. Full-year 2026 guidance calls for revenue of $1.04–$1.10 billion, Adjusted EBITDA of $265–$285 million, and capital expenditures of $180–$185 million.
Positive
- Q2 2026 revenue reached a record $304 million, up 24% year over year, with Adjusted EBITDA of $84 million at a 28% margin, indicating strong scale and profitability for the first quarter as a public company.
- IPO proceeds were used to pay down all outstanding long-term debt, leaving stockholders’ equity in a positive position as of June 30, 2026 and materially reducing prior leverage from legacy notes.
Negative
- None.
Filing Explained
As of June 30, cash and restricted cash was $339,193 thousand, but first-half free cash flow was negative $83,325 thousand.
This Form 8-K reports the company’s second-quarter results, while the attached release is furnished rather than filed for Section 18 liability purposes; as of
The reported
Free cash flow was negative
The balance sheet separately lists a
The next Form 10-Q, which the release says will follow this announcement, is the named source for updated interim financial statements and liquidity information; the release provides no GAAP net-income outlook or reconciliation of its Adjusted EBITDA guidance.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $304 million
Q2 2026 Net Income: $295 million
Q2 2026 Adjusted EBITDA: $84 million
+4 more
7 metrics
Q2 2026 Revenue
$304 million
Record second quarter revenue, up 24% year-over-year
Q2 2026 Net Income
$295 million
Net income positively impacted by one-time IPO-related items
Q2 2026 Adjusted EBITDA
$84 million
Adjusted EBITDA margin of 28% for the quarter
Average Operational Fleet
407,707 vehicles
Average operational fleet in Q2 2026, up 22% year-over-year
Q3 2026 Revenue Guidance
$340–$360 million
Company outlook range for third quarter 2026 revenue
Full-Year 2026 Revenue Guidance
$1.04–$1.10 billion
Forecast revenue range for full-year 2026
Full-Year 2026 Adjusted EBITDA Guidance
$265–$285 million
Forecast Adjusted EBITDA range for full-year 2026
Key Terms
Adjusted EBITDA, Free Cash Flow, Average Operational Fleet, Revenue per Vehicle per Day (RVD), +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA of $84 million, representing a 28% margin."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"Free Cash Flow is defined as net cash provided by operating activities less capital expenditures."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Average Operational Fleet financial
"Average Operational Fleet grew to 407,707 vehicles, an increase of 22% year-over-year."
Revenue per Vehicle per Day (RVD) financial
"We define RVD as the average daily revenue generated by each operational vehicle in our fleet."
Monthly Active Users (MAU) financial
"Monthly Active Users as the total number of unique riders who complete at least one trip."
Monthly active users (MAU) measures the number of unique people who use or interact with a product, app, or service at least once during a 30-day period. Investors treat MAU as a basic gauge of audience size and engagement—like counting distinct customers who visited a store last month—because growing or sticky MAU can signal rising revenue potential and justify higher forecasts or valuation, while declines warn of weakening demand.
Non-GAAP financial measures financial
"We use certain non-GAAP financial measures, as described below, to facilitate analysis."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $304 million · Guidance included
Quarter ended June 30, 2026
Revenue
$304 million
Up 24% year over year
Net income
$295 million
Positively impacted by one-time IPO-related items
Adjusted EBITDA
$84 million
28% Adjusted EBITDA margin in Q2 2026
Guidance
Third quarter 2026 revenue $340–$360 million and Adjusted EBITDA $120–$130 million; full-year 2026 revenue $1.04–$1.10 billion, Adjusted EBITDA $265–$285 million, capital expenditures $180–$185 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Neutron Holdings (LIME) revenue and growth in Q2 2026?
Neutron Holdings (LIME) generated $304 million in Q2 2026 revenue, which the company reports as a record second quarter and 24% year-over-year growth. This performance comes in Lime’s first quarter as a publicly traded company.
How profitable was Neutron Holdings (LIME) in Q2 2026?
In Q2 2026, Neutron Holdings (LIME) reported net income of $295 million, aided by one-time IPO-related items, and Adjusted EBITDA of $84 million, representing a 28% Adjusted EBITDA margin according to management’s non-GAAP reconciliation.
What guidance did Neutron Holdings (LIME) give for Q3 2026?
For Q3 2026, Neutron Holdings (LIME) expects revenue of $340–$360 million and Adjusted EBITDA of $120–$130 million. Management characterizes this outlook as another solid quarter of growth and profitability based on current demand trends.
What is Neutron Holdings (LIME) full-year 2026 financial outlook?
For full-year 2026, Neutron Holdings (LIME) guides to revenue of $1.04–$1.10 billion and Adjusted EBITDA of $265–$285 million, with planned capital expenditures of approximately $180–$185 million for vehicle and non-vehicle assets.
How did Neutron Holdings (LIME) use its recent IPO proceeds?
Neutron Holdings (LIME) states that proceeds from its recent IPO strengthened the balance sheet through paydown of all outstanding long-term debt. This deleveraging contributed to stockholders’ equity becoming positive as of June 30, 2026.
What acquisition activity did Neutron Holdings (LIME) report after Q2 2026?
Following Q2 2026, Neutron Holdings (LIME) acquired Neuron Mobility’s Canadian operations. The company explains that this transaction expands Lime’s operations in key cities and regions throughout Canada, enhancing its shared micromobility footprint.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
NEUTRON HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
|
Delaware
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001-43374
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81-4870517
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(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification Number)
|
444 Townsend Street, First Floor
San Francisco, California 94107
(Address of principal executive offices, including Zip Code)
(415) 449-4139
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol |
Name of each exchange
on which registered |
||
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Common Stock, par value $0.0001 per share
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LIME
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
Results of Operations and Financial Condition.
On August 4, 2026, Neutron Holdings, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The information set forth under this Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as otherwise expressly stated in such filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description
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99.1
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Press Release, dated August 4, 2026, issued by Neutron Holdings, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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NEUTRON HOLDINGS, INC.
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Date: August 4, 2026
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By:
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/s/ Wayne Ting
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Wayne Ting
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Chief Executive Officer
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Exhibit 99.1
Lime Announces Second Quarter 2026 Financial Results
Record Second Quarter Revenue of $304 Million, Up 24% YoY
Average Operational Fleet Grew 22% YoY to 407,707
Provides Strong Third Quarter and Full Year 2026 Guidance
SAN FRANCISCO, August 4, 2026 (GLOBE NEWSWIRE) -- Neutron Holdings, Inc. (“Lime”) (Nasdaq: LIME), the largest global shared micromobility business, today announced financial results for the quarter ended June 30, 2026.
“We are pleased to report record revenue and strong bottom line performance for our first quarter as a public company. The results were fueled by our competitive advantages made possible by our vertically integrated platform, continued investments in both existing and new markets and our initiatives to drive rider engagement,” said Wayne Ting, CEO. “Transportation is undergoing significant transformation, including the growth and adoption of micromobility, and Lime is the largest global shared micromobility business. We believe we’re still in the early stages of capturing this significant opportunity, and the Lime team continues to execute on our mission to build a future where transportation is shared, affordable and carbon-free.”
Second Quarter 2026 Financial and Operational Highlights
•
Revenue increased to $304 million, up 24% year-over-year.
•
Net Income of $295 million was positively impacted by one-time, IPO-related items.
•
Adjusted EBITDA of $84 million, representing a 28% margin.
•
Average Operational Fleet grew to 407,707 vehicles, an increase of 22% year-over-year.
Other Recent Developments Following the Quarter
•
Proceeds from the recent IPO strengthened Lime’s balance sheet through the paydown of all outstanding long-term debt.
•
Acquired Neuron Mobility’s Canadian operations subsequent to quarter end, expanding Lime’s operations in key cities and regions throughout Canada.
1
2026 Outlook
“We expect to deliver another solid quarter of growth and profitability in Q3, and for the full year,” said Ann Gugino, CFO. “We are particularly pleased with the positive unit economics we are seeing in different sized markets globally. Strong execution, robust demand trends and momentum across the business provide confidence in our full year outlook and reinforce our commitment to driving durable, profitable growth and creating long-term shareholder value.”
The Company provided the following guidance for the balance of 2026:
Third Quarter 2026
•
Revenue in the range of $340 million to $360 million.
•
Adjusted EBITDA in the range of $120 million to $130 million.
Full Year 2026
•
Revenue in the range of $1.04 billion to $1.10 billion.
•
Adjusted EBITDA in the range of $265 million to $285 million.
•
Capital expenditures of approximately $180 million to $185 million.
We have not provided the GAAP net income (loss) outlook or a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation, acquisition related expense, and unrealized foreign exchange gains or losses. Accordingly, a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) outlook is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP financial measures in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see “Non-GAAP Financial Measures” below.
Webcast and conference call information
Lime will host a conference call to discuss the results, followed by Q&A, at 5:00 pm Eastern Time today, August 4, 2026. A live audio webcast and earnings release materials can be accessed on Lime’s Investor Relations page at https://investors.li.me/. The archived webcast will be available on our Investor Relations page shortly after the call.
2
About Lime
Lime’s mission is to build a future where transportation is shared, affordable and carbon-free. As the largest global shared micromobility business, Lime partners with cities to deploy e-bikes and e-scooters to serve shorter distance trips with sustainable transport options. Lime has powered more than one billion rides across five continents, spurring a new generation of clean alternatives to car ownership.
Contacts
Investor Relations
Investors@li.me
Media Relations
Press@li.me
Forward Looking Statements
This press release 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 future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “positions,” “seeks” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding our future financial and operating performance, market opportunity, market trends, business strategy and plans, and GAAP and non-GAAP guidance. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in our prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 2, 2026 and in other documents that we file with the SEC from time to time, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 that will be filed following this earnings release. All information provided in this release and in the attachments is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements contained in this press release, which are based on information available to us as of the date hereof. We undertake no obligation to update any forward-looking statements, except as required by law.
3
Key Operating Metrics Definitions
•
Average Operational Fleet: Our operational fleet, defined as the total number of vehicles available on our platform, represents the average number of vehicles available for use for at least one hour per day during a specific period.
•
Revenue per Vehicle per Day (RVD): We define RVD as the average daily revenue generated by each operational vehicle in our fleet. This is calculated by taking the ratio of revenue to average operational fleet and then dividing by the number of days in the period.
•
Monthly Active Users (MAU): We define Monthly Active Users as the total number of unique riders who complete at least one e-scooter or e-bike trip on our platform at least once in a given month, averaged over each month in the measurement period.
Non-GAAP Financial Measures
To supplement our consolidated financial statements prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes.
We use Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow in conjunction with GAAP measures to evaluate our performance, inform our budgeting and capital allocation decisions, and assess the effectiveness of our business strategies. We believe these non-GAAP financial measures provide valuable insights to investors, enhancing their understanding of our historical performance and future potential. They also offer transparency into the metrics our management team utilizes for financial and operational decision-making. By presenting Adjusted Gross Profit, Adjusted EBITDA, and Free Cash Flow we aim to provide investors with a view of our business and financial performance through the lens of management, offering an additional tool for comparing our operational results across multiple periods.
It is important to note that our definitions of these non-GAAP financial measures may differ from similarly titled metrics used by other companies. Furthermore, other companies may not publish these or similar metrics. These metrics also have inherent limitations, as they exclude the impact of certain expenses reflected in our consolidated statements of operations. Therefore, Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow should be considered as supplementary information, and not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
4
Adjusted Gross Profit is defined as gross profit excluding depreciation and amortization. By removing these non-cash expenses, Adjusted Gross Profit can be used to evaluate the unit economic profile of the business, highlighting the profitability of each ride or city before accounting for the long-term allocation of asset costs. This approach helps in assessing the direct operational efficiency and profitability tied to the core activities that drive revenue. Adjusted Gross Margin is calculated by dividing Adjusted Gross Profit for a period by revenue for the same period.
Adjusted EBITDA is a key performance metric we use to assess our core operating performance and operating leverage by excluding items that are non-cash or are not indicative of our ongoing business results. It is calculated by starting with net income (loss) and then adjusted to exclude interest expense, income tax (including a discrete tax benefit resulting from the release of the valuation allowance on the Company's U.S. federal and state deferred tax assets), depreciation and amortization (which includes vehicle depreciation, non-vehicle depreciation, and the amortization of capitalized software and cloud computing arrangements), gain/loss on vehicle disposals, and stock-based compensation. Furthermore, we exclude other expense, net; this category encompasses the change in the fair value of our convertible notes issued in 2021, interest income, other miscellaneous income or expense and all realized and unrealized foreign exchange gains or losses. We also adjusted to exclude costs related to non-recurring IPO and public company readiness efforts and expenses related to acquisitions. By removing these specific financial, non-cash, and non-core operational items, Adjusted EBITDA provides a clearer view of the profitability and cash-generating potential of our fundamental business operations.
Free Cash Flow is defined as net cash provided by operating activities less capital expenditures for vehicle and non-vehicle assets.
A reconciliation is provided at the end of this press release for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP. We encourage investors to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
5
NEUTRON HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)
| As of June 30, 2026 | As of December 31, 2025 | |||||||
|
Assets
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||||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$ | 278,065 | $ | 339,825 | ||||
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Short-term restricted cash
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55,671 | 69,470 | ||||||
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Accounts receivable, net
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27,900 | 8,145 | ||||||
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Deposits
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1,285 | 225 | ||||||
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Prepaid expenses and other current assets
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113,890 | 69,175 | ||||||
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Total current assets
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476,811 | 486,840 | ||||||
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Property and equipment, net
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332,499 | 254,517 | ||||||
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Long-term restricted cash
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5,457 | 6,006 | ||||||
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Operating lease right-of-use assets
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40,029 | 29,952 | ||||||
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Deferred tax assets
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303,289 | 8,623 | ||||||
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Other long-term assets
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17,649 | 8,349 | ||||||
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Total assets
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$ | 1,175,734 | $ | 794,287 | ||||
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Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
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||||||||
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Current liabilities:
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||||||||
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Accounts payable
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$ | 9,304 | $ | 8,211 | ||||
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Accrued liabilities
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106,870 | 82,061 | ||||||
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Accrued compensation
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14,565 | 21,245 | ||||||
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Accrued taxes
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36,203 | 25,559 | ||||||
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Operating lease liabilities, current
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11,508 | 10,783 | ||||||
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Contract liabilities
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5,661 | 6,301 | ||||||
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Term loan, current
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114,622 | 113,866 | ||||||
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2021 Notes, current
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— | 660,324 | ||||||
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Total current liabilities
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298,733 | 928,350 | ||||||
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2020 Notes
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— | 207,885 | ||||||
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Operating lease liabilities, non-current
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30,138 | 20,033 | ||||||
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Other long-term liabilities
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50,659 | 45,372 | ||||||
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Total liabilities
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379,530 | 1,201,640 | ||||||
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Convertible preferred stock, $0.0001 par value, 20,846,055 shares authorized, 6,916,489 shares issued and outstanding as of December 31, 2025 and June 30, 2026 respectively, aggregate liquidation preference of $260,970 as of June 30, 2026
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114,027 | 114,027 | ||||||
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Stockholders’ equity (deficit)
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||||||||
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Common stock, $0.0001 par value, 80,357,143 shares authorized, 10,847,267 and 50,819,969 issued and outstanding as of December 31, 2025 and June 30, 2026, respectively
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5 | 1 | ||||||
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Additional paid-in capital
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1,182,730 | 233,705 | ||||||
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Accumulated other comprehensive income (loss)
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10,525 | (9,910 | ) | |||||
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Accumulated deficit
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(511,083 | ) | (745,176 | ) | ||||
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Total stockholders’ equity (deficit)
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682,177 | (521,380 | ) | |||||
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Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
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$ | 1,175,734 | $ | 794,287 | ||||
6
NEUTRON HOLDINGS, INC.
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 | |||||||||||||
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Revenue
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$ | 304,224 | $ | 246,068 | $ | 474,374 | $ | 375,083 | ||||||||
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Cost of revenue
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175,173 | 136,970 | 300,732 | 237,100 | ||||||||||||
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Gross profit
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$ | 129,051 | $ | 109,098 | $ | 173,642 | $ | 137,983 | ||||||||
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Operating expenses:
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||||||||||||||||
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Selling, general and administrative
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67,260 | 39,921 | 112,265 | 75,835 | ||||||||||||
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Operations and support
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17,738 | 13,604 | 31,129 | 25,445 | ||||||||||||
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Research and development
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31,243 | 14,031 | 46,470 | 26,583 | ||||||||||||
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Total operating expenses
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116,241 | 67,556 | 189,864 | 127,863 | ||||||||||||
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Operating profit (loss)
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12,810 | 41,542 | (16,222 | ) | 10,120 | |||||||||||
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Interest expense
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(3,961 | ) | (5,155 | ) | (9,120 | ) | (10,278 | ) | ||||||||
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Other expense, net
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(11,903 | ) | (12,530 | ) | (37,142 | ) | (29,612 | ) | ||||||||
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(Loss) income before income taxes
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(3,054 | ) | 23,857 | (62,484 | ) | (29,770 | ) | |||||||||
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(Benefit from) provision for income taxes
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(298,433 | ) | 3,352 | (296,577 | ) | 5,689 | ||||||||||
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Net income (loss)
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$ | 295,379 | $ | 20,505 | $ | 234,093 | $ | (35,459 | ) | |||||||
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Net income (loss) per share attributable to common stockholders
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||||||||||||||||
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Basic
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$ | 26.70 | $ | 2.15 | $ | 22.08 | $ | (3.74 | ) | |||||||
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Diluted
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$ | 4.73 | $ | 0.71 | $ | 5.47 | $ | (3.74 | ) | |||||||
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Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted
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||||||||||||||||
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Basic
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11,062,716 | 9,557,137 | 10,599,919 | 9,486,896 | ||||||||||||
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Diluted
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62,881,519 | 31,348,696 | 48,056,431 | 9,486,896 | ||||||||||||
7
NEUTRON HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
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Cash flows from operating activities
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||||||||||||||||
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Net income (loss)
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$ | 295,379 | $ | 20,505 | $ | 234,093 | $ | (35,459 | ) | |||||||
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Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||||||||||
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Depreciation and amortization
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30,017 | 28,501 | 60,357 | 56,854 | ||||||||||||
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Stock-based compensation
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38,079 | 2,969 | 40,721 | 6,121 | ||||||||||||
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Amortization of debt discount and debt issuance costs
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439 | 437 | 878 | 873 | ||||||||||||
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Non-cash interest expense on convertible notes
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1,716 | 1,700 | 3,416 | 3,400 | ||||||||||||
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Unrealized foreign currency gains, net
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(5,566 | ) | (17,823 | ) | (1,474 | ) | (26,823 | ) | ||||||||
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Deferred income taxes
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(294,460 | ) | (384 | ) | (294,878 | ) | (1,335 | ) | ||||||||
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Loss on vehicle asset disposals
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361 | 310 | 542 | 415 | ||||||||||||
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Loss on change in fair value of the 2021 Notes
|
240 | 30,754 | 25,239 | 57,554 | ||||||||||||
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Cumulative loss of instrument-specific credit risk related to settlement of 2021 Notes
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19,868 | - | 19,868 | - | ||||||||||||
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Other, net
|
325 | 847 | 1,011 | 1,815 | ||||||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||||||
|
Accounts receivable, net
|
(14,300 | ) | (6,011 | ) | (18,292 | ) | (12,339 | ) | ||||||||
|
Prepaid expenses and other assets
|
(31,020 | ) | (6,027 | ) | (47,306 | ) | 2,384 | |||||||||
|
Accounts payable
|
3,076 | 1,849 | 985 | (1,031 | ) | |||||||||||
|
Accrued and other liabilities
|
27,439 | 29,640 | 24,131 | 14,223 | ||||||||||||
|
Net cash provided by operating activities
|
71,593 | 87,267 | 49,291 | 66,652 | ||||||||||||
|
Cash flows from investing activities
|
||||||||||||||||
|
Purchases of vehicle assets
|
(70,028 | ) | (31,742 | ) | (122,562 | ) | (80,180 | ) | ||||||||
|
Tariff refund for vehicle assets
|
535 | - | 535 | - | ||||||||||||
|
Purchases of non-vehicle assets
|
(6,234 | ) | (3,254 | ) | (10,589 | ) | (6,355 | ) | ||||||||
|
Net cash used by investing activities
|
(75,727 | ) | (34,996 | ) | (132,616 | ) | (86,535 | ) | ||||||||
|
Cash flows from financing activities
|
||||||||||||||||
|
Proceeds from exercises of stock options and other common stock issuances
|
928 | 829 | 3,989 | 2,741 | ||||||||||||
|
Proceeds from exercises of preferred stock warrants
|
- | 55 | - | 55 | ||||||||||||
|
Proceeds from exercises of common stock warrants
|
183 | - | 391 | - | ||||||||||||
|
Settlement of promissory notes issued in exchange for the early exercise of stock options
|
- | - | 9,100 | - | ||||||||||||
|
Deferred offering costs paid
|
(2,746 | ) | - | (5,585 | ) | |||||||||||
|
Net cash (used by) provided by financing activities
|
(1,635 | ) | 884 | 7,895 | 2,796 | |||||||||||
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
|
1,055 | 8,299 | (678 | ) | 11,050 | |||||||||||
|
Net (decrease) increase in cash and cash equivalents, and restricted cash
|
(4,714 | ) | 61,454 | (76,108 | ) | (6,037 | ) | |||||||||
|
Cash and cash equivalents, and restricted cash, beginning of period
|
343,907 | 232,841 | 415,301 | 300,332 | ||||||||||||
|
Cash and cash equivalents, and restricted cash, end of period
|
$ | 339,193 | $ | 294,295 | $ | 339,193 | $ | 294,295 | ||||||||
8
NEUTRON HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES
(in thousands)
(Unaudited)
Adjusted Gross Profit:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
|
Gross Profit
|
$ | 129,051 | $ | 109,098 | $ | 173,642 | $ | 137,983 | ||||||||
|
Gross Margin (as a percentage of revenue)
|
42.4 | % | 44.3 | % | 36.6 | % | 36.8 | % | ||||||||
|
Add:
|
||||||||||||||||
|
Depreciation and amortization - included in cost of revenue
|
29,035 | 27,586 | 58,466 | 55,066 | ||||||||||||
|
Loss on vehicle asset disposals
|
361 | 310 | 542 | 415 | ||||||||||||
|
Adjusted Gross Profit
|
$ | 158,447 | $ | 136,994 | $ | 232,650 | $ | 193,464 | ||||||||
|
Adjusted Gross Margin (as a percentage of revenue)
|
52.1 | % | 55.7 | % | 49.0 | % | 51.6 | % | ||||||||
Adjusted EBITDA:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
|
Net income (loss)
|
$ | 295,379 | $ | 20,505 | $ | 234,093 | $ | (35,459 | ) | |||||||
|
Adjusted to exclude the following:
|
||||||||||||||||
|
Interest expense
|
3,961 | 5,155 | 9,120 | 10,278 | ||||||||||||
|
Provision for income taxes
(1)
|
(298,433 | ) | 3,352 | (296,577 | ) | 5,689 | ||||||||||
|
Depreciation and amortization
(2)
|
30,383 | 29,353 | 61,319 | 58,671 | ||||||||||||
|
Stock-based compensation
|
38,079 | 2,969 | 40,721 | 6,121 | ||||||||||||
|
Other expense, net
|
11,903 | 12,530 | 37,142 | 29,612 | ||||||||||||
|
Loss on vehicle asset disposals
|
361 | 310 | 542 | 415 | ||||||||||||
|
IPO and public company readiness costs
|
2,163 | 2,005 | 4,917 | 2,987 | ||||||||||||
|
Acquisition related expenses
|
401 | - | 401 | - | ||||||||||||
|
Adjusted EBITDA
|
$ | 84,197 | $ | 76,179 | $ | 91,678 | $ | 78,314 | ||||||||
Note: 1 Includes a discrete tax benefit resulting from the release of the valuation allowance on the Company's U.S. federal and state deferred tax assets. 2 Includes amortization related to cloud computing arrangements.
Free Cash Flow:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
|
Net cash provided by operating activities
|
$ | 71,593 | $ | 87,267 | $ | 49,291 | $ | 66,652 | ||||||||
|
Capital expenditures
|
(75,727 | ) | (34,996 | ) | (132,616 | ) | (86,535 | ) | ||||||||
|
Free cash flow
|
$ | (4,134 | ) | $ | 52,271 | $ | (83,325 | ) | $ | (19,883 | ) | |||||
9