Neutron Holdings Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue increased to $361 million for the quarter ended September 30, 2026, a 20% year-over-year increase.
• Net income was $44 million, up 41% year-over-year, representing a 12% net margin.
• Adjusted EBITDA was $118 million, representing a 33% margin.
• Trailing twelve-month revenue exceeded $1 billion for the first time in company history.
• Average operational fleet grew to 447,184 vehicles, a 26% year-over-year increase.
• Cash and cash equivalents were $417.7 million as of September 30, 2026, compared to $339.8 million as of December 31, 2025.
• Total assets were $1.26 billion as of September 30, 2026, compared to $794.3 million as of December 31, 2025.
• Total liabilities decreased to $273.2 million as of September 30, 2026, from $1.20 billion as of December 31, 2025.
• Stockholders' equity turned positive to $988.3 million as of September 30, 2026, compared to a deficit of $521.4 million as of December 31, 2025.
• Free cash flow for the quarter was $90.6 million, down from $98.8 million in the prior year period.
• Capital expenditures for the nine months ended September 30, 2026, were $156.6 million.

Guidance and Future Outlook:

• Fourth Quarter 2026 revenue is guided to be between $240 million and $250 million.
• Fourth Quarter 2026 Adjusted EBITDA is guided to be between $43 million and $45 million.
• Full Year 2026 revenue is guided to be between $1.04 billion and $1.1 billion.
• Full Year 2026 Adjusted EBITDA is guided to be between $253 million and $255 million.
• Full Year 2026 capital expenditures are guided to be approximately $172 million to $177 million.
• Management indicated that targeted market investments and LimePrime growth may temporarily affect near-term margins but aim to secure local market leadership.
• The company plans to continue investing in long-term growth opportunities like LimePrime and market expansion while maintaining unit economics discipline.
• No GAAP net income outlook or reconciliation of Adjusted EBITDA to GAAP net income is provided due to uncertainty regarding reconciling items such as stock-based compensation, acquisition expenses, and foreign exchange gains/losses.

Business Segments and Product Lines:

• LimePrime subscription service continues to scale rapidly, driving rider loyalty and engagement.
• The average LimePrime rider takes 8 times as many trips as the average Pay-As-You-Go rider.
• Early trends show the average LimePrime rider generates two times the adjusted gross profit per rider compared to non-subscription riders.
• The 2025 Carbon Inventory Report highlighted an 81% decrease in total emission intensity in 2025 alongside a 250% increase in total miles traveled compared to 2019.

Market and Competitive Landscape:

• Lime is identified as the largest global shared micromobility business.
• The company has powered more than one billion rides across five continents.
• Management prioritizes long-term value and local market leadership over short-term metrics.

Risks and Challenges:

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from projections, as detailed in the company's SEC filings.
• Reconciling items such as stock-based compensation, acquisition-related expenses, and unrealized foreign exchange gains or losses could have a significant effect on future GAAP results.
• The company notes that actual results may differ from forward-looking statements regarding future financial performance, market opportunity, and business strategy.

Management Commentary and Tone:

• CEO Wayne Ting described Q3 as a "landmark quarter" and emphasized a focus on durable growth, robust unit economics, and strong free cash flow.
• CFO Ann Gugino stated momentum remains strong, positioning the company for solid growth and profitability in Q4 despite strategic investments.
• Management expressed confidence in the outlook and commitment to driving durable, profitable growth and creating long-term shareholder value.
• The tone reflects a strategic shift toward prioritizing long-term value and market leadership, acknowledging temporary margin impacts from growth investments.

Other Key Points:

• The company completed an IPO, generating $155.3 million in proceeds net of underwriting commissions during the nine months ended September 30, 2026.
• The company repaid $115 million in principal on term loans during the nine months ended September 30, 2026.
• Convertible preferred stock was fully redeemed or converted, with 0 shares outstanding as of September 30, 2026, compared to 6.9 million shares as of December 31, 2025.
• The company paid $9.2 million in taxes related to the net share settlement of equity awards during the nine months ended September 30, 2026.
• Deferred tax assets increased significantly to $293.1 million as of September 30, 2026, from $8.6 million as of December 31, 2025, largely due to a discrete tax benefit from the release of valuation allowances.
• The company holds a 2021 convertible note liability that was previously classified as current but is no longer listed as a current liability as of September 30, 2026.
• A conference call and webcast were held on November 3, 2026, to discuss results.