TechCrunch Mobility: Lime’s IPO gamble

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After years of hints and preparation, the Uber-backed electrical motorcycle and scooter rental startup Lime filed for an initial nationalist offering. A micromobility institution going public? In 2026? Surely it’s the incorrect year. 

Lime CEO Wayne Ting has been talking astir an IPO for years. TechCrunch spoke to him astir it successful 2020, 2021, and 2023. It ne'er materialized and I benignant of forgot astir it, until — roar — the S-1 doc, the registration connection filed with the U.S. Securities and Exchange Commission, posted aboriginal Friday morning. 

There are immoderate absorbing hazard factors successful the S-1, though we inactive are waiting for Lime to stock presumption of the offering.

Revenue is climbing, it has affirmative escaped currency flow, and nett losses narrowed aft 2023, though determination has been a flimsy uptick betwixt 2024 and 2025. Uber, which invested successful Lime respective years ago, inactive plays an important relation for the company. Lime said astir 14.3% of its gross came done its concern with Uber, which allows customers to find and rent scooters and e-bikes done its app.

All of this suggests Lime is simply a maturation institution headed toward profitability. But determination is 1 important headwind. Lime has astir $1 cardinal successful existent liabilities, and astir $675.8 cardinal of that is owed by the extremity of 2026. In all, astir $846 cardinal is owed wrong 12 months. Lime does not person capable liquidity to wage that, according to its filing. Lime states it plainly successful the S-1: If it can’t spell nationalist and rise the indispensable capital, oregon alteration its indebtedness agreements, it whitethorn not beryllium capable to proceed operating arsenic a business.

Senior newsman Sean O’Kane, who likes digging done an S-1 arsenic overmuch arsenic I do, spotted immoderate different tidbits successful the hazard factors. Investment by cities successful their nationalist roadworthy infrastructure is simply a hazard factor, according to the company. Lime specifically lists potholes, which made maine chuckle and past motion successful agreement. Potholes are not benignant to shared scooters. 

Lime besides warned that a important information of rides are concentrated successful a comparatively tiny fig of markets successful which it operates. One specified market, which accounted for 22.2% of its gross successful 2025, is the U.K. 

A small bird

Image Credits:Bryce Durbin

Last summer, Uber announced a program to motorboat a premium robotaxi service utilizing Lucid Gravity vehicles equipped with Nuro’s autonomous conveyance technology. This is much than a collaboration. Uber said it would put $300 cardinal successful Lucid and would separately bargain “at least” 20,000 of the EV maker’s caller Gravity SUV implicit the adjacent six years. Uber precocious raised its concern successful Lucid to $500 million and pushed the conveyance bid to 35,000. 

The details astir Uber’s concern successful Nuro, a privately held startup based successful Silicon Valley, person been slim — until now. At the time, we lone knew that Uber invested an undisclosed “multi-hundred-million-dollar” magnitude into Nuro. One small vertebrate has shared much details. 

Uber’s full fiscal committedness to Nuro, which includes its information successful the startup’s Series E circular past twelvemonth and aboriginal milestone-based investments, is astir $500 million, per a root acquainted with the deal. 

My educated conjecture is that Nuro conscionable unlocked 1 of those milestones. The institution is investigating the Lucid vehicles successful autonomous mode with a quality information relation successful the driver’s seat. And past period it expanded investigating to let Uber employees to petition an autonomous thrust successful a Lucid robotaxi with a quality information relation inactive connected board. But the institution conscionable received 2 captious permits — a driverless investigating permit from the Department of Motor Vehicles and a licence from the California Public Utilities Commission.

Got a extremity for us? Email Kirsten Korosec astatine kirsten.korosec@techcrunch.com oregon my Signal astatine kkorosec.07, oregon email Sean O’Kane astatine sean.okane@techcrunch.com.

Deals!

Image Credits:Bryce Durbin

Kodiak AI’s first-quarter net offers a lawsuit survey for however challenging it is to commercialize frontier tech. The institution announced a fig of deals that showed progress. It locked successful a commercialized declaration with Roehl; launched a aviator programme to trial Kodiak-equipped autonomous trucks astatine West Fraser Timber Co.’s log-hauling operations successful Alberta, Canada; and announced a collaboration with the subject conveyance shaper General Dynamics Land Systems to make autonomous crushed vehicles for defence applications.

But investors were not blessed with the presumption of its $100 cardinal superior raise. The institution sold shares astatine $6.50 each — a steep discount from its closing stock terms of $9.10. The rise besides included warrants — instruments that springiness investors the close to bargain further shares aboriginal astatine a acceptable price, successful this lawsuit arsenic debased arsenic $6.

The financing came from existing backer Ares Management and respective unnamed organization investors.

Kodiak’s banal terms fell 37% successful after-hours trading moments aft the financing and Q1 net were released. Shares person recovered a spot since, possibly arsenic shareholders digested the quality and looked astatine it from a glass-half-full perspective.

Kodiak volition apt request much superior arsenic it continues to pain currency arsenic it pushes toward its large goal: driverless trucking operations connected nationalist highways.

Other deals that got my attraction this week …

Moment Energy, a startup that’s developed a caller attack to repurposing EV batteries, raised a $40 cardinal Series B backing round led by Canadian VC steadfast Evok Innovations, with further backing from market retailer money W23, joining existing investors similar Amazon’s Climate Pledge Fund and In-Q-Tel, the CIA-funded VC firm.

Rocsys, a startup that has developed hands-free depot solutions for autonomous electrical vehicles, raised $13 million successful an extended Series A circular led by Capricorn Partners, with information from Scania Invest, Forward.One, SEB Greentech Venture Capital, and Graduate Venture.

Notable reads and different tidbits

Image Credits:Bryce Durbin

Aurora has started hauling loads successful driverless trucks successful Texas for organisation elephantine McLane. The commercialized declaration shows immoderate advancement by the self-driving trucks company. Disclaimer: These driverless trucks inactive person quality observers successful the cab, and the institution tells america they cannot run the vehicle. 

Lucid’s first-quarter net revealed a institution inactive feeling the effects of a supplier contented earlier this twelvemonth that caused it to callback its Gravity SUV and intermission deliveries. The company, which is besides going done a enactment transition, changed its guidance and said it was nary longer definite how galore EVs it volition physique oregon merchantability this year. 

In 2024, the National Highway Traffic Safety Administration updated the New Car Assessment Program and added 4 caller pass-fail tests to measure the performance of precocious assistance systems, starting successful 2026. And we’re yet seeing the results. The later-release 2026 Tesla Model Y is the archetypal conveyance to conscionable the agency’s caller benchmark.

Ouster is launching a caller lineup of color lidar sensors that CEO Angus Pacala believes volition regenerate cameras.

EV startup Slate has mislaid a notable committee member. The caput of Jeff Bezos’ household bureau left the board, according to galore authorities filings reviewed by TechCrunch.

Volkswagen is present Rivian’s largest shareholder, pushing Amazon retired of the apical spot.

One much happening …

Well, possibly 2 more. 

Senior newsman Rebecca Bellan interviewed Aurora laminitis and CEO Chris Urmson precocious for the Equity podcast. Listen to the occurrence here. 

And, finally, we had a canvass past week! Here was what I posed to readers: “The California DMV issued caller rules for AVs. Self-driving trucks tin present trial and deploy successful the state. Reporting, information collection, and operations requirements person been expanded and instrumentality enforcement tin contented postulation violations. These rules: spell excessively far, deed the mark, oregon aren’t restrictive enough.” 

About 41% picked “hit the mark,” portion 27.6% said the rules spell excessively far, and 31% said they aren’t restrictive enough.

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