Lime, a company that provides shared electric scooters, has released new financial figures showing positive growth. In the first half of this year, Lime reported gross bookings of $250 million, a 45% increase compared to the same period last year. The company also achieved adjusted profitability, with $27 million in earnings before interest, taxes, depreciation, and amortization (EBITDA). Lime’s CEO, Wayne Ting, believes this is a significant achievement in an industry that has struggled to be profitable. Lime has not disclosed all of its metrics, but it is confident in its performance and expects another record year. The company aims to be cash flow positive, meaning it will have more money coming in than going out, which would allow it to sustain and grow its fleet without relying on venture capital funding. While Lime has faced challenges due to COVID-19 and recent bans in certain cities, Ting remains optimistic about Lime’s future. The company is even considering an initial public offering (IPO) to bring in new investors. Ting acknowledges that the timing of an IPO depends on the success of other tech IPOs, but Lime is well-positioned for it. Ting believes Lime’s focus on building its own scooters sets it apart from competitors and contributes to its improved financial performance. Ultimately, Lime aims to run a sustainable business in the shared micromobility industry.
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