Already a subscriber?Share bike and scooter operator Lime has revealed Australia is one of its most profitable markets as other so-called micromobility companies go broke or strike mergers to stay afloat., failed. One of the industry’s pioneers, Bird, began operating here in late 2022, went on to buy rival Spin in September 2023, and declared bankruptcy in December. And Tier, a European share bike operator, merged with Dott.
“I think these mergers or even liquidations of companies in our industry doesn’t help us which is why we need to continue to focus relentlessly on proving that we’re a company that’s going to last a very long time,” Mr Burt-Morris said. and counts the transport giant as an investor. The share bikes can also be booked on Uber’s platform, which contributes a “single digit” percentage of all Lime trips, Mr Burt-Morris said.Lime’s global gross bookings – a measure of revenue that does not include key costs such as maintaining the bike fleet – hit $US616 million in 2023, up 32 per cent. It claims to be profitable at the earnings level.
“Our software is already made, our hardware is already developed. We’re not increasing the fixed costs, so profitability grows at a much faster pace. And I think we’re going to continue see that play out for a couple of years.”He added: “We’re doing everything we can to ensure that we are ready internally, and then we’re just going to wait to see when is the right macro environment to consider an IPO. Much of this is outside of our control.