Lime went public in July at a valuation of about $1.7 billion, after recovering from a 95% pandemic-era revenue decline. CEO Wayne Ting says longer-lasting vehicles, improving unit economics and revenue growth have helped the shared scooter and bike operator distinguish itself from bankrupt rival Bird. He also draws a parallel between the company’s turnaround and his own recovery from a serious stroke and brain surgery: both, he says, depend on steady progress.
Ting speaks publicly about stroke recovery
At a technology industry event, Ting told interviewer Katie Roof that while he was in hospital last year, he struggled to find examples of CEOs speaking openly about recovering from a stroke. He hopes his experience can make him a resource for others seeking help or advice.
Ting said Silicon Valley culture often prizes toughness and intensity, leaving managers reluctant to show vulnerability or acknowledge that they are human. He described his approach to recovery as improving by “1%” each day, a mindset he also applies to Lime’s efforts to strengthen its business.
Longer-lasting vehicles and growth in San Francisco
Lime once had to replace its entire fleet every month. Ting said redesigned scooters and bikes can now remain in service for more than five years, extending vehicle life and improving the economics of fleet operations.
Shared micromobility takes time to gain adoption, he said. In San Francisco, one of Lime’s more established markets, the company is still recording 100% year-over-year growth. The figure points to room for expansion even in mature cities, though sustained performance will depend on fleet operations and continued customer demand.
Lime’s revenue fell 95% during the pandemic. The company has since adjusted its business in a competitive micromobility market, where it has faced rivals including Bird. Ting previously served as Uber’s chief of staff. Reflecting on cultural changes after Dara Khosrowshahi became Uber CEO, Ting said he had pushed the company to put greater emphasis on operating sustainably.
Uber stake and Bird bankruptcy draw investor scrutiny
Uber owns about a quarter of Lime and lets users book Lime scooters through its app. The partnership gives Lime access to a major platform and has helped it remain one of the few scaled operators to emerge from the scooter wars of the 2010s.
Lime raised about $167 million in its IPO. Its shares rose at one point in late summer before falling back toward the company’s listing valuation of roughly $1.7 billion. The move underscores that post-IPO pricing has not been one-way, as investors weigh Lime’s growth against its operating results.
Bird once attracted more attention from capital markets than Lime, but filed for bankruptcy in late 2023. Ting said investors repeatedly asked about Bird during Lime’s IPO roadshow. He believes Lime’s scale, improving unit economics and financial growth have helped convince Wall Street that the company may avoid a similar outcome.
Ting also questioned the idea of doing whatever it takes to win. Short-term gains achieved through improper practices, he said, eventually come with consequences. For Lime, the test after listing is whether it can keep vehicles in service longer, continue improving unit economics and sustain growth amid competition.