Neutron Holdings Inc. (LIME) Q2'26 Review Core Growth Algorithm on Display Against Continued Investments

Equity Research 5 August 2026 | 12:03AM EDT

Neutron Holdings Inc. (LIME) Q2’26 Review: Core Growth Algorithm on Display Against Continued Investments

LIME 12m Price Target: $40.00 Price: $31.08 Upside: 28.7% BUY Eric Sheridan In its inaugural public company earnings report, Neutron Holdings | Goldman Sachs & Co. LLC (LIME) mgmt framed a few key themes: 1) broad-based strong Julia Fein-Ashley demand trends driven by fleet expansion, rider engagement, and | Goldman Sachs & Co. LLC growth in existing markets; 2) encouraging early traction from LimePrime, with mgmt. noting that the nascent subscription Emma Huang | Goldman Sachs & Co. LLC product already represents a double-digit percentage of users; 3) a willingness to accept near-term margin pressure in exchange for longer-term subscriber growth, market share gains, and rider Key Data _____________________________________ Market cap: $2.0bn lifetime value expansion as the company continues to invest in Enterprise value: $1.4bn 3m ADTV: NA growth initiatives; & 4) a continued focus on market expansion, United States including newer large markets and the acquisition of Neuron’s Americas Internet M&A Rank: 3 Canadian operations (which mgmt characterized as a high return GS Forecast __________________________________ opportunity). 12/25 12/26E 12/27E 12/28E Revenue ($ mn) New 886.7 1,071.1 1,233.2 1,417.4

In our recent initiation (link), we framed Neutron Holdings (LIME) as Revenue ($ mn) Old 886.7 1,042.4 1,197.1 1,376.1 EBITDA ($ mn) being positively levered to several long term secular tailwinds, EBIT ($ mn)

including continued adoption of micromobility as an urban EPS ($) New EPS ($) Old ( transportation option, increasing utilization density in existing P/E (X) NM 6.7 22.1 17.3 Dividend yield (%) -- -- -- -- markets, and growing consumer adoption of subscription-based Net debt/EBITDA (X) 2.6 (1.9) (2.0) (2.1) mobility products. We continue to view LIME as being positively 6/26 9/26E 12/26E 3/27E levered toward these debates & believe that the company is in the EPS ($) ) early innings of expanding its core offerings (LimePrime) and scaling GS Factor Profile ______________________________ market density (both in existing and new large markets) - which we Growth

expect to remain key growth factors in the coming years. Near-term, Financial Returns we expect investor debates to remain focused on the trajectory of Multiple gross margins as investment spending continues through peak season, the cadence and trajectory of LimePrime adoption Integrated

(especially across a full seasonal cycle), and ride volume density Percentile 20th 40th 60th 80th 100th amidst expansion into newer markets. LIME relative to Americas Coverage

We maintain our Buy rating, adjust our 12-month PT from $39 to LIME relative to Americas Internet

$40 and update our forward operating estimates for this earnings Source: Company data, Goldman Sachs Research estimates. See disclosures for details. report and mgmt’s updated forward commentary.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Neutron Holdings Inc. (LIME)

Neutron Holdings Inc. (LIME) Balance Sheet ($ mn) _______________________________________ BUY Rating since Jul 26, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets ,009.1 P/E (X) NM 6.7 22.1 17.3 Net PP&E EV/EBITDA (X) -- 6.0 4.5 3.3 Net intangibles -- -- -- -- EV/sales (X) -- 1.6 1.3 1.0 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) NM 4.7 7.4 9.0 Other long-term assets EV/DACF (X) NM 6.9 4.9 3.7 Total assets 794.3 1,290.0 1,454.9 1,656.7…