Neutron Holdings, Inc. Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Okay. All right. I think with that, in the interest of time, we're going to start with our next fireside chat. It's my pleasure to welcome the team from Lime to their first Communacopia + Technology Conference after their IPO earlier this year. Wayne, Ann, thanks for agreeing to come and have a conversation with me, and welcome to the conference.

Thank you for having us.

This is great, yeah. Okay, so before we get in, I'm going to dust off my legal degree and read the safe harbor.

Before we begin, I'd like to remind everyone that today's discussion may contain forward-looking statements, and I refer you to the company's most recent 10-Q and other SEC filings for more information about risk factors that may cause actual results to differ materially from those statements. Okay. Wayne, let me start with you. To level set for investors who are newer to the story, because you did just go public recently, why don't you walk through what the Lime story is today and the evolution that the company has been on over the last couple of years?

Sure. Lime is the world's leading micromobility operator. So think about e-bikes, e-scooter. We're the only globally scaled player in our industry. We operate in 230 plus cities, 29 countries on five continents. And what differentiates our business versus other operators, and if you're following our industry a little bit, you'll know that there's been a lot of bankrupt competitors, is that we're the only vertically integrated operator in our industry. We're vertically integrated in hardware and software and operations and government relations. And we're at least three times bigger than our nearest competitor, and that matters because we are in a network effects business, similar to rideshare and food delivery, where scale begets scale. The reason why all these industries are scale beget scale is that reliability matters across all three.

If you think about food delivery, people want to be on the platform with the most number of restaurants, and restaurants want to be on the platform with the most number of eaters. In rideshare, drivers want to be on the platform where the riders are, and riders want to be on the platform where the drivers are. If you are the most reliable operator, you end up winning a disproportionate share of the revenue. The great thing is, Lime is the reliability leader in almost every market where we operate. We win a disproportionate share, and that is what's sustaining our leadership position to date. When I think about the future, we're only in the beginning innings of this industry. In fact, Lime's been around for eight years. We've largely created the micromobility industry.

What I'm excited about is that there's still so much growth ahead of us simply executing our core strategy. Frankly, there's nobody else even close. At this point, given the importance of scale, I can't imagine how they're going to catch up in a world where scale matters and proprietary investments in technology really matters.

That was really helpful. Thanks, Wayne. Maybe just taking a half step back, frame for us the market opportunity you see. You've got your geographies, you've got your products. Just for those who are less familiar, talk a little bit about what you see as the framing of the market opportunity in the years ahead.

I can take that. Okay.

Yeah, no, that's all right. We've spent a large part as we are prepping for the IPO, a long amount of time really thinking about the market opportunity, and we built it up city by city based on where we know the unit economics can be. We have a very thoughtful approach. We also looked at our addressable population. About 80% of our revenue comes from adults that are between the ages of 18 to 45, so we skew younger, that make at least $55,000 a year. With that framing, we built our SAM up, our serviceable addressable market up, bottoms up, and we see a market opportunity of $20 billion based on the markets we plan to operate in just the next five years. The great thing about our market is it's continuing to grow because adoption is increasing every year.

What's really driving the micromobility market, there's a ton of tailwinds at our back. Think about congestion, which is getting worse every year. Oftentimes, the fastest lane is the bike lane. We skew younger, as we mentioned, the ages 18 to 45. That demographic is choosing not to get their driver's license or waiting longer and doesn't want to own a car. Then, of course, there's the carbon reduction mandates that are out there for many cities. If you look at the cities that we operate into today and you look at our addressable population and the adoption rate, on average, the adoption rate of our addressable population using micromobility is only about 15%. But in our most mature cities, we see adoption rates of closer to 30% to 40%.

We can double the size of our business in our existing cities in the 230 plus markets we're in today just by driving adoption rate up. We see adoption rate improving even in our largest, most mature cities. For example, London, which is our largest market, we continued to see adoption grow last year. That is because of the reliability factor that Wayne talked about, but also just time in market with a new technology drives adoption. In addition to growth in our existing markets, the other big piece of our SAM is new cities, and we can double the number of cities that we're in today. We have line of sight, as I mentioned, of those cities. We built them bottoms up based on where we know the unit economics can work.

All that to say, I am very bullish and have a ton of confidence in our outlook, and you don't need to believe anything heroic to believe that we can deliver durable growth. We just have to keep replicating the playbook that we've developed in the 230 cities that we're already in.

Maybe sticking with that and going down to the product level. Obviously, you guys play in both the bikes and the scooters landscape. Talk a little bit about the distribution and SKU of those products, and how they resonate with consumers, and how they build towards the growth algorithm for the company.