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Lime rd st Q2 2026 Supplemental Information August 2026
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 2 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 This presentation contains forward -looking statements within the meaning of the Securities Act of 1933 , as amended, the Securities Exchange Act of 1934 , as amended, and the Private Securities Litigation Reform Act of 1995 . Forward -looking statements generally relate to future events or our future financial or operating performance . In some cases, you can identify forward -looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “positions,” “seeks” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions . Forward -looking statements in this presentation include, but are not limited to, statements regarding our future financial and operating performance, market opportunity, market trends, business strategy and plans, and GAAP and non -GAAP guidance . Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described under the caption “Risk Factors” and elsewhere in our prospectus filed with the Securities and Exchange Commission pursuant to Rule 424 (b) under the Securities Act of 1933 , as amended, on July 2, 2026 and in other documents that we file with the SEC from time to time, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 . Any forward -looking statements contained herein are based on assumptions that we believe to be reasonable as of this date . Undue reliance should not be placed on the forward -looking statements contained in this presentation, which are based on information available to us as of the date hereof . We undertake no obligation to update any forward -looking statements, except as required by law . Forward-Looking Statements
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 3 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 This presentation includes certain non -GAAP financial measures, including Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow . We use Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow in conjunction with GAAP measures to evaluate our performance, inform our budgeting and capital allocation decisions, and assess the effectiveness of our business strategies . We believe these non -GAAP financial measures provide valuable insights to investors, enhancing their understanding of our historical performance and future potential . They also offer transparency into the metrics our management team utilizes for financial and operational decision -making . By presenting Adjusted Gross Profit, Adjusted EBITDA, and Free Cash Flow we aim to provide investors with a view of our business and financial performance through the lens of management, offering an additional tool for comparing our operational results across multiple periods . It is important to note that our definitions of these non -GAAP financial measures may differ from similarly titled metrics used by other companies . Furthermore, other companies may not publish these or similar metrics . These metrics also have inherent limitations, as they exclude the impact of certain expenses reflected in our consolidated statements of operations . Therefore, Adjusted Gross Profit, Adjusted EBITDA and Free Cash Flow should be considered as supplementary information, and not as substitutes for, or in isolation from, measures prepared in accordance with GAAP . Adjusted Gross Profit is defined as gross profit excluding depreciation and amortization . By removing these non -cash expenses, Adjusted Gross Profit can be used to evaluate the unit economic profile of the business, highlighting the profitability of each ride or city before accounting for the long -term allocation of asset costs . This approach helps in assessing the direct operational efficiency and profitability tied to the core activities that drive revenue . Adjusted Gross Margin is calculated by dividing Adjusted Gross Profit for a period by revenue for the same period . Adjusted EBITDA is a key performance metric we use to assess our core operating performance and operating leverage by excluding items that are non -cash or are not indicative of our ongoing business results . It is calculated by starting with net income (loss) and then adjusted to exclude interest expense, income tax (including a discrete tax benefit resulting from the release of the valuation allowance on the Company's U.S. federal and state deferred tax assets), depreciation and amortization (which includes vehicle depreciation, non -vehicle depreciation, and the amortization of capitalized software and cloud computing arrangements), gain/loss on vehicle disposals, and stock -based compensation . Furthermore, we exclude other expense, net ; this category encompasses the change in the fair value of our convertible notes issued in 2021 , interest income, other miscellaneous income or expense and all realized and unrealized foreign exchange gains or losses . We also adjusted to exclude costs related to non -recurring IPO and public company readiness efforts and expenses related to acquisitions . By removing these specific financial, non -cash, and non -core operational items, Adjusted EBITDA provides a clearer view of the profitability and cash -generating potential of our fundamental business operations . Free Cash Flow is defined as net cash provided by operating activities less capital expenditures for vehicle and non -vehicle assets . A reconciliation is provided at the end of this presentation for each historical non -GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP . We encourage investors to review the related U.S. GAAP financial measures and the reconciliation of these non -GAAP financial measures to their most directly comparable U.S. GAAP financial measures, and not to rely on any single financial measure to evaluate our business . Non-GAAP Financial Measures
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 4 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 5 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Note: 1 A "city" may refer to a metropolitan area that may be a city or could include regions outside of city limits or in defined ar eas of operation within a metropolitan area. 2 LTM for a metric means the metric is presented for the twelve months ending June 30, 2026. 3 Rule of 40 calculated based on LTM revenue growth percentage + LTM Adjusted EBITDA margin. 4 Refers to Monthly Active Users, defined as the total number of unique riders who complete at least one e - scooter or e-bike trip on our platform at least once in a given month, averaged over each month in the measurement period. 5 Adjusted EBITDA and Free Cash Flow are non -GAAP metrics. See Appendix for a reconciliation of Adjusted EBITDA and Free Cash Flow to the most comparable GAAP financial measure. Lime at-a-glance Global platform with growth and scale $986m Revenue2 26% YoY revenue2 growth 40+ Rule of 402,3 ~230 Global operating cities1 (on an LTM basis) (on an LTM basis) (on an LTM basis)(as of June 30, 2026) 22% YoY MAU4 growth (in Q2 2026) 5.0m MAU4 (in Q2 2026) $231m Adjusted EBITDA2,5 (on an LTM basis) $40m FCF2,5 (on an LTM basis)
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 6 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 ~230 Existing Cities2 @ 30% Penetration ~230 Existing Cities2 @ 15% Penetration Existing + Identified Expansion Opportunities2 @ 30% Penetration Existing + Identified Expansion Opportunities @ 100% Penetration1 $6bn $12bn $22bn $70bnAcross all of our markets, industry penetration is only 15% In our most mature markets, the industry has achieved rider penetration levels of 30-40% of the addressable population Sources: Estimates based on Euromonitor (as of 8/29/2025) and SensorTower MAU data (2024). 1 Assumes full adoption by people in our addressable population within each city. 2 Note: As used in this presentation, a “city” may refer to a metropolitan area that may be a city or could include regions out side of city limits or in defined areas of operation within a metropolitan area How we model the opportunity TAM SAM We believe we are in the early stages of a global opportunity Sources: Estimates based on Euromonitor (as of 8/29/2025) and SensorTower MAU data (2025), as further supplemented by the Company’s internal assumptions and estimates. Note: Our addressable populatio n consists of all adults between the ages of 18-45 with income greater than $55,000 per year. 1 Assumes full penetration for people in our addressable population within each city. 2 As used in this presentation, a “city” may refer to a metropolitan area that may be a city or could include regions outside of city limits or in defined areas of operation within a metropolitan area.
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 7 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Local network effects Economies of scale Utilization / adoption Better unit economics Reliability Density Data Investment in R&D More vehicles More riders Data Lime’s platform creates and supports a durable network effect
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 8 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Note: 1 Average operational fleet represents the average number of vehicles available for use for at least one hour per day during a specific period. 2 RVD is calculated by dividing the ratio of revenue to average operational fleet by the number of days in the period. 3 MAU is defined as the total number of unique riders who complete at least one e -scooter or e-bike trip on our platform at least once in a given month, averaged over each mon th in the measurement period. 4 See Appendix for a reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Free Cash Flow Margin to th e most comparable GAAP financial measure. Free Cash Flow4 ($mm) Revenue ($mm) Monthly active users (MAU)3 (mm) Average operational fleet1 Revenue per vehicle per day (RVD)2 ($) Adjusted EBITDA4 ($mm) 20% 18% 119% 54% 42% 32% 29% 19% 21% 9% 10% We have multiple levers in our business to drive continued scale and growth % Margin 19% 22% 25% 0.2% 7% 12% 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 $1 $47 $104 $218 $153 $100 $887 $687 $522 3.8 3.1 2.6 $7.47 $6.80 $6.23229,405 275,983 325,137
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 9 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Note: 1 Average operational fleet represents the average number of vehicles available for use for at least one hour per day during a specific period. 2 RVD is calculated by dividing the ratio of revenue to average operational fleet by the number of days in the period. 3 MAU is defined as the total number of unique riders who complete at least one e -scooter or e-bike trip on our platform at least once in a given month, averaged over each mon th in the measurement period. 4 See Appendix for a reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Free Cash Flow Margin to th e most comparable GAAP financial measure. 5 Free cash flow is presented on a last twelve months (LTM) ending June 30, 2026 basis. Free Cash Flow4,5 ($mm) (LTM) Revenue ($mm) Monthly active users (MAU)3 (mm) Average operational fleet1 Revenue per vehicle per day (RVD)2 ($) Adjusted EBITDA4 ($mm) 333,827 407,707 Q2 2025 Q2 2026 22% $8.10 $8.20 Q2 2025 Q2 2026 4.1 5.0 Q2 2025 Q2 2026 $246 $304 Q2 2025 Q2 2026 $76 $84 Q2 2025 Q2 2026 $80 $40 Q2 2025 Q2 2026 11% 24%22% …and those drivers continued to contribute to growth in 2Q 2026 31% 28% 10% 4% % Margin
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 10 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Note: 1 Average operational fleet represents the average number of vehicles available for use for at least one hour per day during a specific period. 2 See Appendix for a reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure.. CapEx as % of revenue ~15% ~18% ~13% Disciplined annual capital expenditures… Proven and attractive unit economics …driving adj. EBITDA2 growthcombined with growth in our average operational fleet1… 206 288 266 334324 408 Q1 Q2 2024 2025 2026 2023 2024 2025 $80 $122 $111 $0 $54 $2 $76 $7 $84 Q1 Q2 2024 2025 2026 (in thousands) (in millions)(in millions except percentages) Total CapEx
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 11 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 In Q2'26, during the FIFA World Cup, Lime provided support for users and city-partners while delivering record engagement DRAFT In Atlanta alone, monthly active users increased ~67% year-over- year during the month of June 2026 Served 11 of the 16 FIFA World Cup host cities in North America Launched Fan Pass for users in all FIFA World Cup host- cities where Lime operates
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 12 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Following Q2'26, Lime expanded across Canada, scaling existing markets and entering major new regions through a strategic acquisition Scaling Our Canadian Footprint… Builds on momentum in Edmonton, an established market The acquisition of Neuron Canada marks Lime’s return to Calgary, Canada’s 3rd largest city Launched in Ottawa, extending Lime’s reach into Canada’s 4th largest city Note: 1 A "city" may refer to a metropolitan area that may be a city or could include regions outside of city limits or in defined ar eas of operation within a metropolitan area. 12 New cities1 across Canada
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 13 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 14 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 $5.34 $6.91 $5.40 $8.10 $5.83 $8.20 Q1 Q2 2024 2025 2026 2.1 3.3 2.6 4.1 3.1 5.0 Q1 Q2 2024 2025 2026 Growth across key revenue drivers in 2Q 2026 $100 $181 $129 $246 $170 $304 Q1 Q2 2024 2025 2026 1 Average operational fleet represents the average number of vehicles available for use for at least one hour per day during a s pecific period. 2 RVD is calculated by dividing the ratio of revenue to average operational fleet by the number of days in the period. 3 MAU is defined as the total number of unique riders who complete at least one e -scooter or e-bike trip on our platform at least once in a given month, averaged over each month in the measurement period. Revenue (in millions) Average Operational Fleet1 (in thousands) RVD2 MAU3 (in millions) +24% 206 288266 334324 408 Q1 Q2 2024 2025 2026 +22% +1% +22%
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 15 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 $0 $54 $2 $76 $7 $84 Q1 Q2 2024 2025 2026 $48 $104 $56 $137 $74 $158 Q1 Q2 2024 2025 2026 Growth across key revenue drivers in 2Q 2026 1 See Appendix for a reconciliation of Adjusted EBITDA, Free Cash Flow, and Free Cash Flow Margin to the most comparable GAAP f inancial measure. Adjusted Gross Profit1 (in millions) Adjusted EBITDA1 (in millions) CapEx (in millions) Free Cash Flow1 (in millions) +16% +11% +116% -108% $44 $39 $52 $35 $57 $76 Q1 Q2 2024 2025 2026 ($57) $4 ($72) $52 ($79) ($4) Q1 Q2 2024 2025 2026
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 16 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Business Overview & Highlights Financial & Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 17 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 As of June 30, 2026 As of December 31, 2025 Assets Current assets: Cash and cash equivalents $278,065 $ 339,825 Short-term restricted cash 55,671 69,470 Accounts receivable, net 27,900 8,145 Deposits 1,285 225 Prepaid expenses and other current assets 113,890 69,175 Total current assets 476,811 486,840 Property and equipment, net 332,499 254,517 Long-term restricted cash 5,457 6,006 Operating lease right-of-use assets 40,029 29,952 Deferred tax assets 303,289 8,623 Other long-term assets 17,649 8,349 Total assets $ 1,175,734 $ 794,287 Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable $ 9,304 $ 8,211 Accrued liabilities 106,870 82,061 Accrued compensation 14,565 21,245 Accrued taxes 36,203 25,559 Operating lease liabilities, current 11,508 10,783 Contract liabilities 5,661 6,301 Term loan, current 114,622 113,866 2021 Notes, current — 660,324 Total current liabilities 298,733 928,350 2020 Notes — 207,885 Operating lease liabilities, non-current 30,138 20,033 Other long-term liabilities 50,659 45,372 Total liabilities 379,530 1,201,640 Convertible preferred stock, $0.0001 par value, 20,846,055 shares authorized, 6,916,489 shares issued and outstanding as of J une 30, 2026 and December 31, 2025, respectively, aggregate liquidation preference of $260,970 as of June 30, 2026 114,027 114,027 Stockholders’ equity (deficit) Common stock, $0.0001 par value, 80,357,143 shares authorized, 50,819,969 and 10,847,267 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 5 1 Additional paid-in capital 1,182,730 233,705 Accumulated other comprehensive income (loss) 10,525 (9,910) Accumulated deficit (511,083) (745,176) Total stockholders’ equity (deficit) 682,177 (521,380) Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $1,175,734 $794,287 Consolidated Balance Sheet (in thousands) (Unaudited)
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 18 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 304,224 $ 246,068 $ 474,374 $ 375,083 Cost of revenue 175,173 136,970 300,732 237,100 Gross profit 129,051 109,098 173,642 137,983 Operating expenses: Selling, general and administrative 67,260 39,921 112,265 75,835 Operations and support 17,738 13,604 31,129 25,445 Research and development 31,243 14,031 46,470 26,583 Total operating expenses 116,241 67,556 189,864 127,863 Operating profit (loss) 12,810 41,542 (16,222) 10,120 Interest expense (3,961) (5,155) (9,120) (10,278) Other expense, net (11,903) (12,530) (37,142) (29,612) (Loss) income before income taxes (3,054) 23,857 (62,484) (29,770) (Benefit from) provision for income taxes (298,433) 3,352 (296,577) 5,689 Net income (loss) $ 295,379 $ 20,505 $ 234,093 $ (35,459) Net income (loss) per share attributable to common stockholders Basic $26.70 $2.15 $22.08 $(3.74) Diluted $4.73 $0.71 $5.47 $(3.74) Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted Basic 11,062,716 9,557,137 10,599,919 9,486,896 Diluted 62,881,519 31,348,696 48,056,431 9,486,896 Consolidated Statements of Operations (in thousands, except share and per share amounts) (Unaudited)
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 19 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cash flows from operating activities Net income (loss) $ 295,379 $ 20,505 $ 234,093 $ (35,459) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 30,017 28,501 60,357 56,854 Stock-based compensation 38,079 2,969 40,721 6,121 Amortization of debt discount and debt issuance costs 439 437 878 873 Non-cash interest expense on convertible notes 1,716 1,700 3,416 3,400 Unrealized foreign currency (gains) losses, net (5,566) (17,823) (1,474) (26,823) Deferred income taxes (294,460) (384) (294,878) (1,335) Loss on vehicle asset disposals 361 310 542 415 Loss on change in fair value of the 2021 Notes 240 30,754 25,239 57,554 Cumulative loss of instrument-specific credit risk related to settlement of 2021 Notes 19,868 — 19,868 — Other, net 325 847 1,011 1,815 Changes in operating assets and liabilities: Accounts receivable, net (14,300) (6,011) (18,292) (12,339) Prepaid expenses and other assets (31,020) (6,027) (47,306) 2,384 Accounts payable 3,076 1,849 985 (1,031) Accrued and other liabilities 27,439 29,640 24,131 14,223 Net cash provided by operating activities 71,593 87,267 49,291 66,652 Cash flows from investing activities Purchases of vehicle assets (70,028) (31,742) (122,562) (80,180) Tariff refund for vehicle assets 535 — 535 — Purchases of non-vehicle assets (6,234) (3,254) (10,589) (6,355) Net cash used by investing activities (75,727) (34,996) (132,616) (86,535) Cash flows from financing activities Proceeds from exercises of stock options and other common stock issuances 928 829 3,989 2,741 Proceeds from exercises of preferred stock warrants — 55 — 55 Proceeds from exercises of common stock warrants 183 — 391 — Settlement of promissory notes issued in exchange for the early exercise of stock options — — 9,100 — Deferred offering costs paid (2,746) — (5,585) — Net cash (used by) provided by financing activities (1,635) 884 7,895 2,796 Effect of exchange rate changes on cash and cash equivalents, and restricted cash 1,055 8,299 (678) 11,050 Net (decrease) increase in cash and cash equivalents, and restricted cash (4,714) 61,454 (76,108) (6,037) Cash and cash equivalents, and restricted cash, beginning of period 343,907 232,841 415,301 300,332 Cash and cash equivalents, and restricted cash, end of period $ 339,193 $ 294,295 $ 339,193 $ 294,295 Consolidated Statements of Cash Flows (in thousands) (Unaudited)
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 21 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Three Months Ended, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Gross Profit $ 129,051 $ 44,591 $ 64,847 $ 142,617 $ 109,098 Gross Margin (as a percentage of revenue) 42.4% 26.2% 30.9% 47.3% 44.3% Add: Depreciation and amortization - included in cost of revenue 29,035 29,431 34,931 31,086 27,586 Loss on vehicle asset disposals 361 181 64 143 310 Adjusted Gross Profit $ 158,447 $ 74,203 $ 99,842 $ 173,846 $ 136,994 Adjusted Gross Margin (as a percentage of revenue) 52.1% 43.6% 47.5% 57.6% 55.7% Reconciliation of non-GAAP metrics (in thousands except percentages)(Unaudited)
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 22 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Three Months Ended, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income (loss) $ 295,379 $ (61,286) $ (54,750) $ 30,900 $ 20,505 Adjusted to exclude the following: Interest expense 3,961 5,159 5,161 5,187 5,155 Provision for income taxes1 (298,433) 1,856 2,734 1,656 3,352 Depreciation and amortization2 30,383 30,936 36,666 32,828 29,353 Stock-based compensation 38,079 2,642 2,404 2,673 2,969 Other expense, net 11,903 25,239 38,233 31,160 12,530 Loss on vehicle asset disposals 361 181 64 143 310 IPO and public company readiness costs 2,163 2,754 2,614 2,139 2,005 Acquisition related expenses 401 — — — — Adjusted EBITDA $ 84,197 $ 7,481 $ 33,126 $ 106,686 $ 76,179 Reconciliation of non-GAAP metrics (cont’d) Note: 1 Includes a discrete tax benefit resulting from the release of the valuation allowance on the Company's U.S. federal and state deferred tax assets. 2 Includes amortization related to cloud computing arrangements. (in thousands) (Unaudited)
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Secondary Chart Colours Page Setup Width: 33.867 cm Height: 19.05 cm [Set up info] 207 225 250 160 195 245 112 164 240 23 Body Text Background Primary Eight Chart Colours 0 0 0 255 255 255 0 221 0 212 248 212 0 171 78 153 242 153 233 238 24 148 148 148 248 250 180 238 238 238 Message Box, Table Highlight 157 163 173 Heading Boxes 223 225 229 6 24 53 Three Months Ended, June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net cash provided by operating activities $ 71,593 $ (22,302) $ 35,712 $ 112,477 $ 87,267 Capital expenditures (75,727) (56,889) (10,816) (13,702) (34,996) Free cash flow $ (4,134) $ (79,191) $ 24,896 $ 98,775 $ 52,271 Reconciliation of non-GAAP metrics (cont’d) (in thousands) (Unaudited)