Neutron Holdings (LIME) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 20% YoY to $360.6m; trailing 12-month revenue exceeded $1bn for the first time.

• Net income was $43.7m and Adjusted EBITDA was $118.4m, with Adjusted EBITDA margin down to 32.8% from 35.4%.

• Average operational fleet grew 26% to 447,184 vehicles; RVD was $8.77, down 4.8% YoY amid European competition and newer-market expansion.

Financial highlights

• Q3 revenue was $360.6m versus $301.6m YoY; gross profit was $161.0m versus $142.6m.

• Adjusted Gross Profit was $195.1m, up 12% YoY; Adjusted EBITDA was $118.4m, up 11%.

• Q3 net income was $43.7m versus $30.9m; operating income declined to $64.5m from $68.9m.

• Q3 Free Cash Flow was $90.6m versus $98.8m YoY; operating cash flow was $114.6m and CapEx was $24.0m.

• Nine-month net income was $277.8m versus a $4.6m loss, including a $289.1m discrete tax benefit.

Outlook and guidance

• Q4 revenue guidance is $240m–$250m; Adjusted EBITDA guidance is $43m–$45m, or ~18% margin at the midpoint.

• FY2026 revenue guidance was reiterated at $1.04bn–$1.10bn; Adjusted EBITDA guidance is $253m–$255m.

• FY2026 CapEx guidance is $172m–$177m; meaningful Free Cash Flow generation is expected to continue.

• European competitive pressure is expected through year-end; Q4 investment will increase in fleet management, reliability, compliance and technology.

• GAAP net income outlook and an Adjusted EBITDA reconciliation were not provided because of uncertainty in reconciling items.