Lime has been raising and spending tons of cash amid an electric scooter land grab, but finding a path to profits has become critical.
The company has grown rapidly over the past year, hitting more than 100 million rides in September, and has since launched in 120 markets around the world.Bird and Lime scooters sit parked in front of a building on April 17, 2018 in San Francisco, California.Electric scooter start-up Lime has raised a ton of money since launching in 2017 as part of a massive land grab in the fast-growing market.
Lime is aiming to be "EBIT positive" by 2020 as it looks to build a more sustainable business, a company spokesperson told CNBC. That means it will have earnings before accounting for interest expenses and some taxes. The spokesperson said that profitability is a top priority and that the company is in a strong position to achieve that goal.first reported on Lime's plans on Tuesday as part of a broader focus on profitability in Silicon Valley.
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