The micromobility industry does not exactly have a great reputation among investors. The sector burned billions of dollars during its first growth wave, competition was brutal, scooters were treated as disposable assets, and several once-promising companies ultimately collapsed. Bird, once valued at more than $2 billion, became the poster child for everything that went wrong.

That history may explain why the recent IPO of Neutron Holdings $LIME ( ▼ 2.73% ), the company behind Lime’s electric bikes and scooters, received relatively little attention. But Lime today looks surprisingly different from the micromobility companies investors remember.

The company has spent years improving vehicle durability, building its own hardware and software stack, increasing utilization and establishing scale that smaller competitors struggled to achieve. More importantly, its first earnings report as a public company provided further evidence that the model is working. ⁠

Lime might therefore be one of the more interesting recent IPOs because expectations surrounding the company remain relatively low. That also probably explains the stock’s strong early performance. Let’s take a closer look.