 Lyft reported a 10.5% YoY increase in Active riders to 24.2mn, and a 12.7% YoY increase in Gross Bookings to $4,162mn in the first quarter of the year, which is typically a seasonally low period for the company. The platform facilitated 218mn rides, up 16.4% YoY. Adjusted EBITDA rose to $107mn, making an 80% YoY increase. Lyft stated that commute rides, the company’s primary segment, remains strong and are expected to continue growing in 2025, with more bike and scooter rides anticipated during the summer. Revenue per active rider increased 2.8% YoY, resulting in total revenue of $1,450mn, up 13.5% in 1Q25. However, due to seasonal effects, this represents a 6.5% decline compared to Q4 2024. The cost of revenue rose 14.2% YoY to $862.9 million, while Sales and Marketing (S&M) expenses increased 25.1% to $182 million. The operating loss amounted to 2% of revenue in Q1 2025, an improvement from 4.9% in Q1 2024, but down from an operating profit of 1.8% in the previous quarter. Stock-based compensation increased 16.3% YoY to $93.2 million. Net income reached $2.6 million, compared to a net loss of $31.5 million a year earlier. The number of shares outstanding rose 4.4% YoY. Free cash flow improved to $280.7 million, up from $127.1 million in Q1 2024. In 2025, the company launched new products for both drivers and riders. For drivers, the Earnings Assistant provides personalized planning and real-time guidance. For riders, Lyft Silver, a new service targeting older adults, offers live human support, easier vehicle access, and the ability to share ride details with trusted contacts. Lyft’s BoD increased the share buyback program to $750mn, with $500mn planned to be spent in the next 12 months.  Lyft is expanding its business into new markets. The acquisition of FreeNow, valued at EUR175mn and expected to close in 2H25, marks Lyft’s entry into the European market. FreeNow operates in over 150 cities, including major hubs such as London, Paris, and Berlin. This move increases Lyft's total addressable market (TAM) from 161 billion personal vehicle (PV) rides annually to an additional 150 billion PV rides within FreeNow’s coverage, significantly expanding its global footprint. According to Lyft, the combined company will be active across multiple segments of the autonomous vehicle (AV) value chain, including asset ownership and financing, fleet management, mobility platforms and marketplaces, and rider demand and experience. The AV value chain also involves Lyft’s strategic partners, including self-driving technology providers and vehicle manufacturers.  In 2Q25, Lyft forecasts Gross Bookings between $4.41bn and $4.57bn, up 10-14% YoY. The company expects Adjusted EBITDA in the range of $115-130mn, with 2.6-2.8% of Adjusted EBITDA margin relative to Gross Bookings. Lyft stated that prices remain low, but demand appears strong. However, the termination of Lyft’s partnership with Delta, effective April 7, 2025, is expected to negatively impact rides and gross bookings by 1–2 percentage points starting in Q2 2025. Lyft continues to focus on cost control, particularly in insurance-related expenses, and has also reduced its stock-based compensation. We maintain our projections and our 12-month DCF-based target price at $21.3 and keep unchanged our Buy rating for the stock. Our figures do not incorporate FreeNow deal.