While Uber has spent the better part of 2017 embroiled in scandal—an executive exodus, allegations of a workplace culture rife with sexual harassment, and a lawsuit threatening to undermine its self-driving-technology ambitions—its much smaller rival, Lyft, is taking every opportunity to catch up. Earlier this month, Lyft raised $500 million, bringing its valuation up to $7.5 billion (Uber, meanwhile, has seen its own valuation on secondary markets tumble to $50 billion). It’s also planning a massive U.S. expansion, has bragged about being a more “woke” company than Uber (an amusing claim from a company whose investors include Trump pals Carl Icahn and Peter Thiel), and donated to the A.C.L.U. in January at the height of the #DeleteUber campaign.

Now, it looks as though Lyft is financially capitalizing on Uber’s very public missteps, too. According to Lyft funding documents reviewed by Bloomberg, ridership and bookings grew in the first quarter. The company is still losing money—a projected $130 million in the first quarter of 2017, according to the documents, which were prepared before the quarter ended—but that number is down from the $150 million Lyft lost in the last quarter of 2016.

It’s not clear whether the lopsided duopoly is sustainable. Both Uber and Lyft are in the undesirable position of having to spend hundreds of millions of dollars to gain and maintain market share over the competition, giving out discounts to passengers and bonuses to keep drivers hooked. Lyft’s monthly active passengers grew to 4.8 million in February 2017—125 percent more than the year before—while its monthly rides in February hit 22.8 million, a 137 percnet increase from February 2016. Still, Lyft trails Uber: based on its gross bookings number, or how much money its drivers collect minus tips and tolls, Lyft’s annual revenue run rate for 2017 is $43.2 billion. As Bloomberg notes, “Uber booked more than six times that amount in about 75 countries last year.” And while Uber lost about $2.8 billion in 2016, its gross bookings also surged 28 percent and revenue was up 74 percent at the end of the year over the previous three quarters.

Still, the new financials are a sign that Lyft is gaining some ground in a space once considered Uber’s to lose. There’s no sign Uber will concede to Lyft any time soon—or, indeed, ever. But recent events have proved that Uber is not invincible: last year in China, where Uber was burning through $1 billion a year to keep up with native ride-hailing service Didi Chuxing, the company eventually waved a white flag, merged with Didi, and created a new entity worth $35 billion. It was a major concession by Uber C.E.O. Travis Kalanick that Uber’s attempt to win market share in the People’s Republic had come up short. On Wednesday, Bloomberg reported Didi Chuxing is close to closing a $5 billion deal that would make it the most valuable start-up in China.