LiveWire Group (NYSE: LVWR) lifts Q2 2026 revenue 55% but remains in loss
Rhea-AI Filing Summary
LiveWire Group, Inc. reported second quarter 2026 results highlighted by strong top-line growth but continued losses. Consolidated revenue reached $9.1 million, up 55% from $5.9 million a year earlier, on an 11% increase in total units to 5,490. Electric Motorcycle volume rose to 267 units from 55 (up 386%), lifting segment revenue to $3.6 million, while STACYC revenue grew 9% to $5.5 million with a 7% unit increase.
The company remained unprofitable, posting a net loss of $18.2 million versus $18.8 million in the prior-year quarter, and Adjusted EBITDA of ($15.1) million versus ($15.7) million. Year-to-date through June 30, 2026, net cash used by operating activities improved to ($26.4) million, and free cash flow improved 19% to ($27.7) million. LiveWire reported a 76% U.S. market share in the 50+ kilowatt on-road EV segment, commenced production of its new S4 Honcho platform, and completed the acquisition of Dust Motorcycles to expand into electric off-road products. Full-year 2026 financial guidance was reiterated.
Positive
- Consolidated revenue grew 55% year-over-year in Q2 2026 to $9.1 million, driven by a 386% increase in electric motorcycle units and 9% revenue growth in the STACYC segment.
- Free cash flow improved 19% year-to-date to ($27.7) million, and LiveWire reported a strong 76% U.S. market share in the 50+ kilowatt on-road electric motorcycle segment.
Negative
- Net loss remained substantial at $18.2 million in Q2 2026, and year-to-date net cash used by operating activities was ($26.4) million, indicating ongoing significant cash burn.
- Total shareholders’ equity declined to $11,921 thousand as of June 30, 2026 from $46,028 thousand at December 31, 2025, while long-term related-party term loan debt rose to $76,818 thousand.
Filing Explained
The filing records a $100 thousand common-stock ATM sale, creating dilution mechanics, while June 30 cash was $52,869 thousand.
Form 8-K reports specified material events; this filing furnishes LiveWire Group’s second-quarter results for the period ended
An at-the-market program allows an issuer to sell new shares gradually into the open market at prevailing prices rather than through one single priced deal. The filing does not provide the number of shares sold or the sale price, so the resulting ownership effect cannot be sized from this disclosure.
At
The ATM program line item is the specific follow-up for sizing: later filings showing shares sold and prices would establish the ownership effect more precisely.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Consolidated revenue Q2 2026: $9.1 million
Net loss Q2 2026: $18.2 million
Adjusted EBITDA Q2 2026: ($15.1) million
+5 more
8 metrics
Consolidated revenue Q2 2026
$9.1 million
Second quarter 2026 vs $5.9 million in 2025, up 55%
Net loss Q2 2026
$18.2 million
Second quarter 2026 vs $18.8 million net loss in prior-year quarter
Adjusted EBITDA Q2 2026
($15.1) million
Second quarter 2026 vs ($15.7) million in Q2 2025
Net cash used by operating activities YTD 2026
($26.4) million
Year-to-date through June 30, 2026 vs ($32.4) million in 2025
Free Cash Flow YTD 2026
($27.7) million
Year-to-date through June 30, 2026 vs ($34.4) million in 2025, 19% improvement
Electric Motorcycle units Q2 2026
267 units
Second quarter 2026 vs 55 units in 2025, up 386%
U.S. 50+ kW on-road EV market share
76%
Year-to-date through June 30, 2026 in U.S. electric motorcycle segment
Total shareholders’ equity
$11,921 thousand
As of June 30, 2026 vs $46,028 thousand at December 31, 2025
Key Terms
Adjusted EBITDA, Free Cash Flow, At-The-Market program, warrant liabilities, +2 more
6 terms
Adjusted EBITDA financial
"We define <b>Adjusted EBITDA</b> as LiveWire Group Inc. net loss excluding interest expense..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free Cash Flow financial
"We define <b>free cash flow</b> as net cash used by operating activities, excluding cash paid for ATM..."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
At-The-Market program financial
"cash paid for costs related to the Company’s <b>At-The-Market ("ATM") program</b> which results in financing..."
An at-the-market program is a way for a company to sell new shares of its stock gradually over time directly into the stock market, rather than all at once. This approach allows the company to raise money as needed while giving investors the opportunity to buy shares at current market prices. It helps manage the timing and price of new stock offerings, providing flexibility for both the company and investors.
warrant liabilities financial
"Change in fair value of <b>warrant liabilities</b> | 911 | | (905) | | 1,294 | | —"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
non-GAAP financial measures financial
"we review financial measures that are not calculated and presented in accordance with GAAP (<b>“non-GAAP financial measures”</b>)"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Consolidated revenue: $9.1 million · Guidance included
Three months ended June 30, 2026
Consolidated revenue
$9.1 million
up 55% from $5.9 million in Q2 2025
Net loss
$18.2 million
vs $18.8 million net loss in Q2 2025
Adjusted EBITDA
($15.1) million
vs ($15.7) million in Q2 2025
Free Cash Flow year-to-date
($27.7) million
19% improvement vs ($34.4) million year-to-date 2025
Guidance
Full-year 2026 financial guidance was reiterated.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did LiveWire Group (LVWR) perform financially in Q2 2026?
LiveWire’s Q2 2026 consolidated revenue was $9.1 million, up 55% from $5.9 million a year earlier. The company still reported a net loss of $18.2 million, slightly better than the $18.8 million loss in Q2 2025.
What were LiveWire Group (LVWR)’s segment results for STACYC and Electric Motorcycles?
In Q2 2026, STACYC revenue reached $5.5 million on 5,223 units, up 9% and 7%, respectively. Electric Motorcycle revenue rose to $3.6 million on 267 units, a 333% revenue increase and 386% unit growth, with segment operating loss flat at ($18.0) million.
What is LiveWire Group (LVWR)’s cash flow and liquidity position year-to-date 2026?
For the six months ended June 30, 2026, net cash used by operating activities was ($26.4) million, versus ($32.4) million in 2025. Free cash flow improved to ($27.7) million, a 19% improvement. Cash and equivalents stood at $52,869 thousand at period end.
What strategic milestones did LiveWire Group (LVWR) report in Q2 2026?
LiveWire commenced production of its S4 Honcho platform, with initial units expected at retailers later in the summer. It also completed the acquisition of Dust Motorcycles, supporting expansion into the electric off-road category and the company’s long-term product roadmap.
What non-GAAP metrics did LiveWire Group (LVWR) highlight for Q2 2026?
LiveWire reported Q2 2026 Adjusted EBITDA of ($15.1) million, modestly better than ($15.7) million a year earlier. Year-to-date free cash flow was ($27.7) million, compared with ($34.4) million in 2025, reflecting improved operating cash usage and lower capital expenditures.
Did LiveWire Group (LVWR) change its 2026 financial guidance?
The company reiterated its full-year 2026 guidance, indicating no change to its previously communicated financial outlook. Management also noted ongoing execution of its strategic growth plan and provided an outlook update during a Harley-Davidson webcast focused on LiveWire’s reportable segment.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(650 ) 447-8424
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. | ||||
On July 23, 2026, LiveWire Group, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s second quarter results for the financial period ended June 30, 2026. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:
| Exhibit No. | Description | ||||
| 99.1 | Press Release of LiveWire Group, Inc. dated July 23, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LiveWire Group, Inc. | ||||||||||||||||||||
Date: July 23, 2026 | /s/ Jennifer Hoover | |||||||||||||||||||
| Jennifer Hoover | ||||||||||||||||||||
| Head Accounting Officer | ||||||||||||||||||||
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FOR IMMEDIATE RELEASE
LiveWire Group, Inc. Reports 2026 Second Quarter Financial Results
MILWAUKEE (July 23, 2026) – LiveWire Group, Inc. (“LiveWire” or the “Company”) (NYSE: LVWR) today reported second quarter 2026 results.
“The second quarter marked an important step forward in the execution of our strategic growth plan. We successfully commenced production of our all-new S4 Honcho platform, expanding LiveWire’s portfolio into a highly accessible segment of the electric motorcycle market which we believe lays the foundation for future growth. At the same time, we closed the acquisition of Dust Motorcycles, which we expect will accelerate our expansion into the rapidly growing electric off-road category and strengthen our long-term product roadmap. Operationally, we delivered meaningful improvements in our financial performance, increasing consolidated revenue by 55% in the second quarter of 2026 compared to same period prior year and improving year-to-date free cash flow by 19% over 2025 through continued focus on commercial execution and disciplined cost management,” said Karim Donnez, CEO, LiveWire.
Second Quarter and Year-to-Date through June 30, 2026 Highlights and Financial Results
•Consolidated revenue increased 55% in the second quarter of 2026 compared to same period prior year driven by increased unit sales in both the Electric Motorcycle and STACYC segments.
•Reduced net cash used by operating activities year-to-date through June 30, 2026 by 18%, driving a 19% improvement in year-to-date free cash flow as compared to the same period 2025.
•Year-to-date through June 30, 2026 market share of 76% in the U.S. electric motorcycle 50+ kilowatt on-road EV segment1.
•Commenced production of the S4 Honcho™ with the first units expected to arrive at authorized LiveWire retail locations later this summer.
•Completed the acquisition of Dust Motorcycles, Inc. (“Dust”) in May 2026 and continued to advance the platform toward production.
Total Company Highlights
| $ in millions* | 2nd quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Consolidated Revenue Units | 5,490 | 4,927 | 11% | ||||||||
| Consolidated Revenue | $9.1 | $5.9 | 55% | ||||||||
| Consolidated Operating Loss | ($18.0) | ($18.3) | 1% | ||||||||
| Net Loss | ($18.2) | ($18.8) | 3% | ||||||||
| Adjusted EBITDA** | ($15.1) | ($15.7) | 4% | ||||||||
| $ in millions* | Year-to-date through June 30, 2026 | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Net cash used by operating activities | ($26.4) | ($32.4) | 18% | ||||||||
| Free Cash Flow** | ($27.7) | ($34.4) | 19% | ||||||||
*Amounts may not add or recalculate due to rounding.
**Definition of Adjusted EBITDA and Free Cash Flow and reconciliations to the comparable GAAP metrics are at the end of this release.
1Source: U.S. EV Street Legal Market Share for June from Motorcycle Industry Council (MIC).
The Company’s consolidated net loss was $18.2 million for the second quarter 2026 as compared to $18.8 million in the same period prior year driven by the segment results noted below and an increase of $1.8 million of non-operating income related to the change in fair value of the outstanding warrants as of June 30, 2026, primarily offset by an increase of $1.5 million in related party interest expense as compared to prior year.
Adjusted EBITDA was $15.1 million for the second quarter 2026 as compared to $15.7 million in the same period prior year driven by the segment results noted below and excluding expenses related to the Company’s At-The-Market program and acquisition costs related to Dust in the current year.
LiveWire Group, Inc. is comprised of two business segments:
•STACYC – focused on the sale of electric balance bikes for kids, electric bikes, and related products
•Electric Motorcycles – focused on the sale of electric motorcycles and related products
STACYC
| $ in millions* | 2nd quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Electric Balance Bike and Electric Bike Units | 5,223 | 4,872 | 7% | ||||||||
| Revenue | $5.5 | $5.0 | 9% | ||||||||
| Operating Income (Loss) | $— | ($0.3) | 110% | ||||||||
*Amounts may not add or recalculate due to rounding.
STACYC unit sales increased by 7% compared to the prior year same quarter, resulting in an increase to revenue of $0.5 million. Operating loss improved by $0.3 million in the second quarter of 2026 compared to 2025 primarily due to increased gross profit resulting from recoveries on previously paid tariffs of $0.5 million.
Electric Motorcycles
| $ in millions* | 2nd quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Motorcycle Units | 267 | 55 | 386% | ||||||||
| Revenue | $3.6 | $0.8 | 333% | ||||||||
| Operating Loss | ($18.0) | ($18.0) | —% | ||||||||
*Amounts may not add or recalculate due to rounding.
Electric Motorcycle unit sales increased by 386% compared to the prior year same quarter, resulting in an increase to revenue of $2.8 million. Operating loss was flat compared to the prior year, reflecting a decrease in selling, administrative and engineering expense of $1.0 million, offset by an increase in cost of goods sold primarily from net realizable value adjustments on the purchase of S2 inventory during the quarter as compared to the same quarter in the prior year.
Financial guidance
For the full year 2026, the Company reiterates its full-year guidance.
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Webcast
Harley-Davidson, Inc. management will discuss the results of its LiveWire reportable segment during an audio webcast from 8-9 a.m. CT where discussion will be limited to its LiveWire reportable segment’s financial results and outlook updates. Harley-Davidson’s LiveWire reportable segment results as determined in accordance with U.S. GAAP may differ from LiveWire Group, Inc. results on a standalone basis.
About LiveWire
LiveWire has a dedicated focus on the electric motorcycle sector. LiveWire’s majority shareholder is Harley-Davidson, Inc. LiveWire comes from the lineage of Harley-Davidson and is capitalizing on a decade of its learnings in the EV sector. With a dedicated focus on EV, LiveWire plans to develop the technology of the future and to invest in the capabilities needed to lead the transformation of motorcycling. www.livewire.com
Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Words or phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “is on track,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “remain committed,” “should,” “target,” “will” and “would,” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the risks, uncertainties and assumptions described in prior public filings titled “Risk Factors.” These forward-looking statements are subject to numerous risks, including, without limitation, the following: our history of losses and expectation to incur significant expenses and continuing losses for the foreseeable future; Harley-Davidson, Inc. (“H-D”) making decisions for its overall benefit that could negatively impact our overall business; our relationship with H-D and its impact on our other business relationships; our ability to obtain funding for our operations, access to capital markets and manage costs; our future capital requirements and sources and uses of cash; our limited operating history, the Company’s business, expansion plans and opportunities, including its expansion into the off-road electric motorcycle market, its ability to successfully integrate the Dust Motorcycles acquisition, and its ability to develop, commercialize and grow Dust-branded and related off-road electric motorcycle products and product lines, as well as the Company’s ability to scale its operations and manage its future growth effectively; potential delays in the design, manufacture, financing, regulatory approval, launch and delivery of our electric vehicles; our financial and business performance, including financial projections and business metrics and any underlying assumptions thereunder; changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans, including our ability to effectively execute the Company’s relocation and streamlined headcount plan within expected costs and time and our ability to realize the expected savings on an ongoing annual basis; our ability to manage and predict the impact of global trade issues and changes in and uncertainties with respect to trade and export regulations, trade policies and sanctions, tariffs, international trade disputes, particularly those relating to China and Taiwan, may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; retail partners being unwilling to participate in our go-to-market business model or their inability to establish or maintain relationships with customers for our electric vehicles; our ability to attract and retain a large number of customers; challenges we face as a pioneer into the highly competitive and rapidly evolving electric vehicle industry; our operational and financial risks if we fail to effectively and appropriately separate the LiveWire business from the H-D business; our ability to leverage contract manufacturers, including H-D and Kwang Yang Motor Co., Ltd., a Taiwanese company (“KYMCO”), to contract manufacture our electric vehicles; building out our supply chain, including our dependency on our existing suppliers and our ability to source suppliers, in each case many of
3
which are single-sourced or limited-source suppliers, for our critical components such as batteries and semiconductor chips; geopolitical events and related actions that may occur between mainland China and Taiwan; increased geopolitical volatility and conflicts, such as in the Middle East, our ability to rely on third party and public charging networks; our ability to attract and retain key personnel; our business, expansion plans and opportunities, including our ability to scale our operations and manage our future growth effectively; the effects on our future business of competition, the pace and depth of electric vehicle adoption generally and our ability to achieve planned competitive advantages with respect to our electric vehicles and products, including with respect to reliability, safety and efficiency; our business and H-D’s business overlapping and being perceived as competitors; our inability to maintain a strong relationship with H-D or to resolve favorably any disputes that may arise between us and H-D; our dependency on H-D for a number of services, including services relating to quality and safety testing. If those service arrangements terminate, it may require significant investment for us to build our own safety and testing facilities, or we may be required to obtain such services from another third-party at increased costs; any decision by us to electrify H-D products, or the products of any other company; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; potential harm caused by misappropriation of our data and compromises in cybersecurity; changes in laws, regulatory requirements, governmental incentives and fuel and energy prices; the impact of health epidemics on our business, the other risks we face and the actions we may take in response thereto; litigation, regulatory proceedings, complaints, product liability claims and/or adverse publicity; and the possibility that we may be adversely affected by other economic, business and/or competitive factors. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. Some of these risks and uncertainties may in the future be amplified by new risk factors and uncertainties that may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this earnings release completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
Media Contact: Jenni Coats (414) 343-7902
Financial Contact: Shawn Collins (414) 343-8002
###
4
LiveWire Group, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three months ended | Six months ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Revenue, net | $ | 9,115 | $ | 5,873 | $ | 14,230 | $ | 8,616 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of goods sold | 9,161 | 5,324 | 14,813 | 10,235 | |||||||||||||||||||
| Selling, administrative and engineering expense | 17,968 | 18,813 | 35,103 | 37,311 | |||||||||||||||||||
| Total operating costs and expenses | 27,129 | 24,137 | 49,916 | 47,546 | |||||||||||||||||||
| Operating loss | (18,014) | (18,264) | (35,686) | (38,930) | |||||||||||||||||||
| Interest expense, related party | (1,454) | — | (2,871) | — | |||||||||||||||||||
| Interest income (expense), net | 420 | 333 | 1,023 | 837 | |||||||||||||||||||
| Change in fair value of warrant liabilities | 911 | (905) | 1,294 | — | |||||||||||||||||||
| Loss before income taxes | (18,137) | (18,836) | (36,240) | (38,093) | |||||||||||||||||||
| Income tax provision (benefit) | 76 | (10) | 101 | 4 | |||||||||||||||||||
| Net loss | $ | (18,213) | $ | (18,826) | $ | (36,341) | $ | (38,097) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.09) | $ | (0.09) | $ | (0.18) | $ | (0.19) | |||||||||||||||
| Weighted-average shares, basic and diluted | 205,041 | 203,589 | 204,768 | 203,535 | |||||||||||||||||||
5
LiveWire Group, Inc.
Consolidated Balance Sheets
(In thousands)
| (Unaudited) | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 52,869 | $ | 82,777 | |||||||
| Accounts receivable, net | 4,807 | 3,383 | |||||||||
| Accounts receivable from related party | 206 | 585 | |||||||||
| Inventories, net | 13,621 | 15,255 | |||||||||
| Other current assets | 4,200 | 2,887 | |||||||||
| Total current assets | 75,703 | 104,887 | |||||||||
| Property, plant and equipment, net | 25,478 | 27,556 | |||||||||
| Goodwill | 8,619 | 8,327 | |||||||||
| Deferred tax assets | 5 | 6 | |||||||||
| Lease assets | 632 | 823 | |||||||||
| Intangible assets, net | 4,025 | 804 | |||||||||
| Other long-term assets | 3,481 | 4,008 | |||||||||
| Total assets | $ | 117,943 | $ | 146,411 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,215 | $ | 2,299 | |||||||
| Accounts payable to related party | 3,364 | 6,716 | |||||||||
| Accrued liabilities | 11,417 | 12,362 | |||||||||
| Current portion of lease liabilities | 212 | 496 | |||||||||
| Current portion of term loan - related party, net | — | 800 | |||||||||
| Total current liabilities | 18,208 | 22,673 | |||||||||
| Long-term portion of lease liabilities | 280 | 246 | |||||||||
| Deferred tax liabilities | 166 | 149 | |||||||||
| Long-term portion of term loan - related party, net | 76,818 | 74,183 | |||||||||
| Warrant liabilities | 607 | 1,901 | |||||||||
| Other long-term liabilities | 3,369 | 1,231 | |||||||||
| Other long-term liabilities - related party | 6,574 | — | |||||||||
| Total liabilities | 106,022 | 100,383 | |||||||||
| Shareholders' equity: | |||||||||||
| Preferred Stock | — | — | |||||||||
| Common Stock | 21 | 20 | |||||||||
| Treasury Stock | (5,298) | (4,437) | |||||||||
| Additional paid-in-capital | 354,596 | 351,489 | |||||||||
| Accumulated deficit | (337,368) | (301,027) | |||||||||
| Accumulated other comprehensive loss | (30) | (17) | |||||||||
| Total shareholders' equity | 11,921 | 46,028 | |||||||||
| Total liabilities and shareholders' equity | $ | 117,943 | $ | 146,411 | |||||||
6
LiveWire Group, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Six months ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (36,341) | $ | (38,097) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
| Depreciation and amortization | 4,881 | 5,673 | |||||||||
| Change in fair value of warrant liabilities | (1,294) | — | |||||||||
| Stock compensation expense | 2,510 | 3,444 | |||||||||
| Provision for expected credit losses | 38 | 25 | |||||||||
| Deferred income taxes | 89 | 3 | |||||||||
| Inventory write-down | 2,527 | 936 | |||||||||
| Interest expense, related party | 2,871 | — | |||||||||
| Other, net | (144) | (557) | |||||||||
| Changes in current assets and liabilities: | |||||||||||
| Accounts receivable, net | (1,498) | (314) | |||||||||
| Accounts receivable from related party | 379 | 392 | |||||||||
| Inventories | (849) | (1,437) | |||||||||
| Other current assets | (1,026) | (520) | |||||||||
| Accounts payable and accrued liabilities | (1,277) | (4,770) | |||||||||
| Accounts payable to related party | 2,728 | 2,855 | |||||||||
| Net cash used by operating activities | (26,406) | (32,367) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Payment for business acquired | (375) | — | |||||||||
| Capital expenditures | (1,534) | (2,043) | |||||||||
| Net cash used by investing activities | (1,909) | (2,043) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Gross proceeds from the sale of common stock pursuant to the at-the-market public offering | 100 | — | |||||||||
| Payment of offering costs from the at-the-market public offering | (3) | — | |||||||||
| Payment of borrowings under term loan - related party | (800) | — | |||||||||
| Repurchase of common stock | (861) | (759) | |||||||||
| Net cash used by financing activities | (1,564) | (759) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (29) | 48 | |||||||||
| Net decrease in cash and cash equivalents | $ | (29,908) | $ | (35,121) | |||||||
| Cash and cash equivalents: | |||||||||||
| Cash and cash equivalents—beginning of period | $ | 82,777 | $ | 64,437 | |||||||
| Net increase decrease in cash and cash equivalents | (29,908) | (35,121) | |||||||||
| Cash and cash equivalents—end of period | $ | 52,869 | $ | 29,316 | |||||||
7
LiveWire Group, Inc.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we review financial measures that are not calculated and presented in accordance with GAAP (“non-GAAP financial measures”). We believe our non-GAAP financial measures are useful in evaluating our operating performance and liquidity. We use the following non-GAAP financial information, collectively, to measure and evaluate internally to establish forecasts, budgets and operational goals to manage and monitor our liquidity. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors, because it focuses on underlying operating results and trends, provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is provided below. These non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with GAAP.
Free Cash Flow
We define free cash flow as net cash used by operating activities, excluding cash paid for costs related to the Company’s At-The-Market (“ATM”) program which results in financing cash inflows, less capital expenditures.
| Six months ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Net cash used by operating activities | ($26,406) | ($32,367) | |||||||||
| Cash paid for ATM program costs | 231 | — | |||||||||
| Less: Capital expenditures | (1,534) | (2,043) | |||||||||
| Free cash flow | ($27,709) | ($34,410) | |||||||||
8
LiveWire Group, Inc.
Adjusted EBITDA
We define Adjusted EBITDA as LiveWire Group Inc. net loss excluding interest expense, related party, interest income (expense), net, change in fair value of warrant liabilities, income tax provision (benefit), depreciation and amortization, acquisition costs, ATM program expenses, and other items not considered indicative of ongoing operating performance.
| Three months ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Net loss | $ | (18,213) | $ | (18,826) | |||||||
| Interest expense, related party | 1,454 | — | |||||||||
| Interest (income) expense, net | (420) | (333) | |||||||||
| Change in fair value of warrant liabilities | (911) | 905 | |||||||||
| Income tax provision (benefit) | 76 | (10) | |||||||||
| Depreciation and amortization | 2,466 | 2,588 | |||||||||
| Acquisition costs | 297 | — | |||||||||
| ATM program expenses | 127 | — | |||||||||
| Adjusted EBITDA | $ | (15,124) | $ | (15,676) | |||||||
9