LiveWire (LVWR) Q1 2026 revenue surges 86% while losses improve
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
LiveWire Group, Inc. reported strong top-line growth but continued losses for the first quarter of 2026. Consolidated revenue rose to $5.1 million, up 86% from $2.7 million a year earlier, driven by both electric motorcycles and STACYC kids’ products.
Electric motorcycle units increased 176% to 91 with revenue up 236% to $1.4 million, while STACYC units grew 101% to 3,959 and revenue climbed 60% to $3.7 million. The company reported a consolidated operating loss of $(17.7) million, an improvement from $(20.7) million, as gross profit increased and selling, administrative and engineering expenses fell by $1.4 million.
Net loss was $(18.1) million, or $(0.09) per share, essentially flat per-share versus the prior year despite higher interest expense to a related party and lower warrant fair value gains. Free cash flow improved to $(13.6) million from $(18.1) million, and cash and cash equivalents were $67.5 million at March 31, 2026. Management reiterated full-year 2026 guidance and highlighted the planned Spring 2026 launch of the S4 Honcho™.
Positive
- None.
Negative
- None.
Insights
LiveWire shows rapid revenue growth but remains loss-making with solid liquidity.
LiveWire delivered Q1 2026 revenue of $5.1 million, up 86% year over year, on sharp unit growth in both electric motorcycles and STACYC products. Operating loss narrowed to $(17.7) million as higher gross profit and lower operating expenses offset scale-up costs.
Net loss was $(18.1) million with net loss per share steady at $(0.09), reflecting added related-party interest expense and smaller warrant revaluation gains. Free cash flow improved 25% to $(13.6) million, and cash of $67.5 million at March 31, 2026 provides a cushion as the company invests in growth.
Management reiterated full-year 2026 guidance and pointed to the planned Spring 2026 launch of the S4 Honcho™, suggesting continued focus on expanding the product lineup in the U.S. electric motorcycle market.
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: $5.1 million
Net loss: $(18.1) million
Net loss per share: $(0.09)
+4 more
7 metrics
Consolidated revenue
$5.1 million
Q1 2026, up 86% from $2.7 million in Q1 2025
Net loss
$(18.1) million
Q1 2026 vs $(19.3) million in Q1 2025
Net loss per share
$(0.09)
Basic and diluted, Q1 2026 and Q1 2025
Free cash flow
$(13.6) million
Q1 2026 vs $(18.1) million in Q1 2025, +25%
Cash and cash equivalents
$67.5 million
Balance at March 31, 2026
Electric motorcycle units
91 units
Q1 2026, up 176% from 33 units in Q1 2025
STACYC units
3,959 units
Q1 2026, up 101% from 1,970 units in Q1 2025
Key Terms
free cash flow, non-GAAP, At-The-Market ("ATM") program, warrant liabilities, +2 more
6 terms
free cash flow financial
"We define free cash flow as net cash used by operating activities, excluding cash paid for ongoing costs related to the Company’s At-The-Market (“ATM”) program…"
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.
non-GAAP financial
"We use free cash flow, which is a non-GAAP liquidity measure, to supplement our cash used by operating activities…"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
At-The-Market ("ATM") program financial
"…excluding cash paid for ongoing costs related to the Company’s At-The-Market (“ATM”) program which results in financing cash inflows…"
A at-the-market ("ATM") program lets a public company sell newly issued shares directly into the open market at current market prices over time through a broker, rather than in one large, fixed-price deal. It matters to investors because it gives the company flexible access to cash while gradually increasing the number of shares outstanding, which can put gentle downward pressure on the stock price—like adding small amounts of water to a full glass instead of dumping a bucket.
warrant liabilities financial
"Change in fair value of warrant liabilities | 383 | | 905 |"
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.
forward-looking statements regulatory
"The Company intends that certain matters discussed in this press release are “forward-looking statements”…"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $5.1 million · Guidance included
Q1 2026
Revenue
$5.1 million
+86% YoY
Net loss
$(18.1) million
+6% YoY improvement
Net loss per share
$(0.09)
flat YoY
Free cash flow
$(13.6) million
+25% YoY improvement
Guidance
For the full year 2026, the Company reiterates its full-year guidance.
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): May 5, 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 May 5, 2026, LiveWire Group, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s first quarter results for the financial period ended March 31, 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 May 5, 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: May 5, 2026 | /s/ Jennifer Hoover | |||||||||||||||||||
| Jennifer Hoover | ||||||||||||||||||||
| Head Accounting Officer | ||||||||||||||||||||
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FOR IMMEDIATE RELEASE
LiveWire Group, Inc. Reports 2026 First Quarter Financial Results
MILWAUKEE (May 5, 2026) – LiveWire Group, Inc. (“LiveWire” or the “Company”) (NYSE: LVWR) today reported first quarter 2026 results.
“We ended the first quarter of 2026 with an 86% increase in revenue over prior year, driving improved gross profit and operating loss, and a 25% improvement in free cash flow, compared to first quarter 2025. We also maintained our position as the number one retailer of U.S. electric on-road motorcycles1. With the upcoming launch of the S4 Honcho™, we are excited about the continued positive strides to be made in the business in the remainder of 2026,” said Karim Donnez, CEO, LiveWire.
First Quarter Highlights and Financial Results
•Electric Motorcycle unit sales increased 176% over first quarter 2025 with revenue increasing 236%.
•STACYC unit sales increased 101% over first quarter 2025 with revenue increasing 60%.
•Consolidated operating loss decreased by $3.0 million from same quarter 2025 driven by an improvement in gross profit of $1.6 million and decrease in consolidated selling, administrative and engineering expense of $1.4 million.
•Reduced net cash used by operating activities by 26% driving a 25% improvement in free cash flow as compared to 2025.
•Market share of 76% in the U.S. electric motorcycle 50+kilowatt on-road EV segment1.
•Targeted production of the S4 Honcho™ continues to be in Spring 2026.
Total Company Highlights
| $ in millions* | 1st quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Consolidated Revenue Units | 4,050 | 2,003 | 102% | ||||||||
| Consolidated Revenue | $5.1 | $2.7 | 86% | ||||||||
| Consolidated Operating Loss | ($17.7) | ($20.7) | 14% | ||||||||
| Net Loss | ($18.1) | ($19.3) | 6% | ||||||||
| Free Cash Flow** | ($13.6) | ($18.1) | 25% | ||||||||
*Amounts may not add or recalculate due to rounding.
**Definition of Free Cash Flow and reconciliation to the comparable GAAP metrics is at the end of this release.
The Company’s consolidated net loss was $18.1 million for the first quarter 2026 as compared to $19.3 million in the same period prior year driven by the segment results noted below, offset by an increase of $1.4 million in related party interest expense, and a decrease of $0.5 million of non-operating income related to the change in fair value of the outstanding warrants as of March 31, 2026 as compared to prior 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
1Source: U.S. EV Street Legal Market Share for March from Motorcycle Industry Council (MIC).
STACYC
| $ in millions* | 1st quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Electric Balance Bike and Electric Bike Units | 3,959 | 1,970 | 101% | ||||||||
| Revenue | $3.7 | $2.3 | 60% | ||||||||
| Operating Loss | ($1.0) | ($1.3) | 26% | ||||||||
*Amounts may not add or recalculate due to rounding.
STACYC unit sales increased by 101% compared to the prior year same quarter resulting in an increase to revenue of $1.4 million. Operating loss decreased by $0.3 million in the first quarter of 2026 compared to 2025 primarily due to increased gross profit on increased sales.
Electric Motorcycles
| $ in millions* | 1st quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Motorcycle Units | 91 | 33 | 176% | ||||||||
| Revenue | $1.4 | $0.4 | 236% | ||||||||
| Operating Loss | ($16.7) | ($19.4) | 14% | ||||||||
*Amounts may not add or recalculate due to rounding.
Electric Motorcycle unit sales increased by 176% compared to the prior year same quarter resulting in an increase to revenue of $1.0 million. Operating loss decreased by $2.7 million primarily driven by a $1.6 million reduction in selling, administrative and engineering expense from continued focus on cost reduction, primarily people costs, compared to the same quarter in the prior year.
Financial guidance
For the full year 2026, the Company reiterates its full-year guidance.
Webcast
The public is invited to attend Harley-Davidson, Inc.’s audio webcast from 8-9:30 a.m. CT where discussion of LiveWire will be limited to financial results and updates to LiveWire’s outlook. The webcast login can be accessed at https://investor.livewire.com/news-events-1/events/default.aspx. The audio replay will be available by approximately 10:00 a.m. CT.
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
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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 rollout of our business and the timing of expected business milestones, including our ability to develop and manufacture electric vehicles of sufficient quality and appeal to customers on schedule and on a large scale; 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; potential delays in the design, manufacture, financing, regulatory approval, launch and delivery of 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 which are single-sourced or limited-source suppliers, for our critical components such as batteries and semiconductor chips; global trade issues and changes in and uncertainties with respect to trade and export regulations, trade policies, sanctions, tariffs, international trade disputes, particularly those relating to China or Taiwan, 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
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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
###
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LiveWire Group, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Three months ended | |||||||||||
| March 31, 2026 | March 31, 2025 | ||||||||||
| Revenue, net | $ | 5,115 | $ | 2,743 | |||||||
| Costs and expenses: | |||||||||||
| Cost of goods sold | 5,652 | 4,911 | |||||||||
| Selling, administrative and engineering expense | 17,135 | 18,498 | |||||||||
| Total operating costs and expenses | 22,787 | 23,409 | |||||||||
| Operating loss | (17,672) | (20,666) | |||||||||
| Interest expense, related party | (1,417) | — | |||||||||
| Interest income | 603 | 504 | |||||||||
| Change in fair value of warrant liabilities | 383 | 905 | |||||||||
| Loss before income taxes | (18,103) | (19,257) | |||||||||
| Income tax provision | 25 | 14 | |||||||||
| Net loss | $ | (18,128) | $ | (19,271) | |||||||
| Net loss per share, basic and diluted | $ | (0.09) | $ | (0.09) | |||||||
| Weighted-average shares, basic and diluted | 204,491 | 203,480 | |||||||||
5
LiveWire Group, Inc.
Consolidated Balance Sheets
(In thousands)
| (Unaudited) | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 67,495 | $ | 82,777 | |||||||
| Accounts receivable, net | 3,120 | 3,383 | |||||||||
| Accounts receivable from related party | 1 | 585 | |||||||||
| Inventories, net | 14,225 | 15,255 | |||||||||
| Other current assets | 2,959 | 2,887 | |||||||||
| Total current assets | 87,800 | 104,887 | |||||||||
| Property, plant and equipment, net | 26,495 | 27,556 | |||||||||
| Goodwill | 8,327 | 8,327 | |||||||||
| Deferred tax assets | 6 | 6 | |||||||||
| Lease assets | 715 | 823 | |||||||||
| Intangible assets, net | 741 | 804 | |||||||||
| Other long-term assets | 3,539 | 4,008 | |||||||||
| Total assets | $ | 127,623 | $ | 146,411 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 2,905 | $ | 2,299 | |||||||
| Accounts payable to related party | 7,617 | 6,716 | |||||||||
| Accrued liabilities | 9,693 | 12,362 | |||||||||
| Current portion of lease liabilities | 240 | 496 | |||||||||
| Current portion of term loan - related party, net | — | 800 | |||||||||
| Total current liabilities | 20,455 | 22,673 | |||||||||
| Long-term portion of lease liabilities | 365 | 246 | |||||||||
| Deferred tax liabilities | 158 | 149 | |||||||||
| Long-term portion of term loan - related party, net | 74,185 | 74,183 | |||||||||
| Warrant liabilities | 1,518 | 1,901 | |||||||||
| Other long-term liabilities | 2,626 | 1,231 | |||||||||
| Total liabilities | 99,307 | 100,383 | |||||||||
| Shareholders' equity: | |||||||||||
| Preferred Stock | — | — | |||||||||
| Common Stock | 21 | 20 | |||||||||
| Treasury Stock | (5,244) | (4,437) | |||||||||
| Additional paid-in-capital | 352,711 | 351,489 | |||||||||
| Accumulated deficit | (319,155) | (301,027) | |||||||||
| Accumulated other comprehensive (loss) income | (17) | (17) | |||||||||
| Total shareholders' equity | 28,316 | 46,028 | |||||||||
| Total liabilities and shareholders' equity | $ | 127,623 | $ | 146,411 | |||||||
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LiveWire Group, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three months ended | |||||||||||
| March 31, 2026 | March 31, 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (18,128) | $ | (19,271) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
| Depreciation and amortization | 2,415 | 3,085 | |||||||||
| Change in fair value of warrant liabilities | (383) | (905) | |||||||||
| Stock compensation expense | 1,222 | 1,615 | |||||||||
| Provision for expected credit losses | 30 | 13 | |||||||||
| Deferred income taxes | 8 | 12 | |||||||||
| Inventory write-down | 318 | 809 | |||||||||
| Interest expense, related party | 1,417 | — | |||||||||
| Other, net | (33) | (199) | |||||||||
| Changes in current assets and liabilities: | |||||||||||
| Accounts receivable, net | 215 | 239 | |||||||||
| Accounts receivable from related party | 584 | 399 | |||||||||
| Inventories | 698 | (2,358) | |||||||||
| Other current assets | 185 | (155) | |||||||||
| Accounts payable and accrued liabilities | (2,443) | (6,396) | |||||||||
| Accounts payable to related party | 901 | 5,622 | |||||||||
| Net cash used by operating activities | (12,994) | (17,490) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (688) | (613) | |||||||||
| Net cash used by investing activities | (688) | (613) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Payment of borrowings under term loan - related party | (800) | — | |||||||||
| Repurchase of common stock | (807) | (250) | |||||||||
| Net cash provided (used) by financing activities | (1,607) | (250) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 7 | 138 | |||||||||
| Net increase (decrease) in cash and cash equivalents | $ | (15,282) | $ | (18,215) | |||||||
| Cash and cash equivalents: | |||||||||||
| Cash and cash equivalents—beginning of period | $ | 82,777 | $ | 64,437 | |||||||
| Net increase (decrease) in cash and cash equivalents | (15,282) | (18,215) | |||||||||
| Cash and cash equivalents—end of period | $ | 67,495 | $ | 46,222 | |||||||
7
LiveWire Group, Inc.
Free Cash Flow
We use free cash flow, which is a non-GAAP liquidity measure, to supplement our cash used by operating activities as presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We believe free cash flow is useful in evaluating our liquidity, as it is similar to measures widely used by certain investors, securities analysts and other interested parties as a supplemental measure of performance and liquidity. We also use this measure internally to establish forecasts, budgets and operational goals to manage and monitor our liquidity. This non-GAAP financial measure 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.
We define free cash flow as net cash used by operating activities, excluding cash paid for ongoing costs related to the Company’s At-The-Market (“ATM”) program which results in financing cash inflows, less capital expenditures.
| Three months ended | ||||||||
| March 31, 2026 | March 31, 2025 | |||||||
| Net cash used by operating activities | ($12,994) | ($17,490) | ||||||
| Cash paid for ongoing ATM costs | 51 | — | ||||||
| Less: Capital expenditures | (688) | (613) | ||||||
| Free cash flow | ($13,631) | ($18,103) | ||||||
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FAQ
How did LiveWire (LVWR) perform financially in Q1 2026?
LiveWire’s Q1 2026 revenue was $5.1 million, up 86% from $2.7 million a year earlier. Net loss improved slightly to $(18.1) million, with net loss per share unchanged at $(0.09), reflecting higher scale but ongoing investment and financing costs.
What were LiveWire’s electric motorcycle results in Q1 2026?
Electric motorcycle unit sales reached 91, a 176% increase over Q1 2025. Segment revenue rose to $1.4 million, up 236%. Segment operating loss narrowed to $(16.7) million from $(19.4) million, helped by lower selling, administrative and engineering expenses.
How did the STACYC segment contribute to LiveWire’s Q1 2026 results?
STACYC sold 3,959 electric balance and electric bikes in Q1 2026, up 101% year over year. Segment revenue increased to $3.7 million, a 60% rise, while operating loss improved to $(1.0) million from $(1.3) million due to higher gross profit on increased sales.
What was LiveWire’s cash and free cash flow position in Q1 2026?
LiveWire ended March 31, 2026 with $67.5 million in cash and cash equivalents. Free cash flow, a non-GAAP measure, improved to $(13.6) million from $(18.1) million in Q1 2025, reflecting lower cash used in operating activities and modest capital expenditures.
Did LiveWire change its 2026 financial guidance in this 8-K filing?
No, LiveWire reiterated its full-year 2026 financial guidance. Management highlighted strong first quarter growth and confirmed expectations, while also pointing to the planned Spring 2026 launch of the S4 Honcho™ as a key milestone for the remainder of the year.
What profitability trends did LiveWire show in Q1 2026 versus 2025?
Consolidated operating loss improved to $(17.7) million from $(20.7) million, a 14% improvement. Net loss narrowed to $(18.1) million from $(19.3) million, helped by higher gross profit and reduced operating expenses, partly offset by increased related-party interest expense and lower warrant valuation gains.