MILWAUKEE--(BUSINESS WIRE)--May 05, 2026--
LiveWire Group, Inc. ("LiveWire" or the "Company") $(LVWR)$ 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 motorcycles(1) . With the upcoming launch of the S4 Honcho$(TM)$, 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(TM) continues to be in Spring
2026.
(1) Source: U.S. EV Street Legal Market Share for March from Motorcycle
Industry Council (MIC).
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
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 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
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