MILWAUKEE--(BUSINESS WIRE)--October 29, 2026--
LiveWire Group, Inc. ("LiveWire" or the "Company") $(LVWR)$ today reported third quarter 2026 results.
Third Quarter and Year-to-Date through September 30, 2026 Highlights and Financial Results
-- Consolidated revenue increased 38% in the third quarter of 2026
compared to the 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
September 30, 2026 by 16%, driving a 16% improvement in year-to-date free
cash flow as compared to the same period 2025.
-- Year-to-date through September 30, 2026 market share of 80% in the U.S.
electric motorcycle 50+ kilowatt on-road EV segment1.
-- Delivered the first units of the S4 Honcho(TM) Trail to the U.S. market
in August with the first units of S4 Honcho(TM) Street delivered to
dealers in October. The first units of the S4 Honcho(TM) Trail are
expected to be delivered to Europe in October with S4 Honcho(TM) Street
expected to follow in November.
(1) Source: U.S. EV Street Legal Market Share for September from Motorcycle
Industry Council (MIC).
Total Company Highlights
$ in millions* 3rd quarter
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2026 2025 Change
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Consolidated Revenue Units 7,233 5,989 21%
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Consolidated Revenue $7.9 $5.7 38%
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Consolidated Operating Loss ($17.5) ($18.8) 7%
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Net Loss ($18.6) ($19.4) 4%
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Adjusted EBITDA** ($14.7) ($16.5) 11%
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$ in millions* Year-to-date through September 30, 2026
--------------------------------- -------------------------------------------
2026 2025 Change
--------------------------------- --------------- -------------- ----------
Net cash used by operating
activities ($38.3) ($45.6) 16%
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Free Cash Flow** ($40.5) ($48.2) 16%
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*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.
The Company's consolidated net loss was $18.6 million for the third quarter 2026 as compared to $19.4 million in the same period prior year driven by the segment results noted below and an increase of $0.9 million of income tax benefit, offset by an increase of $1.5 million in related party interest expense as compared to the same period prior year.
Adjusted EBITDA was negative $14.7 million for the third quarter 2026 as compared to negative $16.5 million in the same period prior year driven by the segment results noted below.
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* 3rd quarter
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2026 2025 Change
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Electric Balance Bike and Electric Bike Units 6,992 5,805 20%
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Revenue $5.2 $4.7 9%
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Operating Loss ($0.6) ($0.4) (34%)
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*Amounts may not add or recalculate due to rounding.
STACYC unit sales increased by 20% compared to the prior year same quarter, resulting in an increase to revenue of $0.5 million. Operating loss increased by $0.2 million in the third quarter of 2026 compared to 2025 primarily due to higher freight costs.
Electric Motorcycles
$ in millions* 3rd quarter
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2026 2025 Change
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Motorcycle Units 241 184 31%
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Revenue $2.7 $1.0 178%
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Operating Loss ($17.0) ($18.4) 8%
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*Amounts may not add or recalculate due to rounding.
Electric Motorcycle unit sales increased by 31% compared to the prior year same quarter, resulting in an increase to revenue of $1.7 million. Revenue in the third quarter of 2025 was impacted by increased incentives implemented to drive demand in the market which resulted in a reduction in revenue. Operating loss improved by $1.4 million compared to the prior year, due to an improvement in gross margin of $2.6 million, offset by an increase in selling, administrative and engineering expense of $1.2 million as compared to the same quarter in the prior year due to a reduction in stock compensation expense in the third quarter of 2025 related to forfeitures of awards from employees who terminated.
Liquidity and Going Concern
Management has determined that conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the Company's September 30, 2026 consolidated financial statements are issued. The Company's recurring operating losses, negative cash flows from operations, limited liquidity resources, and anticipated future funding requirements contributed to this determination. The Company continues to evaluate and pursue comprehensive financing and other strategic alternatives, which may include significant capital raises, strategic partnerships or investments, sales, and other strategic transactions, intended to support the Company's operations and execution of its business plan; however, there can be no assurance that such efforts will be successful or that any such transaction will be available on terms acceptable to the Company, our lienholders or stockholders.
In order to address these issues, and considering the debt maturity in December of 2027, on October 22, 2026, the board of directors of the Company (the "Board") formed a special restructuring committee of the Board (the "Special Restructuring Committee") and delegated to it the authority to (i) review, evaluate and negotiate, and, if deemed advisable by the Special Restructuring Committee, to recommend to the Board the approval or rejection of any debt or equity or other financing, sale, restructuring, recapitalization, strategic transaction or other similar opportunity or transaction for the Company (each, a "Strategic Transaction"), (ii) determine whether a Strategic Transaction involves a matter in which any director may have an interest that conflicts with, or is different from or in addition to, the interests of the Company and its stockholders generally (a "Potential Conflict Matter"), and (iii) create the officer position of Chief Restructuring Officer of the Company ("CRO"), to appoint such person to, and delegate such power and authority to, such officer position, and to remove and replace any person appointed to such officer position. The Special Restructuring Committee has sole and exclusive authority, on behalf of the Company, to approve or reject any Potential Conflict Matter. The Board may not approve or recommend any Strategic Transaction that constitutes a Potential Conflict Matter without the prior favorable recommendation of the Special Restructuring Committee, and the Board retains the exclusive right to approve or reject any Strategic Transaction that does not constitute a Potential Conflict Matter. The Special Restructuring Committee appointed Roy Gallagher to serve as CRO. Mr. Gallagher will report to, and take direction from, the Special Restructuring Committee and be the principal executive officer of the Company.
Additional information regarding the Company's liquidity position, management's plans, and the going concern assessment will be included in the Company's Quarterly Report on Form 10--Q for the quarter ended September 30, 2026, which is expected to be filed on or before November 9, 2026.
Financial guidance
As a result of the actions discussed above, including the formation of the Special Restructuring Committee to review, evaluate and negotiate any debt or equity or other financing, sale, restructuring, recapitalization, strategic transaction or other transaction, we are withdrawing our previously issued guidance of a LiveWire Group operating loss between $70 and $80 million for the full year 2026.
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