LiveWire Group, Inc. LVWR
LiveWire Group, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to in this Form 10-K as "we," "our," "us," the "Company," or "LiveWire." LiveWire is an industry-leading all-electric motorcycle brand with a focus on pioneering the growing two-wheel electric motorcycle space.
LiveWire was a direct, wholly owned subsidiary of AEA-Bridges Impact Corp ("ABIC"), which was originally incorporated as a Cayman Islands exempted company on July 29, 2020, as a special purpose acquisition company ("SPAC") with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. In connection with the transactions (the "Business Combination") pursuant to the business combination agreement, dated as of December 12, 2021 (the "Business Combination Agreement"), by and among ABIC, LiveWire EV Holdings, Inc., a Delaware corporation (now known as "LiveWire Group, Inc."), LW EV Merger Sub, Inc., a Delaware corporation ("Merger Sub"), Harley-Davidson, Inc. ("H-D"), and LiveWire EV, LLC ("Legacy LiveWire"), a wholly-owned subsidiary of H-D, we entered into a number of agreements with H-D, including the Separation Agreement, dated as of September 26, 2022, by and between H-D and Legacy LiveWire and consummated the separation of the Legacy LiveWire business and other transaction contemplated by the Separation Agreement (the "Separation").
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- International/Other
- Austria
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $19.1M | $21.4M | $30.5M |
| International/Other | $6.2M | $4.2M | $3.0M |
| Austria | $457.0K | $1.1M | $4.6M |
As the company reported it, from the “Reportable Segments and Geographic Information - Schedule of Segment Information by Geographical Locations (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- Stacyc
- Electric Motorcycles
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Stacyc | $19.6M | $18.3M | $26.5M |
| Electric Motorcycles | $6.1M | $8.4M | $11.5M |
As the company reported it, from the “Revenue - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $25.7M | $26.6M | $38.0M | $46.8M | $35.8M | $30.9M | — |
| Cost of revenue | $30.1M | $39.4M | $43.8M | $43.9M | $38.4M | $55.8M | — |
| Gross profit | -$4.4M | -$12.8M | -$5.8M | $2.9M | -$2.6M | -$25.0M | — |
| R&D | $23.9M | $41.7M | $54.1M | $35.6M | $35.3M | $23.0M | — |
| SG&A | $71.1M | $97.6M | $110.2M | $87.9M | $65.6M | $52.1M | — |
| Total operating expenses | $101.2M | $137.0M | $154.0M | $131.8M | $104.0M | $6.5M | — |
| Operating income | -$75.5M | -$110.4M | -$116.0M | -$85.0M | -$68.2M | -$77.1M | — |
| Interest expense | — | — | $10.5M | $1.2M | $19.0K | $56.0K | — |
| Pre-tax income | -$74.9M | -$93.9M | -$109.5M | -$79.0M | -$68.2M | -$77.2M | — |
| Income tax | $189.0K | $43.0K | $78.0K | $33.0K | $138.0K | $357.0K | — |
| Net income | -$75.1M | -$93.9M | -$109.5M | -$78.9M | -$68.3M | -$77.6M | — |
| EPS, basic | -0.37 | -0.46 | -0.54 | -0.46 | -0.42 | -0.48 | — |
| EPS, diluted | -0.37 | -0.46 | -0.54 | -0.46 | -0.42 | -0.48 | — |
| Shares, diluted (wtd. avg.) | 203.7M | 203.2M | 202.5M | 172.0M | 161.0M | 161.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $82.8M | $64.4M | $167.9M | $265.2M | $2.7M | $2.4M | $1.1M |
| Receivables | — | — | — | $3.7M | $6.8M | — | — |
| Inventory | $15.3M | $26.9M | $32.1M | $29.2M | $16.8M | — | — |
| Total current assets | $104.9M | $98.4M | $210.7M | $301.9M | $29.9M | — | — |
| Property, plant and equipment | $27.6M | $34.0M | $37.7M | $31.6M | $17.9M | — | — |
| Goodwill | $8.3M | $8.3M | $8.3M | $8.3M | $8.3M | $8.3M | — |
| Other intangibles | $804.0K | $1.1M | $1.3M | $1.8M | $2.3M | — | — |
| Total assets | $146.4M | $148.0M | $266.1M | $351.8M | $62.0M | $51.7M | — |
| Accounts payable | — | — | — | $7.1M | $9.0M | — | — |
| Short-term debt | $800.0K | $0 | — | — | — | — | — |
| Total current liabilities | $22.7M | $29.9M | $46.3M | $34.4M | $28.0M | — | — |
| Long-term debt | $74.2M | $0 | — | — | — | — | — |
| Total liabilities | $100.4M | $32.8M | $60.3M | $45.0M | $42.0M | — | — |
| Retained earnings | -$301.0M | -$225.9M | -$132.0M | -$22.4M | $0 | — | — |
| Total equity | $46.0M | $115.1M | $205.9M | $306.8M | $19.9M | $2.0M | $21.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$53.5M | -$93.9M | -$83.5M | -$89.7M | -$74.5M | -$53.7M | — |
| Depreciation and amortisation | $10.1M | $10.0M | $5.8M | $4.4M | $4.7M | $3.9M | — |
| Stock-based compensation | $4.9M | $4.6M | $8.9M | $394.0K | $786.0K | $188.0K | — |
| Capital expenditure | $3.8M | $8.1M | $13.5M | $14.1M | $10.0M | $3.2M | — |
| Investing cash flow | -$3.8M | -$8.1M | -$13.5M | -$14.1M | -$10.0M | -$3.2M | — |
| Financing cash flow | $75.7M | -$1.4M | -$412.0K | $366.3M | $84.8M | $58.3M | — |
| Buybacks | $1.0M | $1.4M | $2.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001898795-26-000028.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $30.9M | $35.8M | $46.8M | $38.0M | $26.6M | $25.7M |
| Gross profit | — | -$25.0M | -$2.6M | $2.9M | -$5.8M | -$12.8M | -$4.4M |
| Net income | — | -$77.6M | -$68.3M | -$78.9M | -$109.5M | -$93.9M | -$75.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 3751
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| HOG | HARLEY-DAVIDSON, INC. | $3.01B | 10.4x | -13.1% |
| FOXF | FOX FACTORY HOLDING CORP | $633.4M | — | 5.3% |
| EZGO | EZGO Technologies Ltd. | — | — | 32.7% |
| LOBO | LOBO TECHNOLOGIES LTD. | — | — | 9.6% |