LVWR

MKT CAP:$419M

LiveWire Group, Inc.

Market Cap

$419M

Consumer Cyclical·Auto - Manufacturers·🇺🇸 United States·NYSE

Consumer Cyc.·Auto·🇺🇸·NYSE

Stock Price

$2.02-$2.53 (-55.60%)

Apr 22, 2026

Company Details

LiveWire Group, Inc. engages in the manufacturing of electric motorcycles in North America, Europe/Middle East/Africa, and Asia Pacific regions. It offers its products under the LiveWire brand name. The company has strategic partnerships wi...

CEO

Karim Donnez

IPO Date

Nov 24, 2020

Website

www.livewire.com

Key Metrics TTM

Revenue

$26M

-3.6% YoY

Net Income

-$75M

EPS (Diluted)

-$0.36

Free Cash Flow

-$57M

Revenue / Share

$0.13

Gross Margin

-17.3%

Operating Margin

-294.0%

Net Margin

-292.6%

FCF Margin

-223.4%

P/S

16.3x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 20, 2026

$26M-3.6%EPS -$0.37

Q4 2025

Feb 20, 2026

$11M+5.5%EPS -$0.09

Q3 2025

Nov 10, 2025

$6M+28.3%EPS -$0.10

Q2 2025

Aug 6, 2025

$6M-8.9%EPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$13M	$543.0K	-$20M
Q1 22	$10M	$53.0K	-$16M
Q3 22	$15M	$965.0K	-$21M
Q4 22	$9M	$2M	-$28M
Q1 23	$8M	$1M	-$25M
Q2 23	$7M	-$3M	-$32M
Q3 23	$8M	$1M	-$25M
Q4 23	$15M	-$5M	-$34M
Q1 24	$5M	-$4M	-$30M
Q2 24	$6M	-$2M	-$28M
Q3 24	$4M	-$2M	-$27M
Q4 24	$11M	-$5M	-$25M
Q1 25	$3M	-$2M	-$21M
Q2 25	$6M	$549.0K	-$18M
Q3 25	$6M	-$3M	-$19M
Q4 25	$11M	$87.0K	-$18M

Valuation

Quarter	P/S	P/E
Q4 21	11.7x	—
Q1 22	10.6x	—
Q3 22	9.3x	—
Q4 22	8.9x	—
Q1 23	10.0x	—
Q2 23	10.8x	—
Q3 23	13.0x	—
Q4 23	11.0x	—
Q1 24	11.9x	—
Q2 24	12.1x	—
Q3 24	13.5x	—
Q4 24	15.7x	—
Q1 25	17.2x	—
Q2 25	17.6x	—
Q3 25	16.7x	—
Q4 25	16.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$23M	-$25M
Q1 22	-$19M	-$22M
Q3 22	-$27M	-$30M
Q4 22	-$25M	-$31M
Q1 23	-$25M	-$29M
Q2 23	-$17M	-$20M
Q3 23	-$15M	-$17M
Q4 23	-$28M	-$30M
Q1 24	-$23M	-$26M
Q2 24	-$26M	-$28M
Q3 24	-$23M	-$25M
Q4 24	-$22M	-$23M
Q1 25	-$17M	-$18M
Q2 25	-$15M	-$16M
Q3 25	-$13M	-$14M
Q4 25	-$8M	-$9M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$2M
Q3 22	$3M
Q4 22	$5M
Q1 23	$5M
Q2 23	$4M
Q3 23	$3M
Q4 23	$2M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$1M
Q1 25	$613.0K
Q2 25	$1M
Q3 25	$735.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+356.6%	-10.9%
Q1 22	+59.1%	+23.3%
Q3 22	+57.0%	+38.1%
Q4 22	+31.2%	+55.0%
Q1 23	-39.7%	-0.4%
Q2 23	-32.4%	+49.5%
Q3 23	-44.6%	-6.3%
Q4 23	+63.7%	+30.6%
Q1 24	-35.9%	+8.4%
Q2 24	-8.2%	-11.3%
Q3 24	-45.4%	-7.5%
Q4 24	-28.7%	-26.3%
Q1 25	-44.9%	-33.9%
Q2 25	-8.9%	-30.3%
Q3 25	+28.3%	-20.8%
Q4 25	+5.5%	-19.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$275.0K	2.1%
Q1 22	-$171.0K	-1.6%
Q3 22	$0	0.0%
Q4 22	$565.0K	6.1%
Q1 23	$2M	23.5%
Q2 23	$2M	33.8%
Q3 23	$2M	29.0%
Q4 23	$2M	15.6%
Q1 24	$2M	45.8%
Q2 24	$281.0K	4.4%
Q3 24	$1M	29.7%
Q4 24	$743.0K	6.9%
Q1 25	$2M	58.9%
Q2 25	$2M	31.1%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	—	—	—	$20M
Q1 22	—	—	—	$16M
Q3 22	—	—	—	$22M
Q4 22	—	—	—	$30M
Q1 23	—	—	—	$26M
Q2 23	—	—	—	$29M
Q3 23	—	—	—	$26M
Q4 23	—	$24M	$5M	—
Q1 24	—	—	—	$26M
Q2 24	—	—	—	$26M
Q3 24	—	—	—	$25M
Q4 24	$42M	$16M	$5M	—
Q1 25	—	—	—	$18M
Q2 25	—	—	—	$19M
Q3 25	—	—	—	$16M
Q4 25	—	—	—	$18M

Revenue by Geography

Quarter	Non-US	United States	Austria
Q1 25	$546.0K	$2M	—
Q2 25	$2M	$4M	—
Q3 25	$2M	$3M	$20.0K
Q4 25	$1M	$10M	$437.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$12M	$0	$12M
Q2 22	$5M	$0	$5M
Q3 22	$2M	$0	$2M
Q4 22	$265M	$0	$265M
Q1 23	$236M	$0	$236M
Q2 23	$216M	$0	$216M
Q3 23	$200M	$0	$200M
Q4 23	$168M	$0	$168M
Q1 24	$141M	$0	$141M
Q2 24	$113M	$0	$113M
Q3 24	$88M	$0	$88M
Q4 24	$64M	$0	$64M
Q1 25	$46M	$0	$46M
Q2 25	$29M	$0	$29M
Q3 25	$16M	$0	$16M
Q4 25	$83M	$0	$83M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	182M	-10.2%	-10.2%
Q1 22	202M	+11.4%	0.0%
Q3 22	161M	-20.5%	-20.5%
Q4 22	167M	+3.4%	-17.7%
Q1 23	202M	+21.6%	+11.4%
Q2 23	202M	+0.0%	+0.0%
Q3 23	203M	+0.1%	+25.8%
Q4 23	203M	+0.1%	+21.7%
Q1 24	203M	+0.2%	+0.3%
Q2 24	203M	+0.0%	+0.4%
Q3 24	203M	+0.0%	+0.4%
Q4 24	203M	+0.0%	+0.3%
Q1 25	203M	+0.1%	+0.2%
Q2 25	204M	+0.1%	+0.2%
Q3 25	204M	+0.1%	+0.3%
Q4 25	204M	+0.1%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q3 22	—	—
Q4 22	$41.0K	225
Q1 23	$34.5K	225
Q2 23	$31.2K	225
Q3 23	$36.2K	225
Q4 23	$60.9K	248
Q1 24	$20.1K	248
Q2 24	$26.0K	248
Q3 24	$17.9K	248
Q4 24	$59.1K	182
Q1 25	$15.1K	182
Q2 25	$32.3K	182
Q3 25	$31.3K	182
Q4 25	$597.6K	19

Revenue / Employee