Free cash flow remains deeply negative, with quarterly outflows reaching as high as $30.1 million in 2023Q4, highlighting a structural inability to achieve self-sustaining operations.
| Cash from Operations | -49.05M | -53.55M | -93.86M | -83.46M | -89.68M | -74.54M | -53.71M | -69.22M |
| Operating CF Margin % | - | -208.59% | -352.42% | -219.5% | -191.49% | -208.17% | -174.04% | -342.86% |
| Operating CF Growth % | 174.79% | 42.95% | -12.46% | 6.93% | -20.31% | -38.77% | 22.4% | - |
| Net Income | -73.97M | -75.11M | -93.92M | -109.55M | -78.94M | -68.29M | -77.57M | -56.52M |
| Depreciation & Amortization | 5M | 10.14M | 10.04M | 5.83M | 4.4M | 4.72M | 3.94M | 1.75M |
| Stock-Based Compensation | 3.05M | 4.94M | 4.63M | 8.93M | 394K | 786K | 188K | 105K |
| Deferred Taxes | 28K | 32K | 22K | 74K | -125K | -22K | 98K | 22.59M |
| Other Non-Cash Items | 11.3M | 3.7M | -5.08M | 5.36M | -9.27M | 3.26M | 4.26M | 8.24M |
| Working Capital Changes | 5.54M | 2.75M | -9.54M | 5.89M | -6.15M | -14.99M | 15.37M | -22.8M |
| Change in Receivables | 510K | 349K | 3.19M | -4.9M | 3.56M | -2.21M | 1.63M | -6.37M |
| Change in Inventory | 11.85M | 8.8M | -569K | -5.63M | -21.07M | 1.56M | -9.6M | -16.34M |
| Change in Payables | -9.97M | -7.02M | -12.71M | 14.64M | 12.64M | -11.06M | 23.32M | 0 |
| Cash from Investing | -3.89M | -3.81M | -8.07M | -13.46M | -14.08M | -9.95M | -3.24M | -14.18M |
| Capital Expenditures | -3.89M | -3.81M | -8.07M | -13.46M | -14.08M | -9.95M | -3.24M | -7.18M |
| CapEx % of Revenue | 13.86% | 14.85% | 30.29% | 35.4% | 30.07% | 27.79% | 10.51% | 35.55% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 74.38M | 75.73M | -1.44M | -412K | 366.33M | 84.76M | 58.3M | 84.45M |
| Debt Issued (Net) | 74.2M | 75M | 0 | 0 | 15.33M | 1.1M | 4.03M | 300K |
| Equity Issued (Net) | 985K | 735K | -1.44M | -1.97M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.58M | -1.02M | -1.44M | -1.97M | 0 | 0 | 0 | 0 |
| Other Financing | -807K | 0 | 0 | 1.56M | 351M | 83.66M | 54.27M | 84.15M |
| Net Change in Cash | 21.27M | 18.34M | -103.47M | -97.34M | 262.57M | 267K | 1.35M | 1.05M |
| Free Cash Flow | -52.94M | -57.36M | -101.93M | -96.92M | -103.76M | -84.49M | -56.96M | -76.39M |
| FCF Margin % | -188.77% | -223.43% | -382.71% | -254.91% | -221.56% | -235.97% | -184.55% | -378.41% |
| FCF Growth % | 43.6% | 43.73% | -5.16% | 6.59% | -22.81% | -48.34% | 25.44% | - |
| FCF per Share | -0.26 | -0.28 | -0.50 | -0.48 | -0.60 | -0.52 | -0.28 | -0.47 |
| FCF Conversion (FCF/Net Income) | 0.72x | 0.71x | 1.00x | 0.76x | 1.14x | 1.09x | 0.69x | 1.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
According to the provided financial statements, LiveWire consistently reports negative net income alongside negative operating cash flow, with the OCF/NI ratio fluctuating between 0.45 and 1.05, suggesting that the company's cash burn is driven by core operational losses rather than temporary working capital timing differences.
The persistent alignment of negative net income with negative operating cash flow indicates that the company is not generating sufficient internal cash to fund its basic operations. This suggests that the business model is currently reliant on external capital or parent-company support to bridge the gap between accounting losses and actual cash outflows.
As reported in quarterly filings, LiveWire's free cash flow remains deeply negative, with quarterly outflows ranging from $8.9 million to $30.1 million, highlighting a structural inability to achieve self-sustaining operations despite the company's efforts to manage its capital expenditure profile during this early-stage growth phase.
The trajectory of free cash flow suggests that the company is in a continuous state of capital consumption, with no clear evidence of a narrowing deficit. Investors should monitor whether the company can reach a cash-flow-neutral state before its current liquidity reserves are exhausted.
Based on the reported figures, LiveWire's capital expenditure as a percentage of revenue has been highly volatile, peaking at 65.1% in 2024Q1, which indicates that the company is investing heavily in infrastructure relative to its current, limited top-line commercial output and market penetration.
The high capital intensity relative to revenue suggests that the company is still in the heavy investment phase of its lifecycle, likely focused on manufacturing capacity and R&D. This level of spending appears difficult to justify given the current negative gross margins and lack of clear unit-level profitability.
As indicated by the cash flow data, working capital changes have been inconsistent, swinging from a $5.1 million source of cash in 2025Q4 to a $3.0 million use of cash in 2024Q3, reflecting the inherent instability in managing inventory and payables for a low-volume manufacturer.
The erratic nature of working capital movements suggests that the company may be struggling to optimize its supply chain or manage dealer inventory levels effectively. This volatility complicates the assessment of underlying operational health, as cash flow is frequently impacted by these non-recurring timing shifts.
Based on the provided data, stock-based compensation has been a recurring feature of the cash flow statement, reaching as high as $2.4 million in 2023Q4, which effectively masks the true economic cost of operations by utilizing equity to preserve the company's limited cash reserves.
The reliance on stock-based compensation suggests that the company is attempting to conserve cash by compensating personnel with equity, which may lead to future dilution for shareholders. Analysts should treat these non-cash expenses as a real cost of doing business when evaluating the company's long-term viability.
Quick answers to the most common questions about buying LVWR stock.
LiveWire Group, Inc. (LVWR) generated $-53.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LiveWire Group, Inc. (LVWR) reported negative free cash flow of $57.4M in 2025, indicating capital requirements exceeded cash from operations.
LiveWire Group, Inc. (LVWR) spent $3.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, LiveWire Group, Inc. (LVWR) spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.