The company struggles with structural profitability, evidenced by a deeply negative gross margin profile that reached -79.0% in 2025Q1 and consistent quarterly operating losses exceeding $17 million.
| Sales/Revenue | 28.04M | 25.67M | 26.63M | 38.02M | 46.83M | 35.81M | 30.86M | 20.19M |
| Revenue Growth % | 14.94% | -3.61% | -29.96% | -18.81% | 30.8% | 16.02% | 52.88% | - |
| Cost of Goods Sold | 25.19M | 30.11M | 39.42M | 43.8M | 43.93M | 38.38M | 55.82M | 21.3M |
| COGS % of Revenue | - | 117.27% | 148% | 115.18% | 93.8% | 107.19% | 180.86% | 105.5% |
| Gross Profit | -2.8M | -4.43M | -12.78M | -5.77M | 2.9M | -2.57M | -24.96M | -1.11M |
| Gross Margin % | -9.99% | -17.27% | -48% | -15.18% | 6.2% | -7.19% | -80.86% | -5.5% |
| Gross Profit Growth % | - | 65.32% | -121.47% | -298.76% | 212.82% | 89.69% | -2148.29% | - |
| Operating Expenses | 69.69M | 71.05M | 97.57M | 110.22M | 87.86M | 65.61M | 52.1M | 57M |
| OpEx % of Revenue | - | 276.76% | 366.36% | 289.87% | 187.6% | 183.23% | 168.81% | 282.33% |
| Selling, General & Admin | 69.69M | 71.05M | 92.96M | 110.22M | 87.86M | 65.61M | 52.1M | 56.27M |
| SG&A % of Revenue | - | 276.76% | 349.03% | 289.87% | 187.6% | 183.23% | 168.81% | 278.74% |
| Research & Development | 0 | 0 | 41.74M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 156.73% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -37.13M | 0 | 0 | 0 | 0 | 725K |
| Operating Income | -72.49M | -75.48M | -110.36M | -115.99M | -84.95M | -68.18M | -77.06M | -58.11M |
| Operating Margin % | -258.49% | -294.03% | -414.36% | -305.05% | -181.4% | -190.42% | -249.67% | -287.83% |
| Operating Income Growth % | - | 31.6% | 4.86% | -36.53% | -24.6% | 11.52% | -32.61% | - |
| EBITDA | -63.02M | -65.34M | -100.31M | -110.16M | -80.55M | -63.46M | -73.11M | -56.35M |
| EBITDA Margin % | -224.71% | -254.53% | -376.66% | -289.71% | -172% | -177.24% | -236.9% | -279.14% |
| EBITDA Growth % | 29.82% | 34.86% | 8.93% | -36.75% | -26.93% | 13.2% | -29.74% | - |
| D&A (Non-Cash Add-back) | 9.47M | 10.14M | 10.04M | 5.83M | 4.4M | 4.72M | 3.94M | 1.75M |
| EBIT | -72.51M | -74.67M | -93.88M | -109.47M | -78.5M | -67.86M | -77.03M | -57.38M |
| Net Interest Income | 1.01M | 911K | 5.7M | 10.54M | 716K | -274K | -130K | 40K |
| Interest Income | 1.26M | 1.17M | 5.7M | 10.54M | 1.19M | 19K | 56K | 40K |
| Interest Expense | 255K | 255K | 0 | 0 | 475K | 293K | 186K | 0 |
| Other Income/Expense | -1.28M | 559K | 16.47M | 6.52M | 5.98M | 28K | -160K | 115K |
| Pretax Income | -73.77M | -74.92M | -93.88M | -109.47M | -78.97M | -68.15M | -77.22M | -57.99M |
| Pretax Margin % | -263.05% | -291.85% | -352.5% | -287.91% | -168.62% | -190.34% | -250.19% | -287.26% |
| Income Tax | 200K | 189K | 43K | 78K | -33K | 138K | 357K | -1.48M |
| Effective Tax Rate % | -0.27% | -0.25% | -0.05% | -0.07% | 0.04% | -0.2% | -0.46% | 2.54% |
| Net Income | -73.97M | -75.11M | -93.92M | -109.55M | -78.94M | -68.29M | -77.57M | -56.52M |
| Net Margin % | -263.77% | -292.59% | -352.66% | -288.12% | -168.55% | -190.73% | -251.34% | -279.95% |
| Net Income Growth % | 17.4% | 20.03% | 14.26% | -38.78% | -15.59% | 11.96% | -37.25% | - |
| Net Income (Continuing) | -73.97M | -75.11M | -93.92M | -109.55M | -78.94M | -68.29M | -77.57M | -56.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.36 | -0.37 | -0.46 | -0.54 | -0.46 | -0.42 | -0.48 | -0.35 |
| EPS Growth % | 15.93% | 19.57% | 14.81% | -17.39% | -9.52% | 12.5% | -37.14% | - |
| EPS (Basic) | - | -0.37 | -0.46 | -0.54 | -0.46 | -0.42 | -0.48 | -0.35 |
| Diluted Shares Outstanding | 204.49M | 203.73M | 203.21M | 202.5M | 172M | 161M | 202.4M | 161M |
| Basic Shares Outstanding | 204.49M | 203.73M | 203.21M | 202.5M | 172M | 161M | 161M | 161M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Unsustainable unit-level economics
As reported in financial statements, LiveWire's revenue trajectory remains highly erratic, with quarterly growth fluctuating between a 44.9% decline and an 86.5% surge, suggesting that the company has yet to establish a predictable sales cadence or a stable market demand profile for its electric motorcycle lineup.
The extreme volatility in top-line performance indicates a lack of consistent market penetration and potential reliance on lumpy, non-recurring sales events. Investors should monitor whether the company can transition from these sporadic growth bursts to a sustainable, volume-driven expansion model.
Based on reported figures, LiveWire continues to struggle with structural profitability, evidenced by a deeply negative gross margin profile that reached -79.0% in 2025Q1, highlighting the company's inability to cover the direct costs of production through its current pricing and manufacturing scale.
The inability to achieve positive gross margins suggests that the cost of battery components and assembly significantly outweighs the revenue generated per unit. This structural deficit implies that the company is currently subsidizing every sale, which is an unsustainable position without a radical shift in manufacturing efficiency or component sourcing.
According to recent SEC filings, LiveWire's operating expenses, particularly SG&A, remain stubbornly high relative to revenue, preventing the realization of operating leverage as the company continues to report significant quarterly operating losses that consistently exceed $17 million despite varying levels of top-line activity.
The lack of meaningful reduction in SG&A as revenue fluctuates suggests a high fixed-cost burden that is not scaling with business volume. This indicates that the company's current operational infrastructure is oversized for its present sales level, necessitating a potential re-evaluation of its overhead requirements.
As indicated by the income statement data, the company's cost structure is dominated by heavy SG&A expenditures, which have consistently remained in the $15 million to $28 million range, far outpacing the gross profit generated and underscoring a significant disconnect between operational spending and commercial output.
The persistent reliance on high SG&A spending suggests that the company is prioritizing brand building and market presence over immediate cost discipline. This strategy warrants further investigation into whether these expenditures are effectively driving long-term customer acquisition or merely masking an inefficient operational model.
Based on the provided financial data, the combination of negative gross margins and a consistent quarterly cash burn rate presents a material risk to the company's long-term solvency, as the current cash position appears insufficient to support prolonged operations without external capital injections or parent support.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its ongoing operating losses. The reliance on Harley-Davidson for operational support may be masking the true standalone risk, and any reduction in this support could lead to a rapid deterioration of the company's financial position.
Quick answers to the most common questions about buying LVWR stock.
For fiscal year 2025, LiveWire Group, Inc. (LVWR) reported total revenue of $25.7M. This represents a 27.2% increase compared to $20.2M in 2019.
LiveWire Group, Inc. (LVWR) reported a net loss of $75.1M for the fiscal year ending 2025.
LiveWire Group, Inc. (LVWR) reported an operating income of $-75.5M, resulting in an operating profit margin of -294.0%. This margin reflects the operational efficiency of the business before interest and taxes.
LiveWire Group, Inc. (LVWR) generated $-4.4M in gross profit for the year, representing a gross profit margin of -17.3%. This demonstrates the company's core pricing power and production efficiency.