LiveWire Group, Inc. specializes in the production of electric motorcycles, catering to markets across North America, Europe/Middle East/Africa, and Asia Pacific. The ...
LiveWire Group, Inc. (NYSE: LVWR) is a pioneer in the electric motorcycle industry, dedicated to creating 'Soulful by Design' zero-emission vehicles that redefine the riding experience. Founded in 2010 and headquartered in Milwaukee, Wisconsin, the company was initially a division of Harley-Davidson and became publicly traded in 2022, marking a ...LiveWire Group, Inc. (NYSE: LVWR) is a pioneer in the electric motorcycle industry, dedicated to creating 'Soulful by Design' zero-emission vehicles that redefine the riding experience. Founded in 2010 and headquartered in Milwaukee, Wisconsin, the company was initially a division of Harley-Davidson and became publicly traded in 2022, marking a significant milestone as the first all-electric motorcycle company to list on the NYSE. Under the leadership of CEO Karim Donnez, who took the helm in June 2023, LiveWire is driving innovation in the electric two-wheeler market.
LiveWire's product lineup includes the flagship LiveWire ONE and the more accessible Del Mar model, designed for both urban commuting and extended rides. Unlike traditional motorcycles, LiveWire models feature instant torque, smooth acceleration, and a quiet ride, with no clutch or gearshift, appealing to both new and experienced riders. The company also offers connected services and mobile apps for enhanced rider experiences.
In 2025, LiveWire expanded its portfolio by acquiring the assets of Dust Moto, a move that strengthens its product offerings and market position. The company operates across North America, Europe, Middle East, Africa, and Asia Pacific, supported by strategic alliances with Harley-Davidson and the KYMCO Group. These partnerships provide manufacturing capabilities, distribution networks, and brand credibility.
Financially, LiveWire faces challenges typical of early-stage EV companies. As of the latest TTM data, the company reported a market capitalization of approximately $231 million, with revenue per share of $0.153 and a net loss per share of -$0.358. Gross profit margin is negative, and operating margins are deeply negative, reflecting investments in R&D, production ramp-up, and market expansion. However, the company maintains a relatively strong balance sheet with $57.5 million in working capital and a current ratio of 4.158, providing liquidity to fund operations.
Key financial metrics show an enterprise value of $255.8 million, with negative EBITDA and free cash flow, indicating heavy investment phases. The company's debt-to-equity ratio of 6.485 suggests significant leverage, but its cash ratio of 2.904 offers some cushion. LiveWire's cost structure includes high SG&A expenses (220% of revenue) and significant capital expenditures relative to revenue (10.6%), reflecting its growth strategy.
The leadership team, including CEO Karim Donnez, brings extensive experience from the powersports industry. Donnez previously served as President of Marine Group at BRP Inc., and his appointment signals a focus on operational excellence and global growth. The company's vision is to lead the electric motorcycle segment, with a strong emphasis on sustainability and urban mobility.
LiveWire's target market includes environmentally conscious consumers, city dwellers seeking efficient transport, and motorcycle enthusiasts looking for a high-tech riding experience. The company also aims to capitalize on the growing demand for electric vehicles, with potential market expansion through new models, enhanced charging infrastructure, and strategic partnerships.
Despite current losses, LiveWire has a strong brand, innovative products, and a clear strategy to achieve profitability through scale and product diversification. As the EV motorcycle market matures, LiveWire is well-positioned to become a dominant player, leveraging its early-mover advantage and strong parent company backing. However, challenges remain, including competition from established players and economic uncertainties. Nonetheless, with a dedicated team and robust liquidity, LiveWire is poised for long-term success in transforming the future of motorcycling.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$25.7M
-3.6%
+78.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-75.1M
+20.0%
-0.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-17.3%
+64.0%
+95.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-294.0%
+29.0%
+42.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-292.6%
+17.0%
+43.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-57.4M
+43.7%
-4.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-223.4%
+41.6%
+41.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
165.1%
+23679.9%
+145.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
4.63x
+40.4%
-3.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Harley-Davidson 2026 First Quarter Investor and Analyst Conference Call. Please be advised that today's conference call is being recorded. I would now like to hand the call over to Shawn Collins. Thank you. Please go ahead.
Shawn Collins: Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the Internet at the Harley-Davidson Investor Relations website. As you might expect, our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in today's earnings release and in our latest filings with the SEC. Joining me for this morning's call are Harley-Davidson Chief Executive Officer, Artie Starrs; and Chief Financial and Commercial Officer, Jonathan Root. With that, let me turn it over to Harley-Davidson CEO, Artie Starrs.
Arthur Starrs: Thank you, Shawn, and good morning, everyone, and thank you for joining us today for our Q1 2026 financial results as well as an introduction to our new strategic plan, which we're calling "Back to the Bricks". I'll begin with an overview of our Q1 performance. Jonathan will then provide additional financial commentary before we turn to our strategy. Before I get into it, I'd like to take a moment to acknowledge our deeply committed and passionate Harley-Davidson employees who work tirelessly to bring Harley-Davidson alive across the world. Thank you, Team HD. Starting with retail sales, we're pleased with our performance this quarter. North America delivered a 14% increase versus the prior year, contributing to global retail sales growth of 8% in what remains a challenging consumer environment. These results reflect the impact of the actions we've taken to drive demand and improve execution. As noted on the Q4 earnings call, dealer health and inventory levels remain a key focus for the company. During the quarter, we reduced global inventory by 22% year-over-year as we continued to prioritize dealer inventory sell-through and aligning wholesale shipments with retail demand. We'll share more detail on this in our strategy discussion. Strengthening dealer relationships has also remained a priority. We recognize the critical role our dealer network plays in the Harley-Davidson ecosystem, and we're encouraged by the renewed sense of partnership and momentum across the network. This will be an important driver as we move forward into our next chapter. During the quarter, we also formally reopened our Juneau Avenue headquarters in Milwaukee, Wisconsin, affectionately referred to by our Harley-Davidson community as the Bricks, with our employees at headquarters returning to the office for the first time since 2020. Finally, we've been encouraged by the early reception to our new marketing platform, RIDE. I'll …
