LiveWire Sales Jump 55% as Balance Sheet Thins Out
LiveWire Group's second-quarter revenue climbed 55% to $9.1 million even as shareholders' equity dropped 74% since December to $11.9 million.
LiveWire Group (LVWR) reported second-quarter revenue of $9.1 million, up 55% from $5.9 million a year earlier, as the electric-motorcycle maker sold more units at a richer mix of higher-value models.
Unit sales rose only 11% to 5,490 from 4,927, a far slower pace than the revenue gain, pointing to a shift toward pricier Electric Motorcycle units rather than higher volume alone. That segment's revenue surged 333% to $3.6 million from $0.8 million on a 386% jump in units, to 267 from 55, though its operating loss held flat at $18.0 million. The STACYC segment, LiveWire's balance-bike business, grew revenue 9% to $5.5 million and improved its operating result 110% to breakeven from a $0.3 million loss, helped by $0.5 million in tariff recoveries.
Consolidated operating loss narrowed 1% to $18.0 million from $18.3 million, and net loss narrowed 3% to $18.2 million from $18.8 million. The improvement came in part from a $1.8 million favorable swing in warrant fair-value gains, offset by $1.5 million of new related-party interest expense. Adjusted EBITDA loss improved 4% to $15.1 million from $15.7 million.
Cash used in operations for the first half of the year improved 18% to $26.4 million from $32.4 million, and free cash flow improved 19% to negative $27.7 million from negative $34.4 million. Even with that improvement, cash on hand fell to $52.9 million at June 30 from $82.8 million at the end of 2024, a $29.9 million drawdown over six months. Total shareholders' equity dropped 74% over the same period, to $11.9 million from $46.0 million, as the accumulated deficit widened to $337.4 million from $301.0 million.
The company drew further on related-party financing, with its related-party term loan balance rising to $76.8 million from $74.2 million since year-end and generating $1.5 million of interest expense in the quarter, a cost that did not exist in the prior-year period. LiveWire completed its acquisition of Dust Motorcycles in May, adding $0.3 million of acquisition costs and lifting intangible assets to $4.0 million from $0.8 million and goodwill to $8.6 million from $8.3 million since year-end.
LiveWire also began production of its S4 Honcho platform, a new accessible-segment product line with first retail units expected later this summer, and disclosed a 76% year-to-date U.S. market share in the 50-plus-kilowatt on-road electric motorcycle segment.