Key Highlights

  • Consolidated Revenue rose 38% to $7.9 million in the third quarter, from $5.7 million a year earlier.
  • Net loss narrowed to $18.6 million, or $0.09 per share, from $19.4 million, or $0.10 per share.
  • Adjusted EBITDA was negative $14.7 million, compared with negative $16.5 million in the prior year quarter.
  • Cash and cash equivalents were $39.9 million at September 30, 2026, down from $82.8 million at year end.
  • The previously issued 2026 operating loss guidance of $70 million to $80 million was withdrawn.

Revenue climbs as unit sales grow in both segments

LiveWire Group (NYSE:LVWR) is an electric motorcycle maker whose Majority Shareholder is Harley-Davidson (NYSE:HOG). It reported third quarter 2026 results on October 29, 2026. Consolidated revenue reached $7.9 million, up 38% from $5.7 million, on 7,233 revenue units, a 21% increase from 5,989.

Management attributed the gain to higher unit sales in both the Electric Motorcycle and STACYC segments. For the nine months ended September 30, 2026, revenue totaled $22.1 million against $14.3 million, about 54% higher on a calculated basis.

Electric motorcycles swing from a small base while STACYC grows steadily

Electric Motorcycles revenue jumped 178% to $2.7 million from $1.0 million, on 241 units, up 31% from 184. The company noted that third quarter 2025 revenue was reduced by heavier incentives used to stimulate demand, which flatters the comparison.

The segment operating loss improved 8% to $17.0 million, as gross Margin rose $2.6 million, partly offset by a $1.2 million increase in selling, administrative and engineering expense.

STACYC, which sells electric balance bikes for children and electric bikes, grew revenue 9% to $5.2 million on 6,992 units, up 20%. Its operating loss widened to $0.6 million from $0.4 million, which management mainly tied to higher freight costs.

Losses narrow slightly, but cost of goods still exceeds revenue

Consolidated operating loss improved 7% to $17.5 million from $18.8 million. Cost of Goods Sold was $8.2 million against revenue of $7.9 million, producing a gross loss of roughly $0.4 million on a calculated basis, compared with about $2.9 million a year earlier.

The net loss of $18.6 million benefited from a $0.9 million increase in income tax benefit but was weighed down by $1.5 million of related party interest expense that did not appear a year earlier.

Going concern doubt, a restructuring committee and withdrawn guidance

Management concluded that conditions raise substantial doubt about the company's ability to continue as a Going Concern within one year after the issuance of its September 30, 2026 financial statements, citing recurring operating losses, negative operating cash flows and limited liquidity. The company is evaluating financing and strategic alternatives, with no assurance any transaction will be available.

On October 22, 2026, the board formed a special restructuring committee, which appointed Roy Gallagher as Chief Restructuring Officer and principal executive officer. The company also withdrew its 2026 guidance of an operating loss between $70 million and $80 million and noted that its Debt matures in December 2027.

Cash burn, an Equity Deficit and what comes next

Net cash used by Operating Activities for the nine months was $38.3 million, down 16% from $45.6 million, and free cash flow was negative $40.5 million versus negative $48.2 million. Cash and cash equivalents fell by $42.9 million to $39.9 million.

Total shareholders' equity was negative $5.5 million, compared with positive $46.0 million at December 31, 2025. The Balance Sheet also carried a long term related party term Loan of $76.8 million. The Quarterly Report is expected on or before November 9, 2026 and should contain fuller detail on Liquidity plans.