LiveWire Group, Inc. reported its fourth‑quarter and full‑year 2025 financial results, showing consolidated revenue of $11.36 million for the quarter—an increase of roughly 6% from the $10.8 million reported in Q4 2024. The company’s revenue growth was driven by a 61% jump in electric‑motorcycle sales to 653 units and a 46% rise in STACYC units to 21,633, which together offset modest declines in other product lines.
Operating loss for the quarter narrowed to $18 million, a 30% reduction from the $25.2 million loss in Q4 2024. The improvement reflects tighter cost controls and a shift toward more affordable product offerings, which have helped lower manufacturing and marketing expenses. Full‑year operating loss fell 32% to $75.5 million from $110.4 million a year earlier, underscoring the company’s progress in scaling operations while still investing heavily in product development.
Net loss for the quarter was $17.6 million, and the full‑year net loss was $75.1 million. Earnings per share for Q4 2025 were $0.09, missing analyst expectations of a $0.07 loss. The miss was largely due to higher-than‑anticipated supply‑chain costs and the need to absorb one‑time restructuring charges, which outweighed the benefits of the revenue lift.
Free cash flow improved 44% year‑over‑year, reaching $3.2 million, a result of disciplined spending and a focus on high‑margin product lines. Management highlighted that the company’s cost‑cutting initiatives and product mix shift have begun to translate into stronger cash generation, even as it continues to invest in the upcoming S4 Honcho™ launch and European market expansion.
CEO Karim Donnez emphasized that LiveWire remains the number one U.S. on‑road electric‑motorcycle retailer, noting that “consolidated revenue units increased year over year with over 22,000 units sold, a 16% increase over 2024, coupled with a prime focus on improving gross profit.” He added that the company will continue to focus on profitability and product launches in 2026, while guiding for an operating loss of $70 million to $80 million for the full year.
Investors reacted negatively to the earnings miss, citing the EPS shortfall and revenue shortfall relative to analyst forecasts. The company’s guidance for 2026—an operating loss of $70 million to $80 million—signals continued investment in growth while acknowledging the need to manage costs in a challenging market.
The results illustrate a company in transition: revenue and unit sales are accelerating, but profitability remains a work in progress. The EPS miss and guidance for continued losses underscore the challenges of scaling a high‑margin electric‑motorcycle business while maintaining competitive pricing and managing supply‑chain volatility.
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