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, against 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  • The previously issued 2026 operating loss guidance of $70 million to $80 million was withdrawn.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), an electric motorcycle maker whose Majority Shareholder is Harley-Davidson (NYSE:HOG), reported third quarter 2026 results on October 29, 2026. Consolidated revenue was $7.9 million, up 38% from $5.7 million, on 7,233 revenue units, up 21% from 5,989.

The company said the gain came from higher unit sales in both its Electric Motorcycle and STACYC segments. For the nine months ended September 30, 2026, revenue was $22.1 million against $14.3 million, which is about 54% higher on a calculated basis.

Electric motorcycles swing from a thin base while STACYC grows steadily

Electric Motorcycles revenue rose 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 improved by $2.6 million, partly offset by a $1.2 million rise 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 tied mainly to higher freight costs.

Losses narrow slightly, but cost of goods still exceeded 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, so the company posted a gross loss of roughly $0.4 million on a calculated basis, compared with about $2.9 million a year earlier.

Net loss was $18.6 million, helped by a $0.9 million increase in income tax benefit but weighed by $1.5 million of related party interest expense that was not present 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Going concern doubt, a restructuring committee and withdrawn guidance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 of issuing 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 that 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, a Deficit in Equity and what to watch 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.

The Balance Sheet showed total shareholders' equity of negative $5.5 million, against positive $46.0 million at December 31, 2025, and a long term related party term Loan of $76.8 million. The Quarterly Report is expected on or before November 9, 2026, and should carry fuller detail on Liquidity plans.