0001898795-26-000028
SEC filingLiveWire Group, Inc. reported a net loss of $75.1 million for fiscal year 2025, driven by an operating loss of $75.5 million. The company generated net revenue of $25.7 million, which was insufficient to cover total operating costs and expenses of $101.2 million, including cost of goods sold of $30.1 million and selling, administrative, and engineering expenses of $71.1 million. The balance sheet shows total assets of $146.4 million, with cash and cash equivalents of $82.8 million and total liabilities of $100.4 million, including a significant long-term term loan from a related party of $74.2 million. Cash flow from operations was negative $53.5 million, but financing activities provided $75.7 million primarily from related party borrowings, resulting in a net increase in cash of $18.3 million. The company's accumulated deficit grew to $301.0 million, reflecting ongoing operational challenges.
LiveWire Group, Inc. reported significant financial challenges for fiscal year 2025 ending December 31, 2025. The company generated net revenue of $25.7 million but incurred substantial operating losses. Total operating costs and expenses reached $101.2 million, consisting of cost of goods sold ($30.1 million) and selling, administrative, and engineering expenses ($71.1 million). This resulted in an operating loss of $75.5 million. After accounting for interest expense ($255K), interest income ($1.2M), and change in fair value of warrant liabilities ($352K), the loss before income taxes was $74.9 million. With an income tax provision of $189K, the net loss totaled $75.1 million. The comprehensive loss matched the net loss at $75.1 million, with foreign currency translation adjustments contributing a $29K loss. Basic and diluted net loss per share were both reported as $0.
The filing provides consolidated revenue figures without segment breakdown or geographic mix details. Net revenue of $25.7 million represents the company's total sales for the fiscal year. No specific growth drivers, product line contributions, or customer concentration information is disclosed in the provided data. The revenue figure stands in contrast to the substantial operating costs, indicating challenges in achieving scale or pricing power within the company's current operations.
The company demonstrated negative profitability across all measured metrics. With revenue of $25.7 million and cost of goods sold of $30.1 million, the company operated at a negative gross margin. Operating margin was deeply negative at approximately -294%, calculated from operating loss of $75.5 million relative to revenue. The cost structure shows selling, administrative, and engineering expenses ($71.1 million) as the largest component, exceeding cost of goods sold ($30.1 million). Related party transactions contributed to both cost categories, with $10,926 in cost of goods sold and $5,234 in selling, administrative, and engineering expenses coming from related parties.
Operating activities consumed $53.5 million in cash, primarily driven by the net loss of $75.1 million, partially offset by non-cash adjustments including depreciation and amortization ($10.1M) and stock compensation expense ($4.9M). Investing activities used $3.8 million for capital expenditures. Financing activities provided $75.7 million, mainly from $75.0 million in borrowings under a related party term loan. The balance sheet shows total assets of $146.4 million, with current assets of $104.9 million including cash ($82.8M), inventories ($15.3M), and accounts receivable ($4.0M). Total liabilities of $100.4 million include the related party term loan ($75.0M total, with $800K current and $74.2M long-term). Shareholders' equity stands at $46.0 million with an accumulated deficit of $301.0 million.
The provided data does not include management guidance, strategic priorities, or specific risk factors beyond the financial statements. The filing shows continued reliance on related party financing, with $75.0 million in term loan borrowings during the year. The company's negative cash flow from operations and substantial accumulated deficit suggest ongoing challenges in achieving profitability. The balance sheet indicates liquidity with $82.8 million in cash, but the high level of related party debt and continued operational losses present significant financial risks moving forward.