Short answer
LiveWire Group, Inc. (LVWR) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $26M (−3.6% year over year) and net income of −$75M.
- Top risk flagged: Governance risk: Interim CISO leadership after Harley-Davidson’s CISO left Oct 2025 until new hire
FY2025 key financial metrics · XBRL
- Revenue
- $26M
- −3.6% YoY
- Net income
- −$75M
- +20.0% YoY
- Operating margin
- -294.0%
- +120.3 pp YoY
- EPS (diluted)
- −$0.37
- +19.6% YoY
- ROE
- -163.2%
- −81.6 pp YoY
- Operating cash flow
- −$54M
- +42.9% YoY
Source: XBRL data from the LiveWire Group, Inc. (LVWR) FY2025 10-K on SEC EDGAR. USD.
LiveWire Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Designing, manufacturing, and selling electric motorcycles and electric balance bikes targeting youth, via a two-segment approach: Electric Motorcycles and STACYC
- New product introduction: Launched adult pedal-assist electric bike in STACYC segment March 2025; planning two new 125 cc-equivalent mini-motos, S4 Honcho™, for Electric Motorcycles in spring 2026
- Strategic shift: Extended manufacturing exclusivity with Harley-Davidson from 5 to 6 years; enhanced service and contract manufacturing agreements with H-D to support outsourcing and scaling
- Notable quantitative metric: 2025 Electric Motorcycles revenue declined to $6.1M from $8.4M in 2024; STACYC segment revenue grew to $19.6M from $18.3M in 2024, reflecting differing segment trajectories
- Distinctive fact: LiveWire operates under multiple long-term, royalty-free IP and trademark license agreements with Harley-Davidson established in September 2022, shaping ongoing collaboration and cost structure
Management Discussion & Analysis
- Revenue $25.7M in 2025 vs $26.6M in 2024, Electric Motorcycles revenue down 27.6% to $6.1M, STACYC up 7.4% to $19.6M
- Operating loss narrowed 31.6% to $75.5M, Electric Motorcycles loss improved 30.0% to $73.8M, STACYC loss improved 66.0% to $1.7M
- Best performing segment STACYC: revenue $19.6M (+7.4%), operating loss $1.7M down from $4.9M, worst Electric Motorcycles segment: revenue $6.1M (-27.6%), operating loss $73.8M
- Cash and cash equivalents increased to $82.8M from $64.4M; $75M Term Loan drawn in Dec 2025; $2.2M raised via ATM stock sales; no dividends or buybacks disclosed
- 2026 outlook: launch two new S4 Honcho mini-moto models, continued network expansion, cost savings, focus on profitable product innovation and STACYC growth
Risk Factors
- Governance risk: Interim CISO leadership after Harley-Davidson’s CISO left Oct 2025 until new hire
- Operational risk: Reliance on Harley-Davidson’s Chief Digital and Operations Officer as acting CISO until Dec 31, 2025
- Cybersecurity risk: IT Security Manager with 20+ years experience managing security and regulatory compliance leading incident response
- Oversight risk: Audit and Finance Committee reviews cybersecurity risks and reports at least annually to Board
- No specific regulatory, geopolitical, competitive, financial, or supply chain risks detailed in text
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