LiveWire Group, Inc. Reports 2026 Second Quarter Financial Results (Form 8-K)

LiveWire Group, Inc. Reports 2026 Second Quarter Financial Results

MILWAUKEE (July 23, 2026) - LiveWire Group, Inc. ("LiveWire" or the "Company") (NYSE: LVWR) today reported second quarter 2026 results.

"The second quarter marked an important step forward in the execution of our strategic growth plan. We successfully commenced production of our all-new S4 Honcho platform, expanding LiveWire's portfolio into a highly accessible segment of the electric motorcycle market which we believe lays the foundation for future growth. At the same time, we closed the acquisition of Dust Motorcycles, which we expect will accelerate our expansion into the rapidly growing electric off-road category and strengthen our long-term product roadmap. Operationally, we delivered meaningful improvements in our financial performance, increasing consolidated revenue by 55% in the second quarter of 2026 compared to same period prior year and improving year-to-date free cash flow by 19% over 2025 through continued focus on commercial execution and disciplined cost management," said Karim Donnez, CEO, LiveWire.

Second Quarter and Year-to-Date through June 30, 2026 Highlights and Financial Results

•Consolidated revenue increased 55% in the second quarter of 2026 compared to same period prior year driven by increased unit sales in both the Electric Motorcycle and STACYC segments.

•Reduced net cash used by operating activities year-to-date through June 30, 2026 by 18%, driving a 19% improvement in year-to-date free cash flow as compared to the same period 2025.

•Year-to-date through June 30, 2026 market share of 76% in the U.S. electric motorcycle 50+ kilowatt on-road EV segment1.

•Commenced production of the S4 Honcho™ with the first units expected to arrive at authorized LiveWire retail locations later this summer.

•Completed the acquisition of Dust Motorcycles, Inc. ("Dust") in May 2026 and continued to advance the platform toward production.

Total Company Highlights

$ in millions*			2nd quarter
			2026			2025			Change
Consolidated Revenue Units			5,490			4,927			11%
Consolidated Revenue			$9.1			$5.9			55%
Consolidated Operating Loss			($18.0)			($18.3)			1%
Net Loss			($18.2)			($18.8)			3%
Adjusted EBITDA**			($15.1)			($15.7)			4%

$ in millions*			Year-to-date through June 30, 2026
			2026			2025			Change
Net cash used by operating activities			($26.4)			($32.4)			18%
Free Cash Flow**			($27.7)			($34.4)			19%

*Amounts may not add or recalculate due to rounding.

**Definition of Adjusted EBITDA and Free Cash Flow and reconciliations to the comparable GAAP metrics are at the end of this release.

1Source: U.S. EV Street Legal Market Share for June from Motorcycle Industry Council (MIC).

The Company's consolidated net loss was $18.2 million for the second quarter 2026 as compared to $18.8 million in the same period prior year driven by the segment results noted below and an increase of $1.8 million of non-operating income related to the change in fair value of the outstanding warrants as of June 30, 2026, primarily offset by an increase of $1.5 million in related party interest expense as compared to prior year.

Adjusted EBITDA was $15.1 million for the second quarter 2026 as compared to $15.7 million in the same period prior year driven by the segment results noted below and excluding expenses related to the Company's At-The-Market program and acquisition costs related to Dust in the current year.

LiveWire Group, Inc. is comprised of two business segments:

•STACYC - focused on the sale of electric balance bikes for kids, electric bikes, and related products

•Electric Motorcycles - focused on the sale of electric motorcycles and related products

STACYC

$ in millions*			2nd quarter
			2026			2025			Change
Electric Balance Bike and Electric Bike Units			5,223			4,872			7%
Revenue			$5.5			$5.0			9%
Operating Income (Loss)			$-			($0.3)			110%

*Amounts may not add or recalculate due to rounding.

STACYC unit sales increased by 7% compared to the prior year same quarter, resulting in an increase to revenue of $0.5 million. Operating loss improved by $0.3 million in the second quarter of 2026 compared to 2025 primarily due to increased gross profit resulting from recoveries on previously paid tariffs of $0.5 million.

Electric Motorcycles

$ in millions*			2nd quarter
			2026			2025			Change
Motorcycle Units			267			55			386%
Revenue			$3.6			$0.8			333%
Operating Loss			($18.0)			($18.0)			-%

*Amounts may not add or recalculate due to rounding.

Electric Motorcycle unit sales increased by 386% compared to the prior year same quarter, resulting in an increase to revenue of $2.8 million. Operating loss was flat compared to the prior year, reflecting a decrease in selling, administrative and engineering expense of $1.0 million, offset by an increase in cost of goods sold primarily from net realizable value adjustments on the purchase of S2 inventory during the quarter as compared to the same quarter in the prior year.

Financial guidance

For the full year 2026, the Company reiterates its full-year guidance.

2

Webcast

Harley-Davidson, Inc. management will discuss the results of its LiveWire reportable segment during an audio webcast from 8-9 a.m. CT where discussion will be limited to its LiveWire reportable segment's financial results and outlook updates. Harley-Davidson's LiveWire reportable segment results as determined in accordance with U.S. GAAP may differ from LiveWire Group, Inc. results on a standalone basis.

About LiveWire

LiveWire has a dedicated focus on the electric motorcycle sector. LiveWire's majority shareholder is Harley-Davidson, Inc. LiveWire comes from the lineage of Harley-Davidson and is capitalizing on a decade of its learnings in the EV sector. With a dedicated focus on EV, LiveWire plans to develop the technology of the future and to invest in the capabilities needed to lead the transformation of motorcycling. www.livewire.com