LiveWire Reports Q2 2026 Results
Electric motorcycle sales and revenue up as LiveWire prepares for S4 Honcho deliveries
LiveWire reported increased sales of electric motorcycles and STACYC balance bikes and electric bikes during the second quarter of 2026. The Harley-Davidson electric brand still reported a net loss of $18.2 million, but the numbers continue to trend in the right direction, improving from the previous loss of $18.8 million reported last year. Whether investors have the patience to let that trend continue is the big question.
The second quarter did offer some good news. LiveWire sold 267 electric motorcycles during the quarter, compared to just 55 in the same quarter of 2025. Sales revenues saw a similar bump, with LiveWire raking in $3.6 million from motorcycle sales compared to $0.8 million in Q2 last year. STACYC also saw sales volumes increase 7% to 5,223 units from 4,872, with balance bike revenues growing to $5.5 million from $5.0 million.
Unfortunately, most of those gains were mostly offset by rising costs of goods sold, resulting in only a modest improvement in net loss.
The third quarter should have some potential for further growth, with the first S4 Honcho units expected to arrive at LiveWire retail locations later this summer.
LiveWire also completed its acquisition of electric off-road start-up Dust Motorcycles during the second quarter, but we don't expect the first products to hit the market for another few quarters.
Begin Press Release:
LiveWire Group, Inc. Reports 2026 Second Quarter Financial Results
LiveWire Group, Inc. 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.
1Source: U.S. EV Street Legal Market Share for June from Motorcycle Industry Council (MIC).
Total Company Highlights
$ in millions* | Q2 2026 | Q2 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* | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
Net cash used by operating activities | ($26.4) | ($32.4) | 18% |
Free Cash Flow** | ($27.7) | ($34.4) | 19% |
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* | Q2 2026 | Q2 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% |
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* | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
Motorcycle Units | 267 | 55 | 386% |
Revenue | $3.6 | $0.8 | 333% |
Operating Loss | ($18.0) | ($18.0) | —% |
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.
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Dennis has been a part of the Motorcycle.com team since 2008, and through his tenure, has developed a firm grasp of industry trends, and a solid sense of what's to come. A bloodhound when it comes to tracking information on new motorcycles, if there's a new model on the horizon, you'll probably hear about it from him first.
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just doing sone simple math: 3.6/267 is 13.483k per unit. Is this the price paid per unit by the customer, or what dealers paid? What is the range and customer price on these?
So anyone that you disagree with is a luddite? Grand...so 'open minded', unlike me... Nothing wrong with appliances, friend...they're reliable, they work as advertised, and they've got the personality of a cue ball. I'm glad that you like your motorcycling experience with e-bikes...seems that you like cue balls also. I'll stick to manual transmission, combustion engine motorcycle riding as I've tried electric and much prefer my, as you so eloquently stated, luddite tech. To each their own friend...