LIVEWIRE GROUP INC (NYSE: LVWR)

Introduction

LIVEWIRE GROUP INC (NYSE: LVWR) designs and manufactures electric motorcycles and balance bikes. Founded in 2021 as a spin-off from Harley-Davidson, the company became the first U.S. publicly traded electric motorcycle manufacturer on September 27, 2022. As of May 28, 2025, LVWR shares are priced at $3.97, reflecting a 55.08% increase, with a trading volume of 8,200,891.

Corporate Structure

• Headquarters: Milwaukee, Wisconsin & Mountain View, California
• Segments:
  • Electric Motorcycles: S1 and S2 series, parts, apparel, accessories
  • STACYC: Electric balance bikes for children
• Employees: 51–200 (LinkedIn)
• Production: York, Pennsylvania (Harley-Davidson plant)

Developments and News

• Financing Offer (March 1–May 31, 2025):
  • S2 models available at a 1.49% APR through Eaglemark Savings Bank.
  • Examples of financing terms:
    • 2025 S2 Alpinista™ (MSRP $15,999, resulting in monthly payments of $209.18)
    • 2024 S2 Del Mar® (MSRP $16,249, resulting in monthly payments of $212.45)
    • 2024 S2 Mulholland™ (MSRP $16,499, resulting in monthly payments of $215.72)
• European Launch (May 2025):
  • S2 Mulholland™ is now available for purchase in France, Germany, the Netherlands, Spain, Italy, Switzerland, and the UK.
• Product Pipeline:
  • On January 15, 2025, the company is set to unveil the third model built on the S2 platform in Paris and Los Angeles.
• Sales & Outlook (As of February 5, 2025):
  • Units sold in 2023: 660; units sold in 2024: 612.
  • Guidance for 2025 is between 1,000 and 1,500 units, with an expected operating loss between $70 million and $80 million (compared to an operating loss of $93.9 million in 2024).

Financial and Strategic Analysis

Metric	Value
Market Capitalization (intraday)	$521.1 million
Enterprise Value	$476.0 million
Price/Sales (TTM)	21.33×
Price/Book (MRQ)	5.36×
Revenue (TTM)	$24.4 million
Net Income (TTM)	–$89.6 million
Diluted EPS (TTM)	–$0.43
Total Cash (MRQ)	$46.2 million
Total Debt/Equity (MRQ)	1.16%
Levered Free Cash Flow (TTM)	–$59.7 million
Return on Assets (TTM)	–32.84%
Return on Equity (TTM)	–63.74%

• The company has a low leverage ratio (Debt/Equity of 1.16%), but it remains unprofitable, with significant cash burn.
• Financing incentives are intended to enhance demand for the S2 series, particularly in urban markets.
• The dual segments (motorcycles & STACYC) diversify revenue sources, while the balance bike line targets a younger demographic.

Market Position and Industry Context

• First mover: LiveWire is noted for being the first U.S. electric motorcycle manufacturer to go public.
• Parentage: Originally developed as Harley-Davidson’s electric vehicle division, the company maintains connections with Harley-Davidson’s dealer network and manufacturing capabilities.
• Competition: Operating in a niche market with competitors such as Zero Motorcycles and Energica, the company's growth is influenced by trends in urban mobility and the availability of charging infrastructure.
• Growth drivers:
  • Policies promoting urban electrification
  • Consumer financing options
  • Expansion plans for European markets

TL;DR

• LVWR shares are priced at $3.97 (+55.08%) as of May 28, 2025, with a trading volume of 8.2 million shares.
• Financing for S2 models at 1.49% APR is available through May 31, 2025.
• The European rollout of the S2 Mulholland™ began in May 2025.
• Sales figures for 2023 and 2024 were 660 and 612 units respectively; guidance for 2025 indicates sales will be between 1,000 and 1,500 units with a projected operating loss of $70–80 million.
• The company holds a cash position of $46.2 million and maintains a low leverage balance, although it faces challenges related to profitability.

Financing offers are applicable to new S2 models financed through Eaglemark Savings Bank, subject to credit approval.