LiveWire Group (LVWR) Financials

LiveWire Group’s latest quarter shows a business still struggling to scale profitably. In Q3 2025, revenue rose to $5.7 million, up from $2.7 million in Q1 2025, but the company remained deeply unprofitable. Gross profit was negative again, operating losses were large, and cash flow stayed negative. The balance sheet still has a meaningful equity cushion, but cash has fallen sharply over the past year.

What stands out most is the pace of cash burn. LiveWire used $13.3 million in operating cash in Q3 2025 and ended the quarter with $16.3 million in cash and equivalents, down from $29.3 million at the end of Q2 2025 and $46.2 million at the end of Q1 2025. That trend suggests liquidity is being consumed quickly even though management continues to invest in the business.

• Revenue improved sequentially in Q3 2025 to $5.7 million from $2.7 million in Q1 2025, showing at least some demand growth.
• Operating cash burn improved somewhat versus the prior quarter, with operating cash outflow narrowing to $13.3 million from $14.9 million in Q2 2025.
• The company generated $1.0 million of net financing cash in Q3 2025, which helped partially offset operating losses.
• Total equity remained solid at $61.8 million at quarter-end, indicating the balance sheet is still supported by more assets than liabilities.
• Depreciation and other non-cash charges continue to provide some accounting support to cash flow, but not enough to offset ongoing losses.
• Capital spending was modest at $735,000 in Q3 2025, so management is not overspending heavily on fixed assets.
• Shares outstanding have been fairly stable, with basic weighted average shares around 204.0 million in Q3 2025.
• Gross margin remains negative: Q3 2025 revenue of $5.7 million came against cost of revenue of $8.6 million, producing a gross loss of $2.9 million.
• Operating expenses were much higher than revenue, with SG&A at $15.9 million and operating loss at $18.8 million in Q3 2025.
• Cash and equivalents fell from $46.2 million at Q1 2025 to $16.3 million at Q3 2025, a steep decline that raises liquidity concerns.

Looking at the broader trend over the last several years, the story has not changed much: LiveWire has consistently posted quarterly net losses, typically in the $19 million to $33 million range, while revenue has remained relatively small and highly volatile. Earlier in 2024 and 2023, the company sometimes had much larger cash balances, but those cushions have been reduced materially. In other words, the business still appears to be in an investment-and-scale-up phase, but profits have yet to catch up.

Bottom line: LiveWire is showing some top-line improvement in the latest quarter, but it is still far from profitability. The most important watch item for investors is whether revenue growth can accelerate enough to improve gross margins and narrow operating losses before cash reserves become tight.