LiveWire (US:LVWR)2025-08-06 20:17Financial Performance - For the three months ended June 30, 2025, the Company's net loss was $18,826 thousand, a decrease of 24.1% compared to a net loss of $24,805 thousand for the same period in 2024[102]. - The net loss for the six months ended June 30, 2025, was $38,097 thousand, a decrease of $10,352 thousand or 21.4% from the net loss of $48,449 thousand in 2024[129]. - Revenue for the six months ended June 30, 2025 decreased by $398 thousand, or 5.1%, to $7,355 thousand from $7,753 thousand for the same period in 2024[140]. - Gross profit increased by $255 thousand, or 9.6%, to $2,899 thousand for the six months ended June 30, 2025, compared to $2,644 thousand for the same period in 2024[140]. Segment Performance - The Electric Motorcycles segment reported an operating loss of $18,003 thousand for the three months ended June 30, 2025, down 32.8% from an operating loss of $26,796 thousand for the same period in 2024[103]. - Revenue for the Electric Motorcycles segment decreased by $1,588 thousand, or 65.3%, to $842 thousand for the three months ended June 30, 2025, compared to $2,430 thousand for the same period in 2024[121]. - Unit sales for Electric Motorcycles dropped by 65.2%, from 158 units in the three months ended June 30, 2024, to 55 units in the same period of 2025[121]. - Revenue for the STACYC segment increased by $1,012 thousand, or 25.2%, to $5,031 thousand for the three months ended June 30, 2025, compared to $4,019 thousand in 2024[126]. Cost Management - Cost of goods sold for Electric Motorcycles decreased by $3,377 thousand, or 58.7%, to $2,379 thousand for the three months ended June 30, 2025, from $5,756 thousand in 2024[122]. - Selling, administrative, and engineering expenses for Electric Motorcycles decreased by $7,004 thousand, or 29.8%, to $16,466 thousand for the three months ended June 30, 2025[123]. - Cost of goods sold for Electric Motorcycles for the six months ended June 30, 2025, decreased by $6,448 thousand, or 52.7%, to $5,779 thousand from $12,227 thousand in 2024[136]. - Selling, administrative, and engineering expenses for Electric Motorcycles decreased by $14,412 thousand, or 30.5%, to $32,838 thousand for the six months ended June 30, 2025[137]. Sales and Distribution - Wholesale Motorcycle Unit Sales decreased to 47 units for the three months ended June 30, 2025, down from 111 units in the same period of 2024, representing a decline of 57.7%[109]. - Company Retail Motorcycle Unit Sales fell to 8 units for the three months ended June 30, 2025, compared to 47 units in the same period of 2024, a decrease of 83.0%[109]. - Total Electric Balance Bike and Electric Bike Unit Sales increased to 4,872 units for the three months ended June 30, 2025, up from 3,825 units in the same period of 2024, reflecting a growth of 27.4%[109]. - As of June 30, 2025, the Company had 91 Independent Retail Partners for Electric Motorcycles, an increase from 88 as of December 31, 2024[112]. Cash Flow and Investments - The Company had investments of $17,000 thousand in money market funds as of June 30, 2025, a significant decrease from $105,000 thousand as of June 30, 2024[117]. - As of June 30, 2025, cash and cash equivalents amounted to $29,316 thousand, down from $64,437 thousand as of December 31, 2024[144]. - Net cash used by operating activities decreased by $16,519 thousand to $32,367 thousand for the six months ended June 30, 2025, compared to $48,886 thousand for the same period in 2024[153]. - LiveWire does not expect to generate positive cash flow from operations over the next twelve months[145]. Future Outlook - LiveWire's focus for the remainder of 2025 includes cost improvements and future electric motorcycle models and product innovation[107]. - The Company expects capital expenditures to be between $5 million and $10 million in 2025[155]. - The Company plans to use its current cash and available funds under the Convertible Term Loan to support core business operations and invest in new product development[150]. - LiveWire received net proceeds of approximately $293.7 million from the Business Combination with ABIC on September 26, 2022[146].