LiveWire Group, Inc.LVWR
LiveWire Group, Inc. Segments Disclosure
Reportable Segments and Geographic Information
The Company’s reportable segments and significant segment expenses are determined based on how the Company’s Chief Operating Decision Maker (CODM) assesses performance and decides how to allocate resources for the Company.
The Company’s Chief Executive Officer is the Company’s CODM. Operating loss is the measure of profit and loss used by the CODM to assess performance and to decide how to allocate resources for each of the Company’s reportable segments.
Operating loss is used to monitor actual results versus planned and prior period results for each segment based on their respective profitability objectives and business models. Operating loss is also used to allocate human and capital resources among the reportable segments. Additionally, operating loss is a key metric used to establish and pay variable compensation to employees at all levels.
The Company operates in two segments: Electric Motorcycles and STACYC. The Company’s reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations.
The Electric Motorcycles segment consists of the business activities related to the design and sales of electric motorcycles. The Electric Motorcycles segment also sells electric motorcycle parts, accessories, and apparel. The Company’s products are sold at wholesale to a network of independent dealers and at retail through a Company-owned dealership and through online sales. Prior to November 5, 2024, the Company’s products were sold at retail through select international partners primarily in Europe.
The STACYC segment consists of the business activities related to the design and sales of the STACYC brand of electric balance bikes for kids and an adult pedal assist electric bike that was introduced in March 2025. The STACYC segment also sells related parts, accessories, and apparel. STACYC products are sold in the U.S., Canada, Australia, Europe, and other international markets. The STACYC segment products are sold through independent retail partners in the U.S. and Europe, including powersports dealers, H-D dealers, bicycle retailers and direct to customers online. In Canada, Australia and Europe, STACYC sells its products through independent distributors.
Selected segment information is set forth below for the years ended December 31, (in thousands):
| 2025 | 2024 | 2023 | |||||||||||||||
| Electric Motorcycles | |||||||||||||||||
| Electric motorcycles, parts and accessories and apparel revenue, net | $ | 6,064 | $ | 8,381 | $ | 11,548 | |||||||||||
| Cost of goods sold | 18,058 | 27,018 | 27,297 | ||||||||||||||
| Selling, administrative and engineering expense: | |||||||||||||||||
People Costs (1) | 31,936 | 45,507 | 49,672 | ||||||||||||||
Other segment items (2) | 29,901 | 41,356 | 51,190 | ||||||||||||||
| Total selling, administrative and engineering expense | 61,837 | 86,863 | 100,862 | ||||||||||||||
| Operating loss | $ | (73,831) | $ | (105,500) | $ | (116,611) | |||||||||||
| STACYC | |||||||||||||||||
| Electric balance bikes and electric bikes, parts and accessories and apparel revenue, net | 19,608 | 18,252 | 26,475 | ||||||||||||||
| Cost of goods sold | 12,047 | 12,398 | 16,498 | ||||||||||||||
| Selling, administrative and engineering expense: | |||||||||||||||||
People Costs (1) | 3,667 | 3,877 | 3,489 | ||||||||||||||
Marketing (3) | 1,951 | 2,894 | 3,032 | ||||||||||||||
Other segment items (4) | 3,596 | 3,939 | 2,834 | ||||||||||||||
| Total selling, administrative and engineering expense | 9,214 | 10,710 | 9,355 | ||||||||||||||
| Operating (loss) income | $ | (1,653) | $ | (4,856) | $ | 622 | |||||||||||
| Consolidated operating loss | (75,484) | (110,356) | (115,989) | ||||||||||||||
| Interest expense, related party | (255) | — | — | ||||||||||||||
| Interest income | 1,166 | 5,704 | 10,537 | ||||||||||||||
| Change in fair value of warrant liabilities | (352) | 10,770 | (4,020) | ||||||||||||||
| Loss before income taxes | $ | (74,925) | $ | (93,882) | $ | (109,472) | |||||||||||
(1) People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation in the form of share-based awards.
(2) Other segment items for Electric Motorcycles include depreciation and amortization, marketing, rent and facilities costs, warranty, supplies and materials, costs paid for services performed by H-D under the TSA and MSA agreements, travel costs, other professional services and miscellaneous expenses. These costs are all included in Selling, administrative and engineering expense.
(3) Marketing expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.
(4) Other segment items for STACYC include depreciation and amortization, rent and facilities costs, warranty, supplies and materials, travel costs, other professional services and miscellaneous expenses. These costs are all included in Selling, administrative and engineering expense.
Additional segment information is set forth below as of December 31, (in thousands):
| Electric Motorcycles | STACYC | Consolidated | |||||||||||||||
| 2025: | |||||||||||||||||
| Assets | $ | 124,034 | $ | 22,377 | $ | 146,411 | |||||||||||
| Goodwill | $ | 7,668 | $ | 659 | $ | 8,327 | |||||||||||
| Depreciation and amortization | $ | 9,849 | $ | 292 | $ | 10,141 | |||||||||||
| Non-cash stock compensation expense | $ | 4,475 | $ | 464 | $ | 4,939 | |||||||||||
| Capital expenditures | $ | 3,758 | $ | 53 | $ | 3,811 | |||||||||||
| 2024: | |||||||||||||||||
| Assets | $ | 120,530 | $ | 27,430 | $ | 147,960 | |||||||||||
| Goodwill | $ | 7,668 | $ | 659 | $ | 8,327 | |||||||||||
| Depreciation and amortization | $ | 9,690 | $ | 351 | $ | 10,041 | |||||||||||
| Non-cash stock compensation expense | $ | 4,159 | $ | 467 | $ | 4,626 | |||||||||||
| Capital expenditures | $ | 7,972 | $ | 96 | $ | 8,068 | |||||||||||
| 2023: | |||||||||||||||||
| Assets | $ | 232,981 | $ | 33,166 | $ | 266,147 | |||||||||||
| Goodwill | $ | 7,668 | $ | 659 | $ | 8,327 | |||||||||||
| Depreciation and amortization | $ | 5,312 | $ | 520 | $ | 5,832 | |||||||||||
| Non-cash stock compensation expense | $ | 8,506 | $ | 420 | $ | 8,926 | |||||||||||
| Capital expenditures | $ | 13,453 | $ | 9 | $ | 13,462 | |||||||||||
Customer Information - For the year ended December 31, 2025 and 2024, no single customer or customer group represented 10% or greater of consolidated revenue, net. For the year ended December 31, 2023, LiveWire generated more than 10% of its consolidated sales from the KTM customer group. These sales amounted to 31% for the year ended December 31, 2023 and were included in the STACYC segment.
Geographic Information – Included in the consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31, (in thousands):
| 2025 | 2024 | 2023 | |||||||||||||||
Long-lived assets(1): | |||||||||||||||||
| United States | $ | 27,556 | $ | 34,012 | $ | 37,682 | |||||||||||
| International | — | — | — | ||||||||||||||
| $ | 27,556 | $ | 34,012 | $ | 37,682 | ||||||||||||
(1)Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, Segment Reporting, such as deferred income taxes.
| 2025 | 2024 | 2023 | |||||||||||||||
Revenue, net (1): | |||||||||||||||||
| United States | 19,054 | 21,413 | 30,457 | ||||||||||||||
| Austria | 457 | 1,055 | 4,585 | ||||||||||||||
| Other | 6,161 | 4,165 | 2,981 | ||||||||||||||
| Total | $ | 25,672 | $ | 26,633 | $ | 38,023 | |||||||||||
(1)Revenue is attributed to geographic regions based on location of customer.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.