LiveWire Forms Restructuring Committee After $18 Million Second-Quarter Operating Loss
Key Facts
LiveWire’s board formed a special restructuring committee on October 22, 2026, tasking it with reviewing financing, sale, restructuring, recapitalization and strategic transaction options. The decision followed CEO Karim Doniz’s resignation on October 21, effective that same day. The move authorizes the committee to negotiate options that could change the company’s financing structure or ownership, but does not mean a deal or final decision has been announced. The company said in its filing that the board established the committee “to review, evaluate and negotiate” these options. The review comes as the company continues to report losses, despite higher LiveWire segment revenue in the second quarter compared with the same period a year earlier.
The committee consists of William Cornog and David Pars, and the board granted it exclusive authority to approve or reject matters involving potential conflicts of interest. Transactions that do not involve such a conflict remain subject to board approval. The committee’s mandate includes considering debt or equity financing, as well as a sale, restructuring, recapitalization and strategic transactions. With this scope, the committee can examine and negotiate financing alternatives and potential transactions, while the filing does not establish that the company has selected any of them. This allocation defines who is authorized to handle the different options within the company as management reviews its financial and strategic structure.
On October 25, the committee appointed Roy Gallagher chief restructuring officer, and he also became the company’s chief executive officer. LiveWire said Gallagher will report to and receive direction from the committee, placing day-to-day leadership of the matter under the oversight of the body tasked with evaluating the options. Gallagher provides his services through Ankura, which will receive $140,000 per month for his work. LiveWire will also pay hourly fees for additional personnel and expenses, while Gallagher will not be paid directly by the company. His appointment came four days after Doniz’s resignation, linking the change in executive leadership to the restructuring assignment given to the committee.
Second-quarter results showed LiveWire revenue of $9.114 million, compared with $6.011 million in the second quarter of 2025. The company attributed the increase to higher sales of electric motorcycle units and STACYC electric bicycles. But net loss was $18.213 million, compared with a loss of $18.826 million a year earlier, while the company posted an operating loss of $18.014 million, versus $18.264 million in the second quarter of 2025. Revenue therefore rose and both losses narrowed year over year, while the company continued to record net and operating losses during the period. The figures provide financial context for the committee’s review, without determining on their own which path the company will choose.
LiveWire said net cash used in operating activities in the first half of 2026 fell 18% to $26.4 million, compared with $32.4 million in the same period of 2025. In its annual results published in February 2026, it reported that net cash used in operating activities in 2025 declined 43% and that free cash flow improved 44% compared with 2024. Revenue and losses: consolidated revenue was $25.7 million in 2025, versus $26.6 million in 2024, while net loss fell to $75.1 million from $93.9 million. These comparisons show improvement in some loss and cash-flow measures alongside a decline in annual consolidated revenue. Former CEO Karim Doniz said in the 2025 results announcement that the company ended the year ranked first in U.S. retail sales of electric motorcycles for road use, and that combined units sold exceeded 22,000, up 16% from 2024.
In the market, LiveWire shares, listed under the ticker LVWR, closed at $1.86 on October 27, after closing at $1.68 in the previous session. EL7’s available data is limited to closing prices and does not include the high or low recorded by the stock during the October 27 session. The company said its market share through June 2026 was 76% in the United States in the category of electric motorcycles for road use with power of 50 kilowatts or more. That figure represents the company’s share of a defined category, while the committee remains tasked with examining financing, transaction and restructuring options. The company had announced that third-quarter results would be released on October 29, the next financial date announced after the committee was formed and Gallagher was appointed.