LiveWire reports $39.919 million in cash, warns of substantial doubt about its ability to continue as a going concern

Key Facts

LiveWire Group said conditions and events raise substantial doubt about its ability to continue as a going concern within one year of issuing its financial statements on September 30, 2026. The company made the assessment in its third-quarter results statement published through Nasdaq, citing recurring operating losses, negative operating cash flows, limited liquidity and expected future financing needs. The disclosure does not mean the company has decided to seek bankruptcy protection; the statement mentioned no such decision. LiveWire is a separately listed company, while Harley-Davidson describes itself as its largest shareholder. The warning puts liquidity and financing at the center of the company's position, even as revenue and units sold grew during the quarter.

LiveWire had $39.919 million in cash and cash equivalents on September 30, 2026, compared with $82.777 million on December 31, 2025. The decline shows that its cash balance was lower at the end of the third quarter than at the end of the previous year, while the company says expected future financing needs are among the reasons for the going-concern doubt. In the nine months ended September 30, operating activities used net cash of $38.3 million, down from $45.6 million in the same period of 2025, a 16% decrease in cash used. Operating cash flows remained negative despite improving year over year. In its 2025 annual report, the company said it did not expect to generate positive operating cash flow over the following twelve months, and that its reliance on other sources of financing was conditional on their availability and reasonable terms.

On a quarterly basis, consolidated revenue rose 38% to $7.9 million in the third quarter, from $5.7 million in the same quarter of 2025. Units sold increased 21% to 7,233, compared with 5,989 a year earlier. The electric motorcycle segment sold 241 units, up 31% from 184 in the third quarter of 2025. Segment revenue was $2.7 million, compared with $1 million in the year-earlier period. But net loss was $18.6 million, versus $19.4 million a year earlier, meaning sales and revenue growth came alongside continued losses.

The disclosure follows an earlier warning about financing pressures. In its 2025 annual report, LiveWire said it did not expect positive operating cash flow over the following twelve months. Cash fell from $82.777 million at the end of 2025 to $67.495 million on March 31, 2026, before reaching $39.919 million at the end of September. The company said Harley-Davidson had entered into convertible term loan agreements with it totaling up to $100 million, with a final maturity date of October 31, 2026, as stated in the annual report, unless an earlier date applied. The third-quarter statement also referred to debt maturity in December 2027 in the context of addressing liquidity. In Harley-Davidson's 2025 annual results, the parent company said LiveWire's fourth-quarter revenue rose 9% year over year, driven by higher sales of electric motorcycles and electric bicycles.

LiveWire said it is evaluating financing and strategic alternatives, including significant capital raises, partnerships or investments, sales and other strategic transactions, but warned there was no assurance these efforts would succeed or that a deal would be available on acceptable terms. The board formed a special restructuring committee on October 22, 2026, authorizing it to evaluate and negotiate financing, sale, restructuring, recapitalization or strategic transaction options. The committee appointed Roy Gallagher as restructuring officer, and he will also serve as the company's chief executive officer. In light of the committee's actions, LiveWire withdrew its previous guidance for an annual operating loss of between $70 million and $80 million in 2026. The company said it expects to file its quarterly Form 10-Q for the quarter ended September 30 no later than November 9, 2026, with further details on liquidity, management plans and its going-concern assessment.