Everything depends on how the S4 Honcho range is received in the market and how fast Livewire can expand internationally.
The Numbers
Livewire just announced its Q4 2025 numbers. Statistically, motorcycle sales are up by 61% at 381 units, from 236 units in Q4 2024. Even better, sales have more than doubled from the previous quarter (184 units) and are more than seven times those of Q2 2025 (55 units).
However, at 381 units, Livewire is far from being a bona fide business. If it were not for Harley ownership and the cash that comes with it, this would have been a very fragile business.
Looking at the bright side of things, since the slump in Q1 2025, when Livewire hit its lowest quarterly sales of 33 units, there has been a strong bounce back.
On the revenue front, there was a near 10% improvement. More importantly, cost optimisation and Livewire moving their HQ to Milwaukee have improved the bottom line. The quarterly net loss was USD 18.1 million, a welcome improvement from the USD 24.7 million net loss in Q4 2024.
Livewire also pointed us to the fact that there has been a 44% improvement in free cash flow as compared to 2024.
For the full year, the consolidated operating loss decreased by USD 34.9 million, or 32%, from 2024, primarily driven by a USD 25.0 million decrease in consolidated selling, administrative, and engineering expenses.
STACYC
Livewire also runs an electric balance bike for kids and ean lectric bikes business under the STACYC brand. For the quarter, the business sold 8986 units, an 8% improvement from 8350 units sold in Q4 2024.
More importantly, the STACYC business has bounced back into operating profit this quarter, the first time since Q4 2023.
Impact
The motorcycle sales are up 61% while the revenues have ticked up only 10%. That indicates price cuts and discounts being offered by Livewire, something we have been aware of. Another way of looking at it is that Livewire is discovering the right price for the S2 range. While the sales have improved, they were still at 381 units, only indicating that the right price of the Livewire S2 range is much lower. We had spoken about this earlier.
Remember, these are high-powered electric cruiser motorcycles with structural battery packs and all bells and whistles that anyone can offer. The US customers not selling their kidneys to buy them is beyond comprehension.
That is a challenge as the BoM costs stay high, and at USD 18.1 million net loss, Livewire is still bleeding substantially. Further, with the HQ being shifted already and moved from Silicon Valley, the big-ticket cost-cutting has already been affected. Anything from here would be just incremental.
The Importance of the S4 Honcho
Which makes the upcoming S4 Honcho range even more critical. These are 125cc equivalent motorcycles and open a new and much bigger segment for Livewire. The company informed that they would start shipping in Spring 2026.
Livewire also informed that they have expanded into five new markets in Europe – Poland, Portugal, Finland, Belgium, and Luxembourg. All of these are fairly small markets, but any numbers are welcome.
Senior Management Speak
“We saw continued momentum in the fourth quarter, ending 2025 in the number one position in U.S. electric motorcycle on-road retail sales1 and delivered another company record-setting quarter. Consolidated revenue units increased year over year with over 22,000 units sold, a 16 percent increase over 2024, coupled with a prime focus on improving gross profit in the fourth quarter of 2025 along with a 44 percent improvement in free cash flow in 2025. We will look to continue this positive momentum into 2026 as we focus on enhancing profitability and launching the S4 Honcho™ products,” – Karim Donnez, CEO, LiveWire.
