# EDGAR Filing Document

**Accession Number:** 0001898795
**File Stem:** 0001898795-25-000197
**Filing Date:** 2025-11
**Character Count:** 240630
**Document Hash:** eeb238b757bd3ffe16b1aa02327ed62c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001898795-25-000197.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001898795-25-000197

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LiveWire Group, Inc.
- **CENTRAL INDEX KEY:** 0001898795
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTORCYCLES, BICYCLES & PARTS [3751]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41511
- **FILM NUMBER:** 251466547

**BUSINESS ADDRESS:**
- **STREET 1:** 3700 W JUNEAU AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53208
- **BUSINESS PHONE:** (650) 447-8424

**MAIL ADDRESS:**
- **STREET 1:** 3700 W JUNEAU AVENUE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LW EV Holdings, Inc.
- **DATE OF NAME CHANGE:** 20211213

?xml version='1.0' encoding='ASCII'? lvwr-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D. C. 20549**

**FORM 10-Q** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number <u>001-41511</u>**![LiveWire Logo.jpg](lvwr-20250930_g1.jpg)

**LiveWire Group, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | | **87-4730333** |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
| **3700 West Juneau Avenue** |  | **53208** |
| **Milwaukee, Wisconsin**<br>(Address of principal executive offices) |  | (Zip code) |
|  | **(650) 447-8424** |  |
|  | (Registrant's telephone number, including area code) |  |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.0001 par value per share | LVWR | New York Stock Exchange |
| Warrants to purchase common stock | LVWR WS | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☒ |

---

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Number of shares of the registrant's common stock outstanding at November 6, 2025: 203,988,736 shares

------

**LiveWire Group, Inc.** 

**Form 10-Q**

**For The Quarter Ended September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Part I** | <u>[Financial Information](#i336962c635cb4dbdb86f0f03f0a5c5ad_13)</u> | <u>[6](#i336962c635cb4dbdb86f0f03f0a5c5ad_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | <u>[Financial Statements](#i336962c635cb4dbdb86f0f03f0a5c5ad_16)</u> | <u>[6](#i336962c635cb4dbdb86f0f03f0a5c5ad_16)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations and Comprehensive Loss](#i336962c635cb4dbdb86f0f03f0a5c5ad_19)</u> | <u>[6](#i336962c635cb4dbdb86f0f03f0a5c5ad_19)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets](#i336962c635cb4dbdb86f0f03f0a5c5ad_22)</u> | <u>[7](#i336962c635cb4dbdb86f0f03f0a5c5ad_22)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#i336962c635cb4dbdb86f0f03f0a5c5ad_25)</u> | <u>[8](#i336962c635cb4dbdb86f0f03f0a5c5ad_25)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Shareholders' Equity](#i336962c635cb4dbdb86f0f03f0a5c5ad_28)</u> | <u>[9](#i336962c635cb4dbdb86f0f03f0a5c5ad_28)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#i336962c635cb4dbdb86f0f03f0a5c5ad_31)</u> | <u>[10](#i336962c635cb4dbdb86f0f03f0a5c5ad_31)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1. Description of Business and Basis of Presentation](#i336962c635cb4dbdb86f0f03f0a5c5ad_34)</u> | <u>[10](#i336962c635cb4dbdb86f0f03f0a5c5ad_34)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2. New Accounting Standards](#i336962c635cb4dbdb86f0f03f0a5c5ad_40)</u> | <u>[12](#i336962c635cb4dbdb86f0f03f0a5c5ad_40)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3. Revenue](#i336962c635cb4dbdb86f0f03f0a5c5ad_43)</u> | <u>[13](#i336962c635cb4dbdb86f0f03f0a5c5ad_43)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4. Income Taxes](#i336962c635cb4dbdb86f0f03f0a5c5ad_49)</u> | <u>[15](#i336962c635cb4dbdb86f0f03f0a5c5ad_49)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5. Earnings Per Share](#i336962c635cb4dbdb86f0f03f0a5c5ad_52)</u> | <u>[15](#i336962c635cb4dbdb86f0f03f0a5c5ad_52)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6. Additional Balance Sheet Information](#i336962c635cb4dbdb86f0f03f0a5c5ad_55)</u> | <u>[16](#i336962c635cb4dbdb86f0f03f0a5c5ad_55)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7. Warrant Liabilities](#i336962c635cb4dbdb86f0f03f0a5c5ad_58)</u> | <u>[16](#i336962c635cb4dbdb86f0f03f0a5c5ad_58)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8. Fair Value](#i336962c635cb4dbdb86f0f03f0a5c5ad_61)</u> | <u>[18](#i336962c635cb4dbdb86f0f03f0a5c5ad_61)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9. Product Warranty and Recall Campaigns](#i336962c635cb4dbdb86f0f03f0a5c5ad_64)</u> | <u>[19](#i336962c635cb4dbdb86f0f03f0a5c5ad_64)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10. Commitments and Contingencies](#i336962c635cb4dbdb86f0f03f0a5c5ad_70)</u> | <u>[19](#i336962c635cb4dbdb86f0f03f0a5c5ad_70)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11. Related Party Transactions](#i336962c635cb4dbdb86f0f03f0a5c5ad_73)</u> | <u>[20](#i336962c635cb4dbdb86f0f03f0a5c5ad_73)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12. Reportable Segments and Geographic Information](#i336962c635cb4dbdb86f0f03f0a5c5ad_76)</u> | <u>[22](#i336962c635cb4dbdb86f0f03f0a5c5ad_76)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13. Restructuring](#i336962c635cb4dbdb86f0f03f0a5c5ad_79)</u> | <u>[25](#i336962c635cb4dbdb86f0f03f0a5c5ad_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i336962c635cb4dbdb86f0f03f0a5c5ad_82)</u> | <u>[27](#i336962c635cb4dbdb86f0f03f0a5c5ad_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i336962c635cb4dbdb86f0f03f0a5c5ad_136)</u> | <u>[39](#i336962c635cb4dbdb86f0f03f0a5c5ad_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | <u>[Controls and Procedures](#i336962c635cb4dbdb86f0f03f0a5c5ad_139)</u> | <u>[39](#i336962c635cb4dbdb86f0f03f0a5c5ad_139)</u> |
| **Part II** | <u>[Other Information](#i336962c635cb4dbdb86f0f03f0a5c5ad_142)</u> | <u>[40](#i336962c635cb4dbdb86f0f03f0a5c5ad_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | <u>[Legal Proceedings](#i336962c635cb4dbdb86f0f03f0a5c5ad_145)</u> | <u>[40](#i336962c635cb4dbdb86f0f03f0a5c5ad_145)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | <u>[Risk Factors](#i336962c635cb4dbdb86f0f03f0a5c5ad_148)</u> | <u>[40](#i336962c635cb4dbdb86f0f03f0a5c5ad_148)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i336962c635cb4dbdb86f0f03f0a5c5ad_151)</u> | <u>[41](#i336962c635cb4dbdb86f0f03f0a5c5ad_151)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | <u>[Defaults Upon Senior Securities](#i336962c635cb4dbdb86f0f03f0a5c5ad_154)</u> | <u>[41](#i336962c635cb4dbdb86f0f03f0a5c5ad_154)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | <u>[Mine Safety Disclosures](#i336962c635cb4dbdb86f0f03f0a5c5ad_157)</u> | <u>[42](#i336962c635cb4dbdb86f0f03f0a5c5ad_157)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. | <u>[Other Information](#i336962c635cb4dbdb86f0f03f0a5c5ad_160)</u> | <u>[42](#i336962c635cb4dbdb86f0f03f0a5c5ad_160)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. | <u>[Exhibits](#i336962c635cb4dbdb86f0f03f0a5c5ad_163)</u> | <u>[43](#i336962c635cb4dbdb86f0f03f0a5c5ad_163)</u> |
| **<u>[Signatures](#i336962c635cb4dbdb86f0f03f0a5c5ad_166)</u>** | **<u>[Signatures](#i336962c635cb4dbdb86f0f03f0a5c5ad_166)</u>** | <u>[44](#i336962c635cb4dbdb86f0f03f0a5c5ad_166)</u> |

---

------

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "commits," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report include, but are not limited to statements regarding future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth, plans and objectives relating to the Company's climate commitment, and the Company's objectives for future operations.

The forward-looking statements in this Quarterly Report are only predictions. The Company has based these forward-looking statements largely on current expectations and projections about future events and financial trends that the Company believes may affect the Company's business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the Company's history of losses and expectation to incur significant expenses and continuing losses for the foreseeable future; risks related to Harley Davidson, Inc. ("H-D") making decisions for its overall benefit that could negatively impact the Company's overall business; risks related to the Company's relationship with H-D and its impact on the Company's other business relationships; the Company's future capital requirements and sources and uses of cash; the Company's ability to obtain funding for its operations and manage costs; risks related to retail partners being unwilling to participate in the Company's go-to-market business model or its inability to establish or maintain relationships with customers for the Company's electric vehicles; the Company's business, expansion plans and opportunities, including its ability to scale its operations and manage its future growth effectively; the effects of competition on the Company's future business, the pace and depth of electric vehicle adoption generally and its ability to achieve planned competitive advantages with respect to its electric vehicles and products, including with respect to reliability, safety and efficiency; the Company's ability to execute its business model, including market acceptance of its planned electric vehicles; risks related to the Company's limited operating history, the rollout of its business and the timing of expected business milestones, including the Company's ability to develop and sell electric vehicles of sufficient quality and appeal to customers on schedule and on a large scale; the Company's financial and business performance, including financial projections and business metrics and any underlying assumptions thereunder; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the Company's ability to attract and retain a large number of customers; risks related to challenges the Company faces as a pioneer in the highly-competitive and rapidly-evolving electric vehicle industry; the Company's ability to leverage contract manufacturers, including H-D and Kwang Yang Motor Co., Ltd., KYMCO Capital Fund I Co., Ltd., SunBright Investment Co., Ltd., CycleLoop Co., Ltd. and Kwang Yang Holdings Limited (collectively, the "KYMCO Group"), to contract manufacture its electric vehicles; risks related to potential delays in the design, manufacture, financing, regulatory approval, launch and delivery of the Company's electric vehicles; risks related to building out the Company's supply chain, including the Company's dependency on its existing suppliers and the Company's ability to source suppliers, in each case many of which are single-sourced or limited-source suppliers, for its critical components such as batteries and semiconductor chips; our ability to manage and predict the impact that new or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; the Company's ability to rely on third-party and public electric vehicle charging networks; the Company's ability to attract and retain key personnel; risks related to the Company's business and H-D's business overlapping and being perceived as competitors; the Company's inability to maintain a strong relationship with H-D or to resolve favorably any disputes that may arise between the Company and H-D; the Company's dependency on H-D for a number of services, including services relating to quality and safety testing, and if those service arrangements terminate, it may require significant investment for the Company to build its own safety and testing facilities, or the Company may be required to obtain such services from another third-party at increased costs; risks related to any decision by the Company to electrify H-D products, or the products of any other company; the Company's expectations regarding its ability to obtain and maintain intellectual property protection and not infringe on the rights of others; potential harm caused by misappropriation of the Company's data and compromises in cybersecurity; changes in laws, regulatory requirements, governmental incentives and fuel and energy prices; the impact of health epidemics on the Company's business, the other risks it face and the actions it may take in response thereto; litigation, regulatory proceedings, complaints, product liability claims and/or adverse judgments; the possibility that the Company may be adversely affected by other economic, business or competitive factors and/or publicity; and; the other important factors discussed in Part II, "Item 1A. Risk Factors" in this Quarterly Report, as well as in Item "1A.

------

Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements are made as of the date of the filing of this report and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements in this Quarterly Report are based upon information available to the Company as of the date of this Quarterly Report, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company's statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report and the documents that the Company references in this Quarterly Report and have filed as exhibits to this Quarterly Report with the understanding that actual future results, performance and achievements may be materially different from what the Company expects. The Company qualifies all of the forward-looking statements by these cautionary statements. The forward-looking statements in this report speak only as of the date of this Quarterly Report. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report, whether as a result of any new information, future events or otherwise.

As used in this Quarterly Report, unless otherwise stated or the context requires otherwise, references to "LiveWire," the "Company," "we," "us," and "our," refer to LiveWire Group, Inc. and its consolidated subsidiaries.

------

**PART I**

**Item 1. Financial Statements**

**LIVEWIRE GROUP, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(In thousands, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| Revenue, net | $5701 | $4445 | $14317 | $15872 |
| Costs and expenses: |  |  |  |  |
| Cost of goods sold (including related party amounts of $4,041 and $5,684 for three and nine months ended September 30, 2025, respectively, and $2,857 and $12,396 for three and nine months ended September 30, 2024, respectively; see Note 11) | 8602 | 5965 | 18837 | 23301 |
| Selling, administrative and engineering expense (including related party amounts of $1,260 and $3,995 for three and nine months ended September 30, 2025, respectively, and $2,756 and $8,241 for three and nine months ended September 30, 2024, respectively; see Note 11)  | 15911 | 25005 | 53222 | 77683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 24513 | 30970 | 72059 | 100984 |
| Operating loss | (18812) | (26525) | (57742) | (85112) |
| Interest income | 165 | 1252 | 1002 | 4864 |
| Change in fair value of warrant liabilities | (656) | 2581 | (656) | 9131 |
| Loss before income taxes | (19303) | (22692) | (57396) | (71117) |
| Income tax provision | 92 | 2 | 96 | 26 |
| Net loss | (19395) | (22694) | (57492) | (71143) |
| Other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (1) | 5 | (20) | (19) |
| Comprehensive loss | $(19396) | $(22689) | $(57512) | $(71162) |
| Net loss per share, basic and diluted (Note 5) | $(0.10) | $(0.11) | $(0.28) | $(0.35) |

---

The accompanying notes are integral to the consolidated financial statements.

------

**LIVEWIRE GROUP, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(In thousands, except par value)**

---

| | | |
|:---|:---|:---|
| | **(Unaudited)**<br>**September 30,<br>2025** |<br>**December 31,<br>2024** |
| <u>ASSETS</u> |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $16324 | $64437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 3501 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related party | 2 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 22865 | 26942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 3566 | 2709 |
| Total current assets | 46258 | 98361 |
| Property, plant and equipment, net | 28587 | 34012 |
| Goodwill | 8327 | 8327 |
| Deferred tax assets | 15 | 7 |
| Lease assets | 929 | 765 |
| Intangible assets, net | 868 | 1058 |
| Other long-term assets | 4236 | 5430 |
| Total assets | $89220 | $147960 |
| <u>LIABILITIES AND SHAREHOLDERS' EQUITY</u> |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2539 | $1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related party | 7485 | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 13491 | 17960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | 542 | 394 |
| Total current liabilities | 24057 | 29854 |
| Long-term portion of lease liabilities | 335 | 405 |
| Deferred tax liabilities | 141 | 118 |
| Warrant liabilities | 2205 | 1549 |
| Other long-term liabilities | 681 | 919 |
| Total liabilities | 27419 | 32845 |
| Commitments and contingencies (Note 10) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, $0.0001 par value; 20,000 shares authorized; zero issued and outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value; 800,000 shares authorized; 204,541 issued and 203,989 outstanding as of September 30, 2025 and 203,787 issued and 203,423 outstanding as of December 31, 2024 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock, at cost: September 30, 2025 - 553 shares and December 31, 2024 - 364 shares | (4172) | (3413) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital | 349366 | 344409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (283405) | (225913) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss) income | (8) | 12 |
| Total shareholders' equity | 61801 | 115115 |
| Total liabilities and shareholders' equity | $89220 | $147960 |

---

The accompanying notes are integral to the consolidated financial statements.

------

**LIVEWIRE GROUP, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net loss | $(57492) | $(71143) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 8027 | 7737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 656 | (9131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 3694 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | (3) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory write-down | 2163 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (379) | (477) |
| &nbsp;&nbsp;Changes in current assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 546 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related party | 397 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2068 | (5530) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (52) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (2996) | (1143) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related party | (2277) | (5870) |
| Net cash used by operating activities | (45648) | (71990) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (2778) | (6661) |
| Net cash used by investing activities | (2778) | (6661) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross proceeds from the sale of common stock pursuant to the at-the-market public offering (Note 1) | 1305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of offering costs from the at-the-market public offering (Note 1) | (267) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (759) | (927) |
| Net cash provided (used) by financing activities | 279 | (927) |
| Effect of exchange rate changes on cash and cash equivalents | 34 | 116 |
| Net decrease in cash and cash equivalents | $(48113) | $(79462) |
| Cash and cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents—beginning of period | $64437 | $167904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (48113) | (79462) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents—end of period | $16324 | $88442 |

---

The accompanying notes are integral to the consolidated financial statements.

------

**LIVEWIRE GROUP, INC.**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

**(In thousands)**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>paid-in<br>capital** | **Accumulated <br>Deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Treasury Stock** | **Total** |
| | **Issued<br>shares** | **Balance** | **Additional<br>paid-in<br>capital** | **Accumulated <br>Deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Treasury Stock** | **Total** |
| **Balance, December 31, 2024** | 203787 | $20 | $344409 | $(225913) | $12 | $(3413) | $115115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (19271) |  |  | (19271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (15) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 246 |  | 1615 |  |  |  | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  |  |  |  |  | (250) | (250) |
| **Balance, March 31, 2025** | 204033 | 20 | 346024 | (245184) | (3) | (3663) | 97194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (18826) |  |  | (18826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 257 |  | 1829 |  |  |  | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  |  |  |  |  | (509) | (509) |
| **Balance, June 30, 2025** | 204290 | 20 | 347853 | (264010) | (7) | (4172) | 79684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (19395) |  |  | (19395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation |  |  | 250 |  |  |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock in at-the-market public offering, net of issuance cost of $42 thousand | 251 |  | 1263 |  |  |  | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  |  |  |  |  |  |  |
| **Balance, September 30, 2025** | 204541 | $20 | $349366 | $(283405) | $(8) | $(4172) | $61801 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>paid-in<br>capital** | **Accumulated <br>Deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Treasury Stock** | **Total** |
| | **Issued<br>shares** | **Balance** | **Additional<br>paid-in<br>capital** | **Accumulated <br>Deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Treasury Stock** | **Total** |
| **Balance, December 31, 2023** | 203210 | $20 | $339783 | $(131988) | $17 | $(1969) | $205863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (23644) |  |  | (23644) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (18) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 200 |  | 2282 |  |  |  | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  |  |  |  |  | (706) | (706) |
| **Balance, March 31, 2024** | 203410 | 20 | 342065 | (155632) | (1) | (2675) | 183777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (24805) |  |  | (24805) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (6) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 116 |  | 281 |  |  |  | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock |  |  |  |  |  | (221) | (221) |
| **Balance, June 30, 2024** | 203526 | 20 | 342346 | (180437) | (7) | (2896) | 159026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  | (22694) |  |  | (22694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  | 1320 |  |  |  | 1320 |
| **Balance, September 30, 2024** | 203526 | $20 | $343666 | $(203131) | $(2) | $(2896) | $137657 |

---

The accompanying notes are integral to the consolidated financial statements.

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**LIVEWIRE GROUP, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**1. Description of Business and Basis of Presentation**

LiveWire Group, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to in these consolidated financial statements and notes as "we," "our," "us," the "Company," or "LiveWire." The Company designs and sells electric motorcycles, electric balance bikes, and electric bikes with related parts, accessories, and apparel. The Company operates in two segments: Electric Motorcycles and STACYC.

On September 26, 2022, the Company consummated a previously announced business combination and related financing transactions (collectively the "Business Combination") pursuant to a business combination agreement, dated as of December 12, 2021 (the "Business Combination Agreement"), by and among AEA-Bridges Impact Corp ("ABIC"), LiveWire Group Inc., (formerly known as LW EV Holdings, Inc.), LW EV Merger Sub, Inc., a Delaware corporation ("Merger Sub"), Harley-Davidson, Inc., a Wisconsin corporation ("H-D"), and LiveWire EV, LLC ("Legacy LiveWire"), a wholly-owned subsidiary of H-D. The Business combination was accounted for as a reverse recapitalization. Under this method of accounting, ABIC was treated as the "acquired" company for financial reporting purposes. The net assets of ABIC were stated at historical cost, with no goodwill or other intangible assets recorded resulting from the Business Combination. The Business Combination resulted in net proceeds of approximately $293.7 million. The Company also assumed the Public Warrants and Private Warrants upon consummation of the Business Combination. See further detail in Note 7, Warrant Liabilities.

In connection with the Business Combination, H-D has the right to receive up to an additional 12,500,000 shares of the Company's common stock in the future (the "Earn-Out Shares") upon the occurrence of certain triggering events: (i) a one-time issuance of 6,250,000 Earn Out Shares if the volume-weighted average price ("VWAP") of Common Stock is greater than or equal to $14.00 over any 20 trading days within any 30 consecutive trading day period; and (ii) a one-time issuance of 6,250,000 Earn Out Shares if the VWAP of Common Stock is greater than or equal to $18.00 over any 20 trading days within any 30 consecutive trading-day period, in each case, during a period beginning 18 months from September 26, 2022, the closing date of the Business Combination, and expiring five years thereafter.

**ATM Program**

On August 18, 2025, the Company filed an automatic shelf registration statement on Form S-3 (the "2025 Shelf Registration Statement") with the SEC registering $100.0 million of its common stock, which the SEC declared effective on August 21, 2025. A Prospectus Supplement, inclusive of the 2025 Shelf Registration, was filed and became effective on August 22, 2025 under registration No. 333-289699. The Prospectus Supplement allows the Company to sell, from time to time and at its discretion, common stock having an aggregate offering price of up to $50.0 million pursuant to the Company's At-The-Market Issuance Sales Agreement ("Sales Agreement"), dated as of August 22, 2025, with Mizuho Securities, Inc. ("Mizuho"), as sales agent, under an at-the-market offering program ("ATM Program"). The Sales Agreement stipulates that the Company will pay Mizuho a commission of up to 3.0% of the gross offering proceeds of any shares of common stock sold to or through Mizuho pursuant to the Sales Agreement. The Company intends to use the net proceeds from sales of common stock issued under the ATM Program for general corporate purposes, including working capital and capital expenditures, potential future investments, and to repay up to $10.0 million of the amount borrowed under the Amended and Restated Delayed Draw Term Loan Agreement (the "Term Loan") as described in Note 11. The timing of any sales and the number of shares sold will depend on a variety of factors to be determined and considered by the Company. The Company is not obligated to sell any shares under the Sales Agreement.

There were 251,246 shares of common stock sold under the ATM Program in the three and nine months ended September 30, 2025 for an aggregate offering price of $1,305 thousand. Total issuance costs and commissions related to the ATM Program for the three and nine months ended September 30, 2025 were $421 thousand, of which $42 thousand were offset against Additional-paid-in-capital. The remaining $379 thousand of unamortized issuance costs related to the ATM Program are included in Other current assets on the consolidated balance sheet and will be offset against Additional paid-in-capital on a ratable basis as additional proceeds are received under the ATM Program. Of the total issuance costs related to the ATM Program, $154 thousand remained unpaid as of September 30, 2025 and are included in Accounts payable on the consolidated balance sheet. At September 30, 2025, $48.7 million in capacity remained available under the 2025 Shelf Registration Statement.

------

**Basis of Presentation**

In the opinion of the Company's management, the accompanying unaudited interim consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the consolidated balance sheet as of September 30, 2025, the consolidated statements of operations and comprehensive loss and shareholders' equity for the three and nine month periods ended September 30, 2025 and 2024, and cash flows for the nine month periods ended September 30, 2025 and 2024.

Certain information and disclosures normally included in complete financial statements have been condensed or omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC") and generally accepted accounting principles in the United States of America ("GAAP") for interim financial reporting. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. All intercompany transactions within the Company have been eliminated in preparing the consolidated financial statements.

As of September 30, 2025, the Company had a cash balance of $16.3 million. As discussed in Note 11, the Company has access to $75.0 million under the Term Loan. The Term Loan has a maturity date of December 15, 2027.

As discussed above, the Company initiated an ATM Program on August 22, 2025, which allows the Company to sell, from time to time and at its discretion, common stock having an aggregate offering price of up to $50.0 million. Through September 30, 2025, the Company raised net proceeds of $1.0 million under this program. Additional sales under this program are subject to market demand, outside of management's control, and subject to approval by the H-D Board of Directors as we are a controlled company. As described in Note 11, the Term Loan requires mandatory prepayment of the principal amount of the Term Loan from the first $10.0 million of net ATM proceeds (as defined in the Term Loan) from the funding of the Term Loan through the Term Loan Maturity Date.

Management continues to assess the Company's liquidity position and has the flexibility to adjust spending as needed through cost reduction initiatives in order to preserve liquidity. At the same time, the Company continues to explore additional means for raising capital to continue to support ongoing operations and future investments. Additionally, the Company continues to focus on the development of products that are profitable while reducing its use of cash. Based on its current plans and projections, the Company expects that its current resources will be sufficient to fund its ongoing operations and capital expenditure requirements for at least the next twelve months from the issuance date of these consolidated financial statements. The Company will require additional capital in order to continue to finance its operations and execute its business plan before eventually attaining and maintaining profitable operations. The amount and timing of future funding requirements will depend on many factors, including the pace and results of the Company's product development and sales efforts, as well as timing and size of funds raised under the ATM Program or other possible financing vehicles.

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**2. New Accounting Standards**

*Recently Adopted Accounting Standards*

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The main provisions of ASU 2023-07 require a public entity to disclose on an annual and interim basis: (i) significant segment expenses provided to the chief operating decision maker, (ii) an amount representing the difference between segment revenue less segment expenses disclosed under the significant segment expense principle and each reported measure of segment profit or loss and a description of its composition, (iii) provide all annual disclosures about a reportable segment's profit or loss and assets currently required under Topic 280 in interim periods, (iv) clarify that if the chief operating decision maker uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit, (v) the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (vi) all disclosures required by ASU 2023-07 and all existing segment disclosures under Topic 280 for an entity with a single reportable segment. The new guidance was effective for the fiscal years beginning after December 15, 2023. The Company adopted this guidance as of December 31, 2024, which resulted in enhanced quantitative and qualitative disclosures provided in Note 12 Reportable Segments and Geographic Information related to the items described above.

*Accounting Standards Not Yet Adopted*

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The main provisions of ASU 2023-09 require a public entity to disclose on an annual basis (i) specific prescribed categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, (iv) the amount of income taxes paid, net of refunds received, disaggregated by individual jurisdictions in which income taxes paid is equal to greater than 5 percent of total income taxes paid, (v) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (vi) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 also removes certain disclosure requirements related to unrecognized tax benefits and cumulative unrecognized temporary differences. The new guidance is effective for the fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 will not affect the Company's financial position or the results of operations but will result in additional disclosures for the 2025 annual period and interim periods beginning in 2026.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and provide more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of goods sold and selling, administrative and engineering expense). The main provisions of ASU 2024-03 require a public entity at each interim and annual reporting period to (i) disclose the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion included in each relevant expense caption presented on the face of the income statement within continuing operations, (ii) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date, which is intended to clarify the effective date of ASU No. 2024-03. As clarified in ASU 2025-01, the new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating the impact ASU 2024-03 will have on the Company's consolidated financial statement disclosures.

------

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which is intended to reduce complexity related to estimating expected credit losses for current accounts receivable and current contract asset balances accounted for under Topic 606. The main provisions of ASU 2025-05 provide (i) a practical expedient that allows all entities to assume that conditions as of the balance sheet date will not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses accounted for under Topic 606 and (ii) an accounting policy election available to entities other than public business entities which allows such entities that elect the practical expedient to consider collection activity after the balance sheet date when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The new guidance is effective for the fiscal years beginning after December 15, 2025. Early adoption is permitted in both interim and annual reporting periods. If elected, the amendments in ASU 2025-05 should be applied prospectively. The Company is still evaluating the impact ASU 2025-05 will have on the Company's consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for internal-use software costs. The main provisions of ASU 2025-06 remove all references to prescriptive and sequential software development stages and require capitalization of software costs when both (i) management has authorized and committed to funding the software project and (ii) it is probable the project will be completed and the software will be used to perform the function intended (the "probable-to-complete recognition threshold"). In evaluating the probable-to-complete recognition threshold, consideration is given to whether there is significant uncertainty associated with the development activities of the software ("significant development uncertainty"). Significant development uncertainty considers whether (i) the software being developed has technological innovations or novel, unique, or unproven functions or features, and the uncertainty related to those technological innovations, functions, or features, if identified, that have not been resolved through coding and testing and (ii) a determination has been made regarding what the software needs to do (for example, functions or features), including whether the software's significant performance requirements have been identified or are being substantially revised. The new guidance is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted at the beginning of an annual reporting period. Entities may apply the guidance using one of three transition approaches: prospective, modified, or retrospective. The prospective approach applies the new guidance to software costs incurred from the adoption date forward. The modified approach also applies prospectively but requires derecognition of certain in-process project costs through a cumulative-effect adjustment to retained earnings. The retrospective approach involves restating prior periods and adjusting retained earnings at the beginning of the first period presented. The Company is still evaluating the impact ASU 2025-06 will have on its consolidated financial statements and related disclosures.

**3. Revenue**

The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue.

Disaggregated revenue, net by major source was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| **Electric Motorcycles** | | | | |
| &nbsp;&nbsp;Electric motorcycles | $578 | $1096 | $1347 | $4470 |
| &nbsp;&nbsp;Parts, accessories and apparel | 392 | 113 | 884 | 413 |
|  | $970 | $1209 | $2231 | $4883 |
| **STACYC** |  |  |  |  |
| &nbsp;&nbsp;Electric balance bikes and electric bikes | $3855 | $2398 | $9153 | $7938 |
| &nbsp;&nbsp;Parts, accessories and apparel | 876 | 838 | 2933 | 3051 |
|  | $4731 | $3236 | $12086 | $10989 |
| Total Revenue, net | $5701 | $4445 | $14317 | $15872 |

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Revenue from the sale of LiveWire One electric motorcycles, electric balance bikes, as well as parts and accessories and apparel are recorded when control is transferred to the customer, generally at the time of shipment to independent dealers and distributors or at the time of delivery to retail customers. In March 2025, STACYC launched an adult pedal assist electric bike ("electric bike") that can operate with or without a battery. Currently, the electric bike is only sold with batteries and revenue related to both performance obligations is recognized when control is transferred to the customer, as discussed above. S2 electric motorcycles, being motorcycles produced from LiveWire's S2 platform using the Arrow Architecture model, contain two performance obligations, which are the sale of the electric motorcycle and a stand ready obligation to transfer Firmware Over The Air ("FOTA") software updates to the electric motorcycle, when-and-if available, to the customer. Revenue on the sale of the S2 electric motorcycles is recorded at a point-in-time when control is transferred to the customer. As the unspecified FOTA software updates to S2 electric motorcycles are provided when-and-if they become available, revenue related to these updates is recognized ratably over the period the updates will be provided, estimated by management to be five years, commencing when control of the electric motorcycle is transferred to the customer. The standalone selling prices of performance obligations are estimated by considering costs to develop and deliver the good or service, third-party pricing of similar goods or services and other information that may be available. The Company allocates the transaction price among the performance obligations in proportion to the standalone selling price of the Company's performance obligations.

The Company offers sales incentive programs to independent dealers, distributors and retail customers designed to promote the sale of its products. The Company estimates its variable consideration related to its sales incentive programs using the expected value method. The Company accounts for consideration payable as part of its sales incentives as a reduction of revenue, which is accrued at the later of the date the related sale is recorded or the date the incentive program is both approved and communicated. Variable consideration related to sales incentives and rights to return is adjusted at the earliest of when the amount of consideration the Company expects to receive changes, or the consideration becomes fixed.

During the first quarter of 2024, the Company revised its retail partner strategy in the Electric Motorcycles segment and introduced new incentives with its retail partners. During the third quarter of 2024, the Company introduced additional incentives. As a result of the incentives in 2024, for the three and nine months ended September 30, 2024, the Company recorded $117 thousand and $579 thousand of adjustments, respectively, for variable consideration related to previously recognized sales. In July 2025, the Company announced a new retail partner incentive program effective through December 31, 2025. In August 2025, the Company announced the "Twist & Go Promotion" offering temporary incentives from August 29, 2025 to October 31, 2025 on S2 electric motorcycles. As a result of these incentives in 2025, for the three and nine months ended September 30, 2025, the Company recorded $982 thousand and $897 thousand, respectively, for variable consideration related to previously recognized sales. In late October 2025, the Company approved and subsequently announced the extension of the Twist & Go Promotion through December 15, 2025.

The Company offers the right to return eligible parts and accessories and apparel, electric balance bikes, electric bikes and, in limited circumstances, on electric motorcycles. The Company estimates returns based on an analysis of historical trends and probability of returns and records revenue on the initial sale only in the amount that it expects to be entitled. The remaining consideration is deferred in a refund liability account. The refund liability is remeasured for changes in the estimate at each reporting date with a corresponding adjustment to revenue. The Company records a refund asset at the carrying amount of the goods at the time of sale, less any expected costs to recover the goods and any expected reduction in value as a reduction to Cost of goods sold. This amount is monitored and adjusted for impairment as necessary. The refund asset of $437 thousand and $377 thousand were included in Other current assets as of September 30, 2025 and December 31, 2024, respectively, and $465 thousand and $154 thousand of the refund liability were included in Accrued liabilities as of September 30, 2025 and December 31, 2024, respectively, in the Company's consolidated balance sheets. The remainder of the refund liability of $252 thousand was recorded in Accounts payable to a related party as of December 31, 2024 in the Company's consolidated balance sheet as these amounts were repaid to Harley-Davidson Financial Services ("HDFS"), a wholly owned subsidiary of H-D.

Shipping and handling costs associated with freight after control of a product has transferred to a customer are accounted for as fulfillment costs in Cost of goods sold. The Company accrues for the shipping and handling in the same period that the related revenue is recognized.

The Company offers standard, limited warranties on its electric motorcycles, electric balance bikes, electric bikes, and parts and accessories. These warranties provide assurance that the product will function as expected and are not separate performance obligations. The Company accounts for estimated warranty costs as a liability when control of the product transfers to the customer.

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**Contract Liabilities**

The Company maintains certain contract liability balances related to payments received at contract inception in advance of the Company's performance under the contract that generally relates to customer deposits for electric balance bikes, electric bikes, and electric motorcycles and consideration received upon transfer of control of the S2 motorcycles for FOTA software updates. Contract liabilities are recognized as revenue once the Company performs under the contract. The current portion of contract liabilities of $703 thousand and $174 thousand were included in Accrued liabilities and the long-term portion of contract liabilities of $367 thousand and $393 thousand were included in Other long-term liabilities in the Company's consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. The Company expects to recognize $367 thousand included in Other long-term liabilities at September 30, 2025 over the next five years.

Previously deferred revenue recognized as revenue in the three months ended September 30, 2025 and 2024 was $31 thousand and $22 thousand, respectively, and $92 thousand and $109 thousand in the nine months ended September 30, 2025 and 2024, respectively.

**4. Income Taxes**

The Company's effective income tax rate was (0.2)% and 0.0% for the nine months ended September 30, 2025 and 2024, respectively.

The Company's effective tax rate for each period differs from the U.S. statutory rate of 21% as the Company is not recognizing an income tax benefit related to the losses generated in the U.S. as there is not sufficient positive evidence regarding the ability to realize the benefit of these losses.

On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law that includes the extension and modification of certain key provisions of the U.S. Tax Cuts and Jobs Act of 2017 (TCJA), modification of certain Inflation Reduction Act (IRA) incentives, and other provisions. This Act was effective in the third quarter of 2025 and there was no material impact to the Company's consolidated financial statements.

**5. Earnings Per Share** 

The Company computes earnings per share ("EPS") in accordance with ASC 260, *Earnings per Share*. Basic EPS is computed by dividing net loss available to common shareholders by the weighted-average number of shares of common stock outstanding. Diluted EPS is computed using the weighted-average number of shares of common stock, plus the effect of potentially dilutive securities. The Company applies the treasury method to calculate the dilution impact of share-based awards - restricted stock, performance share units, and warrants. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share as all of the potentially dilutive shares were anti-dilutive in those periods.

Computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| Net loss | $(19395) | $(22694) | $(57492) | $(71143) |
| Basic weighted-average shares outstanding | 203771 | 203250 | 203614 | 203174 |
| Effect of dilutive securities – warrants |  |  |  |  |
| Effect of dilutive securities – employee stock compensation awards |  |  |  |  |
| Diluted weighted-average shares outstanding | 203771 | 203250 | 203614 | 203174 |
| Earnings per share <sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.10) | $(0.11) | $(0.28) | $(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.10) | $(0.11) | $(0.28) | $(0.35) |

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(1) Earnings per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding

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Diluted net loss per share is computed by giving effect to all potential shares of common stock, to the extent dilutive, including unvested restricted stock units ("RSUs"), unvested performance share units ("PSUs"), and Warrants (as defined in Note 7, Warrant Liabilities). Potential shares of common stock are excluded from the computation of diluted net loss per share if their effect would have been anti-dilutive for the periods presented or if the issuance of shares is contingent upon events that did not occur by the end of the period. For the three and nine months ended September 30, 2025, 2,958 thousand employee stock compensation plan awards were excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive. For the three and nine months ended September 30, 2024, 1,841 thousand employee stock compensation plan awards were excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive. For the three and nine months ended September 30, 2025 and 2024, 30,365 thousand warrants were excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive. Additionally, the Company has not included the impact of the Earn-Out Shares, discussed in Note 1, Description of Business and Basis of Presentation, in the calculation of EPS as the triggering events have not occurred.

**6. Additional Balance Sheet Information**

Inventories are valued at the lower of cost or net realizable value using the first-in, first-out ("FIFO") method for electric motorcycles and related products and average costing method for electric balance bikes and electric bikes. Inventories, net consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Raw materials and work in process | $219 | $— |
| Electric motorcycles, electric balance bikes, and electric bikes | 21271 | 24862 |
| Parts and accessories and apparel | 1375 | 2080 |
| &nbsp;&nbsp;Inventories, net | $22865 | $26942 |

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Accrued liabilities primarily include accrued supplier commitments of $1,437 thousand, accrued payroll and employee benefits of $3,978 thousand and accrued engineering costs of $1,947 thousand as of September 30, 2025. Accrued liabilities primarily include accrued capital expenditures of $1,989 thousand, accrued payroll and employee benefits of $5,757 thousand, accrued engineering costs of $2,614 thousand, accrued restructuring of $675 thousand, and an accrual of $1,802 thousand for an unfavorable arbitration ruling related to a supplier claim (as discussed in Note 10) as of December 31, 2024.

Other current assets primarily include prepaid expenses of $2,622 thousand and $2,422 thousand as of September 30, 2025 and December 31, 2024, respectively.

**7. Warrant Liabilities**

Upon consummation of the Business Combination, the Company assumed 30,499,990 Warrants to purchase the Company's Common Stock, comprised of 19,999,990 public warrants, originally issued by ABIC as part of ABIC's IPO of units (the "Public Warrants") and 10,500,000 of outstanding warrants originally issued in a private placement in connection with the IPO of ABIC (the "Private Placement Warrants", collectively with the Public Warrants, the "Warrants"). The Warrants expire five years from the completion of the Business Combination. There were 19,865,207 Public Warrants outstanding as of September 30, 2025 and December 31, 2024, respectively, and 10,500,000 Private Warrants outstanding as of September 30, 2025 and December 31, 2024.

Each Warrant entitles the registered holder to purchase one share of Common Stock at a price of $11.50 per share. A Warrant holder may exercise its Warrants only for a whole number of shares of Common Stock. This means only a whole Warrant may be exercised at a given time by a Warrant holder. No fractional Warrants were issued upon separation of the units and only whole warrants trade. The Company will receive the proceeds from the exercise of any warrants in cash. The Warrants will expire five years after the completion of the Business Combination, or earlier upon redemption or liquidation.

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**Public Warrants**

*Redemption of Warrants when the price per Common Stock share equals or exceeds* $18.00 *:* The Company may redeem the outstanding Warrants (except as described with respect to the Private Placement Warrants):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at a price of $0.01 per Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon not less than 30 days' prior written notice of redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* if, and only if, the reported last sales price of the Company's Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders.

*Redemption of Warrants when the price per Common Stock share equals or exceeds $10.00:* Once the Warrants become exercisable, the Company may redeem the outstanding Warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at $0.10 per Warrant upon a minimum 30 days' prior written notice of redemption provided that holders will be able to exercise their Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the agreed table, based on the redemption date and the "fair market value" of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the closing price of the shares of Common Stock equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Warrant) for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the Warrant holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* if the closing price of the shares of Common Stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the Warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a Warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Warrants, as described above.

**Private Placement Warrants**

The Private Placement Warrants have terms and provisions that are similar to those of the Public Warrants, including as to the exercise price, exercisability and exercise period. The Private Placement Warrants will not be redeemable by the Company so long as they are (i) held by the initial purchasers of the Private Placement Warrants or its permitted transferees and (ii) the reference value exceeds $18.00 per share. The initial Private Placement Warrant purchasers, or its permitted transferees, have the option to exercise the Private Placement Warrants on a cashless basis if the reference value is between $10.00 and $18.00. If the Private Placement Warrants are held by holders other than AEA-Bridges Impact Sponsor, LLC (the "Sponsor") or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the Public Warrants.

During the three and nine months ended September 30, 2025 and 2024, there were no redemptions or exercises of the Public Warrants or Private Warrants.

During the three and nine months ended September 30, 2025, the Company recognized expense of $656 thousand as a change in fair value of warrant liabilities in the consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2024, the Company recognized income of $2,581 thousand and $9,131 thousand, respectively, as a change in fair value of warrant liabilities in the consolidated statements of operations and comprehensive loss. The Company determined the Public Warrants and Private Placement Warrants do not meet the criteria to be classified in stockholders' equity and the fair value of the warrants should be classified as a liability. The Company's Warrant liability was $2,205 thousand and $1,549 thousand as of September 30, 2025 and December 31, 2024, respectively.

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**8. Fair Value**

The Company assesses the inputs used to measure fair value using a three-tier hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs include quoted prices for identical instruments and are the most observable.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs include quoted prices for similar assets and observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are not observable in the market and include the Company's judgments about the assumptions market participants would use in pricing the asset or liability.

The Company's assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall, were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | Level 1 | Level 2 | Level 3 | Total |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $5000 | $— | $— | $5000 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Public Warrants | $1442 | $— | $— | $1442 |
| &nbsp;&nbsp;Private Placement Warrants |  | 763 |  | 763 |
| &nbsp;&nbsp;Share-based awards settled in cash | 61 |  |  | 61 |
|  | $1503 | $763 | $— | $2266 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $52000 | $— | $— | $52000 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Public Warrants | $1013 | $— | $— | $1013 |
| &nbsp;&nbsp;Private Placement Warrants |  | 536 |  | 536 |
| &nbsp;&nbsp;Share-based awards settled in cash | 269 |  |  | 269 |
|  | $1282 | $536 | $— | $1818 |

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There were no significant assets or liabilities on the Company's consolidated balance sheets measured at fair value on a nonrecurring basis.

**Recurring Fair Value Measurements**

*Money Market Funds*

Money market funds include highly liquid investments with an original maturity of three or fewer months and are presented within Cash and cash equivalents in the consolidated balance sheets. They are valued using quoted market prices in active markets and are classified under Level 1 within the fair value hierarchy.

*Warrant Liabilities*

The Public Warrants are publicly traded under the symbol "LVWR WS" and the fair value of the Public Warrants at a specific date is determined by the closing price of the Public Warrants as of that date. As such, the Public Warrants are classified within Level 1 of the fair value hierarchy. The fair value of the Private Placement Warrants was determined using the closing price of the Public Warrants as the Private Placement Warrants have terms and provisions that are economically similar to those of the Public Warrants. The Private Placement Warrants are classified as Level 2 of the fair value hierarchy due to the use of an observable market quote for a similar asset in an active market.

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*Share-based awards settled in cash*

Share-based awards settled in cash represent grants of share-based awards that will be settled with employees in cash and are presented within Accrued liabilities and Other long-term liabilities in the consolidated balance sheets. They are valued using the market price of the Company's and Harley-Davidson, Inc.'s stock and are remeasured at each balance sheet date and are classified under Level 1 under the fair value hierarchy.

**Other Fair Value Measurements**

The fair value of financial instruments classified as Cash and cash equivalents, Accounts receivable, net, and Accounts payable on the consolidated balance sheets approximate carrying value due to the short-term nature and the relative liquidity of the instruments.

**9. Product Warranty and Recall Campaigns**

The Company provides a limited warranty on new electric motorcycles for a period of two years, except for the battery which is covered for five years. The Company also provides limited warranties on parts and accessories, electric balance bikes, and electric bikes. The warranty coverage for the retail customer generally begins when the product is sold to the retail customer. The Company accrues future warranty claims at the time of sale by the Company using an estimated cost based primarily on historical Company claim information. In the case of both warranty and recall costs, as actual experience becomes available it is used to update the accruals.

Additionally, the Company may from time-to-time initiate certain voluntary recall campaigns. The Company records estimated recall costs when the liability is both probable and estimable. This generally occurs when the Company's management approves and commits to a recall. The warranty and recall liability are included in Accrued liabilities and Other long-term liabilities on the consolidated balance sheets.

Changes in the Company's warranty and recall liability were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| Balance, beginning of period | $666 | $621 | $881 | $1011 |
| &nbsp;&nbsp;Warranties issued during the period | 408 | 104 | 681 | 385 |
| &nbsp;&nbsp;Settlements made during the period | (321) | (119) | (1038) | (600) |
| &nbsp;&nbsp;Recalls and changes to pre-existing warranty liabilities | 428 | 351 | 657 | 161 |
| Balance, end of period | $1181 | $957 | $1181 | $957 |

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The liability for recall campaigns included in the above table was $32 thousand and $120 thousand as of September 30, 2025 and December 31, 2024, respectively.

**10. Commitments and Contingencies** 

*Contingencies* – The Company is subject to claims related to product and other commercial matters. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The Company accrues for matters when losses are both probable and estimable. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. Refer to Note 9, Product Warranty and Recall Campaigns, for a discussion of warranty and recall liabilities. The Company had no product liability claims as of September 30, 2025 and December 31, 2024.

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*Litigation and Other Claims* – The Company from time to time may be subject to lawsuits and other claims related to product, commercial, supplier, employee, environmental and other matters in the normal course of business. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The Company accrues for matters when losses are both probable and estimable. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. The Company, through H-D, also maintains insurance coverage for product liability exposures. The Company believes that its accruals and insurance coverage are adequate and there are no material exposures to loss in excess of amounts accrued and insured for losses related to these matters.

In 2024, the Company received an unfavorable arbitration ruling related to the resolution of a claim from a supplier. As a result of the ruling, the Company paid $1,802 thousand to the supplier in the nine months ended September 30, 2025. As of December 31, 2024, the total amount owed of $1,802 thousand was recorded in Accrued liabilities on the consolidated balance sheet.

**11. Related Party Transactions**

In connection with the Business Combination, the Company entered into a number of agreements with H-D to govern and provide a framework for the relationship between the parties going forward pursuant to which the Company and/or H-D have continuing obligations to each other. All transactions with H-D subsequent to the Business Combination are considered related party transactions. Agreements that the Company entered into in connection with the separation from H-D that resulted in related party transactions include the Transition Services Agreement (effective through December 31, 2024), the master services agreement effective through December 31, 2024, the new Master Services Agreement (dated December 23, 2024, effective January 1, 2025), Contract Manufacturing Agreement, Joint Development Agreement, and Tax Matters Agreement. Refer to Note 16, Related Party Transactions, of the consolidated financial statements in the Company's 2024 Form 10-K for additional details on the agreements entered into with H-D as part of, or subsequent to, the separation from H-D.

**Related Party Sales and Purchases in the Ordinary Course of Business**

*Transactions Associated with Service Agreements with H-D* 

*Cost of goods sold -* For the three and nine months ended September 30, 2025, there are $4,041 thousand and $5,684 thousand, respectively, and for the three and nine months ended September 30, 2024, there are $2,857 thousand and $12,396 thousand, respectively, of Cost of goods sold with H-D on the consolidated statements of operations and comprehensive loss. Of the Costs of goods sold with H-D, for the three and nine months ended September 30, 2025, $4,164 thousand and $5,786 thousand, respectively, and for the three and nine months ended September 30, 2024, $2,853 thousand and $12,294 thousand, respectively, are related to purchases, primarily motorcycles, under the terms of the Contract Manufacturing Agreement. These purchases of electric motorcycles from H-D are sold to the Company's customers resulting in Cost of goods sold.

*Selling, administrative and engineering -* During the three and nine months ended September 30, 2025 there are $1,260 thousand and $3,995 thousand, respectively, and for the three and nine months ended September 30, 2024, there were $2,756 thousand and $8,241 thousand, respectively, in expenses associated with services rendered in conjunction with the various service agreements with H-D, which are presented within Selling, administrative and engineering on the consolidated statements of operations and comprehensive loss.

*Accounts payable to related party -* As of September 30, 2025 and December 31, 2024, there is $7,485 thousand and $9,762 thousand, respectively, due to H-D and presented as Accounts payable to related party on the consolidated balance sheets. Of the amount outstanding to H-D, as of September 30, 2025 and December 31, 2024, $274 thousand and $2,914 thousand, respectively, is associated with inventory purchased under the Contract Manufacturing Agreement and $401 thousand and $692 thousand, respectively, is associated with services under the various service agreements with H-D, and $5,744 thousand and $6,156 thousand, respectively, is associated with the obligation to reimburse H-D for excess inventory components held by H-D that the Company expects to be obligated to reimburse H-D under the terms of the Contract Manufacturing Agreement. The decrease in the obligation in the nine months ended September 30, 2025 is related to settlements with H-D suppliers for which LiveWire paid $284 thousand to H-D and a $128 thousand reduction in the estimated obligation due to another H-D supplier based on new information received in the three months ended September 30, 2025. This amount represents the Company's best estimate of the liability as of each of the balance sheet dates and is subject to adjustment based on final negotiations with H-D regarding amounts owed under the terms of the Contract Manufacturing Agreement.

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Sales of electric motorcycles and related products to independent dealers in the U.S. and Canada are primarily financed through HDFS. Therefore, the Company's accounts receivable related to these sales are recorded in Accounts receivable from related party on the consolidated balance sheets*.* Amounts financed through HDFS, not yet remitted to the Company by HDFS, are generally settled within 30 days. As of December 31, 2024, there was $356 thousand due from HDFS and other related receivables due from H-D, which is presented as Accounts receivable from related party on the consolidated balance sheet. As of September 30, 2025, the Company owes HDFS $1,064 thousand for amounts remitted to dealers on behalf of the Company related to returns and incentive payments. This amount is included in Accounts payable to related party on the consolidated balance sheet.

*Convertible Delayed Draw Term Loan Agreement*

On February 14, 2024, the Company entered into a Convertible Delayed Draw Term Loan Agreement (the "Convertible Term Loan") with H-D providing for term loans from H-D to the Company in one or more advances up to an aggregate principal amount of $100.0 million. The outstanding principal under the Convertible Term Loan bears interest at a floating rate per annum, as calculated by H-D as of the date of each advance and as of each June 1 and December 1 thereafter, equal to the sum of (i) the forward-looking term rate based on SOFR (i.e., the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) for a 6-month interest period, plus (ii) 4.00%. The Company may elect to pay up to 100% of the amount of any interest due by increasing the outstanding principal amount of the applicable advance. The Convertible Term Loan does not include affirmative covenants impacting the operations of the Company. The Convertible Term Loan includes negative covenants restricting the ability of the Company to incur indebtedness, create liens, sell assets, make investments, make fundamental changes, make dividends or other restricted payments and enter into affiliate transactions. The Convertible Term Loan has a maturity date of the earlier of (i) 24 months from the date of the first draw on the loan or (ii) October 31, 2026. As of September 30, 2025, LiveWire has not drawn on the loan and therefore the maturity date is October 31, 2026 ("Maturity Date"). The Company remained in compliance with all of the existing covenants as of September 30, 2025. The Convertible Term Loan contains a provision that provides for H-D to convert amounts outstanding to equity at the Maturity Date if, on the Maturity Date, H-D determines, acting reasonably and in good faith, that the Company does not have the financial wherewithal to repay all amounts outstanding. If H-D determines to convert the amounts outstanding to equity at the Maturity Date, the Convertible Term Loan provides that outstanding amounts will be converted to equity of the Company at a conversion price per share of common stock of the Company equal to 90% of the volume weighted average price per share of Common Stock for the 30 trading days immediately preceding the conversion date.

On November 9, 2025, the Company entered into the Term Loan with H-D, which amended the Convertible Term Loan. The Term Loan provides the Company with access of up to $75.0 million to be drawn by the Company between November 17, 2025 and December 15, 2025. The maturity date of the amount outstanding under the Term Loan, including interest, is December 15, 2027 ("Term Loan Maturity Date"). The Term Loan requires mandatory prepayment of the principal amount of the Term Loan from the first $10.0 million of net ATM proceeds (defined as gross ATM proceeds less offering costs) from the funding of the Term Loan through the Term Loan Maturity Date. No other scheduled principal payments are required to be made on the Term Loan and the remaining principal balance must be paid in full on the Term Loan Maturity Date. The amount outstanding under the Term Loan bears interest at a floating rate per annum, as calculated by H-D as of the date of funding of the Term Loan and as of each June 1 and December 1 thereafter, equal to the sum of (i) the forward-looking term rate based on SOFR (i.e., the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) for a 6-month interest period, plus (ii) 4.00%. Interest is compounded on a semi-annual basis on May 31 and November 30 and is required to be paid in full on the Term Loan Maturity Date. The Term Loan includes negative covenants restricting the ability of the Company to incur indebtedness, create liens, sell assets, make investments, make fundamental changes, make dividends or other restricted payments and enter into affiliate transactions. All of the obligations under the Term Loan will be collateralized by a security interest in substantially all of the assets of the Company.

*Other Transactions* 

During the three and nine months ended September 30, 2025, the Company recorded $5 thousand and $36 thousand, respectively, in related party sales between the Company and H-D with $3 thousand and $27 thousand, respectively, in Cost of goods sold. During the three and nine months ended September 30, 2024, the Company recorded $7 thousand and $47 thousand, respectively, in related party sales between the Company and H-D with $4 thousand and $33 thousand, respectively, in Cost of goods sold. All sales were for the STACYC segment, which sells electric balance bikes and electric bikes to H-D. As of September 30, 2025 and December 31, 2024, there was $2 thousand and $43 thousand due from H-D, respectively, which is presented as Accounts receivable from related party on the consolidated balance sheet.

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In conjunction with the relocation of LiveWire Labs from California, announced in 2024, the Company moved its equipment from LiveWire Labs to an H-D location in Milwaukee, Wisconsin in September 2024. During the fourth quarter of 2024, the Company began occupying a portion of the space in the H-D location, including operating certain of its equipment, and using a portion for office space. The Company and H-D finalized negotiations and executed a lease agreement related to this space on January 30, 2025. The Company recorded an ROU asset and ROU liability of $488 thousand and $456 thousand, respectively, in the first quarter of 2025, which were reduced for a $500 thousand lease incentive to be provided from H-D for tenant improvements. The initial term of the agreement is 60 months with a renewal option for another 60 months. As of the current date, the Company does not believe it is reasonably certain of exercising the renewal option and, therefore, the lease term is 60 months. This lease was amended effective September 26, 2025 to move the location of the office space and extend the timing of the lease incentive from 2025 to 2026 resulting in an increase to the current lease liability of $203 thousand and a decrease to long-term lease liability of $184 thousand.

On September 26, 2022, the Company entered into a lease agreement with H-D to sublease a Product Development Center. This lease was terminated effective February 28, 2025. On August 28, 2023, the Company amended a lease agreement with H-D for office space to extend the term of the lease to a 12-month period, which expired on September 26, 2024 and was renewed on a month-to-month basis and terminated effective January 31, 2025. On September 4, 2024, the Company entered into a lease agreement with H-D to sublease office space in California, which expires on October 31, 2027. These are classified as operating leases.

As of September 30, 2025, the right of use assets included within Lease assets, short-term lease liabilities included within Current portion of lease liabilities, and long-term lease liabilities included within Long-term portion of lease liabilities in the consolidated balance sheets were $463 thousand, $203 thousand, and $184 thousand, respectively. As of December 31, 2024, the right of use assets included within Lease assets, short-term lease liabilities included within Current portion of lease liabilities, and long-term lease liabilities included within Long-term portion of lease liabilities in the consolidated balance sheets were $82 thousand, $43 thousand, and $40 thousand, respectively. In addition, the Company incurred $54 thousand and $207 thousand in rent expense during the three and nine months ended September 30, 2025, respectively, and the Company recorded $44 thousand and $130 thousand, during the three and nine months ended September 30, 2024, respectively, which is included within Selling, administrative and engineering expense on the consolidated statements of operations and comprehensive loss.

**12. 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.

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The Company's revenue and significant expenses by segment regularly reviewed by the CODM, and other segment items are as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| **Electric Motorcycles** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric motorcycles, parts and accessories and apparel revenue, net | $970 | $1209 | $2231 | $4883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 5604 | 3701 | 11383 | 15928 |
| Selling, administrative and engineering expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;People Costs <sup>(1)</sup> | 6401 | 11273 | 24097 | 37227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(2)</sup> | 7364 | 11250 | 22506 | 32546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total selling, administrative and engineering expense | 13765 | 22523 | 46603 | 69773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | $(18399) | $(25015) | $(55755) | $(80818) |
| **STACYC** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric balance bikes and electric bikes, parts and accessories and apparel revenue, net | 4731 | 3236 | 12086 | 10989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold | 2998 | 2264 | 7454 | 7373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, administrative and engineering expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;People Costs <sup>(1)</sup> | 919 | 1026 | 2755 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing <sup>(3)</sup> | 340 | 554 | 1305 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(4)</sup> | 887 | 902 | 2559 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total selling, administrative and engineering expense | 2146 | 2482 | 6619 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | $(413) | $(1510) | $(1987) | $(4294) |
| Consolidated operating loss | (18812) | (26525) | (57742) | (85112) |
| Interest income | 165 | 1252 | 1002 | 4864 |
| Change in fair value of warrant liabilities | (656) | 2581 | (656) | 9131 |
| Loss before income taxes | $(19303) | $(22692) | $(57396) | $(71117) |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;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) &nbsp;&nbsp;&nbsp;&nbsp;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) &nbsp;&nbsp;&nbsp;&nbsp;Marketing expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.

(4) &nbsp;&nbsp;&nbsp;&nbsp;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 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Electric Motorcycles** | **STACYC** | **Consolidated** |
| September 30, 2025: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $66403 | $22817 | $89220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | $7668 | $659 | $8327 |
| December 31, 2024: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $120530 | $27430 | $147960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | $7668 | $659 | $8327 |
| Three months ended September 30, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $2282 | $72 | $2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | $125 | $125 | $250 |
| Three months ended September 30, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $2616 | $79 | $2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | $1218 | $104 | $1322 |
| Nine months ended September 30, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $7807 | $220 | $8027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | $3341 | $353 | $3694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Expenditures | $2778 | $— | $2778 |
| Nine months ended September 30, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $7467 | $270 | $7737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | $3539 | $344 | $3883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Expenditures | $6566 | $95 | $6661 |

---

------

*Customer Information -* For the three and nine months ended September 30, 2025 and 2024, no single customer or customer group represented 10% or greater of consolidated revenue, net.

*Geographic Information* – Included in the consolidated financial statements are the following amounts relating to geographic locations (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Long-lived assets<sup>(1)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | $28587 | $34012 |
| &nbsp;&nbsp;&nbsp;&nbsp;International |  |  |
|  | $28587 | $34012 |

---

(1)Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, *Segment Reporting*, such as deferred income taxes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| Revenue, net <sup>(1)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | $3238 | $3785 | $9186 | $12750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria | 20 | 19 | 25 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other countries | 2443 | 641 | 5106 | 2250 |
|  | $5701 | $4445 | $14317 | $15872 |

---

(1)Revenue is attributed to geographic regions based on location of customer.

**13. Restructuring**

On April 24, 2024, the Company announced a plan to both relocate the operations of LiveWire Labs, the Company's west coast product development facility, from Mountain View, California, to Milwaukee, Wisconsin, and streamline headcount at the Company. The Company believes this plan will enable synergies and optimize efficiencies in product development and simplify the Company's overall path to future profitability. Total cumulative costs associated with this plan were $3,752 thousand. There are no other amounts expected to be incurred under this plan and all costs associated with this plan were recognized in the prior year. Of the total cumulative costs associated with this plan, the Company recorded $673 thousand and $3,025 thousand of employee termination benefits, primarily severance, respectively, and $552 thousand and $744 thousand in other costs, including employee relocation and equipment move costs, respectively, during the three and nine months ended September 30, 2024. As of September 30, 2025, there are no amounts remaining to be paid related to this reorganization.

In September 2024, continuing its focus on the Company's path to profitability and furthering its strategy, the Company executed a reorganization of its Sales and Marketing function and Product Development and Design function, including consolidating each of these functions under singular leadership and other headcount reductions. Total cumulative costs associated with this reorganization were $1,271 thousand, there are no other amounts expected to be incurred under this plan, and all costs associated with this plan were recognized in the prior year. The Company recorded $900 thousand of employee termination benefits, primarily severance, during the three and nine months ended September 30, 2024. As of September 30, 2025, there are no amounts remaining to be paid related to this reorganization.

------

The following table displays a roll-forward of the restructuring liability recorded within the Company's consolidated balance sheets and the related cash flow activity (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Employee Termination Benefits** | **Other** | **Total** |
| **Balance at December 31, 2024** | $663 | $12 | $675 |
| Reserve Established: |  |  |  |
| &nbsp;&nbsp;April 2024 Plan |  |  |  |
| &nbsp;&nbsp;September 2024 reorganization |  |  |  |
| Total Reserve Established |  |  |  |
| Payments: |  |  |  |
| &nbsp;&nbsp;April 2024 Plan | (118) | (12) | (130) |
| &nbsp;&nbsp;September 2024 reorganization | (371) |  | (371) |
| Total Payments | (489) | (12) | (501) |
| **Balance at March 31, 2025** | $174 | $— | $174 |
| Reserve Established: |  |  |  |
| &nbsp;&nbsp;April 2024 Plan |  |  |  |
| &nbsp;&nbsp;September 2024 reorganization |  |  |  |
| Total Reserve Established | 174 |  | 174 |
| Payments: |  |  |  |
| &nbsp;&nbsp;April 2024 Plan | (138) |  | (138) |
| &nbsp;&nbsp;September 2024 reorganization |  |  |  |
| Total Payments | (138) |  | (138) |
| **Balance at June 30, 2025** | $36 | $— | $36 |
| Reserve Established: |  |  |  |
| &nbsp;&nbsp;April 2024 Plan |  |  |  |
| &nbsp;&nbsp;September 2024 reorganization |  |  |  |
| Total Reserve Established | 36 |  | 36 |
| Payments: |  |  |  |
| &nbsp;&nbsp;April 2024 Plan | (36) |  | (36) |
| &nbsp;&nbsp;September 2024 reorganization |  |  |  |
| Total Payments | (36) |  | (36) |
| **Balance at September 30, 2025** | $— | $— | $— |

---

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion and analysis is intended to help the reader understand the Company, the Company's financial condition and results of operations, and the Company's present business environment. The following discussion and analysis should be read together with the accompanying unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes in the 2024 Annual Report on Form 10-K.

**Overview**

LiveWire is an industry-leading all-electric vehicle brand with a mission to pioneer the rapidly growing two-wheel electric motorcycle space. The Company operates in two segments: Electric Motorcycles and STACYC.

The Electric Motorcycles segment sells electric motorcycles, related parts and accessories and apparel in the United States and certain international markets, while the STACYC segment sells electric balance bikes, electric bikes, related parts and accessories and apparel in the United States and certain international markets. The STACYC segment launched an adult pedal assist electric bike in the United States in March 2025.

Electric motorcycles are sold at wholesale to a network of Independent Retail Partners, 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. Electric balance bikes and electric bikes are sold at wholesale to independent dealers and independent distributors, as well as direct to customers online. As discussed below, on September 26, 2022 as part of the Business Combination, the Company, which included LiveWire branded electric motorcycles and STACYC, became a separate, publicly traded company.

During the third quarter of 2025, the Company initiated the "Twist & Go Promotion" offering temporary pricing incentives on its S2 electric motorcycles from August 28, 2025 to October 31, 2025, which resulted in increased sales volumes in the third quarter of 2025. In late October 2025, the promotion was extended by the Company through December 15, 2025.

For the three months ended September 30, 2025, the Company's net loss was $19,395 thousand compared to $22,694 thousand for the three months ended September 30, 2024, and was $57,492 thousand for the nine months ended September 30, 2025 compared to $71,143 thousand for the nine months ended September 30, 2024. The Company's net losses reflect the early-stage nature of the Company's business. The decrease in net loss of $3,299 thousand and $13,651 thousand for three and nine months ended September 30, 2025, respectively, reflect the segment results and changes in interest income and the fair value of warrants discussed below.

For the three months ended September 30, 2025, the Electric Motorcycles segment operating loss was $18,399 thousand compared to an operating loss of $25,015 thousand for the three months ended September 30, 2024, and was an operating loss of $55,755 thousand for the nine months ended September 30, 2025 compared to an operating loss of $80,818 thousand for the nine months ended September 30, 2024. Refer to the Electric Motorcycles segment analysis below for further discussion on the decrease in operating loss of $6,616 thousand and $25,063 thousand for three and nine months ended September 30, 2025, respectively.

For the three months ended September 30, 2025, the STACYC segment operating loss was $413 thousand compared to an operating loss of $1,510 thousand for the three months ended September 30, 2024, and was an operating loss of $1,987 thousand for the nine months ended September 30, 2025 compared to operating loss of $4,294 thousand for the nine months ended September 30, 2024. Refer to the STACYC segment analysis below for further discussion on the decrease in operating loss of $1,097 thousand and $2,307 thousand for three and nine months ended September 30, 2025, respectively.

The headwinds facing the broader powersports and discretionary leisure industries are even more complicated in the electric vehicle segment of the market. The Company believes indicators point to a much later electric vehicle adoption than the Company originally anticipated given a lack of government incentives and a less favorable regulatory environment, combined with a slower expansion of charging infrastructure. In response to these market challenges, the Company is continuing to focus on strategic expansion of its product offerings, including the planned production in the spring of 2026 of two new 125 cc-equivalent mini-motos, the S4 Honcho<sup>TM</sup> Trail and Street, which are designed to expand access and affordability for riders globally. As the Company evaluates its long-term strategy and product offerings, it will continue to focus on cost savings to reduce cash usage while focusing on developing and producing profitable products to align with evolving customer preferences and broader electric vehicle adoption trends that will allow the Company to continue to reduce operating losses and fund its operations through profitability.

------

**Business Combination**

On September 26, 2022, the Company consummated a previously announced business combination and related financing transactions (collectively the "Business Combination") pursuant to a business combination agreement, dated as of December 12, 2021 (the "Business Combination Agreement"), by and among AEA-Bridges Impact Corp ("ABIC"), LiveWire EV Holdings, Inc., a Delaware corporation (now known as "LiveWire Group, Inc."), LW EV Merger Sub, Inc., a Delaware corporation ("Merger Sub"), Harley-Davidson, Inc., a Wisconsin corporation ("H-D"), and LiveWire EV, LLC ("Legacy LiveWire"), a wholly-owned subsidiary of H-D.

The Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, ABIC was treated as the "acquired" company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of the Company issuing stock for the net assets of ABIC, accompanied by a recapitalization. The net assets of ABIC were stated at historical cost, with no goodwill or other intangible assets recorded resulting from the Business Combination. The Business Combination resulted in net proceeds of approximately $293.7 million. The Company also assumed the Public Warrants and Private Warrants upon consummation of the Business Combination. See further detail in Note 7 to the consolidated financial statements, Warrant Liabilities.

**2025 Outlook**

For the remainder of 2025, LiveWire's focus continues to be on cost improvements, future electric motorcycle models and product innovation and development.

**Key Business Metrics**

To analyze LiveWire's business performance, determine financial forecasts and help develop long-term strategic plans, management reviews the following key business metrics, which are important measures that represent the growth of the business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wholesale Motorcycle Unit Sales* – LiveWire defines Wholesale Motorcycle Unit Sales as the number of electric motorcycles sold by LiveWire to independent dealers for which LiveWire recognized revenue during the period.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Company Retail Motorcycle Unit Sales* – LiveWire defines Company Retail Motorcycle Unit Sales as the number of new electric motorcycles sold at retail by LiveWire through its Company-owned dealership, through online sales or direct to customers through select international partners for which LiveWire recognized revenue during the period.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Independent Retail Motorcycle Unit Sales* – LiveWire defines Independent Retail Motorcycle Unit Sales as the number of new electric motorcycles sold at retail by Independent Retail Partners. These unit sales do not generate revenues for LiveWire but generate revenues for individual retail partners. The data source for electric motorcycle retail sales figures is new sales warranty and registration information provided by Independent Retail Partners and compiled by LiveWire. LiveWire must rely on information that its Independent Retail Partners supply concerning new retail sales, and LiveWire does not regularly verify the information that its independent retail partners supply. This information is subject to revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Retail Motorcycle Unit Sales* – LiveWire defines retail motorcycle unit sales as the sum of Company Retail Motorcycle Unit Sales and Independent Retail Motorcycle Unit Sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Company-owned dealership* – Dealership owned and operated by LiveWire to sell electric motorcycles, related products, and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Independent Retail Partners (Electric Motorcycles)* – Independent Retail Partners as used with Electric Motorcycles are dealers owned and operated by independent entities under contract with LiveWire to sell LiveWire electric motorcycles, related products, and services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Electric Balance Bike and Electric Bike Unit Sales (STACYC)* – LiveWire defines Electric Balance Bike and Electric Bike Unit Sales as the number of electric balance bikes and pedal assist electric bikes sold by LiveWire for which LiveWire recognized revenue during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Independent Retail Partners (STACYC)* – Independent Retail Partners as used with STACYC are independent entities under contract with STACYC to sell electric balance bikes, electric bikes and related products, and services.

------

The following table details the key business metric amounts for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **September 30,<br>2024** |
| Wholesale Motorcycle Unit Sales <sup>(1)</sup> | 180 | 77 | 259 | 280 |
| Company Retail Motorcycle Unit Sales | 4 | 22 | 13 | 94 |
| Total LiveWire Motorcycle Unit Sales | 184 | 99 | 272 | 374 |
| Retail Motorcycle Unit Sales: |  |  |  |  |
| &nbsp;&nbsp;Company Retail Motorcycle Unit Sales <sup>(1)(2)</sup> | 4 | 22 | 13 | 94 |
| &nbsp;&nbsp;Independent Retail Partners <sup>(3)</sup> | 230 | 104 | 391 | 348 |
| Total Retail Motorcycle Unit Sales | 234 | 126 | 404 | 442 |
| Electric Balance Bike and Electric Bike Unit Sales: |  |  |  |  |
| &nbsp;&nbsp;US | 3928 | 3235 | 9283 | 9369 |
| &nbsp;&nbsp;International | 1877 | 207 | 3364 | 830 |
| Total Electric Balance Bike and Electric Bike Unit Sales | 5805 | 3442 | 12647 | 10199 |

---

(1) Effective November 5, 2024, the Company's go-to-market strategy in Europe changed from selling direct to customers through international partners to selling at wholesale to independent dealers. International unit sales prior to November 5, 2024 are reflected as Company Retail Motorcycle Unit Sales, while international unit sales after November 5, 2024 are reflected as Wholesale Motorcycle Unit Sales.

(2) Data source for Company Retail Motorcycle Unit Sales figures shown above is LiveWire's records.

(3) Data source for Independent Retail Motorcycle Unit Sales figures shown above is new sales warranty and registration information provided by retail partners and compiled by LiveWire. LiveWire must rely on information that its Independent Retail Partners supply concerning new retail sales, and LiveWire does not regularly verify the information that its Independent Retail Partners supply. This information is subject to revision.

The following table details the number of retail partners:

---

| | | |
|:---|:---|:---|
| | **As of**<br>**September 30, 2025** | **As of**<br>**December 31, 2024** |
| **Electric Motorcycles** | | |
| Company-owned dealership | 1 | 1 |
| Independent Retail Partners | 90 | 88 |
| Total Electric Motorcycles Retail Partners | 91 | 89 |
| **STACYC** |  |  |
| Independent Retail Partners: |  |  |
| &nbsp;&nbsp;U.S. | 2062 | 2041 |
| &nbsp;&nbsp;International <sup>(1)</sup> | 13 | 151 |
| Total STACYC Independent Retail Partners | 2075 | 2192 |

---

(1) In May 2025, STACYC moved to a distributor model in Canada whereby the previous independent retail partners are now contracted through STACYC's distributor.

The Electric Motorcycles independent retail partners shown above include those that have been contracted by LiveWire to sell LiveWire motorcycles. LiveWire intends to grow this network as it expands its distribution capabilities.

------

LiveWire believes these key business metrics provide useful information to help investors understand and evaluate LiveWire's business performance. Wholesale Motorcycle Unit Sales and Company Retail Motorcycle Unit Sales are key drivers of revenue and operating results for the Electric Motorcycles segment. Retail Motorcycle Unit Sales made through both the Company-owned dealership and Independent Retail Partners are a key measure of consumer demand and market share for LiveWire's electric motorcycles. Total Electric Balance Bike and Electric Bike Unit Sales is a key driver of revenue and profit for STACYC.

**Results of Operations**

The following table presents consolidated results of operations for the three months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
| | **September 30,<br>2025** | **September 30,<br>2024** |<br>**$ Change** |<br>**% Change** |
| Operating loss from Electric Motorcycles | $(18399) | $(25015) | $6616 | 26.4% |
| Operating loss from STACYC | (413) | (1510) | 1097 | 72.6% |
| Operating loss | (18812) | (26525) | 7713 | 29.1% |
| Interest income | 165 | 1252 | (1087) | (86.8)% |
| Change in fair value of warrant liabilities | (656) | 2581 | (3237) | (125.4)% |
| Loss before income taxes | (19303) | (22692) | 3389 | 14.9% |
| Income tax provision | 92 | 2 | 90 | 4500.0% |
| Net loss | (19395) | (22694) | 3299 | 14.5% |
| Other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments | (1) | 5 | (6) | (120.0)% |
| Comprehensive loss | $(19396) | $(22689) | $3293 | 14.5% |
| Net loss per share, basic and diluted | $(0.10) | $(0.11) | $0.01 | 9.1% |

---

**Operating Loss**

The Company reported an operating loss of $18,812 thousand for the three months ended September 30, 2025 compared to an operating loss of $26,525 thousand for the three months ended September 30, 2024. The Electric Motorcycles segment reported an operating loss of $18,399 thousand for the three months ended September 30, 2025 compared to an operating loss of $25,015 thousand for the three months ended September 30, 2024. The STACYC segment reported operating loss of $413 thousand for the three months ended September 30, 2025 compared to operating loss of $1,510 thousand for the three months ended September 30, 2024. Refer to the Electric Motorcycles and STACYC Segment discussions for a more detailed analysis of the factors affecting operating results.

**Interest Income**

Interest income for the three months ended September 30, 2025 was $165 thousand compared to interest income of $1,252 thousand for the three months ended September 30, 2024. The decrease was primarily driven by the decrease in the balance of money market funds at September 30, 2025 as compared to the prior year. The Company had investments of $5,000 thousand and $80,000 thousand in money market funds as of September 30, 2025 and September 30, 2024, respectively.

**Change in Fair Value of Warrant Liabilities**

Change in fair value of warrant liabilities for the three months ended September 30, 2025 was a loss of $656 thousand compared to income of $2,581 thousand for the three months ended September 30, 2024. The loss recognized was due to the increase in the estimated fair value due to fluctuations in the market price of the warrants during the three months ended September 30, 2025. The income recognized in the prior year was due to the decrease in the estimated fair value due to fluctuations in the market price of the warrants during the three months ended September 30, 2024. See Note 7, Warrant Liabilities, in the consolidated financial statements for further discussion.

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**Income Tax Provision**

The income tax provision for the three months ended September 30, 2025 was $92 thousand as compared to $2 thousand for the three months ended September 30, 2024. The Company believes there is not sufficient positive evidence for the tax benefit generated by the current period operating loss in the U.S. to be benefited in future periods.

**Segment Results**

**Electric Motorcycles**

The following table presents consolidated results of operations for the Electric Motorcycles segment for the three months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
| | **September 30,<br>2025** | **September 30,<br>2024** |<br>**$ Change** |<br>**% Change** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric motorcycles | $578 | $1096 | $(518) | (47.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts, accessories and apparel | 392 | 113 | 279 | 246.9% |
| Revenue, net | 970 | 1209 | (239) | (19.8)% |
| Cost of goods sold | 5604 | 3701 | 1903 | 51.4% |
| Gross profit | (4634) | (2492) | (2142) | (86.0)% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, administrative and engineering expense | 13765 | 22523 | (8758) | (38.9)% |
| Operating loss | $(18399) | $(25015) | $6616 | 26.4% |

---

**Revenue**

Revenue for the three months ended September 30, 2025 decreased by $239 thousand, or 19.8%, to $970 thousand from $1,209 thousand for the three months ended September 30, 2024. While unit sales increased 85.9% from 99 units in the three months ended September 30, 2024 to 184 units in the three months ended September 30, 2025, this increase was offset by new incentives announced during the third quarter of 2025, including the Twist & Go Promotion. These incentives resulted in decreases to revenue of $1,086 thousand related to unit sales in the three months ended September 30, 2025 and $982 thousand related to previously recognized revenue in the three months ended September 30, 2025. The decrease in electric motorcycles revenue was offset by an increase in parts, accessories and apparel revenue of $279 thousand.

**Cost of Goods Sold**

Cost of goods sold for the three months ended September 30, 2025 increased by $1,903 thousand, or 51.4%, to $5,604 thousand from $3,701 thousand for the three months ended September 30, 2024. Cost of sales for the three months ended September 30, 2025 increased over the three months ended September 30, 2024 due to increased unit sales and increased parts, accessories and apparel revenue as discussed above during the three months ended September 30, 2025.

**Selling, Administrative and Engineering Expense**

Selling, administrative and engineering expense for the three months ended September 30, 2025 decreased by $8,758 thousand, or 38.9%, to $13,765 thousand from $22,523 thousand for the three months ended September 30, 2024. The decrease was primarily driven by cost reduction activities initiated in 2024, including $4,872 thousand decrease in personnel costs primarily from headcount reductions, $938 thousand reduction in fees paid to H-D for services under the new master services arrangement, and other reductions related to the movement of LiveWire Labs from California to Milwaukee, Wisconsin in the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Additionally, depreciation expense decreased by $396 thousand in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily driven by accelerated depreciation recorded in 2024 on leasehold improvement related to LiveWire Labs resulting from the move from Mountain View, California to Milwaukee, Wisconsin.

------

Related to the move of LiveWire Labs as well as the Company's plan to streamline headcount announced in the second quarter of 2024, the Company recorded $2,125 thousand of expense in the three months ended September 30, 2024 related to employee termination benefits and other costs. The Company also recognized a noncash reduction in stock compensation expense of $730 thousand during the three months ended September 30, 2024 resulting from forfeitures of awards related to employees who terminated during the third quarter 2024.

**STACYC**

The following table presents consolidated results of operations for the STACYC segment for the three months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | | |
| | **September 30,<br>2025** | **September 30,<br>2024** |<br>**$ Change** |<br>**% Change** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric balance bikes and electric bikes | $3855 | $2398 | $1457 | 60.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts, accessories and apparel | 876 | 838 | 38 | 4.5% |
| Revenue, net | 4731 | 3236 | 1495 | 46.2% |
| Cost of goods sold | 2998 | 2264 | 734 | 32.4% |
| Gross profit | 1733 | 972 | 761 | 78.3% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, administrative and engineering expense | 2146 | 2482 | (336) | (13.5)% |
| Operating income (loss) | $(413) | $(1510) | $1097 | 72.6% |

---

**Revenue**

Revenue for the three months ended September 30, 2025 increased by $1,495 thousand, or 46.2%, to $4,731 thousand from $3,236 thousand for the three months ended September 30, 2024. The increase in revenue of $1,495 thousand was primarily driven by a $1,363 thousand increase from higher volumes due to new products and new markets, and higher shipment volumes primarily to our third party distributors in the three months ended September 30, 2025.

**Cost of Goods Sold**

Cost of goods sold for the three months ended September 30, 2025 increased by $734 thousand, or 32.4%, to $2,998 thousand from $2,264 thousand for the three months ended September 30, 2024. The increase was driven by the increased volumes described above offset by product mix and lower fulfillment costs.

**Selling, Administrative and Engineering Expense**

Selling, administrative and engineering expense for the three months ended September 30, 2025 decreased by $336 thousand, or 13.5%, to $2,146 thousand from $2,482 thousand for the three months ended September 30, 2024. The decrease was primarily due to lower marketing expenses of $215 thousand in the three months ended September 30, 2025.

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**Results of Operations**

The following table presents consolidated results of operations for the nine months ended September 30, 2025 and September 30, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | | |
| | **September 30,<br>2025** | **September 30,<br>2024** |<br>**$ Change** |<br>**% Change** |
| Operating loss from Electric Motorcycles | $(55755) | $(80818) | $25063 | 31.0% |
| Operating loss from STACYC | (1987) | (4294) | 2307 | 53.7% |
| Operating loss | (57742) | (85112) | 27370 | 32.2% |
| Interest income | 1002 | 4864 | (3862) | (79.4)% |
| Change in fair value of warrant liabilities | (656) | 9131 | (9787) | (107.2)% |
| Loss before income taxes | (57396) | (71117) | 13721 | 19.3% |
| Income tax provision | 96 | 26 | 70 | 269.2% |
| Net loss | (57492) | (71143) | 13651 | 19.2% |
| Other comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;Foreign currency translation adjustments | (20) | (19) | (1) | 5.3% |
| Comprehensive loss | $(57512) | $(71162) | $13650 | 19.2% |
| Net loss per share, basic and diluted | $(0.28) | $(0.35) | $0.07 | 20.0% |

---

**Operating Loss**

The Company reported an operating loss of $57,742 thousand for the nine months ended September 30, 2025 compared to an operating loss of $85,112 thousand for the nine months ended September 30, 2024. The Electric Motorcycles segment reported an operating loss of $55,755 thousand for the nine months ended September 30, 2025, as compared to an operating loss of $80,818 thousand for the nine months ended September 30, 2024. The STACYC segment reported an operating loss of $1,987 thousand for the nine months ended September 30, 2025, compared to operating loss of $4,294 thousand for the nine months ended September 30, 2024. Refer to the Electric Motorcycles and STACYC Segment discussions for a more detailed analysis of the factors affecting operating results.

**Interest Income**

Interest income for the nine months ended September 30, 2025 was $1,002 thousand compared to interest income of $4,864 thousand for the nine months ended September 30, 2024. The decrease was primarily driven by the decrease in the balance of money market funds at September 30, 2025 as compared to the prior year. The Company had investments of $5,000 thousand and $80,000 thousand in money market funds as of September 30, 2025 and September 30, 2024, respectively.

**Change in Fair Value of Warrant Liabilities**

Change in fair value of warrant liabilities for the nine months ended September 30, 2025 was a loss of $656 thousand compared to income of $9,131 thousand for the nine months ended September 30, 2024. The loss recognized was due to the increase in the estimated fair value due to fluctuations in the market price of the warrants during the nine months ended September 30, 2025. The income recognized in the prior year was due to the decrease in the estimated fair value due to fluctuations in the market price of the warrants during the nine months ended September 30, 2024. See Note 7, Warrant Liabilities, in the consolidated financial statements for further discussion.

**Income Tax Provision** 

The income tax provision for the nine months ended September 30, 2025 was $96 thousand compared to $26 thousand for the nine months ended September 30, 2024. The Company believes there is not sufficient positive evidence for the tax benefit generated by the current period operating loss in the U.S. to be benefited in future periods.

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**Electric Motorcycles**

The following table presents consolidated results of operations for the Electric Motorcycles segment for the nine months ended September 30, 2025 and nine months ended September 30, 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | | |
| | **September 30,<br>2025** | **September 30,<br>2024** |<br>**$ Change** |<br>**% Change** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric motorcycles | $1347 | $4470 | $(3123) | (69.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts, accessories and apparel | 884 | 413 | 471 | 114.0% |
| Revenue, net | 2231 | 4883 | (2652) | (54.3)% |
| Cost of goods sold | 11383 | 15928 | (4545) | (28.5)% |
| Gross profit | (9152) | (11045) | 1893 | 17.1% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, administrative and engineering expense | 46603 | 69773 | (23170) | (33.2)% |
| Operating loss | $(55755) | $(80818) | $25063 | 31.0% |

---

**Revenue**

Revenue for the nine months ended September 30, 2025 decreased by $2,652 thousand, or 54.3%, to $2,231 thousand from $4,883 thousand for the nine months ended September 30, 2024. The decrease in revenue was primarily driven by the decrease in unit sales of 27.3% from 374 units in the nine months ended September 30, 2024 to 272 units in the nine months ended September 30, 2025 and the new incentives announced during the third quarter 2025, including the Twist & Go Promotion, resulting in decreases to revenue of $1,171 thousand related to unit sales in the nine months ended September 30, 2025 and $897 thousand related to previously recognized during the nine months ended September 30, 2025. This decrease was partially offset by parts, accessories and apparel revenue increasing $471 thousand from $413 thousand in the nine months ended September 30, 2024 to $884 thousand in the nine months ended September 30, 2025.

**Cost of Goods Sold**

Cost of goods sold for the nine months ended September 30, 2025 decreased by $4,545 thousand, or 28.5%, to $11,383 thousand from $15,928 thousand for the nine months ended September 30, 2024. The decreases were primarily due to lower shipments of electric motorcycles, in alignment with the decreased revenue described above, lower net realizable value and other reserve adjustments of $2,174 thousand on lower purchases during the nine months ended September 30, 2025 offset by increased depreciation expense of $1,563 thousand primarily from accelerated depreciation on certain tools being replaced as part of the Company's cost reduction activities.

**Selling, Administrative and Engineering Expense**

Selling, administrative and engineering expense for the nine months ended September 30, 2025 decreased by $23,170 thousand, or 33.2%, to $46,603 thousand from $69,773 thousand for the nine months ended September 30, 2024. The decrease was primarily driven by cost reduction activities, including $13,130 thousand decrease in personnel costs primarily from headcount reductions in 2024, $3,226 thousand reduction in fees paid to H-D for services under the new master services arrangement, $619 thousand decrease in travel expense, and other reductions related to the movement of LiveWire Labs from California to Milwaukee, Wisconsin in 2024 in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Additionally, depreciation expense decreased by $1,223 thousand in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily driven by accelerated depreciation recorded in 2024 on leasehold improvement related to LiveWire Labs resulting from the move from Mountain View, California to Milwaukee, Wisconsin.

Related to the move of LiveWire Labs as well as the Company's plan to streamline headcount announced in the second quarter of 2024, the Company recorded $4,669 thousand of expense in the nine months ended September 30, 2024 related to employee termination benefits and other costs. The Company also recognized a noncash reduction in stock compensation expense of $3,024 thousand during the nine months ended September 30, 2024 resulting from forfeitures of awards related to employees who terminated during the second and third quarters of 2024.

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**STACYC**

The following table presents consolidated results of operations for the STACYC segment for the nine months ended September 30, 2025 and nine months ended September 30, 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** | | |
| | **September 30,<br>2025** | **September 30,<br>2024** |<br>**$ Change** |<br>**% Change** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric balance bikes and electric bikes | $9153 | $7938 | $1215 | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts, accessories and apparel | 2933 | 3051 | (118) | (3.9)% |
| Revenue, net | 12086 | 10989 | 1097 | 10.0% |
| Cost of goods sold | 7454 | 7373 | 81 | 1.1% |
| Gross profit | 4632 | 3616 | 1016 | 28.1% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, administrative and engineering expense | 6619 | 7910 | (1291) | (16.3)% |
| Operating income (loss) | $(1987) | $(4294) | $2307 | 53.7% |

---

**Revenue**

Revenue for the nine months ended September 30, 2025 increased by $1,097 thousand, or 10.0%, to $12,086 thousand from $10,989 thousand for the nine months ended September 30, 2024. The increase in revenue of $1,097 thousand was driven by a

$1,832 thousand increase from higher volumes due to new products and new markets, and higher shipment volumes to our third party distributors, offset by a reduction in electric balance bikes and electric bikes revenue from lower product pricing and promotions of $617 thousand. The increase in electric balance bikes and electric bikes revenue was offset by a decrease of $118 thousand in parts, accessories and apparel revenue in the nine months ended September 30, 2025.

**Cost of Goods Sold**

Cost of goods sold for the nine months ended September 30, 2025 increased by $81 thousand, or 1.1%, to $7,454 thousand from $7,373 thousand for the nine months ended September 30, 2024. The increase was in alignment with the increased volumes described above offset by product mix and lower fulfillment costs.

**Selling, Administrative and Engineering Expense**

Selling, administrative and engineering expense for the nine months ended September 30, 2025 decreased by $1,291 thousand, or 16.3%, to $6,619 thousand from $7,910 thousand for the nine months ended September 30, 2024. The decrease was primarily due to lower marketing expense of $808 thousand in the nine months ended September 30, 2025.

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**Other Matters**

**Commitments and Contingencies** 

The Company is subject to lawsuits and other claims related to product, commercial, supplier, employee, environmental and other matters. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. Refer to Note 10, Commitments and Contingencies, in the consolidated financial statements for a discussion of the Company's commitments and contingencies.

**Liquidity and Capital Resources**

As of September 30, 2025 and December 31, 2024, LiveWire's cash and cash equivalents were $16,324 thousand and $64,437 thousand, respectively.

As an early growth company, LiveWire does not expect to generate positive cash flow from operations over the next twelve months. Prior to the Business Combination, H-D supported LiveWire's operating, investing and financing activities. Following the Business Combination, LiveWire received net proceeds of approximately $293.7 million. The Company also assumed the Public Warrants and Private Warrants upon consummation of the Business Combination. See further detail in Note 7 to the consolidated financial statements, Warrant Liabilities.

In the event of the exercise of any of Warrants for cash, LiveWire will receive the proceeds from such exercise. Assuming the exercise in full of all of Warrants for cash, LiveWire would receive an aggregate of approximately $349.2 million, but would not receive any proceeds from the sale of the shares of Common Stock issuable upon such exercise. To the extent any of the Warrants are exercised on a "cashless basis," LiveWire will not receive any proceeds upon such exercise. LiveWire expects to use any proceeds it receives from Warrant exercises for general corporate and working capital purposes, which would increase its liquidity. LiveWire believes the likelihood that warrant holders will exercise their Warrants, and therefore the amount of cash proceeds LiveWire would receive, is dependent upon the trading price of its Common Stock. As of September 30, 2025, the reported sales price of Common Stock was $4.75 per share. If the trading price of Common Stock is less than the $11.50 exercise price per share of the Warrants, LiveWire expects that warrant holders will not exercise their Warrants. There is no guarantee the Warrants will be in the money following the time they become exercisable and prior to their expiration, and as such, the Warrants may expire worthless and LiveWire may receive no proceeds from the exercise of Warrants. As a result, LiveWire does not expect to rely on the cash exercise of Warrants to fund its operations and LiveWire does not believe that it needs such proceeds to support working capital and capital expenditure requirements for the next twelve months. LiveWire will continue to evaluate the probability of Warrant exercises and the merit of including potential cash proceeds from the exercise of the Warrants in its future liquidity projections. LiveWire instead currently expects to rely on the sources of funding described below, if available on reasonable terms or at all.

On February 14, 2024, the Company entered into a Convertible Delayed Draw Term Loan Agreement (the "Convertible Term Loan") with H-D providing for term loans from H-D to the Company in one or more advances up to an aggregate principal amount of $100.0 million. The outstanding principal under the Convertible Term Loan bears interest at a floating rate per annum, as calculated by H-D as of the date of each advance and as of each June 1 and December 1 thereafter, equal to the sum of (i) the forward-looking term rate based on SOFR (i.e., the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) for a 6-month interest period, plus (ii) 4.00%. The Company may elect to pay up to 100% of the amount of any interest due by increasing the outstanding principal amount of the applicable advance. The Convertible Term Loan does not include affirmative covenants impacting the operations of the Company. The Convertible Term Loan includes negative covenants restricting the ability of the Company to incur indebtedness, create liens, sell assets, make investments, make fundamental changes, make dividends or other restricted payments and enter into affiliate transactions. The Convertible Term Loan has a maturity date of the earlier of (i) 24 months from the date of the first draw on the loan or (ii) October 31, 2026. As of September 30, 2025, LiveWire has not drawn on the loan and therefore the maturity date is October 31, 2026 ("Maturity Date") and the Company remained in compliance with all of the existing covenants. The Convertible Term Loan contains a provision that provides for H-D to convert amounts outstanding to equity at the Maturity Date if, on the Maturity Date, H-D determines, acting reasonably and in good faith, that the Company does not have the financial wherewithal to repay all amounts outstanding. If H-D determines to convert the amounts outstanding to equity at the Maturity Date, the Convertible Term Loan provides that outstanding amounts will be converted to equity of the Company at a conversion price per share of common stock of the Company equal to 90% of the volume weighted average price per share of Common Stock for the 30 trading days immediately preceding the conversion date.

------

On November 9, 2025, the Company entered into an Amended and Restated Delayed Draw Term Loan Agreement (the "Term Loans") with H-D, which amended the Convertible Term Loan. The Term Loan provides the Company with access of up to $75.0 million to be drawn by the Company between November 17, 2025 and December 15, 2025. The Company intends to draw the full $75.0 million prior to or on December 15, 2025. The maturity date of the amount outstanding under the Term Loan, including interest, is December 15, 2027 ("Term Loan Maturity Date"). The Term Loan requires mandatory prepayment of the principal amount of the Term Loan from the first $10.0 million of net ATM proceeds (defined as gross ATM proceeds less offering costs) from the funding of the Term Loan through the Term Loan Maturity Date. No other scheduled principal payments are required to be made on the Term Loan and the remaining principal balance must be paid in full on the Term Loan Maturity Date. The amount outstanding under the Term Loan bears interest at a floating rate per annum, as calculated by H-D as of November 14, 2025 as of the date of funding of the Term Loan and as of each June 1 and December 1 thereafter, equal to the sum of (i) the forward-looking term rate based on SOFR (i.e., the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) for a 6-month interest period, plus (ii) 4.00%. Interest is compounded on a semi-annual basis on May 31 and November 30 and is required to be paid in full on the Term Loan Maturity Date. The Term Loan includes negative covenants restricting the ability of the Company to incur indebtedness, create liens, sell assets, make investments, make fundamental changes, make dividends or other restricted payments and enter into affiliate transactions. All of the obligations under the Term Loan will be collateralized by a security interest in substantially all of the assets of the Company.

On August 22, 2025, LiveWire entered into an At-The-Market Issuance Sales Agreement with Mizuho Securities USA LLC, as agent (the "Agent"), under which LiveWire may offer and sell, from time to time at its sole discretion, an aggregate gross sale price of up to$50.0 million of shares of its common stock through the Agent (the "ATM Program"), pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-289699), which was declared effective by the SEC on August 21, 2025. LiveWire filed a prospectus supplement with the SEC on August 22, 2025 in connection with the ATM Program. There were 251,246 shares of common stock sold under the ATM Program in the three months ended September 30, 2025 for an aggregate offering price of $1.3 million. Additional sales under this program are subject to market demand, outside of management's control, and subject to approval by the H-D Board of Directors as we are a controlled company. As described above, the Term Loan requires mandatory prepayment of the principal amount of the Term Loan from the first $10.0 million of net ATM proceeds (as defined in the Term Loan) from the funding of the Term Loan through the Term Loan Maturity Date.

Management continues to assess the Company's liquidity position and has the flexibility to adjust spending as needed through cost reduction initiatives in order to preserve liquidity. At the same time, the Company continues to explore additional means for raising capital to continue to support ongoing operations and future investments. Additionally, the Company continues to focus on the development of products that are profitable while reducing its use of cash. Based on its current plans and projections, the Company expects that its current resources will be sufficient to fund its ongoing operations and capital expenditure requirements for at least the next twelve months from the issuance date of these consolidated financial statements. The Company will require additional capital in order to continue to finance its operations and execute its business plan before eventually attaining and maintaining profitable operations. The amount and timing of future funding requirements will depend on many factors, including the pace and results of the Company's product development and sales efforts, as well as timing and size of funds raised under the ATM Program or other financing vehicles.

The Company's material contractual operating cash commitments at September 30, 2025 relate to leases and inventory purchase commitments. In addition, as a result of the Business Combination completed on September 26, 2022, LiveWire will be subject to certain payments in the event minimum purchase commitments under the Contract Manufacturing Agreement with H-D are not met beginning in the year 2026.

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**Cash Flow Activity** 

The following table presents condensed highlights from the Company's consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | **Nine months ended** | **Nine months ended** |
| | **September 30,<br>2025** | **September 30,<br>2024** |
| Net cash used by operating activities | $(45648) | $(71990) |
| Net cash used by investing activities | (2778) | (6661) |
| Net cash provided (used) by financing activities | 279 | (927) |
| Effect of exchange rate changes on cash and cash equivalents | 34 | 116 |
| Net change in cash and cash equivalents | $(48113) | $(79462) |

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The overall decrease in cash during the nine months ended September 30, 2025 was due primarily to cash used for operating activities, as described below.

**Operating Activities**

The Company had negative cash flow from operating activities during the nine months ended September 30, 2025 and 2024. Net cash used by operating activities decreased by $26,342 thousand to $45,648 thousand for the nine months ended September 30, 2025 compared to $71,990 thousand for the nine months ended September 30, 2024. The decrease in cash flow used by operating activities was primarily driven by a decrease in net loss adjusted for non-cash items and a favorable change in Inventories and Accounts payable to related party offset by unfavorable changes in Accounts receivable, net, Accounts receivable from related party, and Accounts payable and accrued liabilities.

**Investing Activities**

Net cash used by investing activities decreased by $3,883 thousand to $2,778 thousand for the nine months ended September 30, 2025 compared to $6,661 thousand for the nine months ended September 30, 2024. The nine months ended September 30, 2024 reflected capital expenditures related to the Mulholland and Alpinista, which did not recur in 2025.

The Company estimates capital expenditures to be between $4 million and $5 million in 2025.

**Financing Activities**

Net cash provided (used) by financing activities was an inflow of $279 thousand for the nine months ended September 30, 2025 compared to an outflow of $927 thousand for the nine months ended September 30, 2024. The cash inflow was driven by net proceeds received from the issuance of common stock in conjunction with the Company's ATM Program for the nine months ended September 30, 2025. The cash outflow in the prior year is related to the repurchase of common stock to satisfy withholding taxes in connection with the vesting of restricted stock for the nine months ended September 30, 2024.

**Critical Accounting Policies and Estimates** 

There have been no changes to LiveWire's critical accounting policies and estimates from those described under "Critical Accounting Policies and Estimates" in the Management's Discussion and Analysis of Financial Condition and Results of Operations of the Annual Report on Form 10-K for the year ended December 31, 2024.

**Emerging Growth Company Status**

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 ("JOBS Act") exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable.

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LiveWire is an "emerging growth company" as defined in Section 2(a) of the Securities Act and has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards, although it may decide to early adopt such new or revised accounting standards to the extent permitted by such standards. This may make it difficult or impossible to compare LiveWire's financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions because of the potential differences in accounting standards used.

**New Accounting Standards Issued But Not Yet Adopted**

For a discussion of recent accounting pronouncements, see Note 2, New Accounting Standards, in the consolidated financial statements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

As of September 30, 2025, the Company's cash and cash equivalents amounted to $16,324 thousand. The Company manages its liquidity risk by effectively managing its working capital, capital expenditures and cash flows.

Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of accounts receivable. The Company limits its credit risk with respect to accounts receivable by performing credit evaluations and requiring collateral to secure amounts owed to the Company by its customers, each when deemed necessary.

Inflationary factors, such as cost increases for logistics, manufacturing, raw materials and purchased components, may adversely affect the Company's operating results. Although the Company does not believe inflation has had a material impact on its financial condition given its lower production volumes, a high rate of inflation in the future may have an adverse effect on the Company's ability to maintain and increase its gross margin or decrease its operating expenses as a percentage of its revenues if the selling prices of its products do not increase as much or more than its increase in costs.

The Company may also be exposed to possible disruption of supply or shortage of materials, including, but not limited to, lithium-ion battery cells and key semiconductor chip components necessary for electric vehicles, and any inability to purchase raw materials and components could negatively impact the Company's operations.

The Company sells its electric balance bikes, electric bikes, and electric motorcycles and related products internationally, and in most markets, those sales are made in the foreign country's local currency. As a result, the Company's operating results are affected by fluctuations in the values of the U.S. dollar relative to foreign currencies, however, the impact of such fluctuations on the Company's operations to date are not material given the majority of the Company's sales are currently in the U.S. The Company plans to expand its business and operations internationally and expects its exposure to currency rate risk to increase as it grows its international presence.

**Item 4. Controls and Procedures**

*Limitations on Effectiveness of Disclosure Controls and Procedures*

In designing and evaluating the Company's disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of the disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

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*Evaluation of Disclosure Controls and Procedures*

The Company's management, with the participation of the Company's principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Company's principal executive officer and principal financial officer have concluded that the disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the Securities and Exchange Commission rules and forms, and to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company's management, the Company's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding disclosure.

*Changes in Internal Control over Financial Reporting*

There were no changes in the Company's internal control over financial reporting, as identified in connection with the evaluation required by Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**PART II** – **OTHER INFORMATION**

**Item 1. Legal Proceedings**

The information required under this Item 1 of Part II is contained in Item 1 of Part I of this Quarterly Report on Form 10-Q in Note 10, Commitments and Contingencies, to the Notes to consolidated financial statements, and such information is incorporated herein by reference in this Item 1 of Part II.

**Item 1A. Risk Factors**

The Company's business, results of operations, and financial condition can be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause the Company's actual results of operations and financial condition to vary materially from past, or anticipated future, results of operation and financial condition. For a discussion of these potential risks and uncertainties, see Part I, Item 1A. "Risk Factors" of the 2024 Annual Report on Form 10-K for the year ended December 31, 2024. Any of these factors, in whole or in part, could materially and adversely affect the Company's business, results of operations, financial condition, and the price of the Common Stock. Other than the risk factors set forth below, there have been no material changes to the principal risks that the Company believes are material to the Company's business, results of operations, and financial condition from those included in the 2024 Annual Report on Form 10-K for the year ended December 31, 2024.

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***Changes in U.S. or international trade policy, including the continuation or imposition of tariffs and the resulting consequences, could adversely affect our business, prospects, financial condition, and operating results.***

The U.S. government has in the past and could in the future adopt a new approach to trade policy, renegotiate or terminate certain existing bilateral or multilateral trade agreements or impose tariffs on certain foreign goods, including steel and certain vehicle parts. For example, in January 2025, the global tariff landscape began to quickly change with the U.S. implementing tariffs on various foreign countries, either generally or with respect to certain products, and certain of those foreign countries implementing rebalancing tariffs on the U.S., either generally or with respect to certain products. In certain circumstances the U.S. and certain foreign countries temporarily suspended tariffs they had recently implemented, either in whole or in part. Since then, the U.S. has continued to impose tariffs on imported goods, and affected countries have responded by imposing tariffs on U.S. goods. In April 2025, the U.S. announced a baseline tariff of 10% on goods from all countries and instituted additional individualized reciprocal tariffs for countries with which the U.S. has significant trade deficits, including China. Many of these restrictions could remain in place or could escalate. A number of U.S. trading partners have in the past imposed retaliatory tariffs on a wide range of U.S. products and may do so in the future, which makes it more costly for us to export our electric vehicles to those countries. China and the United States have each imposed tariffs, indicating the potential for further trade barriers which may escalate a nascent trade war between China and the United States. In addition, additional trade restrictions or barriers could be implemented on a broader range of products or raw materials with additional countries or regions such as China, Canada, Mexico, the European Union or other countries and / or regions. If we are unable to pass price increases on to our customer base or otherwise mitigate the costs, or if demand for our exported electric vehicles decreases due to the higher cost, our business, prospects, financial condition and operating results could be materially adversely affected. The resulting environment of retaliatory trade or other practices could have a material adverse effect on our business, prospects, financial condition, operating results, customers, suppliers and the global economy.

***The Term Loan contains covenants that may restrict our business and financing activities.***

The Term Loan provides the Company with access of up to $75.0 million to be drawn by the Company between November 17, 2025 and December 15, 2025. The Company intends to draw the full $75.0 million prior to or on December 15, 2025. All of the obligations under the Term Loan will be collateralized by a security interest in substantially all of the assets of the Company. For more information on Convertible Term Loan and Term Loan, see Note 11 to the Company's consolidated financial statements.

The Term Loan subjects the Company to restrictive covenants that could affect its financial and operational flexibility. The covenants in the Term Loan, as well as any future financing arrangements that the Company may enter into, may restrict its ability to finance its operations, engage in, expand, or otherwise pursue its business activities and strategies. The Company's ability to comply with these or other covenants may be affected by events beyond its control, and future breaches of these or other covenants could result in a default under the Term Loan. If not waived, future defaults could cause all of the outstanding indebtedness under the Term Loan to become immediately due and payable, and the Term Loan may terminate. If the Company does not have or are unable to generate sufficient cash to repay its debt obligations when they become due and payable, either upon maturity or in the event of a default, the Company would be required to obtain additional debt or equity financing, which may not be available on favorable terms, or at all, which may negatively impact its ability to operate and continue our business as a going concern.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

*Unregistered Sales of Equity Securities* 

There were no unregistered sales of equity securities for the three and nine months ended September 30, 2025.

*Purchases of Equity Securities* 

The LiveWire Group, Inc. 2022 Incentive Award Plan provides that the withholding obligations be settled by the Company retaining shares that are part of the award. During the third quarter of 2025, there were no shares of common stock retained to satisfy withholding taxes in connection with the vesting of restricted stock units.

**Item 3. Defaults Upon Senior Securities**

None.

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**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the third quarter of 2025.

**Amended and Restated Delayed Draw Term Loan Agreement**

On November 9, 2025, the Company entered into an Amended and Restated Delayed Draw Term Loan Agreement (the "Term Loans") with H-D, which amended the Convertible Term Loan. The Term Loan provides the Company with access of up to $75.0 million to be drawn by the Company between November 17, 2025 and December 15, 2025. The Company intends to draw the full $75.0 million on or before December 15, 2025. The maturity date of the amount outstanding under the Term Loan, including interest, is December 15, 2027 ("Term Loan Maturity Date"). The Term Loan requires mandatory prepayment of the principal amount of the Term Loan from the first $10.0 million of net ATM proceeds (as defined in the Term Loan) from the funding of the Term Loan through the Term Loan Maturity Date. No other scheduled principal payments are required to be made on the Term Loan and the remaining principal balance must be paid in full on the Term Loan Maturity Date. The amount outstanding under the Term Loan bears interest at a floating rate per annum, as calculated by H-D as of the date of funding of the Term Loan and as of each June 1 and December 1 thereafter, equal to the sum of (i) the forward-looking term rate based on SOFR (i.e., the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) for a 6-month interest period, plus (ii) 4.00%. Interest is compounded on a semi-annual basis on May 31 and November 30 and is required to be paid in full on the Term Loan Maturity Date. The Term Loan includes negative covenants restricting the ability of the Company to incur indebtedness, create liens, sell assets, make investments, make fundamental changes, make dividends or other restricted payments and enter into affiliate transactions. All of the obligations under the Term Loan will be collateralized by a security interest in substantially all of the assets of the Company.

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**Item 6. Exhibits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** | **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** | **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** | **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** | **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** | **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** | **LiveWire Group, Inc.<br>Exhibit Index to Form 10-Q** |
| **Exhibit No.** | **Description** | **Form** | **File No.** | **Filing Date** | **Exhibit Number** | **Filed/Furnished herewith** |
| <u>[2.1†](https://www.sec.gov/Archives/edgar/data/1820191/000119312521358024/d273335dex21.htm)</u> | Business Combination Agreement, dated as of December 12, 2021, by and among Harley-Davidson, Inc., AEA-Bridges Impact Corp., LW EV Holdings, Inc., LW EV Merger Sub, Inc. and LiveWire EV, LLC | 8-K | 001-39584 | 12/15/2021 | 2.1 |  |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1898795/000119312522255710/d378827dex31.htm)</u> | Amended and Restated Certificate of Incorporation of LiveWire Group, Inc. | 8-K | 001-41511 | 9/30/2022 | 3.1 |  |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1898795/000119312522255710/d378827dex32.htm)</u> | Amended and Restated Bylaws of LiveWire Group, Inc. | 8-K | 001-41511 | 9/30/2022 | 3.2 |  |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1820191/000119312520265560/d939476dex44.htm)</u> | Warrant Agreement, dated as of October 1, 2022, by and between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent | 8-K | 001-39584 | 10/7/2020 | 4.4 |  |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1820191/000119312520252433/d88883dex43.htm)</u> | Specimen Warrant Certificate | S-1 | 333-248785 | 9/14/2020 | 4.3 |  |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1898795/000189879525000176/exhibit11-8xk.htm)</u> | At-The-Market Issuance Sales Agreement, dated as of August 22, 2025, by and between LiveWire Group, Inc. and Mizuho Securities USA LLC | 8-K | 001-41511 | 8/22/2025 | 1.1 |  |
| <u>[10.2](hdandlvwr-amendedctldate.htm)</u> | Amended and Restated Delayed Draw Term Loan Agreement dated as of November 9, 2025 between LiveWire EV, LLC, and Harley Davidson, Inc. |  |  |  |  | \* |
| <u>[31.1](lvwrexhibit3119-30x2025.htm)</u> | Principal Executive Officer Certification pursuant to Rule 13a-14(a) and 15d-14(a) |  |  |  |  | \* |
| <u>[31.2](lvwrexhibit3129-30x2025.htm)</u> | Principal Financial Officer Certification pursuant to Rule 13a-14(a) and 15d-14(a) |  |  |  |  | \* |
| <u>[32.1](lvwrexhibit3219-30x2025.htm)</u> | Certifications of the Principal Executive Officer and the Principal Financial Officer pursuant to 18 U.S.C. §1350 |  |  |  |  | \*\* |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |  | \* |
| 101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  | \* |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  | \* |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  | \* |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  | \* |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  | \* |
| 104 | Cover Page Interactive Data File - formatted in Inline XBRL and contained in Exhibit 101 |  |  |  |  | \* |

---

\* Filed herewith.

\*\* Furnished herewith.

† The annexes, schedules and certain exhibits to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant hereby agrees to furnish supplementally a copy of any omitted annex, schedule or exhibit to the SEC upon request.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | LiveWire Group, Inc. |
| Date: | November 10, 2025 | /s/ Karim Donnez |
|  |  | Karim Donnez |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: | November 10, 2025 | /s/ Jennifer Hoover |
|  |  | Jennifer Hoover |
|  |  | Head Accounting Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 10.2

![](hdandlvwr-amendedctldate001.jpg)

Execution Version DMS_US.374399666.3 AMENDED AND RESTATED DELAYED DRAW TERM LOAN AGREEMENT This Amended and Restated Delayed Draw Term Loan Agreement (this Agreement __, 2025 by and among HARLEY-DAVIDSON, INC., a Lender Borrower , a Delaware corporation Guarantor WHEREAS, Lender, Borrower, and Guarantor are party to that certain Existing Agreement WHEREAS, the Existing Agreement provides that it may be amended in a writing signed by all of the parties thereto; and WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its entirety the Existing Agreement and re-evidence the obligations and liabilities of Borrower and Guarantor outstanding thereunder, which shall be payable in accordance with the terms hereof. NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree that the Existing Agreement is hereby amended and restated as follows: 1. CREDIT FACILITY 1(a) Advance. (i) Lender agrees to lend to Borrower hereunder, in one borrowing on December 15, 2025 or, if the conditions set forth below to fund the advance are met prior to such date, on a date agreed to by the parties hereto but no earlier than November 17, Advance Date , such sum as may be requested in writing by Borrower, in an aggregate principal amount not to exceed Seventy-Five Million Dollars ($75,000,000) Facility Limit Agreement. (ii) advance hereunder shall be subject to the satisfaction of the following conditions precedent (unless waived by Lender in writing): (1) Lender shall have received, at least two (2) Business Days in advance of the funding date of the advance, a written borrowing request in form reasonably acceptable to Lender and complying with the requirements of this Agreement requesting the advance in an amount equal to no greater than the Facility Limit;

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2 DMS_US.374399666.3 (2) the representations and warranties of Borrower set forth in this Agreement and in any other Loan Document (as defined below) shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the date of the advance (or, in the case of any such representation or warranty expressly stated to have been made as of a specific date, as of such specific date); (3) no Default or Event of Default (in each case as defined below) shall have occurred and be continuing or would result from the advance or from the application of proceeds thereof; (4) Lender shall have received financing statements sufficient to perfect (or that are in proper form for filing and that when filed will perfect) may be perfected by the filing of a financing statement under the Uniform Commercial Code; (5) Lender shall have received documentation in form and substance reasonably satisfactory to Lender that perfects (or that is in proper form for filing security interests in (x) all deposit accounts and securities accounts of Borrower and Guarantor (including, without limitation, fully-executed and delivered control agreements with the applicable depository banks and/or securities intermediaries), excluding any deposit account or securities account that Lender determines, in its sole and absolute discretion, need not be subject to a control agreement as a notice of Lender to Borrower confirming such determination (any such excluded Post-Funding Account , and (y) all patents, trademarks and copyrights of Borrower and Guarantor that are federally registered or subject to application for federal registration (including, without limitation, intellectual property security agreements with respect thereto to be recorded with the U.S. Patent and Trademark Office and/or the U.S. Copyright Office, as applicable); and (6) Lender shall have received a collateral access agreement in form and substance reasonably satisfactory to Lender with respect to any location of Borrower or Guarantor that is owned by Lender or any of its subsidiaries (other than Borrower or Guarantor). to constitute a representation and warranty by Borrower on and as of the date of the advance as to the matters specified in clause (2), (3) and (4) above. (iii) The amount borrowed under this Section 1(a) and repaid or prepaid may not be reborrowed. Lender shall maintain in its records an account or accounts evidencing the indebtedness of Borrower resulting from the advance outstanding hereunder, including the amounts of principal and interest payable and paid to Lender

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3 DMS_US.374399666.3 from time to time hereunder. The entries made in such account or accounts shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of Lender to maintain such account or accounts or any error therein shall not in any manner affect the obligation of Borrower to repay the advance hereunder in accordance with the terms of this Agreement. (iv) If requested by Lender, Borrower shall prepare, execute and deliver to Lender a promissory note in a form approved by Lender evidencing the advance hereunder (as any such promissory note may be amended, restated, supplemented and/or Note . 1(b) Interest. The outstanding principal under this Agreement shall bear interest at the Applicable Rate (as defined below), computed on the basis of a year consisting of 360 days but applied to the actual number of days elapsed (actual/360). The advance made hereunder shall bear interest from and including the date such advance is made, and such interest shall be compounded on a semi-annual basis on May 31 and November 30 of each year. Applicable Rate , as to the advance hereunder, a floating rate per annum, as calculated by Lender as of the date of such advance and as of each June 1 and December 1 thereafter, equal to the sum of (i) the forward-looking term rate based on SOFR (i.e., the secured overnight financing rate published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)) for a six-month interest period, plus (ii) 4.00%. 1(c) Payments. (i) Scheduled Payments. Borrower agrees to duly and punctually pay all outstanding principal and accrued and unpaid interest on the advance hereunder on December 15, 2027 request Maturity Date application of any voluntary or mandatory prepayments as contemplated below, including those using Net ATM Cash Proceeds (as defined below). Any extension of the Maturity Date shall be evidenced by a written instrument signed by both Lender and Borrower. (ii) Voluntary Prepayments. Borrower may voluntarily prepay the principal outstanding under this Agreement in whole or in part at any time, without premium or penalty, together with the accrued and unpaid interest on such prepaid principal, subject to (A) prepayment and (B) each such prepayment being in the minimum amount of $5,000,000 or, if less, the entire principal balance then outstanding under this Agreement (or such lesser amount as may be mutually agreed upon in writing by Borrower and Lender). (iii) Mandatory Prepayments. No later than the fifth business day of each of January, April, July, and October of each calendar year through the Maturity Date, in which Guarantor, Borrower and/or any of their respective subsidiaries received any proceeds from at-the-market offerings of equity interests of Guarantor on or after the date

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4 DMS_US.374399666.3 ATM Proceeds shall prepay the principal outstanding under this Agreement, without premium or penalty and without the payment of any accrued and unpaid interest on such prepaid principal (which accrued and unpaid interest shall remain outstanding and continue to be due and payable on the Maturity Date or, if earlier, upon acceleration under Section 5), in an amount equal to 100% of the excess of the (A) ATM Proceeds over (ii) the underwriting discounts and commissions and other reasonable fees and expenses incurred by Guarantor or its Net ATM Cash Proceeds ; provided, however, that this Section 1(c)(iii) shall in no event require the payment of more than $10,000,000 in Net ATM Cash Proceeds in the aggregate during the term of this Agreement. (iv) Application of Payments and Prepayments. Lender shall apply payments and prepayments under this Agreement first to accrued and unpaid interest on the principal repaid or prepaid (except that any mandatory prepayment based on ATM Proceeds under Section 1(c)(iii) shall not be applied to accrued and unpaid interest), then to outstanding principal and thereafter to any other amounts payable under this Agreement or any other Loan Documents (as defined below). (v) Payments Due on Non-Business Days. Any amount otherwise due and payable under this Agreement on a day that is not a business day shall instead be due and payable on the next succeeding business day. Loan Documents (as defined in Section 12 of this Agreement), each agreement, instrument or other document evidencing, guaranteeing or securing, in whole or in part, the transactions contemplated by this Agreement and each related agreement, instrument or other document, in each case as amended, restated, supplemented and/or otherwise modified from time to time. 1(d) Security. (i) Grant of Security Interest. For value received and as collateral security for the Obligations (as defined below), each of Borrower and Guarantor hereby grants to Lender a security interest and Lien (as defined below) in and on, and agrees and acknowledges that Lender has, and shall continue to have, a security interest and Lien in and on, each of right, title and interest in and to each of the following assets, wherever located, however arising or created and whether now owned or existing or hereafter arising, created or acquired: all equipment, fixtures, inventory, documents, general intangibles, accounts, deposit accounts, contract rights, chattel paper, patents, trademarks and copyrights (and the goodwill associated with and registrations and licenses of any of them), instruments, letter of credit rights and investment property, and all additions and accessions to, all replacements for, software used in, all returned or repossessed goods the sale of which gave rise to, and all proceeds, supporting obligations Collateral (ii) Indebtedness Secured. The security interest granted herein is granted to Obligations any and all

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![](hdandlvwr-amendedctldate005.jpg)

5 DMS_US.374399666.3 indebtedness, obligations and liabilities of each of Borrower and Guarantor to Lender arising in connection with, or evidenced or secured by, this Agreement and/or the other Loan Documents, whether now existing or hereafter arising, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and together with all interest thereon, including all renewals, extensions and modifications of the foregoing or any part thereof; and (ii) all costs and expenses incurred by Lender to obtain, preserve, perfect and enforce the security interest granted hereby and all other Liens and security interests securing payment of the Obligations and to maintain, preserve and collect the fees and legal expenses, and any of the foregoing incurred in a bankruptcy or other insolvency proceeding. (iii) Collateral Documentation. Each of Borrower and Guarantor agrees to promptly execute and/or deliver such agreements, instruments and other documents (including, without limitation, (x) control agreements, (y) documents to be filed, registered and/or recorded with the U.S. Patent and Trademark Office, the U.S. Copyright Office, the Office of the Secretary of State (or similar office) of any State and/or any other applicable governmental authority, filing office and/or registry in accordance with Section 1(a)(ii)(5) above, Section 3(f) below and/or Section 4(i) below and/or (z) collateral access agreements with respect to any location of Borrower or Guarantor that is not owned by Borrower or Guarantor, as applicable, and at which Collateral with a book value in excess of $100,000 is located) in form and substance reasonably satisfactory to Lender, and promptly take such actions and cause third parties to take such actions, as are necessary and/or reasonably requested by Lender to protect, perfect and Notwithstanding the foregoing or anything else in this Agreement or any other Loan Document to the contrary, in no event shall Guarantor or Borrower be required to take any of the following actions: (i) obtain mortgages in respect of owned or leased real property, (ii) except to the extent perfected through the filing of a UCC financing statement with the Secretary of State (or other applicable governmental authority) of any applicable jurisdiction, take any actions to perfect any security interest in respect of (A) any fixture filings in the real property records of any applicable jurisdiction, (B) letter of credit rights, (C) commercial tort claims or (D) any United States government receivables having an aggregate value less than $5,000,000 or (iii) grant or perfect any Lien on its assets if Lender determines in its sole discretion that the cost to Borrower and Guarantor of granting and/or perfecting any such Lien is disproportionate to the benefit to be realized by Lender. (iv) Without in any way limiting the right, power or authority of Lender under the Uniform Commercial Code or other applicable law, each of Borrower and Guarantor hereby irrevocably authorizes Lender in its sole and absolute discretion, at any time and from time to time, to file without the review or approval of Borrower or Guarantor any and all financing statements or otherwise use a generic and comprehensive description of the Collateral), modifications and continuations in respect of the Collateral, Borrower, Guarantor and/or the transactions contemplated by this Agreement and/or any other Loan Document in such jurisdictions as Lender reasonably deems necessary or desirable.

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6 DMS_US.374399666.3 (v) Remedies. The rights and remedies herein specified are cumulative and not exclusive of any rights or remedies which Lender would otherwise have. In addition to the rights and remedies provided under this Agreement and/or any other Loan Document, Lender shall have all of the rights and remedies of a secured party under the Uniform Commercial Code and other applicable law, including, without limitation, the U.S. Bankruptcy Code, with respect to the Collateral. Without limiting the foregoing, each of Borrower and Guarantor hereby irrevocably authorizes Lender to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (A) at any sale thereof conducted under the provisions of the U.S. Bankruptcy Code or any similar laws in any other jurisdictions to which Borrower and/or Guarantor are subject, and/or (B) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by Lender (whether by judicial action or otherwise) in accordance with any applicable law. (vi) Authority to Perform for Debtor. If Borrower or Guarantor fails to act as required by this Agreement, any other Loan Document and/or the Obligations, Lender is amount so required, and the cost shall be one of the Obligations secured hereby and shall be payable by Borrower and Guarantor upon demand with interest from the date of payment by Lender at the highest rate then payable on the Obligations. (vii) . Without limiting any other provision of this Agreement or any other Loan Document, each of Borrower and Guarantor grants Lender, as security for the Obligations, a security interest in, and Lien on, any credit balance and other money now or hereafter owed Borrower or Guarantor, as applicable, by Lender, and, in addition, agrees that Lender may, without prior notice or demand, charge against any such credit balance or other money any amount owing upon the Obligations, whether due or not. (viii) Power of Attorney. Each of Borrower and Guarantor irrevocably authorizes Lender at any time and from time to time in the sole discretion of Lender, and appoints Lender as its attorney in fact, (A) to execute on its behalf as debtor and to file or record, as applicable, any agreement, instrument or other document necessary or desirable in sole discretion to perfect and/or to maintain the perfection and priority of security interest in the Collateral, (B) after the occurrence of any Event of Default, to endorse and collect any cash proceeds of any Collateral, (C) after the occurrence of any Event of Default, to apply the proceeds of any Collateral received by Lender to the Obligations, (D) to discharge past due taxes, assessments, charges, fees or Liens on any Collateral, (E) after the occurrence of any Event of Default, to demand payment or enforce payment of any Collateral in the name of Lender, Borrower and/or Guarantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to any Collateral, (F) after the occurrence of any Event of Default, to exercise all rights and remedies with respect to the collection of any Collateral, (G) after the occurrence of any Event of Default, to vote any investment

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![](hdandlvwr-amendedctldate007.jpg)

7 DMS_US.374399666.3 property included in the Collateral, with full power of substitution to do so, including the right to exercise all other rights, powers, privileges and remedies to which a holder of any such investment property would be entitled, with such proxy to be effective, automatically and without the necessity of any action (including any transfer of any such investment property on the record books of the issuer thereof) by any individual or entity, and (H) to do all other acts and things necessary or desirable, as reasonably determined by Lender, to carry out the terms and conditions of this Agreement and/or any other Loan Document; it being understood that none of the foregoing shall relieve Borrower or Guarantor of any of its obligations under this Agreement and/or any other Loan Document. All acts of said attorney are hereby ratified and approved. The powers conferred on Lender are solely to protect interests in the Collateral and shall not impose any duty upon Lender to exercise any such powers. The appointment of Lender as attorney-in-fact and proxy hereunder is coupled with an interest and shall be irrevocable until Payment in Full (as defined below). (ix) No Duties. Lender has no duty to protect, insure, collect or realize upon the Collateral or preserve rights in it against prior parties. (x) Certain Collateral Matters. (1) Repossession. Lender may enter into premises where any Collateral may be located, and may take possession of Collateral, all without notice or hearing. (2) Assembling Collateral. Lender may require Borrower and Guarantor to assemble the Collateral and to make it available to Lender at any convenient place designated by Lender. It is agreed that Lender will not have an adequate remedy at law if this obligation is breached, and accordingly that each of obligation to assemble Collateral shall be specifically enforceable. (3) Notice of Disposition. Written notice, when required by law, sent to any address or email address of Borrower or Guarantor in this Agreement at least ten (10) calendar days (counting the day of sending) before the date of a proposed disposition of the Collateral is reasonable notice. (4) Disposition. Lender may sell Collateral on credit (and reduce the Obligations only when payment is actually received from the buyer) at wholesale and with or without an agent or broker; and Lender may, but need not, complete, process or repair any Collateral prior to disposition. (5) Expenses and Application of Proceeds. Borrower and Guarantor shall reimburse Lender for any expense incurred by Lender in protecting or enforcing its rights under this Agreement and/or any other Loan Document before and after judgment, legal expenses and all expenses of taking possession, holding, preparing for

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8 DMS_US.374399666.3 disposition and disposing of the Collateral. After deduction of such expenses, Lender may apply the proceeds of disposition to the Obligations as it elects. (6) Compliance with Other Laws. Lender may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral, and such compliance will not be considered adversely to affect the commercial reasonableness of any such disposition. (7) Warranties. Lender may sell or otherwise dispose of Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title or the like, all without being deemed to have impaired the commercial reasonableness of any disposition of Collateral. (8) Marshalling. Lender shall have no obligation to marshal any assets for the benefit of Borrower, Guarantor or any third party. 2. REPRESENTATIONS AND WARRANTIES Each of Borrower and Guarantor hereby represents and warrants to Lender as follows as of the date hereof and as of the date of the advance hereunder: 2(a) Legal and Enforceable Agreements. This Agreement is, and each of the other Loan Documents when executed and delivered by Borrower and/or Guarantor (as applicable) will be, legal, valid and binding obligations of Borrower and/or Guarantor (as applicable) enforceable in accordance with their respective terms and provisions, except as such enforceability may be limited by applicable principles. 2(b) Financial Statements. Any and all balance sheets, income statements, net worth statements and all other financial data which have heretofore been given to Lender or will be given to Lender in the financial condition as of the date thereof and results of operations for the periods set forth therein. 2(c) Assets and Collateral. Lender has received legal, valid, binding, enforceable and perfected security interests in and to the Collateral pursuant to this Agreement and the other Loan Documents. No part of the Collateral is subject to any Lien (as defined below) or any adverse claim of any kind whatsoever, except for any Permitted Lien (as defined below) Lien hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or other security agreement or preferential arrangement of any kind or nature whatsoever.

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9 DMS_US.374399666.3 3. AFFIRMATIVE COVENANTS Each of Borrower and Guarantor hereby covenants and agrees with Lender as follows, at all times until the indefeasible payment in full of all of the Obligations and Payment in Full 3(a) Required Notices. Borrower will give, or cause to be given, prompt written notice to Lender of: (i) any change in the name or the jurisdiction of organization of Borrower or Guarantor; and (ii) the occurrence of any act or event that (A) has resulted in any Event of Default (as defined in Section 5) or any event that, with or without the giving or receipt of notice, the acquisition of knowledge or the passage of time (or any combination thereof), would constitute an Event of Default has had or could reasonably be expected to have a material and adverse effect upon (x) ability to make payment as and when due of all or any part of its obligations hereunder or (y) the Collateral or its value or the validity, enforceability, perfection or priority of any security interest of Lender therein Material Adverse Effect . 3(b) Reports, etc. (i) Borrower shall provide to Lender, contemporaneously with each submission or filing thereof, a copy of any report, registration statement, proxy statement, financial statement, notice or other document, whether periodic or otherwise, submitted to or filed by Borrower or Guarantor with any governmental or regulatory authority which in any case would reasonably be expected to have a material effect on (A) any of reasonably be expected to have or has had a Material Adverse Effect, (C) the Obligations or (D) any of the transactions contemplated by this Agreement and/or the other Loan Documents, together with such supplements to the aforementioned documents and additional accounts, reports, certificates, statements, documents and information as Lender from time to time may reasonably request, each of which additional accounts, reports, certificates, statements, documents and information shall be in such form as may be reasonably acceptable to Lender. Any documents required to be delivered pursuant to this Section 3(b)(i) (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission of the United States) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR). (ii) Each of Borrower and Guarantor will, and will cause each of its subsidiaries to, permit representatives and independent contractors of Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the reasonable expense of Borrower and at such reasonable times during normal business hours and as often as may be reasonably requested.

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10 DMS_US.374399666.3 (iii) On or prior to November 21, 2025, Guarantor shall deliver to Lender its multi- discuss such business plan, at such reasonable times during normal business hours and as often as Lender may request, but in no event more frequently than once per calendar quarter unless a Default or Event of Default has occurred and is continuing. (iv) On or prior to the Advance Date, Lender shall have received the following: (A) a true, correct and complete list of all of the deposit accounts and securities accounts of Borrower and Guarantor, (B) a true, correct and complete list of all patents, trademarks and copyrights of Borrower and Guarantor that are federally registered or subject to application for federal registration and (C) a true, correct and complete list of all of the addresses where any Collateral with a book value in excess of $100,000 (other than third-party logistics providers and certain motorcycles located at dealers for Borrower). The delivery of any such list by Borrower and/or Guarantor to Lender shall constitute a representation and warranty by each of Borrower and Guarantor that such list is true, correct and complete as of the date of delivery and as of the date of the advance hereunder. (v) On or prior to ten days after the Advance Date (which deadline is subject Borrower), each depository institution or securities intermediary with respect to any Post- Funding Account shall have entered into a control agreement with respect thereto with Borrower or Guarantor, as applicable, and Lender in form and substance reasonably satisfactory to Lender. (vi) Borrower shall use best efforts to deliver to Lender a fully-executed and delivered collateral access agreement in form and substance reasonably satisfactory to Lender with respect to any location of Borrower or Guarantor that is not owned by Borrower or Guarantor, as applicable, and at which Collateral with a book value in excess of $100,000 (other than third-party logistics providers and certain motorcycles located at dealers for Borrower) is located (it being understood, for the avoidance of doubt, that the foregoing does not limit or otherwise modify the condition precedent to the advance hereunder contemplated by Section 1(a)(ii)(6) with respect to collateral access agreements for any location of Borrower or Guarantor that is owned by Lender or any of its Subsidiaries). 3(c) Existence, Powers, etc. (i) Each of Borrower and Guarantor shall do, or cause to be done, all things that may be necessary (A) to maintain its due organization, valid existence and good standing under the laws of its jurisdiction of formation, and (B) to preserve and keep in full force and effect all qualifications, licenses and registrations in those jurisdictions in which the failure to do so could reasonably be expected to have a Material Adverse Effect.

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11 DMS_US.374399666.3 (ii) any of their respective subsidiaries shall take or fail to take any action, or offer, commit or enter into any agreement or arrangement, if such action, failure to take action, agreement or arrangement would, or could reasonably be expected to, in any way restrict, limit, make subject to third-party approval or otherwise impair its right, power or authority (A) to execute or deliver this Agreement or any other Loan Document or any supplement, modification or amendment thereto or restatement or replacement thereof from time to time or (B) to perform any of its obligations hereunder or thereunder. (iii) Each of Borrower and Guarantor shall promptly and fully comply with, conform to and obey any and all applicable laws, rules, regulations and similar requirements of governmental authorities now or hereafter in effect in all material respects. 3(d) Use of Proceeds. corporate purposes. 3(e) Preservation and Defense of Collateral, etc. Each of Borrower and Guarantor shall maintain, enforce, preserve and defend on a timely basis all of the right, title and interest of Borrower, Guarantor and Lender in and to each and every part of the Collateral against all manner of claims. In the event any of the Collateral is attached or levied or any Lien is imposed on any of the Collateral (other than any Permitted Lien), then (without limiting the generality of the preceding sentence) Borrower or Guarantor, as applicable, shall pay, discharge or bond the underlying obligation and cause the release of such Collateral therefrom within five (5) days of any attachment or levy or thirty (30) days of the or right, as applicable, to bond, contest or redeem. 3(f) Intellectual Property. In the event of any change to the information provided pursuant to Section 3(b)(iv)(B) above (or to the information required to be disclosed pursuant thereto, including, without limitation, as the result of Borrower or Guarantor obtaining any new registered patent, trademark or copyright after the date of this Agreement), Borrower or Guarantor, as applicable, shall provide Lender notice thereof reasonably in advance or, if advance notice is not practicable, as promptly as practicable thereafter, with any such notice to include an updated version of such information, and, contemporaneously with the provision of any such notice, Borrower or Guarantor, as applicable, shall deliver to Lender one or more intellectual property security agreements with respect thereto in form and substance reasonably satisfactory to Lender (to the extent the applicable intellectual property is not covered by any previously-delivered intellectual property security agreement) to be recorded with the U.S. Patent and Trademark Office and/or the U.S. Copyright Office, as applicable. The delivery of any such update by Borrower and/or Guarantor to Lender shall constitute a representation and

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12 DMS_US.374399666.3 warranty by each of Borrower and Guarantor that the applicable information, as so updated, is true, correct and complete as of the date of delivery. 4. NEGATIVE COVENANTS Each of Borrower and Guarantor hereby covenants and agrees with Lender that, at all times until Payment in Full, each of Borrower, Guarantor and their respective subsidiaries will not, without the prior written consent of Lender, directly or indirectly: 4(a) Indebtedness. Create, incur, assume, permit to exist, increase, renew or extend any indebtedness for borrowed money, however evidenced (including commitments, lines of credit and other credit availabilities; obligations evidenced by any promissory note, bond, debenture or other written obligation to pay money; obligations for the deferred purchase price of any asset, property or service; obligations under any hedging agreement or arrangement; obligations in respecting any preferred stock bearing any mandatory dividend, interest or other return or subject to any repurchase or redemption; and obligations under any guaranty with respect to any such indebtedness of others), excluding, however: (i) indebtedness owed to Lender; (ii) purchase money indebtedness and finance lease obligations incurred in respect of the purchase or lease of assets or services in the ordinary course of business; (iii) hedging obligations incurred in the ordinary course of business to hedge against interest rate, commodity and other market risks and not for speculative purposes; (iv) obligations under letters of credit issued to support trade obligations and other commitments incurred in the ordinary course of business; and (v) deferred purchase price obligations in connection with acquisitions permitted under Sections 4(d) and acquisitions to which Lender provides its prior written consent. 4(b) Liens and Encumbrances. Make, create, incur, assume or permit to exist any Lien of any nature in, to or against any part of any asset or property; excluding, however, (i) any Lien of Lender; (ii) statutory liens incurred in the ordinary course of business, including, to the extent they are not overdue or are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves with respect thereto are maintained on the books of Borrower, Guarantor, or the applicable subsidiary in accordance with generally accepted accounting principles, for taxes and liens in the ordinary course of business in favor of landlords, warehousemen, mechanics, materialmen and repairmen; (iii) in the case of real estate, easements, rights-of-way, restrictions, covenants and other agreements of record and other similar charges or encumbrances not interfering with the ordinary conduct of business; (iv) any deposits made or other security interests incurred in the ordinary course of business to secure the performance of tenders, bids, leases (other than finance leases) and similar obligations; (v) the security interests or liens (including leases treated as security interests or liens) encumbering assets purchased or property leased with financings permitted by Section 4(a) hereof so long as they respectively secure only the corresponding purchase money indebtedness or finance lease obligations; (vi) Liens in favor of banking institutions arising by operation of law encumbering deposits (including the right of set-off) held by such banking institutions incurred in the ordinary course

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13 DMS_US.374399666.3 of business and that are within the general parameters customary in the banking industry; and (vii) licenses, operating leases or operating subleases granted to other persons in the ordinary course of business not interfering in any material respect with the business of Guarantor, Permitted Liens 4(c) Sales, Dispositions, etc. Sell, transfer, exchange, abandon or otherwise dispose of all or any portion of its assets and properties other than in the ordinary course of business and consistent with past practices. 4(d) Investments, Loans, Advances, etc. Purchase or otherwise acquire or hold any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any equity interests, bonds, notes, debentures or other securities of, or any assets constituting an ongoing business from, or Investment (i) cash, cash equivalents and government securities and other similar liquid short-term investments; (ii) any loans or advances of salary to any officer or employee of Borrower, Guarantor or any of their respective subsidiaries in the ordinary course of business; (iii) existing and future investments in subsidiaries of Borrower and/or Guarantor; (iv) acquisitions permitted under Section 4(e)(vi); (v) maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and (vi) other Investments arising in the ordinary course of business. 4(e) Certain Fundamental Changes. Effect or enter into: (i) any issuance, sale, transfer, pledge or other disposition or encumbrance of any capital stock, partnership or membership interests or other equity interests issued by Borrower or any of its subsidiaries, or the issuance of any option, warrant or other right to acquire any such securities issued by Borrower or any of its subsidiaries; (ii) any capital reorganization or reclassification of the capital stock, partnership or membership interests or other equity interests issued by Borrower or any of its subsidiaries; (iii) any transaction in which the capital stock, partnership or membership interests or other equity interests issued by Borrower or any of its subsidiaries prior to the transaction would be changed into or exchanged for different securities, whether of that or any other individual or entity, or for any other assets or properties;

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14 DMS_US.374399666.3 (iv) any sale, lease, assignment, conveyance, spin-off or other transfer or disposition of all or any material part of the business or assets and properties of Borrower, Guarantor or any of their respective subsidiaries; (v) any merger, consolidation, dissolution, liquidation or winding up of Borrower, Guarantor or any of their respective subsidiaries; (vi) the acquisition or establishment of any new subsidiary or joint venture by Borrower, Guarantor or any of their respective subsidiaries, or the acquisition outside of the ordinary course of business by Borrower, Guarantor or any of their respective subsidiaries of any assets or properties of any other individual or entity; or (vii) any material change in the character of the business of Borrower, Guarantor or any of their respective subsidiaries as conducted on the date hereof. 4(f) Restricted Payments. While any amounts are outstanding under this Agreement: (i) declare or make any dividend, payment or other distribution of cash, assets or property with respect to any of its equity interests, whether now or hereafter outstanding; or (ii) redeem, purchase or otherwise acquire any securities issued by it or any option or other right to acquire any such securities other than the repurchase of common stock to satisfy employee withholding taxes in connection with the vesting of equity incentive awards; provided, however, that the foregoing does not prohibit any such dividends, payments, distributions, redemptions, purchases or acquisitions (A) by Borrower to, or entered into with, Guarantor, (B) on a ratable basis among the holders of entered into with, Lender or any wholly-owned subsidiary of Lender, or (C) made by any direct or indirect wholly-owned subsidiary of Guarantor to, or entered into with, Guarantor or any wholly-owned subsidiary of Guarantor. For the avoidance of doubt, this Agreement does not restrict the use of any cash received by Borrower or Guarantor from the settlement of its outstanding warrants or from any ATM Proceeds that are not required to repay the principal amount under this Agreement pursuant to Section 1(c)(iii) from time to time at the discretion of the management team(s) and/or board of directors of Borrower and/or Guarantor, as applicable. 4(g) Affiliate Transactions. Enter into any transaction with any of its affiliates, other than (i) any transaction in the ordinary course of business on terms and conditions not less favorable to Borrower, -length basis from unrelated third parties; (ii) Borrower, Guarantor and their respective subsidiaries); and (iii) any transaction otherwise expressly permitted by this Agreement. 4(h) Collateral Locations. Keep any Collateral with a book value in excess of $100,000 at any location other than those set forth in the information provided pursuant to Section 3(b)(iv)(C) without the prior

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15 DMS_US.374399666.3 written consent of Lender (but, for the avoidance of doubt, the parties intend that the Collateral, wherever located, is covered by this Agreement). 4(i) Accounts. Open or replace any deposit account or securities account of Borrower or Guarantor, unless Borrower or Guarantor, as applicable, shall have (i) notified Lender thereof (which notice shall include an updated version of the information delivered pursuant to Section 3(b)(iv)(A)) and (ii) caused each depository institution or securities intermediary with respect thereto to have entered into a control agreement with respect thereto with Borrower or Guarantor, as applicable, and Lender in form and substance reasonably satisfactory to Lender, and, subject to Section 3(b)(v) in the case of any Post-Funding Account, at no time on or after the date of the advance hereunder may any deposit account or securities account of Borrower or Guarantor be maintained without a control agreement in effect with respect thereto in form and substance reasonably satisfactory to Lender, other than any deposit account or securities account that Lender determines, in its sole and absolute discretion, need not be subject to a control agreement, as evidenced by written notice of Lender to Borrower confirming such determination, which determination may be subject to such terms and conditions as Lender may require in its sole and absolute discretion (including any limitation that Lender may require on the amount that may be on deposit from time to time in any such accounts not subject to a control agreement). The delivery of any such update by Borrower and/or Guarantor to Lender shall constitute a representation and warranty by each of Borrower and Guarantor that the applicable information, as so updated, is true, correct and complete as of the date of delivery. 4(j) Subsidiaries. Permit any subsidiary of Guarantor (other than Borrower) to have any deposit accounts, securities accounts, intellectual property or other assets, in each case, that Lender reasonably deems to be material, unless such subsidiary shall have entered into documentation in form and substance satisfactory to Lender in its sole and absolute discretion providing for such subsidiary to become a guarantor of the Obligations and to pledge its assets as collateral therefor. 5. EVENTS OF DEFAULT Event of Default Agreement: 5(a) a default by Borrower or Guarantor in the payment of any amount due hereunder or under any other Loan Document on the due date, in each case, continuing for three (3) business days; 5(b) a default in the performance by Borrower or Guarantor of (i) Section 3(b)(iii), Section 3(b)(iv), Section 3(b)(v), Section 3(b)(vi), Section 3(f), Section 4(h), Section 4(i) or Section 4(j) or (ii) any other non-monetary obligation or other non- monetary covenant contained herein or in any other Loan Document continuing under this clause (ii) for (A) ten (10) days, in the case of any covenant contained in Section 4, and (B) thirty (30) days, in the case of any other provision;

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16 DMS_US.374399666.3 5(c) any representation or warranty made in this Agreement or any other Loan Document by Borrower or Guarantor shall prove to have been false or misleading in any material respect when made; 5(d) any report, statement, certificate, schedule or other document or information furnished (whether prior to, on or after the date hereof) in connection with this Agreement or any of the other Loan Documents by or on behalf of Borrower or Guarantor shall prove to have been false or misleading in any material respect when furnished; 5(e) Borrower, Guarantor and/or any of their respective subsidiaries shall become the subject of any voluntary or involuntary proceeding seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, or shall have a receiver, trustee, custodian, conservator or similar official appointed for it or for a substantial part of its assets, or shall make a general assignment for the benefit of creditors, or shall take any corporate or other action for the purpose of effecting any of the foregoing or shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 5(f) any default occurs under (i) any other agreement or instrument evidencing indebtedness for borrowed money payable by Borrower, Guarantor or any of their respective subsidiaries (A) to Lender or any affiliate of Lender or (B) to any individual or entity other than Lender or any affiliate of Lender and, in the case of this clause (B) only, the outstanding principal balance thereof is $5,000,000 or more and such default results in the acceleration of such indebtedness for borrowed money, (ii) any transition services or similar agreement between Borrower, Guarantor or any of their respective subsidiaries, on the one hand, and Lender or any of its subsidiaries (excluding Borrower, Guarantor and their respective subsidiaries), on the other hand, which default involves the non- payment of $1,000,000 or more and/or permits the termination of such agreement, or (iii) the exclusivity provisions of that certain Contract Manufacturing Agreement dated as of September 26, 2022 between Harley-Davidson Motor Company Group, LLC and Borrower, as such agreement may be amended, restated, supplemented, replaced and/or otherwise modified from time to time; or 5(g) this Agreement and/or any other Loan Document shall fail to create a valid and first priority perfected Lien on any Collateral purported to be covered thereby, or any such Lien shall fail to remain in full force and effect, or any action shall be taken by Borrower, Guarantor and/or any of their respective subsidiaries to assert that any such Lien shall not have been created and/or shall not remain in full force and effect; then, upon the occurrence thereof and for so long as such Event of Default is continuing, Lender shall be entitled to (i) declare all principal, interest and other amounts outstanding hereunder to be immediately due and payable and/or (ii) rights, powers, privileges, remedies and interests under this Agreement, the other Loan

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17 DMS_US.374399666.3 Documents and applicable law (including, without limitation, with respect to the Collateral); provided, however, that in the event of the occurrence of any of the Events of Default set forth in Section 5(e) above, then, simultaneously with that event, and without the necessity of any notice or other action by Lender, the principal, interest and other amounts outstanding hereunder shall automatically become immediately due and payable. 6. GOVERNING LAW; SEVERABILITY Each of Borrower and Guarantor agrees that this instrument and the rights and obligations of all parties hereunder shall be governed by and construed under the internal laws of the State of Wisconsin (without giving effect to conflict of law principles that provide for the application of the laws of another jurisdiction). If any provision of this Agreement shall be illegal or unenforceable, such provision shall be deemed canceled to the same extent as though it had never appeared herein, but the remaining provisions shall not be affected thereby. 7. NOTICES All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or e-mail), and shall be deemed to have been duly given or made when received, addressed as follows (or to such other address, facsimile number or e-mail address) as the applicable party may specify to the other in accordance with this Section from time to time): With respect to Borrower or Guarantor: LiveWire EV, LLC 3700 West Juneau Avenue Milwaukee, WI 53208 Attention: General Counsel E-mail: allen.gerrard@livewire.com

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18 DMS_US.374399666.3 With respect to Lender: Harley-Davidson, Inc. 3700 West Juneau Avenue Milwaukee, WI 53208 Attention: Lynda Johnson E-mail: Lynda.Johnson@harley-davidson.com With a copy to: Harley-Davidson, Inc. 3700 West Juneau Avenue Milwaukee, WI 53208 Attention: Paul Krause E-mail: Paul.Krause@harley-davidson.com 8. SUCCESSORS AND ASSIGNS All rights, powers, privileges and immunities granted herein or in any other Loan Document to Lender shall extend to its successors and permitted assigns and any other legal holder thereof. Neither Borrower nor Guarantor shall assign or otherwise transfer any of its rights or obligations under this Agreement or any other Loan Document without the prior written consent of Lender, which Lender may withhold or condition in its sole and absolute discretion, and Lender shall not assign or otherwise transfer any of its rights or obligations under this Agreement or any other Loan Document without the prior written consent of Borrower, not to be unreasonably withheld, conditioned or delayed (and such Borrower consent not to be required (a) while any Default or Event of Default has occurred and is continuing or (b) for any assignment by Lender to any of its affiliates). Any such purported assignment or transfer without such consent shall be voidable at the non- relieve the other party of any of its obligations under this Agreement or any other Loan Document. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding 9. EXPENSES; INDEMNITY Borrower shall pay or reimburse Lender for (a) all reasonable costs and expenses incurred by Lender and its affiliates (provided that Borrower shall only be responsible for fifty percent (50%) of the reasonable fees, charges and disbursements of counsel for Lender) in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents, and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (b) all costs and expenses incurred by Lender (including the fees, charges and disbursements of any counsel for Lender) in connection with the enforcement, protection or preservation of its rights (i) in connection with this Agreement and the other Loan Documents, including its rights under this Section or in defending against any claim made against Lender by Borrower or Guarantor or any third party as a result of or in any way relating to any matter referred to above in this Section, and including the enforcement of rights against, or realization

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19 DMS_US.374399666.3 on, any collateral or security therefor, or (ii) in connection with the advance made hereunder, including all such costs and expenses incurred during any workout, restructuring or negotiations in respect thereof. In addition, Borrower shall indemnify Lender and its affiliates (each an Indemnitee damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any individual or entity (including Borrower and Guarantor) arising out of, in connection with, or as a result of (a) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (b) the advance hereunder and/or the use or proposed use of the proceeds therefrom or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or Guarantor, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. The foregoing agreements and indemnities shall remain operative and in full force and effect regardless of termination of this Agreement, and each Indemnitee shall be an express third party beneficiary of the foregoing. 10. FURTHER ASSURANCES Each of Borrower and Guarantor agrees to do such further acts and things and to execute and deliver such statements, assignments, agreements, instruments and other documents as Lender from time to time may reasonably request in connection with the administration, maintenance, enforcement or adjudication of this Agreement and the other Loan Documents, including, without limitation, in order to (a) rights, powers, privileges, remedies and interests under this Agreement, the other Loan Documents and applicable law, (b) better enable Lender to exercise any such right, power, privilege or remedy, (c) evidence, confirm, perfect or protect any security interest or other Lien granted or required to have been granted under this Agreement and/or the other Loan Documents or (d) otherwise effectuate the purpose and the terms and provisions of this Agreement and the other Loan Documents, each in such form and substance as may be acceptable to Lender. 11. AMENDMENT AND RESTATEMENT; ENTIRE AGREEMENT; MODIFICATIONS This Agreement is not intended to and shall not constitute a novation. All obligations and liabilities of Borrower and Guarantor incurred under the Existing Agreement which are outstanding on the date hereof shall continue as obligations and liabilities of Borrower and Guarantor under (and shall be governed by the terms of) this Agreement and the other Loan Documents. Without limiting the foregoing, upon the effectiveness hereof: (a) all obligations

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20 DMS_US.374399666.3 shall continue in full force and effect as modified or restated by the Loan Documents (as referred to and defined herein) and (b) Loan or similar contained in any This Agreement and the other documents referred to herein contain the entire agreement among Borrower, Guarantor and Lender with respect to the subject matter hereof, superseding all previous communications and negotiations, and no representation, undertaking, promise or condition concerning the subject matter hereof shall be binding upon Lender unless clearly expressed in this Agreement or in the other documents referred to herein. Each and every supplement or amendment to or modification or restatement of this Agreement or any other Loan Document shall be in writing and signed by all of the parties hereto or the respective parties thereto, as the case may be, and each and every waiver of, or consent to any departure from, any representation, warranty, covenant or other term or provision of this Agreement or any other Loan Document shall be in writing and signed by each of the parties hereto or thereto, respectively. Each of Borrower and Guarantor agrees that time is of the essence under this Agreement. It is expressly agreed by each of Borrower and Guarantor that no extensions of time for the payment of amounts payable under this Agreement, nor the failure on the part of Lender to exercise any of its rights hereunder, shall operate to release, discharge, modify, change or affect the original liability under this Agreement, either in whole or in part. 12. LOAN GUARANTY 12(a) Guaranty. Guarantor hereby agrees that it is jointly and severally liable for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to Lender, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Obligations and all costs and expenses, including, without limitation, all court costs and expenses (including the reasonable fees, charges and disbursements of counsel for Lender) paid or incurred by Lender in endeavoring to collect all or any part of the Obligations from, or in prosecuting any action against, Borrower, Guarantor or any other guarantor of all or any part of the Obligations (such costs and expenses, together with Guaranteed Obligations Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal. 12(b) Guaranty of Payment. This Section 12 Guaranty Guarantor waives any right to require Lender to sue Borrower, Guarantor, any other guarantor of, or any other individual or entity obligated for, all or any part of the Guaranteed Obligations Obligated Party all or any part of the Guaranteed Obligations.

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21 DMS_US.374399666.3 12(c) No Discharge or Diminishment of Guaranty. (i) Except as otherwise provided for herein, the obligations of Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than Payment in Full), including: (A) any claim of waiver, release, extension, renewal, settlement, surrender, alteration or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (B) any change in the existence, structure or ownership of Borrower or any other Obligated Party liable for any of the Guaranteed Obligations; (C) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated Party or its assets or any resulting release or discharge of any obligation of any Obligated Party; or (D) the existence of any claim, setoff or other rights which Guarantor may have at any time against any Obligated Party, Lender or any other individual or entity, whether in connection herewith or in any unrelated transactions. (ii) The obligations of Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by any Obligated Party of the Guaranteed Obligations or any part thereof. (iii) The obligations of Guarantor hereunder are not discharged or impaired or otherwise affected by: (A) the failure of Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (B) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; or (C) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of Guarantor or that would otherwise operate as a discharge of Guarantor as a matter of law or equity (other than Payment in Full). 12(d) Defenses Waived. To the fullest extent permitted by applicable law, Guarantor hereby waives any defense based on or arising out of any defense of Borrower or Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of Borrower, Guarantor or any other Obligated Party, other than Payment in Full. Without limiting the generality of the foregoing, Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any individual or entity against any Obligated Party or any other individual or entity. Guarantor confirms that it is not a surety under any state law and shall not raise any such law as a defense to its obligations hereunder. Lender may, at its election, act or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without affecting or impairing in any way the liability of Guarantor under this Guaranty, until Payment in Full has

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22 DMS_US.374399666.3 occurred. To the fullest extent permitted by applicable law, Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of Guarantor against any Obligated Party or any security. 12(e) Rights of Subrogation. Guarantor will not assert any right, claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification, that it has against any Obligated Party or any collateral, until Payment in Full has occurred. 12(f) Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations (including a payment effected through exercise of a right of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise (including pursuant to any settlement entered into by Lender in its discretion), such time as though the payment had not been made and whether or not Lender is in possession of this Guaranty. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by Guarantor forthwith on demand by Lender. 12(g) Information. Guarantor (i) assumes all responsibility for being and keeping itself informed of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that Guarantor assumes and incurs under this Guaranty, and (ii) agrees that Lender shall not have any duty to advise Guarantor of information known to it regarding those circumstances or risks. 12(h) Taxes. Each payment of the Guaranteed Obligations will be made by Guarantor without withholding for any taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. [Signature Page Follows]

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&nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Delayed Draw Term Loan Agreement IN WITNESS WHEREOF, the undersigned have signed below as of the date first set forth above. By: Name: Jennifer Hoover Title: Head Accounting Officer By: Name: Jennifer Hoover Title: Head Accounting Officer HARLEY-DAVIDSON, INC. By: Name: Artie Starrs Title: President and Chief Executive Officer

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## Exhibit 31.1

**Exhibit 31.1**

<u>Certifications</u>

I, Karim Donnez, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of LiveWire Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Date: November 10, 2025 | /s/ Karim Donnez |
| | Karim Donnez |
| | Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

<u>Certifications</u>

I, Jennifer Hoover, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 of LiveWire Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Date: November 10, 2025 | /s/ Jennifer Hoover |
| | Jennifer Hoover |
| | Head Accounting Officer |
| | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

<u>Certifications of the Principal Executive Officer and Principal Financial Officer</u>

<u>Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to</u>

<u>Section 906 of the Sarbanes Oxley Act of 2002</u>

Pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, we, the undersigned Principal Executive Officer and the Principal Financial Officer of LiveWire Group, Inc. (the "Company"), hereby certify, pursuant to our knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 10, 2025 | |
| | /s/ Karim Donnez |
| | Karim Donnez |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| | /s/ Jennifer Hoover |
| | Jennifer Hoover |
| | Head Accounting Officer |
| | (Principal Financial Officer) |

---

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