LiveWire’s 2025 Results: Small Gains, Ongoing Challenges

LiveWire sees slight improvements in sales and reduced losses in 2025, but its financial struggles continue. Can the brand turn its small gains into long-term success in the EV motorcycle market?

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LiveWire, Harley-Davidson’s electric motorcycle brand, has had a rocky ride since its 2022 spin-off. As we look at its FY 2025 results, the picture is mixed—there’s some progress, but many challenges remain.

The company reported a 32% reduction in its operating loss, dropping from $109.6 million in 2024 to $75 million in 2025. While it’s a step in the right direction, a loss is still a loss. Revenue also dipped slightly by 3%, down to $25.7 million from $26.4 million the previous year, pointing to a struggle to scale up profits despite an increase in sales.

Slow but Steady Motorcycle Sales Growth

The bright spot in LiveWire’s 2025 performance came in unit sales. The brand sold 653 motorcycles worldwide, a 7% increase from 2024’s 612 units. While this may seem like a positive trend, it’s worth noting that the increase is only 41 more motorcycles. It raises the question: Can this kind of small, incremental growth be enough to sustain the brand long-term? Especially when you consider the slight drop in revenue, the financial picture isn’t as clear-cut.

Interestingly, LiveWire’s electric balance bikes performed well, with 21,141 units sold—a 15% increase over the previous year. However, balance bikes and motorcycles don’t exactly cater to the same audience, so it’s uncertain how much this product line can help LiveWire’s core motorcycle business.

The Incentive Impact

LiveWire’s introduction of new sales incentives in Q3 2025 might have helped drive the increased volume of motorcycle sales, but it also caused a dip in average selling prices, contributing to the revenue decline. The brand’s strategy of increasing sales through incentives could be a double-edged sword—pushing units but potentially hurting profitability in the process.

A Questionable “Victory” in the U.S. Market

One of LiveWire’s claims to fame in its FY 2025 report is being the “#1 in retail sales of 50+ horsepower EV street-legal motorcycles in the U.S.” for 2025. While this sounds like a big win, the reality is that the number of street-legal EV motorcycles in this specific category is very small. So, while the title is technically true, it doesn’t carry much weight in a relatively niche market. It’s worth questioning whether this “leadership” is meaningful when the field is so limited.

Competition is fierce in the electric motorcycle market, with brands like Zero, Energica, and Verge all vying for a slice of the pie. Zero, for instance, has been in the game longer and has a more diversified portfolio, including bikes for both street and off-road enthusiasts. Energica, despite facing challenges after its sale to a private equity firm, still holds a premium spot in the market. And Verge, although still in its early U.S. presence, caters to a luxury segment with high-priced bikes. LiveWire’s position as #1 in its specific category might be more about being the biggest fish in a small pond rather than a true market leader.

What’s Next for LiveWire?

Looking ahead, LiveWire still faces significant hurdles. While it has made some strides in reducing losses and increasing sales, it has yet to prove that it can turn those improvements into a sustainable business model. The brand must find a way to boost its profitability, diversify its product offerings, and capture a larger share of the growing EV motorcycle market.

The road ahead for LiveWire isn’t an easy one, and while it’s made some progress, it remains to be seen whether this momentum will be enough to keep it competitive in the fast-evolving electric motorcycle space.