LiveWire Group (LVWR) opened Q1 2026 earnings season with trailing 12 month revenue of US$25.7 million and a loss translating to basic EPS of US$0.37, against a current share price of US$1.77. Over recent quarters, the company has seen quarterly revenue move from US$4.4 million in Q3 2024 to US$11.4 million in Q4 2025, while quarterly basic EPS shifted from a US$0.11 loss to a US$0.09 loss over the same period, giving investors a clearer view of how the top line and per share losses have evolved. For now, the story is still about scaling revenue against persistent losses, with margins under pressure as the business works toward a more balanced profile.

See our full analysis for LiveWire Group.

With the latest numbers on the table, the next step is to see how this earnings picture lines up with the key narratives investors follow around LiveWire Group and where those stories might be reinforced or challenged.

US$25.7m in trailing revenue against US$75.1m loss

• Over the last 12 months, LiveWire generated trailing revenue of US$25.7 million while reporting a trailing net loss of US$75.1 million, so every dollar of sales still comes with a sizeable loss attached.
• Critics highlight that a five year trend of losses widening by about 3.3% per year lines up with the current trailing loss of US$75.1 million. This supports a bearish focus on profitability pressure:
  • The most recent year of quarterly data shows net income losses in a fairly tight band between US$17.6 million and US$19.4 million per quarter, which bears may see as limited progress toward break even so far.
  • Trailing basic EPS of US$0.37 in losses and Q4 2025 basic EPS of US$0.09 in losses both reflect that per share results remain in loss making territory despite revenue of US$11.4 million in that quarter.

Skeptics who see these losses as the main story may want a closer look at how that cautious view stacks up against the full bear case for the stock. 🐻 LiveWire Group Bear Case

Revenue expansion outpacing quarterly EPS improvement

• Within 2025, quarterly revenue ranged from US$2.7 million in Q1 to US$11.4 million in Q4, while basic EPS losses narrowed from US$0.09 in Q1 to US$0.09 in Q4. This means sales moved more than the per share loss.
• Supporters of a more constructive, bullish angle often point to this kind of revenue ramp, and the data partly supports and partly challenges that view:
  • On one hand, revenue in Q4 2025 of US$11.4 million compares to US$5.7 million in Q3 2025 and US$2.7 million in Q1 2025, which points to a much larger sales base by year end than at the start of the year.
  • On the other hand, net income losses stayed close to US$18 million to US$19 million per quarter across 2025, so the improvement in basic EPS from US$0.11 in losses in Q3 2024 to US$0.09 in losses in Q4 2025 is small relative to the increase in revenue over that stretch.

If you want to see how investors who lean bullish connect this revenue ramp to a longer term story around the stock, it is worth reading their full bull case. 🐂 LiveWire Group Bull Case

Premium 14.1x P/S multiple with volatile share price

• LiveWire trades on a P/S of 14.1x, compared with a peer average of 0.5x and a US Auto industry average of 0.8x, at a share price of US$1.77 that has been highly volatile over the past three months.
• Bears argue that this valuation premium is hard to justify while the company is loss making, and the data around profitability and risk support the cautious angle:
  • Trailing net losses of US$75.1 million alongside trailing revenue of US$25.7 million mean the stock is currently pricing each dollar of sales well above peers even though the business is not profitable on those sales.
  • The combination of high P/S and recent share price volatility, with no identified upside items in the trailing 12 month dataset, gives skeptics numerical backing when they question how much fundamental support there is for the current valuation.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on LiveWire Group's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If the mixed signals around growth, losses and valuation leave you uncertain, it may be worth reviewing the numbers yourself and deciding where you stand. To round out that view quickly, it can be helpful to see the 2 important warning signs.

See What Else Is Out There

LiveWire Group pairs sizeable and consistent losses with a premium 14.1x P/S multiple and volatile share price, so risk and valuation concerns remain front and center.

If this mix of heavy losses, rich pricing and volatility feels uncomfortable, it is worth shifting some attention toward 72 resilient stocks with low risk scores that focus on steadier businesses with more measured risk profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.