LiveWire Group (LVWR) has posted Q2 2026 revenue of US$9.1 million, with EPS at a loss of US$0.09 and net income excluding extra items at a loss of US$18.2 million, keeping the story firmly focused on how quickly the business can scale to cover its cost base. The company has seen quarterly revenue move between US$2.7 million and US$11.4 million over the last six reported periods, while EPS losses have stayed in a tight band around US$0.09 per share. The trailing twelve months reflect revenue of US$31.3 million against a net loss of US$73.4 million, so the key question for investors is how margins can tighten up from here.

See our full analysis for LiveWire Group.

With the latest figures on the table, the next step is to test how these margin pressures and loss levels line up with the widely held narratives around LiveWire Group's growth potential and risk profile.

LiveWire losses stay clustered around US$18 million

• Over the last six reported periods, LiveWire Group's net income excluding extra items has stayed in a narrow range between a loss of US$17.6 million and a loss of US$19.4 million, with Q2 2026 at a loss of US$18.2 million and trailing twelve month losses at US$73.4 million.
• Bears argue that this pattern points to persistent operating pressure, and the data backs up that concern with trailing twelve month basic EPS at a loss of US$0.36 alongside a five year trend of declining profitability averaging 0.7% a year. Together, these figures suggest that recent quarters have not yet shown clear progress toward covering these recurring loss levels.
  • Critics highlight that every quarterly net income figure in the period provided is a loss of more than US$17.6 million, so there is no single quarter in this set where the business covered its cost base on this measure.
  • The bearish view also leans on the fact that the trailing twelve month loss of US$73.4 million is materially larger than any one quarter, which underlines how sustained these losses have been rather than being tied to a one off event.

LiveWire's recent numbers give bearish investors plenty to point to, and the full bear case lays out how they think this plays out next 🐻 LiveWire Group Bear Case.

Revenue scale still small versus losses

• LiveWire Group reported trailing twelve month revenue of US$31.3 million against a trailing twelve month net income loss of US$73.4 million, meaning the company is currently generating less than half as much revenue as it is losing on this basis.
• Bears argue that this revenue to loss relationship makes the path to self funding challenging, and the figures in Q2 2026 support that view because revenue of US$9.1 million is accompanied by a loss of US$18.2 million and basic EPS of a loss of US$0.09. Over the last 12 months, losses have worsened modestly over five years and the company is assessed as having under one year of cash runway.
  • What stands out to cautious investors is that quarterly revenue has moved between US$2.7 million and US$11.4 million in the last six periods, yet the loss per quarter has remained near US$18 million, which suggests costs are not yet flexing meaningfully with sales volumes in this dataset.
  • The risk summary reinforces this bearish angle by flagging that LiveWire is unprofitable and has less than one year of cash runway based on trailing twelve month data, so the current revenue base is not only below loss levels but also paired with funding pressure.

Rich P/S multiple and volatile share price

• On the valuation side, LiveWire Group trades on a P/S ratio of 9.6x, which is much higher than both the peer average of 0.4x and the US Auto industry average of 0.6x, while the stock price of US$1.46 has also shown higher volatility than the broader US market over the last three months.
• Bears contend that paying such a premium multiple for a company with trailing twelve month losses of US$73.4 million and no identified reward metrics in the dataset leaves little room for error, and the numbers here align with that stance because the rich 9.6x P/S sits alongside under one year of cash runway and a highly volatile share price, which together frame the stock as high risk on both financial and trading characteristics.
  • The contrast between LiveWire's 9.6x P/S and the 0.6x average for the broader US Auto industry is very large in multiple terms, which is why skeptics focus so much on valuation risk while the company is still loss making.
  • Given that the risk summary also flags elevated share price volatility over the past three months relative to the US market, bearish investors see both the trading pattern and the valuation multiple pointing in the same direction, toward heightened risk rather than levels that are supported by earnings.

If you want to see how other investors connect these numbers to the bigger LiveWire Group story, check out the wider community view 📊 Read the what the Community is saying about LiveWire Group..

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.

Given how cautious much of this LiveWire Group story sounds, it is worth stress testing the numbers yourself and forming a fresh view quickly as new data arrives. To frame your own balance between risk and reward, start by reviewing the company's 3 important warning signs.

See What Else Is Out There

LiveWire Group is still reporting sizeable recurring losses, a short cash runway and a rich P/S multiple, which together point to elevated risk.

If that mix of volatility and funding pressure feels uncomfortable, it is worth shifting some research time toward companies screened for 81 resilient stocks with low risk scores.

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.