FOR IMMEDIATE RELEASE

LiveWire Group, Inc. Reports 2024 First Quarter Financial Results

MILWAUKEE, WI (April 25, 2024) – LiveWire Group, Inc. (“LiveWire” or the “Company”)(NYSE: LVWR) today reported first quarter 2024 results.

“We are pleased with the successful launch of the S2 Mulholland, and with three bikes in market, we are proud that LiveWire is now the #1 on-road electric motorcycle retailer in the US. As part of our plans to expand our market leadership, our teams are working on design, engineering and sourcing initiatives to reduce the cost of our vehicles and manage spend across the business to get the most out of our strategic investments. We expect the consolidation of our operations in Milwaukee at Harley-Davidson’s historic headquarters at Juneau Avenue to bring synergies and efficiencies, as well as a closer connection to our heritage,” said Karim Donnez, CEO, LiveWire.

First Quarter 2024 Summary of Results

•Successful launch of S2 Mulholland in March.

•Unit sales of 117 electric motorcycles, an increase of 86% over first quarter 2023.

•Consolidated operating loss of $30.4 million in line with expectations, driven by investment in new motorcycle models and actioned initiatives to reduce EV costs.

LiveWire Group, Inc. – Consolidated Results

$ in millions*	1st quarter
	2024	2023	Change
Revenue	$5.0	$7.8	(36%)
Operating (Loss)	($30.4)	($24.9)	22%
Net Loss	($23.6)	($21.1)	12%

LiveWire Group, Inc. – Segment Results

$ in millions*, except units	1st quarter
	2024	2023	Change
Electric Motorcycles
LiveWire (units)	117	63	86	%
Revenue	$1.2	$1.5	(16%)
Operating (Loss)	($29.0)	($24.8)	17%

$ in millions*	1st quarter
	2024	2023	Change
STACYC Segment
Revenue	$3.7	$6.3	(41%)
Operating (Loss)	($1.4)	($0.1)	925%

*Amounts may not add or recalculate due to rounding.

The Company’s consolidated net loss was $23.6 million for the first quarter of 2024 compared to $21.1 million in the same period prior year driven by the segment results noted below, a decrease of $676 thousand in interest income offset by an increase of $3.7 million of non-operating income related to the decrease in fair value of the outstanding warrants as of March 31, 2024 as compared to prior year.

LiveWire Group, Inc. is comprised of two business segments:

•Electric Motorcycles – focused on the sale of electric motorcycles and related products

•STACYC – focused on the sale of electric balance bikes for kids and related products

Electric Motorcycles

Electric Motorcycles revenue decreased in the first quarter of 2024 compared to the prior year period, despite higher unit sales in the quarter. The lower revenue was due primarily to product mix and a one-time adjustment related to a change in our retail partner strategy. Selling, engineering and administrative expenses remained relatively flat compared to the prior year. An increased operating loss of $4.2 million compared to the first quarter of 2023 was in line with expectations, due to the decrease in revenue, costs associated with increased volumes and adjustments to net realizable value.

STACYC

As expected, STACYC revenue and operating income were down compared to same quarter 2023 primarily due to a reduction in third party branded distributor volumes.

2024 Financial Outlook

For the full year 2024, the Company continues to expect:

•Electric Motorcycle sales of 1,000 to 1,500 revenue units

For the full year 2024, LiveWire is revising its operating loss guidance and now expects:

•An improved operating loss of $105 to $115 million, from previous guidance of an operating loss of $115 to $125 million

Webcast

The public is invited to attend an audio webcast from 8-9 a.m. CDT. LiveWire leadership will be joining the Harley-Davidson, Inc. audio webcast to discuss our results, developments in the business, and updates to the Company’s outlook. The webcast login can be accessed at https://investor.livewire.com/news-events-1/events/default.aspx. The audio replay will be available by approximately 10:00 a.m. CDT.

About LiveWire

LiveWire has a dedicated focus on the electric motorcycle sector. LiveWire’s majority shareholder is Harley-Davidson, Inc. LiveWire comes from the lineage of Harley-Davidson and is capitalizing on a decade of its learnings in the EV sector. With a dedicated focus on EV, LiveWire plans to develop the technology of the future and to invest in the capabilities needed to lead the transformation of motorcycling. www.livewire.com

Cautionary Note Regarding Forward-Looking Statements

The Company intends that certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or

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circumstances, including any underlying assumptions, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Words or phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” and “would,” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the risks, uncertainties and assumptions described in prior public filings titled “Risk Factors.” These forward-looking statements are subject to numerous risks, including, without limitation, the following: our history of losses and expectation to incur significant expenses and continuing losses for the foreseeable future; our limited operating history, the rollout of our business and the timing of expected business milestones, including our ability to develop and manufacture electric vehicles of sufficient quality and appeal to customers on schedule and on a large scale; our financial and business performance, including financial projections and business metrics and any underlying assumptions thereunder; changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans, including our ability to effectively execute the Company’s relocation and streamlined headcount plan within expected costs and time and our ability to realize the expected savings in 2024 and on an ongoing annual basis; our ability to attract and retain a large number of customers; our future capital requirements and sources and uses of cash; our ability to obtain funding for our operations and manage costs; challenges we face as a pioneer into the highly-competitive and rapidly evolving electric vehicle industry; our operational and financial risks if we fail to effectively and appropriately separate the LiveWire business from the H-D business; H-D making decisions for its overall benefit that could negatively impact our overall business; our relationship with H-D and its impact on our other business relationships; our ability to leverage contract manufacturers, including H-D and Kwang Yang Motor Co., Ltd., a Taiwanese company (“KYMCO”), to contract manufacture our electric vehicles; retail partners being unwilling to participate in our go-to-market business model or their inability to establish or maintain relationships with customers for our electric vehicles; potential delays in the design, manufacture, financing, regulatory approval, launch and delivery of our electric vehicles; building out our supply chain, including our dependency on our existing suppliers and our ability to source suppliers, in each case many of which are single-sourced or limited-source suppliers, for our critical components such as batteries and semiconductor chips; our ability to rely on third-party and public charging networks; our ability to attract and retain key personnel; our business, expansion plans and opportunities, including our ability to scale our operations and manage our future growth effectively; the effects on our future business of competition, the pace and depth of electric vehicle adoption generally and our ability to achieve planned competitive advantages with respect to our electric vehicles and products, including with respect to reliability, safety and efficiency; our business and H-D’s business overlapping and being perceived as competitors; our inability to maintain a strong relationship with H-D or to resolve favorably any disputes that may arise between us and H-D; our dependency on H-D for a number of services, including services relating to quality and safety testing. If those service arrangements terminate, it may require significant investment for us to build our own safety and testing facilities, or we may be required to obtain such services from another third-party at increased costs; any decision by us to electrify H-D products, or the products of any other company; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; potential harm caused by misappropriation of our data and compromises in cybersecurity; changes in laws, regulatory requirements, governmental incentives and fuel and energy prices; the impact of health epidemics, including the COVID-19 pandemic, on our business, the other risks we face and the actions we may take in response thereto; litigation, regulatory proceedings, complaints, product liability claims and/or adverse publicity; and the possibility that we may be adversely affected by other economic, business and/or competitive factors. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. Some of these risks and uncertainties may in the future be amplified by new risk factors and uncertainties that may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in this press release will prove to be accurate. Except as

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required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this earnings release completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

Media Contact: Jenni Coats (414) 343-7902

Financial Contact: Shawn Collins (414) 343-8002

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LiveWire Group, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

	Three months ended
	March 31, 2024		March 31, 2023
Revenue, net	$	4,978	$	7,762
Costs and expenses:
Cost of goods sold	9,105		6,498
Selling, administrative and engineering expense	26,295		26,171
Total operating costs and expenses	35,400		32,669
Operating loss	(30,422)		(24,907)
Interest income	2,016		2,692
Change in fair value of warrant liabilities	4,758		1,068
Loss before income taxes	(23,648)		(21,147)
Income tax benefit	(4)		—
Net loss	$	(23,644)	$	(21,147)
Net loss per share, basic and diluted	$	(0.12)	$	(0.10)
Weighted-average shares, basic and diluted	203,100		202,404

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LiveWire Group, Inc.

Consolidated Balance Sheets

(In thousands)

	(Unaudited)
	March 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	141,033	$	167,904
Accounts receivable, net	2,086		4,295
Accounts receivable from related party	1,051		3,402
Inventories, net	35,105		32,122
Other current assets	3,129		3,004
Total current assets	182,404		210,727
Property, plant and equipment, net	37,718		37,682
Goodwill	8,327		8,327
Deferred tax assets	11		4
Lease assets	1,527		1,868
Intangible assets, net	1,249		1,347
Other long-term assets	5,852		6,192
Total assets	$	237,088	$	266,147
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,770	$	3,554
Accounts payable to related party	25,687		20,371
Accrued liabilities	15,762		21,189
Current portion of lease liabilities	914		1,152
Total current liabilities	44,133		46,266
Long-term portion of lease liabilities	677		792
Deferred tax liabilities	93		93
Warrant liabilities	7,561		12,319
Other long-term liabilities	847		814
Total liabilities	53,311		60,284
Shareholders' equity:
Preferred Stock	—		—
Common Stock	20		20
Treasury Stock	(2,675)		(1,969)
Additional paid-in-capital	342,065		339,783
Accumulated deficit	(155,632)		(131,988)
Accumulated other comprehensive income	(1)		17
Total shareholders' equity	183,777		205,863
Total liabilities and shareholders' equity	$	237,088	$	266,147

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LiveWire Group, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three months ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net loss	$	(23,644)	$	(21,147)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,326		667
Change in fair value of warrant liabilities	(4,758)		(1,068)
Stock compensation expense	2,282		1,824
Provision for doubtful accounts	3		39
Deferred income taxes	(7)		—
Inventory write-down	2,522		673
Cloud computing arrangements development costs	—		(967)
Other, net	4		(779)
Changes in current assets and liabilities:
Accounts receivable, net	2,206		1,356
Accounts receivable from related party	2,351		(317)
Inventories	(5,505)		(2,560)
Other current assets	24		731
Accounts payable and accrued liabilities	(6,046)		(4,894)
Accounts payable to related party	5,316		1,892
Net cash used by operating activities	(22,926)		(24,550)
Cash flows from investing activities:
Capital expenditures	(3,239)		(4,648)
Net cash used by investing activities	(3,239)		(4,648)
Cash flows from financing activities:
Repurchase of common stock	(706)		—
Net cash used by financing activities	(706)		—
Net decrease in cash and cash equivalents	$	(26,871)	$	(29,198)
Cash and cash equivalents:
Cash and cash equivalents—beginning of period	$	167,904	$	265,240
Net decrease in cash and cash equivalents	(26,871)		(29,198)
Cash and cash equivalents—end of period	$	141,033	$	236,042

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