LVWR LiveWire Group, Inc. Common Stock
$1.19
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$1–$6
9% of range
Analyst Rating
HOLD
6 analysts
Price Target
—
P/E (TTM)
-3.2
ROE
-119.5%
Net Profit Margin
-292.6%
LVWR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.19
Market Cap
$244M
P/E (TTM)
-3.2
EPS (TTM)
$-0.37
Revenue (TTM)
$26M
Div Yield
—
ROE
-119.5%
Debt/Equity
1.6
52W Range
$1 – $6
LVWR Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$26M
2020-12-31
→
2025-12-31
EPS
$-0.37
2020-12-31
→
2025-12-31
Free Cash Flow
$-57M
2022-12-31
→
2025-12-31
Margins
-292.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
LVWR
Peer Median
P/E (TTM)
-3.2
13.2
P/S (TTM)
9.5
6.5
P/B
5.3
2.7
EV / EBITDA
-3.6
—
Price / FCF
-4.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
LVWR
Peer Median
Operating Margin
-294.0%
—
Net Profit Margin
-292.6%
-132.5%
ROA
-51.0%
-26.4%
ROE
-119.5%
-32.0%
ROIC
-62.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
LVWR
Peer Median
Debt / Equity
1.6
10.0
Current Ratio
4.6
2.0
Quick Ratio
3.7
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
LVWR
Peer Median
Revenue YoY
-3.6%
—
Revenue CAGR 3Y
-18.2%
—
Revenue CAGR 5Y
-3.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
LVWR
Peer Median
LVWR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
6 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 50.0%
- Sell 1 16.7%
- Strong Sell 2 33.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.09 | — | — |
| March 31, 2026 | $-0.09 | — | — |
| Dec. 31, 2025 | $-0.09 | — | — |
| Sept. 30, 2025 | $-0.10 | — | — |
| June 30, 2025 | $-0.09 | — | — |
| March 31, 2025 | $-0.09 | — | — |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LVWR | $903M | -11.9 | -3.6% | -292.6% | -119.5% | — |
| HOG | $2.29B | 7.4 | -13.8% | 7.6% | 10.7% | — |
| EMPD | — | -0.6 | -75.5% | — | — | — |
| MAMO | $166M | 99.5 | -34.3% | 2.1% | 6.9% | 37.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $26M | $27M | $38M | $47M | $36M | $31M | |
| Cost of Revenue | $30M | $39M | $44M | $44M | $38M | $56M | |
| R&D Expense | $24M | $42M | $54M | $36M | $35M | $23M | |
| SG&A Expense | $71M | $98M | $110M | $88M | $66M | $52M | |
| Operating Expenses | $101M | $137M | $154M | $2M | $2M | $6M | |
| Operating Income | $-75M | $-110M | $-116M | $-85M | $-68M | $-77M | |
| Other Non-op | · | $0 | $0 | $235.0K | $302.0K | $-30.0K | |
| Pretax Income | $-75M | $-94M | $-109M | $-79M | $-68M | $-77M | |
| Income Tax | $189.0K | $43.0K | $78.0K | $-33.0K | $138.0K | $357.0K | |
| Net Income | $-75M | $-94M | $-110M | $-79M | $-68M | $-78M | |
| EPS (Basic) | $-0.37 | $-0.46 | $-0.54 | $-0.46 | $-0.42 | $-0.48 | |
| EPS (Diluted) | $-0.37 | $-0.46 | $-0.54 | $-0.46 | $-0.42 | $-0.48 | |
| Shares (Basic) | 203,730,000 | 203,206,000 | 202,504,000 | 172,003,000 | 161,000,000 | 161,000,000 | |
| Shares (Diluted) | 203,730,000 | 203,206,000 | 202,504,000 | 172,003,000 | 161,000,000 | 161,000,000 | |
| EBITDA | $-65M | $-100M | · | $-81M | · | · |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83M | $64M | $168M | $265M | $3M | · | |
| Receivables | · | · | · | $2M | $7M | · | |
| Inventory | $15M | $27M | $32M | $29M | $17M | · | |
| Prepaid Expense | $2M | $2M | $2M | $4M | $3M | · | |
| Other Current Assets | $3M | $3M | $3M | $5M | $4M | · | |
| Current Assets | $105M | $98M | $211M | $302M | $30M | · | |
| PP&E (Net) | $28M | $34M | $38M | $32M | $18M | · | |
| PP&E (Gross) | $60M | $59M | $55M | $44M | $27M | · | |
| Accum. Depreciation | $32M | $25M | $17M | $13M | $9M | · | |
| Goodwill | $8M | $8M | $8M | $8M | $8M | $8M | |
| Intangibles | $804.0K | $1M | $1M | $2M | $2M | · | |
| Other Non-current Assets | $4M | $5M | $6M | $5M | $0 | · | |
| Total Assets | $146M | $148M | $266M | $352M | $62M | $52M | |
| Accounts Payable | · | · | · | $7M | $9M | · | |
| Accrued Liabilities | $12M | $18M | $21M | $20M | $16M | · | |
| Current Liabilities | $23M | $30M | $46M | $34M | $28M | · | |
| Capital Leases | $246.0K | $405.0K | $792.0K | $2M | $2M | · | |
| Deferred Tax | $149.0K | $118.0K | $93.0K | $15.0K | $186.0K | · | |
| Other Non-current Liabilities | $1M | $919.0K | $814.0K | $246.0K | $375.0K | · | |
| Total Liabilities | $100M | $33M | $60M | $45M | $42M | · | |
| Long-term Debt | $75M | $0 | · | · | · | · | |
| Total Debt | $75M | · | · | · | · | · | |
| Common Stock | $20.0K | $20.0K | $20.0K | $20.0K | $0 | · | |
| Paid-in Capital | $351M | $344M | $340M | $329M | $0 | · | |
| Retained Earnings | $-301M | $-226M | $-132M | $-22M | $0 | · | |
| Treasury Stock | $4M | $3M | $2M | $0 | · | · | |
| AOCI | $-17.0K | $12.0K | $17.0K | $0 | $145.0K | · | |
| Stockholders' Equity | $46M | $115M | $206M | $307M | $20M | $2M | |
| Liabilities + Equity | $146M | $148M | $266M | $352M | $62M | · | |
| Shares Outstanding | 204,309,000 | 203,423,000 | 203,030,000 | 202,403,000 | 0 | 0 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $10M | $10M | $6M | $4M | $5M | $4M | |
| Stock-based Comp | $5M | $5M | $9M | $394.0K | $786.0K | $188.0K | |
| Deferred Tax | $32.0K | $22.0K | $74.0K | $-99.0K | $-22.0K | $98.0K | |
| Amort. of Intangibles | $254.0K | $289.0K | $462.0K | $462.0K | · | · | |
| Restructuring | $675.0K | $5M | · | · | · | · | |
| Other Non-cash | $6M | $-15M | · | $-15M | · | · | |
| Operating Cash Flow | $-54M | $-94M | $-83M | $-90M | $-75M | $-54M | |
| CapEx | $4M | $8M | $13M | $14M | $10M | $3M | |
| Investing Cash Flow | $-4M | $-8M | $-13M | $-14M | $-10M | $-3M | |
| Stock Issued | $2M | $0 | $0 | · | · | · | |
| Stock Repurchased | $1M | $1M | $2M | $0 | $0 | · | |
| Net Stock Activity | $1M | $-1M | · | · | · | · | |
| Financing Cash Flow | $76M | $-1M | $-412.0K | $366M | $85M | $58M | |
| Net Change in Cash | $18M | $-103M | $-97M | $263M | $267.0K | $1M | |
| Taxes Paid | · | · | $0 | · | · | · | |
| Free Cash Flow | $-57M | $-102M | · | $-104M | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -294.0% | -414.4% | · | -181.4% | · | · | |
| Net Margin | -292.6% | -352.7% | · | -168.6% | · | · | |
| Pretax Margin | -291.8% | -352.5% | · | -168.6% | · | · | |
| EBITDA Margin | -254.5% | -376.7% | · | -172.0% | · | · | |
| ROA | -51.0% | -45.4% | · | -29.5% | · | · | |
| ROE | -119.5% | -74.3% | · | -45.1% | · | · | |
| ROIC | -62.5% | -95.9% | · | -27.7% | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.6 | 3.3 | · | 8.8 | · | · | |
| Quick Ratio | 3.7 | 2.2 | · | 7.8 | · | · | |
| Debt / Equity | 1.6 | · | · | · | · | · | |
| LT Debt / Equity | 1.6 | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.2 | · | · | |
| Inventory Turnover | 1.4 | 1.3 | · | 1.5 | · | · | |
| Receivables Turnover | · | · | · | 15.6 | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | -3.6% | -30.0% | -18.8% | 30.8% | 16.0% | · | |
| Revenue CAGR 3Y | -18.2% | -9.4% | 7.2% | · | · | · | |
| Revenue CAGR 5Y | -3.6% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $26M | $27M | $38M | $47M | · | · | |
| Net Income TTM | $-75M | $-94M | $-110M | $-79M | · | · | |
| Market Cap | $903M | $978M | · | $982M | · | · | |
| Enterprise Value | $895M | · | · | · | · | · | |
| P/E | -11.9 | -10.5 | -20.9 | -10.5 | · | · | |
| P/S | 35.2 | 36.7 | · | 21.0 | · | · | |
| P/B | 19.6 | 8.5 | · | 3.2 | · | · | |
| P / Tangible Book | 24.5 | 9.3 | 11.7 | 3.3 | · | · | |
| P / Cash Flow | -16.9 | -10.4 | · | -10.9 | · | · | |
| P / FCF | -15.7 | -9.6 | · | -9.5 | · | · | |
| EV / EBITDA | -13.7 | · | · | · | · | · | |
| EV / FCF | -15.6 | · | · | · | · | · | |
| EV / Revenue | 34.9 | · | · | · | · | · | |
| Earnings Yield | -8.4% | -9.6% | -4.8% | -9.5% | · | · |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9M | $5M | $11M | $6M | $6M | $3M | $11M | $4M | $6M | $5M | $15M | $8M | $7M | $8M | $9M | $15M | |
| Cost of Revenue | $9M | $6M | $11M | $9M | $5M | $5M | $16M | $6M | $8M | $9M | $20M | $7M | $10M | $6M | $7M | $14M | |
| SG&A Expense | $18M | $17M | $18M | $16M | $19M | $18M | $20M | $25M | $26M | $26M | $29M | $26M | $29M | $26M | $31M | $22M | |
| Operating Expenses | $27M | $23M | $29M | $25M | $24M | $23M | $36M | $31M | $35M | $35M | $49M | $33M | $39M | $33M | $3M | $995.0K | |
| Operating Income | $-18M | $-18M | $-18M | $-19M | $-18M | $-21M | $-25M | $-27M | $-28M | $-30M | $-34M | $-25M | $-32M | $-25M | $-29M | $-21M | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $79.0K | |
| Pretax Income | $-18M | $-18M | $-18M | $-19M | $-19M | $-19M | $-23M | $-23M | $-25M | $-24M | $-33M | $-15M | $-41M | $-21M | $-23M | $-21M | |
| Income Tax | $76.0K | $25.0K | $93.0K | $92.0K | $-10.0K | $14.0K | $17.0K | $2.0K | $28.0K | $-4.0K | $15.0K | $-1.0K | $64.0K | $0 | $-192.0K | $-4.0K | |
| Net Income | $-18M | $-18M | $-18M | $-19M | $-19M | $-19M | $-23M | $-23M | $-25M | $-24M | $-33M | $-15M | $-41M | $-21M | $-22M | $-56M | |
| EPS (Basic) | $-0.09 | $-0.09 | $-0.09 | $-0.10 | $-0.09 | $-0.09 | $-0.11 | $-0.11 | $-0.12 | $-0.12 | $-0.17 | $-0.07 | $-0.20 | $-0.10 | $-0.11 | $-0.13 | |
| EPS (Diluted) | $-0.09 | $-0.09 | $-0.09 | $-0.10 | $-0.09 | $-0.09 | $-0.11 | $-0.11 | $-0.12 | $-0.12 | $-0.17 | $-0.07 | $-0.20 | $-0.10 | $-0.11 | $-0.13 | |
| Shares (Basic) | 205,041,000 | 204,491,000 | -407,110,000 | 203,771,000 | 203,589,000 | 203,480,000 | -406,328,000 | 203,250,000 | 203,184,000 | 203,100,000 | -404,838,000 | 202,529,000 | 202,409,000 | 202,404,000 | -310,997,000 | 161,000,000 | |
| Shares (Diluted) | 205,041,000 | 204,491,000 | -407,110,000 | 203,771,000 | 203,589,000 | 203,480,000 | -406,328,000 | 203,250,000 | 203,184,000 | 203,100,000 | -404,838,000 | 202,529,000 | 202,409,000 | 202,404,000 | -310,997,000 | 161,000,000 | |
| EBITDA | $-16M | $-15M | · | $-16M | $-16M | $-18M | · | $-27M | $-28M | · | · | $-25M | $-32M | $-24M | · | $-3M |
Balance Sheet 30
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $53M | $67M | $83M | $16M | $29M | $46M | $64M | $88M | $113M | $141M | · | $200M | $216M | $236M | · | $240.3K | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | $930.0K | · | · | |
| Inventory | $14M | $14M | $15M | $23M | $28M | $28M | $27M | $33M | $34M | $35M | · | $33M | $32M | $31M | · | · | |
| Prepaid Expense | · | · | $2M | $3M | $3M | · | $2M | · | · | · | · | · | · | · | · | $22.9K | |
| Other Current Assets | $4M | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $2M | $3M | · | $2M | $3M | $4M | · | · | |
| Current Assets | $76M | $88M | $105M | $46M | $65M | $82M | $98M | $127M | $151M | $182M | · | $240M | $256M | $273M | · | · | |
| PP&E (Net) | $25M | $26M | $28M | $29M | $30M | $31M | $34M | $35M | $37M | $38M | · | $38M | $36M | $33M | · | · | |
| PP&E (Gross) | · | · | $60M | · | · | · | $59M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $32M | · | · | · | $25M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $9M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | · | |
| Intangibles | $4M | $741.0K | $804.0K | $868.0K | $931.0K | $995.0K | $1M | $1M | $1M | $1M | · | $1M | $2M | $2M | · | · | |
| Other Non-current Assets | $3M | $4M | $4M | $4M | $5M | $5M | $5M | $6M | $6M | $6M | · | $6M | $6M | $7M | · | · | |
| Total Assets | $118M | $128M | $146M | $89M | $110M | $128M | $148M | $178M | $205M | $237M | $266M | $296M | $310M | $326M | $352M | $403M | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | · | · | · | $5M | · | · | |
| Accrued Liabilities | $11M | $10M | $12M | $13M | $11M | $11M | $18M | $19M | $18M | $16M | · | $18M | $17M | $15M | · | · | |
| Current Liabilities | $18M | $20M | $23M | $24M | $27M | $29M | $30M | $36M | $39M | $44M | · | $45M | $41M | $29M | · | · | |
| Capital Leases | $280.0K | $365.0K | $246.0K | $335.0K | $638.0K | $774.0K | $405.0K | $491.0K | $561.0K | $677.0K | · | $905.0K | $1M | $2M | · | · | |
| Deferred Tax | $166.0K | $158.0K | $149.0K | $141.0K | $145.0K | $135.0K | $118.0K | $112.0K | $105.0K | $93.0K | · | $78.0K | $78.0K | $15.0K | · | · | |
| Other Non-current Liabilities | · | $3M | $1M | $681.0K | $513.0K | $908.0K | $919.0K | $908.0K | $685.0K | $847.0K | · | $397.0K | $425.0K | $288.0K | · | · | |
| Total Liabilities | $106M | $99M | $100M | $27M | $30M | $31M | $33M | $41M | $46M | $53M | · | $57M | $61M | $38M | · | $402M | |
| Long-term Debt | $77M | $74M | $75M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Debt | $77M | $74M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $21.0K | $21.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | $20.0K | · | $20.0K | $20.0K | $20.0K | · | $1.1K | |
| Paid-in Capital | $355M | $353M | $351M | $349M | $348M | $346M | $344M | $344M | $342M | $342M | · | $337M | $333M | $331M | · | $31M | |
| Retained Earnings | $-337M | $-319M | $-301M | $-283M | $-264M | $-245M | $-226M | $-203M | $-180M | $-156M | · | $-99M | $-84M | $-44M | · | $-30M | |
| Treasury Stock | $5M | $5M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | · | · | · | · | · | · | |
| AOCI | $-30.0K | $-17.0K | $-17.0K | $-8.0K | $-7.0K | $-3.0K | $12.0K | $-2.0K | $-7.0K | $-1.0K | · | $-7.0K | · | · | · | · | |
| Stockholders' Equity | $12M | $28M | $46M | $62M | $80M | $97M | $115M | $138M | $159M | $184M | $206M | $239M | $249M | $287M | $307M | $452.0K | |
| Liabilities + Equity | $118M | $128M | $146M | $89M | $110M | $128M | $148M | $178M | $205M | $237M | · | $296M | $310M | $326M | · | $403M | |
| Shares Outstanding | 205,412,000 | 204,762,000 | 204,309,000 | 203,989,000 | 203,737,000 | 203,566,000 | 203,423,000 | 203,250,000 | 203,250,000 | 203,163,000 | · | 202,544,000 | 202,409,000 | 202,409,000 | · | 11,402,888 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $3M | $3M | $2M | $3M | $1M | $705.0K | $667.0K | $684.0K | $911.0K | |
| Stock-based Comp | $1M | $1M | $1M | $250.0K | $2M | $2M | $740.0K | $1M | $282.0K | $2M | $2M | $2M | $2M | $2M | $565.0K | $0 | |
| Restructuring | · | · | $465.0K | $36.0K | $174.0K | $0 | $3M | $2M | $0 | $0 | · | · | · | · | · | · | |
| Other Non-cash | · | $1M | · | · | · | $-3M | · | · | · | · | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $-13M | $-13M | $-8M | $-13M | $-15M | $-17M | $-22M | $-23M | $-26M | $-23M | $-28M | $-15M | $-17M | $-25M | $-25M | $-27M | |
| CapEx | $846.0K | $688.0K | $1M | $735.0K | $1M | $613.0K | $1M | $2M | $2M | $3M | $2M | $3M | $4M | $5M | $5M | $3M | |
| Investing Cash Flow | $-1M | $-688.0K | $-1M | $-735.0K | $-1M | $-613.0K | $-1M | $-2M | $-2M | $-3M | $-2M | $-3M | $-4M | $-5M | $-5M | $-3M | |
| Net Debt Issued | · | $-800.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | $908.0K | $1M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $54.0K | $807.0K | $265.0K | $0 | $509.0K | $250.0K | $517.0K | $0 | $221.0K | $706.0K | $2M | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-807.0K | · | · | · | $-250.0K | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $43.0K | $-2M | $75M | $1M | $-509.0K | $-250.0K | $-517.0K | $0 | $-221.0K | $-706.0K | $-2M | $2M | $2.0K | $0 | $194M | $127M | |
| Net Change in Cash | $-15M | $-15M | $66M | $-13M | $-17M | $-18M | $-24M | $-25M | $-28M | $-27M | $-32M | $-16M | $-20M | $-29M | $163M | $97M | |
| Free Cash Flow | · | $-14M | · | · | · | $-18M | · | · | · | · | · | · | · | $-29M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -197.6% | -345.5% | · | -330.0% | -311.0% | -753.4% | · | -596.7% | -436.7% | · | · | -311.2% | -455.2% | -320.9% | · | · | |
| Net Margin | -199.8% | -354.4% | · | -340.2% | -320.5% | -702.5% | · | -510.6% | -384.6% | · | · | -179.0% | -579.7% | -272.4% | · | · | |
| Pretax Margin | -199.0% | -353.9% | · | -338.6% | -320.7% | -702.0% | · | -510.5% | -384.2% | · | · | -179.0% | -578.8% | -272.4% | · | · | |
| EBITDA Margin | -170.6% | -298.3% | · | -288.7% | -266.9% | -640.9% | · | -596.7% | -436.7% | · | · | -311.2% | -455.2% | -312.3% | · | · | |
| ROA | -16.0% | -14.2% | · | -14.5% | -12.0% | -10.5% | · | -9.6% | -9.6% | · | · | -4.2% | -26.2% | -13.0% | · | 1.9% | |
| ROE | -39.8% | -28.9% | · | -19.4% | -15.8% | -13.7% | · | -12.1% | -12.2% | · | · | -12.2% | -32.7% | -14.7% | · | 1722.2% | |
| ROIC | -20.4% | -17.3% | · | -30.6% | -22.9% | -21.3% | · | -19.3% | -17.7% | · | · | -10.6% | -12.9% | -8.7% | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.2 | 4.3 | · | 1.9 | 2.4 | 2.9 | · | 3.5 | 3.9 | · | · | 5.3 | 6.3 | 9.4 | · | · | |
| Quick Ratio | 2.9 | 3.3 | · | 0.7 | 1.1 | 1.6 | · | 2.5 | 2.9 | · | · | 4.4 | 5.3 | 8.1 | · | · | |
| Debt / Equity | 6.4 | 2.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 6.4 | 2.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · | · | 0.0 | 0.0 | 0.0 | · | · | |
| Inventory Turnover | 0.4 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | · | · | 0.4 | 0.6 | 0.4 | · | · | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | 16.7 | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $26M | $19M | · | $19M | $20M | $19M | · | $24M | $27M | $28M | · | $38M | $42M | $45M | · | · | |
| Net Income TTM | $-75M | $-76M | · | $-80M | $-86M | $-90M | · | $-86M | $-104M | $-100M | · | $-99M | $-141M | $-88M | · | · | |
| Market Cap | $230M | $340M | · | $969M | $937M | $407M | · | $1.24B | $1.56B | · | · | $1.40B | $2.39B | $1.31B | · | $89M | |
| Enterprise Value | $254M | $347M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -3.0 | -4.5 | · | -12.2 | -11.2 | -4.5 | · | -14.5 | -15.0 | -14.8 | · | -13.9 | -21.5 | -14.3 | · | · | |
| P/S | 8.9 | 17.5 | · | 51.6 | 48.0 | 21.9 | · | 51.6 | 58.5 | · | · | 37.3 | 56.9 | 28.8 | · | · | |
| P/B | 19.3 | 12.0 | · | 15.7 | 11.8 | 4.2 | · | 9.0 | 9.8 | · | · | 5.9 | 9.6 | 4.5 | · | 196.3 | |
| P / Tangible Book | · | 17.7 | · | 18.4 | 13.3 | 4.6 | · | 9.7 | 10.4 | 8.4 | · | 6.1 | 10.0 | 4.7 | · | 196.3 | |
| P / Cash Flow | · | -26.2 | · | · | · | -23.3 | · | · | · | · | · | · | · | -53.2 | · | · | |
| P / FCF | · | -24.8 | · | · | · | -22.5 | · | · | · | · | · | · | · | -44.7 | · | · | |
| EV / EBITDA | -16.3 | -22.7 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -25.3 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 9.8 | 17.8 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -33.0% | -22.3% | · | -8.2% | -8.9% | -22.0% | · | -6.9% | -6.7% | -6.8% | · | -7.2% | -4.7% | -7.0% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-25 | |
|---|---|---|---|---|---|
| Revenue | $26M | $27M | $38M | $47M | — |
| Operating Margin % | -294.0% | -414.4% | — | -181.4% | — |
| Net Income | $-75M | $-94M | $-110M | $-79M | — |
| Diluted EPS | $-0.37 | $-0.46 | $-0.54 | $-0.46 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-25 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.6 | — | — | — | — |
| Current Ratio | 4.6 | 3.3 | — | 8.8 | — |
| Quick Ratio | 3.7 | 2.2 | — | 7.8 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-25 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-57M | $-102M | — | $-104M | — |
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Institutional owners (13F) 72 filers · $4.1M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 13 (-7 vs prior Q) | 10 (+2 vs prior Q) | 20 (+6 vs prior Q) | 19 (-4 vs prior Q) | +310K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ALLIANCEBERNSTEIN L.P. | $754,575 | 454,563 | 18.39% | Shares |
| VANGUARD GROUP INC | $654,368 | 148,047 | 15.95% | Shares |
| STATE STREET CORP | $535,931 | 478,510 | 13.06% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $400,544 | 357,481 | 9.76% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $299,649 | 267,544 | 7.30% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $236,096 | 210,800 | 5.75% | Call option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $190,289 | 169,901 | 4.64% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $143,541 | 128,162 | 3.50% | Shares |
| MILLENNIUM MANAGEMENT LLC | $104,517 | 93,319 | 2.55% | Shares |
| Nuveen Asset Management, LLC | $104,031 | 21,628 | 2.54% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $97,477 | 87,033 | 2.38% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $75,988 | 67,846 | 1.85% | Shares |
| Nuveen, LLC | $55,702 | 49,734 | 1.36% | Shares |
| WOLVERINE TRADING, LLC | $53,124 | 11,400 | 1.29% | Put option |
| STATE OF WISCONSIN INVESTMENT BOARD | $51,128 | 45,650 | 1.25% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $39,322 | 35,109 | 0.96% | Shares |
| FMR LLC | $38,872 | 34,707 | 0.95% | Shares |
| Abel Hall, LLC | $34,512 | 30,814 | 0.84% | Shares |
| RHUMBLINE ADVISERS | $25,241 | 22,545 | 0.62% | Shares |
| EQUITEC PROPRIETARY MARKETS, LLC | $22,400 | 20,000 | 0.55% | Call option |
| RENAISSANCE TECHNOLOGIES LLC | $21,501 | 19,197 | 0.52% | Shares |
| Bank of New York Mellon Corp | $19,813 | 17,690 | 0.48% | Shares |
| Tower Research Capital LLC (TRC) | $15,454 | 13,798 | 0.38% | Shares |
| BANK OF AMERICA CORP /DE/ | $11,819 | 10,553 | 0.29% | Shares |
| JANE STREET GROUP, LLC | $11,312 | 10,100 | 0.28% | Call option |
| JANE STREET GROUP, LLC | $11,312 | 10,100 | 0.28% | Put option |
| BlackRock, Inc. | $11,260 | 10,054 | 0.27% | Shares |
| Vanguard Global Advisers, LLC | $9,184 | 8,200 | 0.22% | Shares |
| Police & Firemen's Retirement System of New Jersey | $8,512 | 7,600 | 0.21% | Shares |
| CWM, LLC | $6,831 | 4,115 | 0.17% | Shares |
| JPMORGAN CHASE & CO | $6,442 | 5,113 | 0.16% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $6,264 | 5,593 | 0.15% | Shares |
| CITIGROUP INC | $5,578 | 4,980 | 0.14% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $4,876 | 4,354 | 0.12% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,805 | 4,290 | 0.12% | Shares |
| Ameritas Investment Partners, Inc. | $4,200 | 3,750 | 0.10% | Shares |
| Russell Investments Group, Ltd. | $3,795 | 3,388 | 0.09% | Shares |
| UBS Group AG | $2,723 | 2,431 | 0.07% | Shares |
| Quarry LP | $2,573 | 2,297 | 0.06% | Shares |
| Clean Yield Group | $2,352 | 2,100 | 0.06% | Shares |
| OSAIC HOLDINGS, INC. | $2,240 | 2,000 | 0.05% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $1,996 | 1,782 | 0.05% | Shares |
| Legal & General Group Plc | $1,835 | 1,646 | 0.04% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $1,560 | 940 | 0.04% | Shares |
| NORTHERN TRUST CORP | $1,359 | 1,213 | 0.03% | Shares |
| CAAS CAPITAL MANAGEMENT LP | $1,107 | 52,200 | 0.03% | Shares |
| ROYAL BANK OF CANADA | $1,000 | 449 | 0.02% | Shares |
| DEUTSCHE BANK AG\ | $963 | 860 | 0.02% | Shares |
| Arax Advisory Partners | $621 | 555 | 0.02% | Shares |
| BARCLAYS PLC | $600 | 536 | 0.01% | Shares |
| GROUP ONE TRADING LLC | $566 | 505 | 0.01% | Shares |
| Optiver Holding B.V. | $394 | 352 | 0.01% | Shares |
| Integrated Wealth Concepts LLC | $328 | 296 | 0.01% | Shares |
| WELLS FARGO & COMPANY/MN | $231 | 206 | 0.01% | Shares |
| GSA CAPITAL PARTNERS LLP | $114 | 101,953 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $112 | 100 | 0.00% | Shares |
| MORGAN STANLEY | $101 | 90 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $87 | 71 | 0.00% | Shares |
| IFP Advisors, Inc | $83 | 74 | 0.00% | Shares |
| Allworth Financial LP | $82 | 73 | 0.00% | Shares |
| ROTHSCHILD INVESTMENT LLC | $63 | 56 | 0.00% | Shares |
| Essential Partners LLC | $62 | 55 | 0.00% | Shares |
| Transamerica Financial Advisors, LLC | $59 | 53 | 0.00% | Shares |
| HRT FINANCIAL LP | $55 | 49,925 | 0.00% | Shares |
| True Wealth Design, LLC | $55 | 49 | 0.00% | Shares |
| Sterling Capital Management LLC | $48 | 43 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $22 | 20 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $21 | 18,339 | 0.00% | Shares |
| Clearstead Advisors, LLC | $14 | 11 | 0.00% | Shares |
| Sunbelt Securities, Inc. | $5 | 3 | 0.00% | Shares |
| SJS Investment Consulting Inc. | $3 | 2 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $1 | 1 | 0.00% | Shares |
Company insiders 7 insiders · 4 officers · 2 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Karim Donnez | Chief Executive Officer | July 29, 2026 S | 1,344,076 | 0 | 1 | $-537,198 |
| Jeremiah Nienhuis | Head of Strat. & Product Ops. | July 29, 2026 S | 110,608 | 0 | 1 | $-25,542 |
| Jon Bekefy | Head of Global Sales & Mktg. | June 14, 2026 F | 192,108 | 0 | 0 | $0 |
| Allen Gerrard | General Counsel & Board Sec. | June 14, 2026 F | 182,212 | 0 | 0 | $0 |
| Kjell Gruner | Director | July 31, 2026 S | 108,227 | 0 | 2 | $-212,533 |
| Hiromichi Mizuno | Director | May 21, 2026 A | 281,369 | 0 | 0 | $0 |
| William L Cornog | — | July 31, 2026 S | 284,552 | 0 | 1 | $-486 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 13 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CCSO · Tidal Trust II | 0.03% | 8,312 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.00% | 5,001 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.00% | 104,834 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 545 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 426 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 429 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 11 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |