v3.26.1
Reportable Segments and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Reportable Segments and Geographic Information Reportable Segments and Geographic Information
The Company’s reportable segments and significant segment expenses are determined based on how the Company’s Chief Operating Decision Maker (“CODM”) assesses performance and decides how to allocate resources for the Company.

The Company’s Chief Executive Officer is the Company’s CODM. Operating loss is the measure of profit and loss used by the CODM to assess performance and to decide how to allocate resources for each of the Company’s reportable segments.

Operating loss is used to monitor actual results versus planned and prior period results for each segment based on their respective profitability objectives and business models. Operating loss is also used to allocate human and capital resources among the reportable segments. Additionally, operating loss is a key metric used to establish and pay variable compensation to employees at all levels.

The Company operates in two segments: Electric Motorcycles and STACYC. The Company’s reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations. The Company included the operations of Dust within the Electric Motorcycles segment beginning on the Acquisition Date, as discussed in Note 3, Acquisition.

The Electric Motorcycles segment consists of the business activities related to the design and sales of electric motorcycles. The Electric Motorcycles segment also sells electric motorcycle parts, accessories, and apparel. The Electric Motorcycle segment products are sold at wholesale to a network of independent dealers and at retail through a Company-owned dealership and through online sales.
The STACYC segment consists of the business activities related to the design and sales of the STACYC brand of electric balance bikes for kids and an adult pedal assist electric bike that was introduced in March 2025. The STACYC segment also sells related parts, accessories, and apparel. STACYC products are sold in the U.S., Canada, Australia, Europe, and other international markets. The STACYC segment products are sold through independent retail partners in the U.S. and Europe, including powersports dealers, H-D dealers, bicycle retailers and direct to customers online. In Canada, Australia and Europe, STACYC sells its products through independent distributors.

The Company’s revenue and significant expenses by segment regularly reviewed by the CODM, and other segment items are as follows (in thousands):
Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Electric Motorcycles
Electric motorcycles, parts and accessories and apparel revenue, net$3,646 $842 $5,053 $1,261 
Cost of goods sold6,1872,3799,5065,779
Selling, administrative and engineering expense:
People costs (1)
7,0798,81314,42617,696
Other segment items (2)
8,4207,65315,86215,142
Total selling, administrative and engineering expense15,49916,46630,28832,838
Operating loss$(18,040)$(18,003)$(34,741)$(37,356)
STACYC
Electric balance bikes and electric bikes, parts and accessories and apparel revenue, net5,469 5,031 9,177 7,355 
Cost of goods sold2,9742,9455,3074,456
Selling, administrative and engineering expense:
People costs (1)
8339251,6221,836
Marketing (3)
6394931,156965
Other segment items (4)
9979292,0371,672
Total selling, administrative and engineering expense2,4692,3474,8154,473
Operating loss$26 $(261)$(945)$(1,574)
Consolidated operating loss(18,014)(18,264)(35,686)(38,930)
Interest expense, related party(1,454)—(2,871)—
Interest income (expense), net4203331,023837
Change in fair value of warrant liabilities911(905)1,294—
Loss before income taxes$(18,137)$(18,836)$(36,240)$(38,093)

(1)     People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation in the form of share-based awards.
(2)     Other segment items for Electric Motorcycles include depreciation and amortization, marketing, rent and facilities costs, warranty, supplies and materials, costs paid for services performed by H-D under the TSA and MSA agreements, travel costs, other professional services and miscellaneous expenses. These costs are all included in Selling, administrative and engineering expense.
(3)     Marketing expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.
(4)     Other segment items for STACYC include depreciation and amortization, rent and facilities costs, warranty, supplies and materials, travel costs, other professional services and miscellaneous expenses. These costs are all included in Selling, administrative and engineering expense.
Additional segment information is set forth below (in thousands):
Electric MotorcyclesSTACYCConsolidated
June 30, 2026:
Assets$96,380 $21,563 $117,943 
Goodwill$7,960 $659 $8,619 
December 31, 2025:
Assets$124,034 $22,377 $146,411 
Goodwill$7,668 $659 $8,327 
Three months ended June 30, 2026
Depreciation and amortization$2,389 $77 $2,466 
Stock compensation expense$1,243 $45 $1,288 
Three months ended June 30, 2025
Depreciation and amortization$2,515 $73 $2,588 
Stock compensation expense$1,709 $120 $1,829 
Six months ended June 30, 2026
Depreciation and amortization$4,726 $155 $4,881 
Stock compensation expense$2,385 $125 $2,510 
Capital expenditures$1,363 $171 $1,534 
Six months ended June 30, 2025
Depreciation and amortization$5,525 $148 $5,673 
Stock compensation expense$3,217 $227 $3,444 
Capital expenditures$2,043 $— $2,043 

Customer Information - For the three and six months ended June 30, 2026 and 2025, no single customer or customer group represented 10% or greater of consolidated revenue, net. As of June 30, 2026 and December 31, 2025, no single customer or customer group represented 10% or greater of our Accounts receivable, net.

Geographic Information – Included in the consolidated financial statements are the following amounts relating to geographic locations (in thousands):
June 30,
2026		December 31,
2025
Long-lived assets(1):
United States$25,478 $27,556 
International——
$25,478 $27,556 
(1)Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, Segment Reporting, such as deferred income taxes.

Three months endedSix months ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Revenue, net (1):
United States$5,739 $3,774 $9,575 $5,972 
Other countries3,376 2,099 4,655 2,644 
Total$9,115 $5,873 $14,230 $8,616 
(1)Revenue is attributed to geographic regions based on location of customer.