Reportable Segments and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Information by Industry Segment

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 ended
	March 31, 2026		March 31, 2025
Electric Motorcycles
Electric motorcycles, parts and accessories and apparel revenue, net	$	1,407	$	419
Cost of goods sold	3,319		3,400
Selling, administrative and engineering expense:
People costs (1)	7,347		8,884
Other segment items (2)	7,442		7,488
Total selling, administrative and engineering expense	14,789		16,372
Operating loss	$	(16,701)	$	(19,353)
STACYC
Electric balance bikes and electric bikes, parts and accessories and apparel revenue, net	3,708		2,324
Cost of goods sold	2,333		1,511
Selling, administrative and engineering expense:
People costs (1)	789		911
Marketing (3)	517		472
Other segment items (4)	1,040		743
Total selling, administrative and engineering expense	2,346		2,126
Operating loss	$	(971)	$	(1,313)
Consolidated operating loss	(17,672)		(20,666)


Interest expense, related party	(1,417)		—
Interest income	603		504
Change in fair value of warrant liabilities	383		905
Loss before income taxes	$	(18,103)	$	(19,257)

(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 Motorcycles		STACYC		Consolidated
March 31, 2026:
Assets	$	105,877	$	21,746	$	127,623
Goodwill	$	7,668	$	659	$	8,327

December 31, 2025:
Assets	$	124,034	$	22,377	$	146,411
Goodwill	$	7,668	$	659	$	8,327

Three months ended March 31, 2026
Depreciation and amortization	$	2,337	$	78	$	2,415
Stock compensation expense	$	1,142	$	80	$	1,222
Capital expenditures	$	593	$	95	$	688
Three months ended March 31, 2025
Depreciation and amortization	$	3,010	$	75	$	3,085
Stock compensation expense	$	1,509	$	106	$	1,615
Capital expenditures	$	613	$	—	$	613

Schedule of Segment Information by Geographical Locations

Geographic Information – Included in the consolidated financial statements are the following amounts relating to geographic locations (in thousands):


	March 31, 2026		December 31, 2025

Long-lived assets(1):
United States	$	26,495	$	27,556
International	—		—
	$	26,495	$	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 ended
	March 31, 2026		March 31, 2025
Revenue, net (1):
United States	$	3,836	$	2,197
Other countries	1,279		546
Total	$	5,115	$	2,743

(1)Revenue is attributed to geographic regions based on location of customer.