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Side-by-side financial comparison of LiveWire Group, Inc. (LVWR) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $11.4M, roughly 1.2× LiveWire Group, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -155.2%, a 81.3% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs 5.5%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-8.9M). Over the past eight quarters, LiveWire Group, Inc.'s revenue compounded faster (51.0% CAGR vs 43.0%).
LiveWire is an American electric motorcycle manufacturer. It was initially launched as a dedicated electric vehicle (EV) division for Harley Davidson in July 2021. The company was spun-off from its parent and went public on September 27, 2022, via merger with a special-purpose acquisition company (SPAC). It was the first publicly traded electric motorcycle company in the United States.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
LVWR vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.4M | $13.2M |
| Net Profit | $-17.6M | $-9.8M |
| Gross Margin | 0.8% | 86.7% |
| Operating Margin | -156.2% | -24.8% |
| Net Margin | -155.2% | -73.9% |
| Revenue YoY | 5.5% | 59.8% |
| Net Profit YoY | 22.6% | 3.5% |
| EPS (diluted) | $-0.09 | $-0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $11.4M | $13.2M | ||
| Q3 25 | $5.7M | $11.6M | ||
| Q2 25 | $5.9M | $11.2M | ||
| Q1 25 | $2.7M | $9.2M | ||
| Q4 24 | $10.8M | $8.3M | ||
| Q3 24 | $4.4M | $7.3M | ||
| Q2 24 | $6.4M | $7.4M | ||
| Q1 24 | $5.0M | $6.5M |
| Q4 25 | $-17.6M | $-9.8M | ||
| Q3 25 | $-19.4M | $-10.8M | ||
| Q2 25 | $-18.8M | $-8.3M | ||
| Q1 25 | $-19.3M | $-10.4M | ||
| Q4 24 | $-22.8M | $-10.1M | ||
| Q3 24 | $-22.7M | $-2.4M | ||
| Q2 24 | $-24.8M | $-4.3M | ||
| Q1 24 | $-23.6M | $-13.2M |
| Q4 25 | 0.8% | 86.7% | ||
| Q3 25 | -50.9% | 83.5% | ||
| Q2 25 | 9.3% | 83.9% | ||
| Q1 25 | -79.0% | 83.7% | ||
| Q4 24 | -49.8% | 85.3% | ||
| Q3 24 | -34.2% | 86.3% | ||
| Q2 24 | -27.6% | 87.6% | ||
| Q1 24 | -82.9% | 85.0% |
| Q4 25 | -156.2% | -24.8% | ||
| Q3 25 | -330.0% | -77.9% | ||
| Q2 25 | -311.0% | -65.4% | ||
| Q1 25 | -753.4% | -79.9% | ||
| Q4 24 | -234.6% | -91.8% | ||
| Q3 24 | -596.7% | -118.9% | ||
| Q2 24 | -436.7% | -111.0% | ||
| Q1 24 | -611.1% | -180.8% |
| Q4 25 | -155.2% | -73.9% | ||
| Q3 25 | -340.2% | -93.5% | ||
| Q2 25 | -320.6% | -73.9% | ||
| Q1 25 | -702.6% | -113.2% | ||
| Q4 24 | -211.7% | -122.4% | ||
| Q3 24 | -510.6% | -32.6% | ||
| Q2 24 | -384.6% | -58.8% | ||
| Q1 24 | -475.0% | -204.5% |
| Q4 25 | $-0.09 | $-0.22 | ||
| Q3 25 | $-0.10 | $-0.96 | ||
| Q2 25 | $-0.09 | $-0.27 | ||
| Q1 25 | $-0.09 | $-0.39 | ||
| Q4 24 | $-0.11 | $-0.38 | ||
| Q3 24 | $-0.11 | $-0.12 | ||
| Q2 24 | $-0.12 | $-0.21 | ||
| Q1 24 | $-0.12 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $82.8M | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $46.0M | $-33.9M |
| Total Assets | $146.4M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.8M | $20.4M | ||
| Q3 25 | $16.3M | $22.7M | ||
| Q2 25 | $29.3M | $26.5M | ||
| Q1 25 | $46.2M | $13.0M | ||
| Q4 24 | $64.4M | $8.5M | ||
| Q3 24 | $88.4M | $11.3M | ||
| Q2 24 | $113.0M | $16.5M | ||
| Q1 24 | $141.0M | $4.0M |
| Q4 25 | $46.0M | $-33.9M | ||
| Q3 25 | $61.8M | $-26.7M | ||
| Q2 25 | $79.7M | $-19.4M | ||
| Q1 25 | $97.2M | $-34.4M | ||
| Q4 24 | $115.1M | $-25.9M | ||
| Q3 24 | $137.7M | $-20.4M | ||
| Q2 24 | $159.0M | $-25.3M | ||
| Q1 24 | $183.8M | $-36.0M |
| Q4 25 | $146.4M | $35.3M | ||
| Q3 25 | $89.2M | $36.5M | ||
| Q2 25 | $109.8M | $41.3M | ||
| Q1 25 | $128.3M | $28.6M | ||
| Q4 24 | $148.0M | $24.0M | ||
| Q3 24 | $178.3M | $27.5M | ||
| Q2 24 | $204.9M | $32.4M | ||
| Q1 24 | $237.1M | $17.9M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-7.9M | $-2.5M |
| Free Cash FlowOCF − Capex | $-8.9M | $-2.5M |
| FCF MarginFCF / Revenue | -78.7% | -19.1% |
| Capex IntensityCapex / Revenue | 9.1% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-57.4M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $-2.5M | ||
| Q3 25 | $-13.3M | $-3.7M | ||
| Q2 25 | $-14.9M | $-7.3M | ||
| Q1 25 | $-17.5M | $-4.5M | ||
| Q4 24 | $-21.9M | $-5.7M | ||
| Q3 24 | $-23.1M | $-10.8M | ||
| Q2 24 | $-26.0M | $-13.4M | ||
| Q1 24 | $-22.9M | $-10.9M |
| Q4 25 | $-8.9M | $-2.5M | ||
| Q3 25 | $-14.0M | $-3.9M | ||
| Q2 25 | $-16.3M | $-7.4M | ||
| Q1 25 | $-18.1M | $-5.3M | ||
| Q4 24 | $-23.3M | $-5.8M | ||
| Q3 24 | $-24.7M | $-11.0M | ||
| Q2 24 | $-27.8M | $-13.5M | ||
| Q1 24 | $-26.2M | $-10.9M |
| Q4 25 | -78.7% | -19.1% | ||
| Q3 25 | -245.9% | -33.9% | ||
| Q2 25 | -277.7% | -66.1% | ||
| Q1 25 | -660.0% | -57.3% | ||
| Q4 24 | -216.3% | -69.7% | ||
| Q3 24 | -555.3% | -149.9% | ||
| Q2 24 | -431.1% | -183.1% | ||
| Q1 24 | -525.6% | -169.3% |
| Q4 25 | 9.1% | 0.3% | ||
| Q3 25 | 12.9% | 1.9% | ||
| Q2 25 | 24.3% | 0.8% | ||
| Q1 25 | 22.3% | 8.2% | ||
| Q4 24 | 13.1% | 0.6% | ||
| Q3 24 | 35.6% | 2.3% | ||
| Q2 24 | 28.5% | 0.8% | ||
| Q1 24 | 65.1% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LVWR
| STACYC Segment | $7.5M | 66% |
| Other | $3.8M | 34% |
TLSI
Segment breakdown not available.
