Microvast Holdings announces departure of chief financial officer
LiveWire Group, Inc. (NYSE:LVWR), a company specializing in motorcycles, bicycles, and parts, has announced a change in its independent registered public accounting firm. The company, currently trading at $2.07, has seen its stock decline by 75% over the past year amid challenging market conditions. According to InvestingPro analysis, LiveWire maintains a strong liquidity position with a current ratio of 3.29, though it faces profitability challenges with negative EBITDA of $96.66 million in the last twelve months. The Audit Committee of the Board of Directors approved the dismissal of Ernst & Young LLP (EY) and the appointment of KPMG LLP for the fiscal year ending December 31, 2025. The change was effective immediately, with LiveWire informing EY on February 27, 2025.
The reports from EY on the company’s consolidated financial statements for the fiscal years ended December 31, 2024, and 2023, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified regarding uncertainty, audit scope, or accounting principles. InvestingPro data reveals that while LiveWire holds more cash than debt on its balance sheet, the company is quickly burning through cash with a negative free cash flow yield, highlighting the importance of maintaining strong financial controls and reporting standards. Additionally, there were no disagreements or reportable events between LiveWire and EY during those fiscal years or in the subsequent interim period through February 27, 2025, which would have impacted EY’s reports on the financial statements.
LiveWire has provided EY with the disclosures in the Current Report on Form 8-K before filing with the SEC and has received a letter from EY dated February 28, 2025, agreeing with the statements made by the company. This letter is filed as Exhibit 16.1 with the Form 8-K.
Prior to the appointment, neither LiveWire nor anyone on its behalf consulted with KPMG regarding the application of accounting principles or the type of audit opinion that might be rendered on the company’s consolidated financial statements, nor on any matter that was the subject of a disagreement or a reportable event as defined by Regulation S-K.
The company’s decision to switch auditors comes after a comprehensive selection process, and KPMG will take over the auditing responsibilities for the current fiscal year. The information regarding this change is based on the company’s recent SEC filing. With an overall Financial Health score rated as WEAK by InvestingPro, which offers 15+ additional exclusive insights and a comprehensive Pro Research Report, investors may want to closely monitor the company’s financial developments under the new auditing relationship.
In other recent news, Harley-Davidson (NYSE:HOG) reported a decline in its 2024 fourth-quarter revenue, with a decrease of 11% year-over-year to $5.2 billion. The company’s operating income also fell by 47%, although it managed to increase its operating cash flow by 39% to $1.1 billion. Despite these challenges, Harley-Davidson maintained a strong market share in the U.S. Touring segment. The company emphasized its focus on cost management and productivity savings, projecting flat retail sales and a stable operating margin for 2025. Harley-Davidson’s strategic initiatives include the development of LiveWire electric motorcycles and new Cruiser models. Analyst firms did not provide new upgrades or downgrades in the recent reports. The company also completed significant share buybacks, totaling $450 million, representing 9% of outstanding shares. These developments reflect Harley-Davidson’s ongoing efforts to navigate market challenges while positioning for future growth.
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