2023 Q2 Form 10-Q Financial Statement

#000189879523000046 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $7.026M $7.762M $0.00
YoY Change -100.0%
Cost Of Revenue $9.966M $6.498M $10.35M
YoY Change -22.72% -37.21% 54.45%
Gross Profit -$2.940M $1.264M -$10.35M
YoY Change -77.2% -112.21% 5987.06%
Gross Profit Margin -41.84% 16.28%
Selling, General & Admin $29.04M $26.17M $15.75M
YoY Change 53.14% 66.14% 8.93%
% of Gross Profit 2070.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $667.0K $1.456M
YoY Change -48.15% -54.19% 41.36%
% of Gross Profit 52.77%
Operating Expenses $29.04M $26.17M $1.589M
YoY Change 4196.13% 1546.61% -89.01%
Operating Profit -$31.98M -$24.91M -$15.70M
YoY Change 65.24% 58.65% 7.31%
Interest Expense $2.750M $2.692M $64.11K
YoY Change 953.72% 4099.03% -191.59%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $10.52M
YoY Change -100.0% -100.0% -105325.0%
Pretax Income -$40.67M -$21.15M $8.997M
YoY Change -436.38% -335.04% -161.21%
Income Tax $64.00K $0.00 $68.00K
% Of Pretax Income 0.76%
Net Earnings -$40.73M -$21.15M $8.997M
YoY Change -436.91% -335.04% -53.42%
Net Earnings / Revenue -579.73% -272.44%
Basic Earnings Per Share -$0.20 -$0.10 -$0.10
Diluted Earnings Per Share -$0.20 -$0.10 $179.9K
COMMON SHARES
Basic Shares Outstanding 202.4M shares 202.4M shares 161.0M shares
Diluted Shares Outstanding 202.4M shares 202.4M shares 161.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.9M $236.0M $556.8K
YoY Change 63940.58% 42284.3%
Cash & Equivalents $215.9M $236.0M $11.87M
Short-Term Investments
Other Short-Term Assets $2.720M $3.895M $166.7K
YoY Change 1963.26% 2236.95%
Inventory $32.17M $31.10M $18.34M
Prepaid Expenses
Receivables $5.100M $930.0K $8.521M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $255.9M $272.8M $723.5K
YoY Change 54456.89% 37608.02%
LONG-TERM ASSETS
Property, Plant & Equipment $35.68M $33.22M $19.60M
YoY Change 54.68% 69.49%
Goodwill $8.327M $8.327M
YoY Change
Intangibles $1.578M $1.694M
YoY Change
Long-Term Investments $400.3M
YoY Change
Other Assets $6.490M $6.829M $200.0K
YoY Change 399.23% 3314.5%
Total Long-Term Assets $54.61M $52.95M $400.3M
YoY Change -86.37% -86.77%
TOTAL ASSETS
Total Short-Term Assets $255.9M $272.8M $723.5K
Total Long-Term Assets $54.61M $52.95M $400.3M
Total Assets $310.5M $325.8M $401.0M
YoY Change -22.59% -18.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.40M $4.759M $7.887M
YoY Change 169.62% -39.66%
Accrued Expenses $17.05M $15.30M $13.53M
YoY Change 20.58% 13.14%
Deferred Revenue $206.0K $177.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.83M $29.08M $31.98M
YoY Change 105.19% -9.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $425.0K $288.0K $13.13M
YoY Change -96.76% -97.81%
Total Long-Term Liabilities $425.0K $288.0K $13.13M
YoY Change -96.76% -97.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.83M $29.08M $31.98M
Total Long-Term Liabilities $425.0K $288.0K $13.13M
Total Liabilities $61.33M $38.28M $45.11M
YoY Change 85.72% -15.13%
SHAREHOLDERS EQUITY
Retained Earnings -$84.32M -$43.59M
YoY Change
Common Stock $20.00K $20.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $249.1M $287.5M -$44.07M
YoY Change
Total Liabilities & Shareholders Equity $310.5M $325.8M $401.0M
YoY Change -22.59% -18.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$40.73M -$21.15M $8.997M
YoY Change -436.91% -335.04% -53.42%
Depreciation, Depletion And Amortization $700.0K $667.0K $1.456M
YoY Change -48.15% -54.19% 41.36%
Cash From Operating Activities -$16.65M -$24.55M -$470.7K
YoY Change 7478.86% 5115.64% -98.11%
INVESTING ACTIVITIES
Capital Expenditures $3.530M $4.648M $2.492M
YoY Change 9.29% 86.52% -8.38%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.530M -$4.648M -$2.492M
YoY Change 9.29% 86.52% -8.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00 $30.72M
YoY Change -100.0% -100.0% 10.95%
NET CHANGE
Cash From Operating Activities -16.65M -$24.55M -470.7K
Cash From Investing Activities -3.530M -$4.648M -$2.492M
Cash From Financing Activities 0.000 $0.00 $30.72M
Net Change In Cash -20.18M -$29.20M -470.7K
YoY Change 9085.67% 6103.1% -772.43%
FREE CASH FLOW
Cash From Operating Activities -$16.65M -$24.55M -$470.7K
Capital Expenditures $3.530M $4.648M $2.492M
Free Cash Flow -$20.18M -$29.20M -$2.963M
YoY Change 484.98% 885.52% -89.27%

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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2492000 usd
CY2023Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
CY2022Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
12000000 usd
CY2023Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 usd
CY2022Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
18723000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30723000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29198000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9203000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
265240000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2668000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29198000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9203000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
236042000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11871000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
306800000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-21147000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1824000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
287477000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
19925000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-15979000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-100000 usd
CY2022Q1 lvwr Net Contributions From Parent Including Adjustments
NetContributionsFromParentIncludingAdjustments
19051000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
22897000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022Q3 lvwr Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
161000000 shares
CY2022Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
200000000 usd
CY2022Q3 lvwr Proceeds From Reverse Capitalization Transaction
ProceedsFromReverseCapitalizationTransaction
293700000 usd
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
202402888 shares
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
202402888 shares
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7762000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10401000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
177000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
163000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
78000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1290000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
177000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-21147000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-15979000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
202404000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
161000000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
202404000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161000000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2022Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
161000000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54090000 shares
CY2023Q1 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
1530000 usd
CY2022Q4 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
48000 usd
CY2023Q1 lvwr Inventory Parts And Accessories And Apparel Net Of Reserves
InventoryPartsAndAccessoriesAndApparelNetOfReserves
3383000 usd
CY2022Q4 lvwr Inventory Parts And Accessories And Apparel Net Of Reserves
InventoryPartsAndAccessoriesAndApparelNetOfReserves
3876000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
31102000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
29215000 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3455000 usd
CY2023Q1 lvwr Accrued Engineering Current
AccruedEngineeringCurrent
2804000 usd
CY2023Q1 lvwr Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
5305000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
4641000 usd
CY2022Q4 lvwr Accrued Engineering Current
AccruedEngineeringCurrent
4377000 usd
CY2022Q4 lvwr Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
7748000 usd
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
30499990 shares
CY2023Q1 lvwr Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
1068000 usd
CY2023Q1 lvwr Warrant Liabilities
WarrantLiabilities
7320000 usd
CY2022Q4 lvwr Warrant Liabilities
WarrantLiabilities
8388000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
566000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1095000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
69000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
31000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
32000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
138000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
0 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-16000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-3000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
108000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
600000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1080000 usd
CY2023Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
7625000 usd
CY2022Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
5733000 usd
CY2023Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
4638000 usd
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1942000 usd
CY2022Q1 us-gaap Manufacturing Costs
ManufacturingCosts
863000 usd
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
290000 usd
CY2022Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
18723000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-24907000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-15699000 usd

Files In Submission

Name View Source Status
lvwr-20230331_lab.xml Edgar Link unprocessable
0001898795-23-000046-index-headers.html Edgar Link pending
0001898795-23-000046-index.html Edgar Link pending
0001898795-23-000046.txt Edgar Link pending
0001898795-23-000046-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
lvwr-20230331.htm Edgar Link pending
lvwr-20230331.xsd Edgar Link pending
lvwr-20230331_g1.jpg Edgar Link pending
lvwrexhibit3113-31x2023.htm Edgar Link pending
lvwrexhibit3123-31x2023.htm Edgar Link pending
lvwrexhibit3213-31x2023.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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lvwr-20230331_cal.xml Edgar Link unprocessable
lvwr-20230331_def.xml Edgar Link unprocessable
lvwr-20230331_pre.xml Edgar Link unprocessable
lvwr-20230331_htm.xml Edgar Link completed
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending