Harley Davidson SPAC Presentation Deck
APPENDIX
Summary P&L
50
($ Million)
Units
% Growth
Vehicle revenue
All other
Revenue
% Growth
COGS
Gross Margin
% of Revenue
EBITDA
% of Revenue
EBIT
% of Revenue
Free Cash Flow
2021E (1)
387
ΝΑ
$6
27
$33
ΝΑ
$33
$0
0%
($53)
NM
($60)
NM
($88)
2022E
957
261%
$20
36
$56
63%
$56
$0
0%
($98)
NM
($111)
NM
($120)
2023E
7,236
656%
$118
91
$209
270%
$196
$13
6%
($112)
NM
($137)
NM
($139)
2024E
15,736
117%
$247
137
$385
84%
$341
$44
11%
($114)
NM
($146)
NM
($152)
Source: Management projections.
(1) 2021 financials include the impact of both Harley-Davidson branded LiveWire motorcycle shipments as well as LiveWire ONE motorcycle shipments to provide a full-year comparison.
2025E
53,341
239%
$700
192
$892
132%
$743
$149
17%
($20)
NM
($55)
NM
($89)
2026E
100,961
89%
$1,491
277
$1,769
98%
$1,439
$330
19%
$107
6%
$64
4%
$56
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