Dafinchi AI

LCID

Consumer

Adjusted EBITDA was negative $632 million, down 12% mainly due to margin pressure.
CapEx was $183 million, consistent with guidance, with inventory rising to $730 million in preparation for ramp-up.
Cash and investments totaled $3.6 billion with total liquidity of $4.86 billion.
Gross margin was negative 10.5%, impacted by a $54 million tariff-related charge accounting for a 21 percentage point decrease.
Lucid delivered 3,309 vehicles in Q2 2025, a 38% year-over-year increase, marking the sixth consecutive quarter of record deliveries.
Production reached 3,863 vehicles, up 83% year-over-year.
R&D expenses totaled $274 million, driven by investments in the midsized platform and Atlas powertrain.
Revenue for Q2 was $259 million, a 29% increase year-over-year.
SG&A expenses were $257 million, increasing sequentially due to normalization after a prior stock-based compensation reversal.

HOG

Consumer

Consolidated operating income margin was 8.6% in Q2, down 629 basis points from 14.9% a year ago.
Consolidated operating income was $112 million, down 69% at HDMC and down 2% at HDFS; LiveWire operating loss was $19 million.
Consolidated revenue for Q2 declined 19%, driven primarily by a planned reduction in motorcycle shipments and soft demand.
Global motorcycle retail sales were down 15% year-over-year, impacted by elevated interest rates, product demand softness, and economic uncertainty.
HDFS operating income was $70 million, down less than $2 million or 2% compared to last year, with a 2% revenue decrease.
HDMC gross margin was 28.6% in Q2, down 350 basis points from prior year due to lower volume and operating leverage.
HDMC revenue decreased by 23% in Q2, with motorcycle shipments down 28% to 36,000 units from 50,000 units a year ago.
LiveWire's operating loss improved by 34% compared to Q2 '24, with sales of 55 units versus 158 units prior year.
Operating cash flow was $509 million, down $68 million from prior period.
Operating expenses at HDMC were $237 million, $2 million higher than prior year, driven by Marketing Development Fund spend.
Q2 earnings per share was $0.88.
Total cash and cash equivalents ended at $1.6 billion, $261 million lower than prior year.
Total retail loan originations at HDFS were down 15%, commercial financing down 20%, and net financing receivables down 9% year-over-year.

DNUT

Consumer

Adjusted EBITDA was $20.1 million, down significantly from $54.7 million last year, impacted by losses from the ended McDonald's USA partnership and divestiture effects.
Bank leverage ratio was 4.5x, below the 5x covenant limit, while net leverage ratio was 7.5x, impacted by cyber incidents and partnership losses.
International equity markets saw 5.9% organic revenue growth driven by expansion in Canada, Mexico, and Japan, with adjusted EBITDA margin at 13.7%.
Market Development segment revenue declined 14.2%, with adjusted EBITDA margin stable at 52.9%.
Net revenue for Q2 2025 was $379.8 million, slightly above the midpoint of guidance but reflecting a 0.8% organic decline and a $64.2 million reduction from the divestiture of Insomnia Cookies.
Noncash impairment charges totaled $407 million, including goodwill and asset impairments related partly to the McDonald's USA partnership termination.
U.S. segment adjusted EBITDA declined to $9.9 million from $32.7 million last year, affected by retail transaction declines and partnership losses.

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