LiveWire Group, Inc. Announces Third Quarter Financial Results
LiveWire Group, Inc. (“LiveWire” or the “Company”) (NYSE: LVWR) has released its financial results for the third quarter of 2024. Despite challenges faced in the two-wheel industry, particularly with electric vehicles in the U.S., the Company celebrates notable achievements during this quarter. LiveWire was awarded the best electric bike of 2024 by Motor Cycle News. Additionally, the S2 Del Mar has gained global recognition in recent events.
Performance Summary for Q3 2024
The Company reported unit sales of 99 electric motorcycles for the quarter, representing a significant double-digit growth compared to the same period last year. This achievement contributed to a remarkable triple-digit increase in year-to-date sales. However, consolidated operating losses increased by $1.2 million, primarily attributed to decreased revenue in electric balance bikes. LiveWire has also successfully streamlined its operations by relocating its main lab to Milwaukee, Wisconsin.
Results in Figures
The following highlights summarize LiveWire's performance:
- Motorcycle Units Sold: 99 (up from 50 in Q3 2023, a 98% increase)
- Electric Balance Bike Units: 3,442 units sold, noted a decrease from 7,231 units sold in Q3 2023 (down 52%)
- Consolidated Revenue: $4.4 million compared to $8.1 million in Q3 2023 (a decrease of 45%)
- Operating Loss: ($26.5 million), compared to ($25.3 million) in the prior year, indicating an increase of 5%
- Net Loss: $22.7 million, up from $14.6 million in the prior year, due to factors including decreased interest income and non-operating income.
Company Segments Overview
LiveWire comprises two main business segments: Electric Motorcycles and STACYC. The Electric Motorcycles segment is focused on the sales of electric motorcycles while STACYC caters to the electric balance bike segment intended for young riders.
Detailed Segment Financials
The Electric Motorcycles segment saw a slight decrease in revenue despite increased unit sales, primarily due to a shift in product mix and return estimations. Cost-cutting measures resulted in reduced administrative expenses by $1.6 million, lessening the impact of the operating loss which decreased by $726,000 compared to Q3 2023. Meanwhile, STACYC's operating income was also affected by reduced third-party distributor volumes, although some increase in expenses for product development was anticipated.
Future Outlook for 2024
LiveWire has adjusted its unit sales guidance for the year, now projecting the sale of 600 to 1,000 electric motorcycles. The expectation for operating losses remains in the range of $105 to $115 million.
Public Webcast and Company Contact
The public can join a general audio webcast featuring LiveWire leadership discussing the recent financial results and upcoming business developments; it is scheduled for a morning session. Interested parties can follow LiveWire's developments through their official channels as they continue to adapt and grow in the evolving EV landscape.
Frequently Asked Questions
What is LiveWire Group, Inc.'s primary business focus?
LiveWire Group primarily focuses on manufacturing and selling electric motorcycles.
How many electric motorcycles did LiveWire sell in Q3 2024?
LiveWire sold 99 electric motorcycles in Q3 2024, reflecting significant growth compared to the same period last year.
What were the company's consolidated revenues in Q3 2024?
LiveWire reported consolidated revenues of $4.4 million for the third quarter of 2024.
What challenges did LiveWire face in 2024?
The Company faced challenges in the electric two-wheel market, notably concerning their electric products.
When is the next product launch planned for LiveWire?
LiveWire plans to announce a new product segment at the upcoming EICMA event.
