MILWAUKEE, WI – April 25, 2024 – (Motor Sports NewsWire) – LiveWire Group, Inc. (“LiveWire” or the “Company”) (NYSE: LVWR) today reported first quarter 2024 results.
“We are pleased with the successful launch of the S2 Mulholland, and with three bikes in market, we are proud that LiveWire is now the #1 on-road electric motorcycle retailer in the U.S. As part of our plans to expand our market leadership, our teams are working on design, engineering and sourcing initiatives to reduce the cost of our vehicles and manage spend across the business to get the most out of our strategic investments. We expect the consolidation of our operations in Milwaukee at Harley-Davidson’s historic headquarters at Juneau Avenue to bring synergies and efficiencies, as well as a closer connection to our heritage,” said Karim Donnez, CEO, LiveWire.
First Quarter 2024 Summary of Results
- Successful launch of S2 Mulholland in March
- Unit sales of 117 electric motorcycles, an increase of 86% over first quarter 2023
- Consolidated operating loss of $30.4 million in line with expectations, driven by investment in new motorcycle models and actioned initiatives to reduce EV costs
LiveWire Group, Inc. – Consolidated Results
|
$ in millions* |
1st quarter |
|||||
|
2024 |
2023 |
Change |
||||
|
Revenue |
$5.0 |
$7.8 |
(36 |
%) |
||
|
Operating (Loss) |
($30.4 |
) |
($24.9 |
) |
22 |
% |
|
Net Loss |
($23.6 |
) |
($21.1 |
) |
12 |
% |
LiveWire Group, Inc. – Segment Results
|
$ in millions*, except units |
1st quarter |
|||||
|
2024 |
2023 |
Change |
||||
|
Electric Motorcycles |
||||||
|
LiveWire (units) |
117 |
63 |
86 |
% |
||
|
Revenue |
$1.2 |
$1.5 |
(16 |
%) |
||
|
Operating (Loss) |
($29.0 |
) |
($24.8 |
) |
17 |
% |
|
$ in millions* |
1st quarter |
|||||
|
2024 |
2023 |
Change |
||||
|
STACYC Segment |
||||||
|
Revenue |
$3.7 |
$6.3 |
(41 |
%) |
||
|
Operating (Loss) |
($1.4 |
) |
($0.1 |
) |
925 |
% |
|
*Amounts may not add or recalculate due to rounding |
||||||
The Company’s consolidated net loss was $23.6 million for the first quarter of 2024 compared to $21.1 million in the same period prior year driven by the segment results noted below, a decrease of $676 thousand in interest income offset by an increase of $3.7 million of non-operating income related to the decrease in fair value of the outstanding warrants as of March 31, 2024, as compared to prior year.
LiveWire Group, Inc. is comprised of two business segments:
- Electric Motorcycles – focused on…
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