MILWAUKEE, WI – April 27, 2023 – (Motor Sports NewsWire) – LiveWire Group, Inc. (“LiveWire”) (NYSE: LVWR) today reported first quarter results.
“LiveWire continues to invest in advancing our core technologies and expanding our product portfolio. The Del Mar is rapidly moving towards production with the first deliveries in the U.S. targeted for Q3 2023. We’re excited to bring the brand to Europe with two outstanding products, first the LiveWire ONE® and then the Del Mar™,” said Ryan Morrissey, President, LiveWire.
First Quarter 2023 Business Highlights
- Sold 63 LiveWire ONE electric motorcycles compared to 72 LiveWire ONE electric motorcycles in the prior year.
- Continued development of the Del Mar platform during the quarter to ready Del Mar for production ramp-up with first deliveries targeted for Q3 2023.
- On track to expand European distribution with retail partners in 4 priority markets with sales of LiveWire ONE expected to begin mid-May followed by Del Mar introduction.
LiveWire Group, Inc. – Unit Results
|
$ in millions, except units |
1st quarter |
||||
|
2023 |
2022 |
Change |
|||
|
LiveWire ONE (units) |
63 |
72 |
(13%) |
||
|
Harley-Davidson LiveWire (units) |
— |
25 |
NM |
||
|
Electric Motorcycle Shipments (units) |
63 |
97 |
(35%) |
||
|
NM – not meaningful |
|||||
First Quarter 2023 Results
LiveWire Group, Inc. – Consolidated Results
|
$ in millions, except units |
1st quarter |
||||
|
2023 |
2022 |
Change |
|||
|
Consolidated Revenue |
$7.8 |
$10.4 |
(25%) |
||
|
Electric Motorcycles |
$1.5 |
$2.3 |
(36%) |
||
|
STACYC |
$6.3 |
$8.1 |
(22%) |
||
|
Consolidated Operating Income (Loss) |
($24.9 |
) |
($15.7 |
) |
59% |
|
Electric Motorcycles |
($24.8 |
) |
($16.7 |
) |
48% |
|
STACYC |
($0.1 |
) |
$1.0 |
NM |
|
|
Net Loss |
($21.1 |
) |
($16.0 |
) |
32% |
|
NM – not meaningful |
|||||
LiveWire Group, Inc. is comprised of two business segments:
- Electric Motorcycles – a business segment focused on the sale of electric motorcycles and related products
- STACYC – a business segment focused on the sale of electric balance bikes for kids and related products
Electric Motorcycles
LiveWire ONE units sold in the first quarter were 63 units, versus 72 units in the prior year, or down 13%. Electric Motorcycles revenue was down 36% in the first quarter, due to lower unit sales of LiveWire ONE units and the inclusion of Harley-Davidson LiveWire units in Q1 2022 prior to the accounting carve-out. In line…
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