MILWAUKEE, WI – July 25, 2024 – (Motor Sports NewsWire) – LiveWire Group, Inc. (“LiveWire” or the “Company”) (NYSE: LVWR) today reported second quarter 2024 results.
“In the second quarter, we achieved continued growth in existing markets for our Electric Motorcycles segment. In fact, we maintained our position as the #1 on-road electric motorcycle retailer in the U.S. for the first half of 2024. With a 12 percent improvement in consolidated operating loss for the quarter over prior year, we remain committed to cost reduction initiatives while investing in portfolio expansion in both our Electric Motorcycles and STACYC segments, with upcoming new products planned,” said Karim Donnez, CEO, LiveWire.
Second Quarter 2024 Summary of Results
- Unit sales of 158 electric motorcycles, an increase of 35% over first quarter 2024 and triple digit increase over second quarter 2023.
- In line with expectations, consolidated operating loss improved by $3.8 million driven by overall cost reduction initiatives.
LiveWire Group, Inc. – Consolidated Results
|
$ in millions* |
2nd quarter |
||
|
2024 |
2023 |
Change |
|
|
Motorcycle Units |
158 |
33 |
379% |
|
Electric Balance Bike Units |
3,825 |
8,206 |
(53%) |
|
Consolidated Revenue |
$6.4 |
$7.0 |
(8%) |
|
Electric Motorcycles |
$2.4 |
$0.8 |
219% |
|
STACYC |
$4.0 |
$6.3 |
(36%) |
|
Consolidated Operating Loss |
($28.2) |
($32.0) |
12% |
|
Electric Motorcycles |
($26.8) |
($31.9) |
16% |
|
STACYC |
($1.4) |
($0.1) |
(1,492%) |
|
Net Loss |
($24.8) |
($40.7) |
39% |
|
*Amounts may not add or recalculate due to rounding. |
The Company’s consolidated net loss was $24.8 million for the second quarter of 2024 compared to $40.7 million in the same period of the prior year driven by the segment results noted below, a decrease of $1.2 million in interest income offset by an increase of $13.2 million of non-operating income related to the decrease in fair value of the outstanding warrants as of June 30, 2024 as compared to prior year.
LiveWire Group, Inc. is comprised of two business segments:
- Electric Motorcycles – focused on the sale of electric motorcycles and related products
- STACYC – focused on the sale of electric balance bikes for kids and related products
Electric Motorcycles
Electric Motorcycles revenue increased $1.7 million in the second quarter of 2024 compared to the prior year period, due to higher unit sales in the quarter. Selling, engineering…
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