2 May

LiveWire Sales Results

LiveWire’s Q1 results showed a sales increase of 86%, but that was only 117 electric bikes. The company is bullish on the future, however, as it rolls out new products. The S2 Mullholland was introduced in Q1. (Photo: LiveWire Inc.)

“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

$ 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%
Consolidated Results

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 the prior year, driven by the segment results noted below.

Revenue from electric motorcycles decreased in Q1 compared to the prior year period despite higher unit sales in the quarter. The lower revenue was due primarily to product mix and a one-time adjustment related to a change in the company’s retail partner strategy. An increased operating loss of $4.2 million compared to the Q1 of 2023 was in line with the company’s expectations.

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%
STACYC

STACYC revenue and operating income were down compared to the same quarter in 2023, primarily due to a reduction in third-party branded distributor volumes.
2024 Financial Outlook

For the full year 2024, LiveWire continues to expect electric motorcycle sales of 1,000 to 1,500 units. The company is revising its operating loss guidance and now expects an improved operating loss of $105 to $115 million, from previous guidance of an operating loss of $115 to $125 million.

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