Despite the news of partnering with KYMCO to produce a maxi-scooter dropping at EICMA, LiveWire’s global sales figures for Q3 were nothing to write home about as less than 100 vehicles. The Company’s consolidated net loss was $22.7 million for the third quarter of 2024 compared to $14.6 million in the same period of the prior year driven by the segment results noted below, a decrease of $1.5 million in interest income and a decrease of $5.5 million in non-operating income related to the decrease in fair value of the outstanding warrants as of September 30, 2024, as compared to prior year.
“While the two-wheel industry has been challenging in 2024, especially for EV products in the U.S., the Company had reasons to celebrate in Q3, including being awarded best 2024 electric bike by Motor Cycle News and enjoying a global moment for S2 Del Mar in August in Paris,” claims CEO Karim Donnez. “In Q3, the Company continued to retail more on-road electric motorcycles in the U.S. than any other brand in the market and plans to announce a new product segment at EICMA in November, that we believe will meaningfully expand our current addressable market.”
Q3 “HIGHLIGHTS”
• Unit sales of 99 electric motorcycles represented a double digit increase over third quarter 2023, which contributed to a triple digit increase in year-to-date unit sales over same period 2023
• Consolidated selling, administrative and engineering expenses decreased by $1.4 million compared to the third quarter 2023, while consolidated operating loss increased by $1.2 million driven by a decrease in revenue from electric balance bikes
• Completed streamlining of headcount and relocation of LiveWire Labs to Milwaukee, Wisconsin
