“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,” claimed Karim Donnez, CEO, LiveWire. “With a 12% 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.”
LiveWire posted Unit sales of 158 electric motorcycles, which Donnez noted 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. However, LiveWire’s consolidated net loss was still $24.8 million for the second quarter of 2024 compared to $40.7 million in the same period of the prior year. The 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.
Electric Motorcycles revenue increased $1.7 million in the second quarter of 2024, due to higher unit sales. Selling, engineering and administrative expenses decreased $3.1 million as a result of overall cost reduction initiatives. In line with expectations, operating loss decreased by $5.1 million, driven by decreases in selling, engineering and administrative expenses and cost of goods sold.
In line with expectations, STACYC revenue and operating income were down compared to same quarter 2023 primarily due to a reduction in third party branded distributor volumes and a planned increase in spend relating to product development costs for new models.
