With retail sales of 117 units in Q1 2024, LiveWire is being billed as the #1 electric motorcycle brand in the nation. This total is up 86% over Q1 2023 according to LiveWire Group’s consolidated results. However the operating loss was still more than $30 million, according to the financials. The quarter also saw the new S2 enter the market in March, which LiveWire brass has high hopes for.
“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.,” claims CEO Karim Donnez. “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.”
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
Despite higher unit sales in the quarter, actual Electric Motorcycles revenue decreased in the first quarter of 2024. Doonez notes the lower revenue was due primarily to product mix and a one-time adjustment related to a change in our retail partner strategy. “Selling, engineering and administrative expenses remained relatively flat compared to the prior year.” An increased operating loss of $4.2 million compared to the first quarter of 2023 was in line with expectations, due to the decrease in revenue, costs associated with increased volumes and adjustments to net realizable value.
Bottom line: LiveWire’s consolidated net loss was $23.6 million for the first quarter of 2024 compared to $21.1 million in the same period prior year. The decrease of $676 thousand in interest income offset by an increase of $3.7 million of non-operating income related to the decrease in fair value of the outstanding warrants as of March 31, 2024.
“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,” concludes Donnez.