LiveWire Group, Inc. consolidated net loss was $14.6 million for the third quarter as compared to $20.9 million in the same period prior year. Driven by the segment results noted below, an $8.0 million of non-operating mark-to-market income related to the decrease in fair value of the outstanding warrants as of the end of the quarter and $2.7 million in interest income.
The good news is “continued investment in building retail network infrastructure to support Del Mar and future bikes, ending the quarter with 126 retail partners globally,” according to the Q3 financial statement. However the bulk of those retail partners would appear to be offshore rather than U.S. dealerships.
“LiveWire took the next step in its journey in the third quarter of 2023 by delivering on a major milestone,” claimed LiveWire CEO Karim Donnez, “With the shipment of the Del Mar, the first bike on the Company's S2 platform, with its in-house developed battery pack, power electronics, motor, telematics and associated software, enthusiasts can now join the LiveWire community at a price point nearly 35% below the prior model.”
Donnez adds, “During the fourth quarter the company will remain focused on the continued delivery of Del Mar and conversion of active reservations in the North American market while launching European reservations.”
Meanwhile Electric Motorcycle revenue was down compared to the same quarter in the prior year due to lower unit sales of LiveWire ONE. In line with expectations, increased operating losses versus the third quarter of 2022 were the result of costs related to the electric vehicle systems, activities associated with preparation for delivery of the Del Mar and planned costs of standing up a new organization, compared to the same quarter in the prior year.