LiveWire Group, Inc. reported significant financial results for the three and nine months ended September 30, 2024, reflecting challenges in revenue generation and ongoing operational losses. For the third quarter of 2024, the company generated revenue of $4.4 million, a decline of 45.5% from $8.1 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $15.9 million, down from $22.9 million in the prior year.
Operating costs and expenses for the third quarter decreased to $31.0 million from $33.5 million year-over-year, while for the nine-month period, they fell to $101.0 million from $105.2 million. Despite the reduction in expenses, LiveWire reported an operating loss of $26.5 million for Q3 2024, compared to a loss of $25.3 million in Q3 2023. The nine-month operating loss increased to $85.1 million from $82.2 million in the previous year.
The net loss for the third quarter of 2024 was $22.7 million, worsening from a loss of $14.6 million in Q3 2023. However, for the nine months, the net loss improved to $71.1 million from $76.5 million in the same period last year. The net loss per share for Q3 2024 was $(0.11), compared to $(0.07) in Q3 2023, while for the nine months, it was $(0.35), slightly better than $(0.38) in the prior year.
LiveWire's cash and cash equivalents decreased significantly to $88.4 million as of September 30, 2024, down from $167.9 million at the end of 2023. The company does not anticipate generating positive cash flow from operations in the next twelve months.
In terms of strategic developments, LiveWire announced a relocation of its product development facility from Mountain View, California, to Milwaukee, Wisconsin, which included a headcount reduction. The company recorded $2.1 million in employee termination benefits related to this restructuring during Q3 2024. Additionally, LiveWire executed a reorganization of its Sales and Marketing and Product Development functions, incurring further costs.
The Electric Motorcycles segment reported revenue of $1.2 million for Q3 2024, a slight decrease from $1.3 million in Q3 2023, while unit sales increased significantly. Conversely, the STACYC segment saw a dramatic revenue drop to $3.2 million from $6.8 million year-over-year, attributed to lower shipment volumes.
LiveWire's financial position reflects ongoing challenges, with a focus on cost improvements and strategic alignment in its go-to-market strategy, particularly in Europe. The company is also exploring collaborations, including a recent Memorandum of Understanding with Kwang Yang Motor Co. for a new electric vehicle project.
About LiveWire Group, Inc.
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