LiveWire Group, Inc. reported a net loss of $93.9 million for the fiscal year ending December 31, 2024, a decrease from the $109.6 million loss recorded in 2023. The company's revenue for the year was $26.6 million, down 30% from $38 million in the previous year. This decline in revenue was attributed to a significant drop in sales of electric motorcycles, which fell to $7.6 million from $11.1 million in 2023, while revenue from parts, accessories, and apparel also decreased. The STACYC segment, which focuses on electric balance bikes for children, saw a revenue drop from $26.5 million in 2023 to $18.3 million in 2024, primarily due to lower shipment volumes and pricing adjustments.
In terms of operational metrics, LiveWire's total wholesale motorcycle unit sales decreased to 511 units in 2024 from 660 units in 2023. The company also reported a significant reduction in its independent retail partners, which fell from 126 to 88 over the same period. The company has been restructuring its operations, including relocating its product development facility from California to Wisconsin, which is expected to yield operational efficiencies. As of December 31, 2024, LiveWire employed approximately 182 people, a reduction from previous years as part of its cost-cutting measures.
Strategically, LiveWire has shifted its go-to-market approach in Europe from direct sales to independent dealers, effective November 5, 2024. This change aims to leverage the expertise of the dealer network to enhance sales and market penetration. Additionally, the company announced a non-binding Memorandum of Understanding with KYMCO to collaborate on a new electric maxi-scooter project, indicating a focus on expanding its product offerings.
Looking ahead, LiveWire's management has emphasized a commitment to cost improvements, product innovation, and market growth as key priorities for 2025. The company plans to utilize its existing cash reserves and a $100 million convertible delayed draw term loan from Harley-Davidson to support its operations and strategic initiatives. However, LiveWire does not expect to generate positive cash flow from operations in the near term, highlighting the ongoing challenges it faces as it seeks to establish a foothold in the competitive electric motorcycle market.
About LiveWire Group, Inc.
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