The LiveWire Group reported an 86 percent sales increase in Q1 2024 , with 117 electric bikes sold compared to 63 in Q1 2023 . However , the Harley spin-off electric brand is still operating at a loss . |
“ 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 . 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 . We expect the consolidation of our operations in Milwaukee at Harley-Davidson ’ s historic headquarters to bring synergies and efficiencies , and a closer connection to our heritage ,” says Karim Donnez , CEO , LiveWire .
CONSOLIDATED RESULTS The company ’ s consolidated net loss was $ 23.6 million for the first quarter of 2024 , compared to $ 21.1 million in the same period the prior year , driven by the segment results noted below .
Revenue from electric motorcycles decreased in Q1 compared to the prior year period despite higher unit sales in the quarter . The lower revenue was due primarily to product
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mix and a one-time adjustment related to a change in the company ’ s retail partner strategy . An increased operating loss of $ 4.2 million compared to the Q1 of 2023 was in line with the company ’ s expectations .
STACYC STACYC revenue and operating income were down compared to the same quarter in 2023 , primarily due to a reduction in third-party branded distributor volumes .
2024 FINANCIAL OUTLOOK For the full year , LiveWire continues to expect electric motorcycle sales of 1,000 to 1,500 units . The company is revising its operating loss guidance and now expects an improved operating loss of $ 105 to $ 115 million , from previous of an operating loss of $ 115 to $ 125 million .
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APRIL 2024 VS . APRIL 2023
The average dealer was down in April compared to the year ago month according to composite data from more than 1,700 dealers in the U . S . that use the Lightspeed DMS . Dealers were down 12.3 % in the parts department , with the largest decrease of 15.6 % reported by the Northeast . Meanwhile , the Northwest reported the lowest decrease of 4.6 % in revenue in parts . Service is the only department that some regions reported growth in . The South was up 1.0 % and the
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Midwest was up 0.4 % in service . Dealers across the nation were down 11.4 % in sales . The Northeast and West regions reported the most signifi cant decreases of 16.2 %. The South reported a decrease of 7.1 % in sales in April . Combined revenue was down an average of 10.4 % across the nation . The Northeast reported a leading decrease of 14.8 % in combined revenue , followed by the West , reporting a decrease of 14.2 %. The Midwest and Northwest were down close to 10.0 % and the South reported the smallest revenue decrease of 6.7 %. |
PARTS SALES Parts sales revenue was up at 560 dealerships and down at 1021 .
SERVICE SALES Service revenue was up at 856 dealerships and down at 903 .
MAJOR UNIT SALES A total of 573 dealerships were up and 1063 were down .
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FOR MORE ON THE SAME STORE SALES DATA
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