Throughout Q2, we saw high expectation for Del Mar ™, the first bike on the S2 platform, from both riders and our retail mates. With the first bikes rolling off the line in the third quarter, we ’re looking forward to getting Del Mar to further and further riders throughout the aft half of 2023. During the quarter, we also saw keen interest in the LiveWire brand in the European request in response to our launch events in Berlin, Paris, London and Amsterdam, ” said Karim Donnez, CEO, LiveWire.
Alternate Quarter 2023 Business Highlights
Continued conditioning in final force chain, nonsupervisory and manufacturing for anticipated launch of product of Del Mar in third quarter
Continued product development sweats on third motorcycle in LiveWire family( second on new S2 platform)
Actuated a network of 35 retail mates in France, the UK, Germany and the Netherlands in support of our mongrel go- to- request model
LiveWire ONE ® came available in the European request in late June, while preparing to transport the Del Mar Launch Edition latterly this time
LiveWire Group,Inc. consolidated net loss was$40.7 million for the alternate quarter as compared to$19.6 million in the same period previous time driven by the below member results, planned product development investment, as well as a$11.4 millionnon-operating mark- to- request expenditure related to the increase in fair value of the outstanding clearances as of the end of the quarter.
LiveWire Group,Inc. is comprised of two business parts
Electric Motorcycles – focused on the trade of electric motorcycles and affiliated products
STACYC – focused on the trade of electric balance bikes for kiddies and affiliated products
Electric Motorcycles
Electric Motorcycle profit was down compared to the same quarter in the previous time due to lower unit deals of LiveWire ONE. In line with prospects, increased operating losses versus the alternate quarter of 2022 were the result of the planned product development investments to advance the electric vehicle systems and conditioning associated with launch medication of the Del Mar and the development of LiveWire’s third motorcycle. Increased operating losses also incorporate the added planned costs of standing up a new association as compared to the same quarter in the previous time.
STACYC
STACYC profit was down in the alternate quarter due to our retail mates for electric balance bikes taking a more conservative approach to force in response to themacro-economic terrain as compared to the alternate quarter of 2022. STACYC operating loss for the alternate quarter was$0.1 million versus operating income of$0.8 million a time ago, largely due to gross periphery driven by lower volumes.
2023 Financial Outlook
For the full time 2023, the Company is revising its unit deals guidance and now expects
Electric Motorcycle unit deals of 600 to 1,000
For the full time 2023, the Company reaffirms its original guidance and continues to anticipate
LiveWire Group Operating Loss of$ 115 to$ 125 million
Liquidity
To support unborn ongoing operations, the Company has the following available liquidity
Cash and cash coequals as of the end of Q2 2023 of$ 216 million
Anon-binding$ 200 million term distance with maturity shareholder
Webcast
The public is invited to attend an audio webcast from 8- 9a.m. CT. LiveWire leadership will be joining the Harley- Davidson,Inc. audio webcast to bandy our results, developments in the business, and updates to the Company’s outlook. The webcast login can be penetrated at https//investor.livewire.com/news-events-1/events/default.aspx. The audio renewal will be available by roughly 1000a.m.CT.
