LiveWire in Trouble: Harley-Davidson Won't Foot the Bill
Following our earlier report on LiveWire's CEO departure and the uncertainty over its future, we've now got a clearer picture of just how deep the financial trouble runs.
LiveWire has just issued its most serious financial warning yet, now admitting there is substantial doubt whether it can keep the business running for the next 12 months. And with Harley-Davidson owning almost 90% of the company, you'd think it might step in to help. It won't. Harley has made it clear that LiveWire is on its own when it comes to funding its losses.
For more LiveWire news, head to our LiveWire page.
LiveWire's Sales Grow, But Losses Continue
There is some good news in the numbers, at least on the sales front. LiveWire sold 241 electric motorcycles in the third quarter, up from 184 in the same period last year. Motorcycle revenue also increased, and the company's overall revenue rose by 38%.
But look beyond the sales figures and the picture changes. LiveWire Group reported a net loss of $18.6 million for the quarter. Its electric motorcycle business continued to generate a substantial operating loss. LiveWire has also withdrawn its previous forecast of a $70 million to $80 million operating loss for 2026, leaving investors without an updated full-year outlook.
The figures below come from Harley-Davidson's Q3 financial report and cover its LiveWire segment. LiveWire Group publishes its own consolidated results separately, which don't produce exactly the same numbers.
LiveWire Q3 2026: key figures
Measure | Q3 2026 | Q3 2025 |
LiveWire segment revenue | $7.9m | $5.6m |
Gross loss | $0.4m | $2.3m |
Selling, administrative and engineering costs | $17.4m | $15.9m |
Operating loss | $17.8m | $18.2m |
Adjusted EBITDA loss | $15.0m | $15.8m |
Electric motorcycles sold | 241 | 184 |
STACYC units sold | 6,992 | Not included here |
The STACYC figures tell their own story. Those balance bikes account for the vast majority of LiveWire's unit sales, while just 241 full-size electric motorcycles found buyers during the quarter. That's a useful contribution, but balance bikes alone aren't going to keep the ship afloat.
So, more bikes are finding buyers, but LiveWire is still a long way from making this business pay its way.
The Year-to-Date Position
The nine-month numbers show just how much cash LiveWire is getting through.
Measure | Nine months to 30 September 2026 | Same period 2025 |
LiveWire segment revenue | $22.1m | $14.3m |
Operating loss | $53.4m | $56.6m |
Adjusted EBITDA loss | $45.2m | $48.6m |
Revenue is up substantially, and the operating loss has narrowed by around $3.3 million. But losing more than $53 million in operating income in nine months is a hell of a hole to climb out of.
LiveWire also burned through $38.3 million in cash from operating activities during the first nine months of 2026. Its free cash flow was even further in the red, at $40.5 million.
The Going Concern Warning Changes Everything
Buried among the financial figures is the development that really matters: LiveWire has warned that it may not have enough money to keep the business running over the next 12 months.
It's now pursuing potential sources of capital, including financing, strategic partnerships, investment, a possible sale or other transactions. But none of those options is guaranteed to succeed.
This follows the formation of a Special Restructuring Committee on 22 October, which is examining the company's strategic and financial options. The appointment of Roy Gallagher as Chief Restructuring Officer and principal executive officer, following Karim Donnez's resignation, now looks even more significant.
The committee has a hell of a job on its hands. It needs to find someone willing to put money into a business that's still losing millions every quarter, while working out what LiveWire might look like on the other side.
Harley-Davidson: No More Money For LiveWire
If anyone was hoping Harley-Davidson would ride to the rescue, the latest webcast put that idea to bed.
Speaking during Harley-Davidson's Q3 results webcast, CEO Artie Starrs acknowledged LiveWire's going concern warning and its decision to withdraw financial guidance. He then reiterated the company's position:
"We do not intend to fund the company's operating losses."
Harley-Davidson remains LiveWire's controlling shareholder, with a stake of almost 90%. But there's no ambiguity here, LiveWire is going to have to find the money elsewhere.
What Happens to LiveWire's Motorcycles?
For riders, this is about more than corporate finances. LiveWire has a growing range of electric motorcycles, from the S2 models to the new S4 Honcho platform. Its acquisition of DUST Moto also shows its ambitions to go off-road. There's plenty of potential in that line-up, but developing the bikes, getting them into showrooms and keeping them supported all costs money.
Let's be clear: LiveWire hasn't announced that it's shutting down, and this warning doesn't mean the money has already run out. But the situation is serious. A sale, fresh investment or restructuring could change who owns LiveWire and what happens to the brand next. Until there's more clarity, riders and prospective buyers are entitled to ask what that means for parts, servicing, warranties and long-term support.
The BCB Take
LiveWire has some great motorcycles, and we'd like to see the brand succeed. The S2 range has shown what the company can do, while the Honcho and DUST projects could open up new markets.
But potential doesn't pay the bills. LiveWire needs enough money behind it to build these bikes, get them to customers and support them once they're out on the road.
Sales are heading in the right direction, but 241 full-size electric motorcycles in a quarter isn't enough to turn this into a sustainable business. Harley-Davidson has made its position clear, so the pressure is now on LiveWire to find another source of funding.
If you're considering buying a LiveWire, we'd want to know from the dealer about support arrangements, parts availability and what happens if the company's ownership changes.
We'll be watching closely. LiveWire needs to find the money, but there's still a future worth fighting for here.
Ride safe, folks.
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