LiveWire (US:LVWR)2024-10-24 10:50Sales Performance - In Q3 2024, LiveWire sold 99 electric motorcycles, a 98% increase compared to 50 units in Q3 2023, contributing to a triple-digit increase in year-to-date unit sales[3] - The company expects electric motorcycle sales for the full year 2024 to range between 600 to 1,000 units[6] Financial Performance - Consolidated revenue for Q3 2024 was $4.4 million, down 45% from $8.1 million in Q3 2023, primarily due to a 52% decrease in electric balance bike units sold[3] - The consolidated operating loss for Q3 2024 was $26.5 million, a 5% increase from a loss of $25.3 million in Q3 2023[3] - The net loss for Q3 2024 was $22.7 million, compared to a net loss of $14.6 million in the same period last year, reflecting a 56% increase in losses[3] - Electric motorcycle revenue decreased by $129,000 in Q3 2024 despite higher unit sales, attributed to product mix and estimated future returns[4] Cost Management - Selling, administrative, and engineering expenses decreased by $1.4 million in Q3 2024 compared to Q3 2023, driven by cost reduction initiatives[3] - STACYC's operating income declined due to reduced third-party branded distributor volumes, with expenses increasing by $209,000 for new model development[5] Asset and Liability Management - Total assets decreased from $266,147 million as of December 31, 2023, to $178,298 million as of September 30, 2024, representing a decline of approximately 33%[12] - Total liabilities decreased from $60,284 million to $40,641 million, a reduction of approximately 33%[12] - Shareholders' equity declined from $205,863 million to $137,657 million, a decrease of about 33%[12] Cash Flow and Capital Expenditures - Cash and cash equivalents fell from $167,904 million to $88,442 million, a decrease of about 47%[14] - Net loss for the nine months ended September 30, 2024, was $71,143 million, an improvement from a net loss of $76,457 million for the same period in 2023[14] - Accounts receivable, net improved by $2,600 million compared to a decrease of $2,313 million in the previous year[14] - Inventory write-down increased to $4,294 million from $1,664 million, indicating a significant rise in inventory losses[14] - Capital expenditures for the nine months ended September 30, 2024, were $6,661 million, down from $10,970 million in the prior year[14] - The company repurchased common stock amounting to $927 million during the period[14] - The net cash used by operating activities was $71,990 million, compared to $55,876 million in the previous year, indicating increased cash outflow[14] Future Plans - LiveWire plans to announce a new product segment at EICMA in November 2024, aiming to expand its addressable market[2] - The company completed the relocation of LiveWire Labs to Milwaukee, Wisconsin, as part of its operational streamlining efforts[2]