The company disclosed the warning on Thursday alongside third-quarter results, saying recurring operating losses, negative operating cash flows and anticipated funding requirements raised substantial doubt about its ability to remain a going concern. It is examining financing and strategic alternatives but said no successful outcome was assured.
LiveWire held $39.9 million in cash and cash equivalents at 30 September, compared with $82.8 million at the end of December 2025. Its cash position has weakened despite efforts to reduce spending and improve operating performance.
The board established a special restructuring committee on 22 October to assess potential debt or equity financing, asset sales, restructuring, recapitalisation and other transactions. It appointed Roy Gallagher as chief restructuring officer, reporting to the committee and serving as the company’s principal executive officer.
The committee has authority to examine proposed transactions and resolve potential conflicts of interest involving directors. Its creation also comes ahead of debt scheduled to mature in December 2027, adding urgency to efforts to secure longer-term funding.
LiveWire withdrew its previous forecast for a full-year operating loss of between $70 million and $80 million, citing the strategic review. The withdrawal removes a key financial benchmark as the company considers changes to its capital structure and operations.
Third-quarter revenue increased 38% to $7.9 million from $5.7 million a year earlier, helped by higher sales across its electric motorcycle and STACYC electric balance-bike businesses. However, the improvement was insufficient to eliminate losses.
The company posted a quarterly net loss of $18.6 million, compared with $19.4 million a year earlier. Its operating loss narrowed to $17.5 million from $18.8 million, while adjusted earnings before interest, tax, depreciation and amortisation remained negative at $14.7 million.
During the first nine months of 2026, net cash used in operating activities totalled $38.3 million, against $45.6 million in the corresponding period last year. Free cash flow improved by 16% but remained negative at $40.5 million.
Those figures indicate that cost reductions and increased sales have moderated the rate of cash consumption without producing the funds needed to support operations independently. LiveWire has said its ability to obtain financing on acceptable terms remains uncertain.
Harley-Davidson remains LiveWire’s majority shareholder, linking the motorcycle manufacturer’s financial prospects to its larger partner. However, LiveWire’s warning concerns its own ability to operate as a going concern and does not constitute an equivalent warning about Harley-Davidson.
The financial pressure has persisted even as LiveWire expanded its product offering. Electric motorcycle revenue rose sharply during the quarter, while STACYC continued to account for a substantial portion of consolidated sales. Combined revenue units reached 7,233, up from 5,989 a year earlier.
LiveWire said its share of the United States market for road-legal electric motorcycles rated above 50 kilowatts reached 80% during the nine months to September, citing Motorcycle Industry Council data. That position has not translated into sufficient overall sales volume to offset its costs.
The company began delivering its S4 Honcho Trail model to customers in the United States in August, followed by the first S4 Honcho Street units to dealers in October. Deliveries to European markets were also scheduled as the manufacturer sought to broaden its customer base.
The company said potential measures could include significant capital raising, strategic partnerships, outside investment or a sale. Any transaction would depend on negotiations with prospective counterparties and the interests of creditors and shareholders. The company has not announced an agreed rescue package, and its going-concern assessment reflects uncertainty rather than a determination that operations will cease.
LiveWire also faces risks linked to its manufacturing arrangements, suppliers and retail network. Its business relies partly on services and contract manufacturing relationships involving Harley-Davidson and other partners. Management has identified electric vehicle adoption, product development costs and the ability to attract customers as continuing commercial challenges. Those factors complicate efforts to build a sustainable business while preserving available cash under difficult conditions for specialist manufacturers.
LiveWire said its assessment of financial viability and management’s funding plans would be detailed further in its quarterly filing with the US Securities and Exchange Commission, expected by 9 November. Its latest results also showed consolidated unit sales rising 21% year on year.
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