LiveWire issues a going-concern warning: it may not survive the next 12 months

LiveWire Group, the electric motorcycle company backed by Harley-Davidson, has flagged substantial doubt about its ability to keep going. In its latest financial disclosure, which covers results through September 30, 2026, the company included a going-concern warning that raises new questions about whether it can continue operating over the next 12 months.

The market didn’t shrug it off. Shares dropped more than 40% after the disclosure. In that filing, LiveWire pointed to the same pressures you’d expect in a situation like this: losses, negative cash flow, tight liquidity, and a need for more funding.

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Some of the numbers were mixed. Third-quarter revenue climbed 38% to $7.9 million, and unit sales were up 21%. Even so, net loss for the quarter reached $18.6 million.

The longer view looks worse. For the first nine months of 2026, operating loss came in at $53.2 million on $22.1 million in revenue. Since September 2022, cumulative losses have topped $300 million, according to the company’s disclosure.

If you follow LiveWire or Harley-Davidson, this is the filing to keep an eye on.

Cash dropped from $82.8 million in 2025 to $39.9 million as of September 30, 2026, based on LiveWire’s disclosure. The company also pulled its previous 2026 loss outlook of $70 million to $80 million.

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Then, on October 22, LiveWire said it set up a restructuring committee to review its options: financing, partnerships, outside investment, a capital raise, or an outright sale.

There was also a management shake-up. LiveWire said Roy Gallagher of Ankura is now chief restructuring officer and principal executive officer after CEO Karim Donnez resigned, according to the company’s investor relations site.

Harley-Davidson still owns 88% of LiveWire and has said it won’t cover the company’s losses. At the same time, it’s leaning on the sub-$5,000 S4 Honcho after sales of 660 units in 2023 and 612 in 2024, numbers that sit far below the 100,000-by-2026 target laid out in LiveWire’s investor relations materials.

You can read the filing on LiveWire Group’s investor relations site.

Author: Manuel Bosque

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