LiveWire Warns It May Not Survive the Next 12 Months

LiveWire, the electric motorcycle brand of Harley-Davidson, says there is "substantial doubt" it can keep operating over the next twelve months. The warning came in its third-quarter 2026 results, published on Thursday, October 29. In US accounting, the so-called "going concern" notice means management is not sure it can fund the company for the coming year. The stock fell more than 40% during the morning.

Sales are rising, but not enough. LiveWire delivered 241 electric motorcycles between July and September 2026, up from 184 a year earlier. Yet the motorcycle business lost $17 million in operating terms over the quarter, roughly $70,000 for every bike sold. Cash dropped from $82.8 million at the end of 2025 to $39.9 million on September 30, and a debt falls due in December 2027.

A crisis specialist takes charge

On October 22, the board created a special restructuring committee to examine every option: a capital raise, a partnership, a sale or a restructuring. The committee appointed Roy Gallagher as chief restructuring officer, making him the company's top executive. He comes from the crisis-management firm Ankura Consulting Group, and arrives after the departure of CEO Karim Donnez. LiveWire also withdrew its 2026 operating loss forecast of $70 to $80 million, and says there is no guarantee these efforts will succeed.

Majority shareholder Harley-Davidson now has to decide whether to inject more money or step back from electric. Taiwan's Kymco, which builds the new S4 Honcho small bikes, would be a logical partner, but its new management has refocused on combustion engines, making an equity stake unlikely.

What LiveWire still has

The brand claims 80% of the US market for electric motorcycles above 50 kW (67 hp) since January. The S4 Honcho, priced between €5,500 and €6,000 in France, marks a shift away from the premium models sold so far. LiveWire has also acquired Dust Motorcycles, an electric off-road specialist, in a segment where Stark Future has found traction.

LiveWire is due to show new products at the EICMA show in Milan in early November. Details on liquidity and financing plans will appear in its quarterly report to the SEC, due by November 9 at the latest.