LiveWire Group, Inc. (LVWR): restructuring charge — LiveWire Q1 revenue down 36% to $5.0M, net loss $23.6M; revises FY operating loss guidance to $105-115M

LiveWire Group, Inc.

2024-Q1 EPS reported -$0.12 revenue$4,978,000

Revenue $5.0M (down 36% YoY), net loss $23.6M; Electric Motorcycle units 117 (+86% YoY).
STACYC revenue $3.7M (-41% YoY), operating loss $1.4M vs $0.1M prior year.
Revised FY2024 operating loss guidance to $105-115M (from $115-125M); unit sales guidance unchanged at 1,000-1,500.
Plan to relocate LiveWire Labs to Milwaukee with headcount reduction; expects one-time costs $3.0-5.0M, annual savings $8-10M post-2024.
President Ryan Morrissey departing May 10; role eliminated; receives severance benefits.

item 2.02 item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Ryan Morrissey

President, Ventures & Investments

LVWR · LiveWire Group, Inc.

Effective: 2024-05-10
Filed: April 25, 2024, 7:59 PM ET

Ryan Morrissey will be leaving his role as the Company’s President, Ventures & Investments, effective May 10, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

LiveWire Group, Inc. reported first quarter 2024 results: revenue $5.0, net income $23.6 million. Guidance reaffirmed.

Period: first quarter 2024
Revenue: $5.0
Net income: $23.6 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

investment in new motorcycle models and actioned initiatives to reduce EV costs. LiveWire Group, Inc. – Consolidated Results $ in millions* 1st quarter 2024 2023 Change Revenue $5.0 $7.8 (36%) Operating (Loss) ($30.4) ($24.9) 22% Net Loss ($23.6) ($21.1) 12% LiveWire Group, Inc. – Segment Results $ in millions*, except units 1st quarter 2024 2023 Change

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Executive change SEC 8-K Item 5.02 confidence 0.95

Ryan Morrissey departed as President, Ventures & Investments at LiveWire Group, Inc..

Action: leaving
Role: President, Ventures & Investments

Exact text from the filing

Ryan Morrissey will be leaving his role as the Company’s President, Ventures & Investments, effective May 10, 2024.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

LiveWire Group, Inc. announced a restructuring with charges of $1.0 million to $1.5 million and one-time termination benefit costs of $2.0 million to $3.5 million affecting LiveWire Labs, the Company’s west coast product development facility, from Mountain View, California to Milwaukee, Wisconsin.

Type: restructuring
Charge: $1.0 million to $1.5 million and one-time termination benefit costs of $2.0 million to $3.5 million
Affected area: LiveWire Labs, the Company’s west coast product development facility, from Mountain View, California to Milwaukee, Wisconsin

Exact text from the filing

efficiencies in product development and simplify the Company’s overall path to future profitability. Under this plan, the Company expects to incur one-time relocation costs of $1.0 million to $1.5 million and one-time termination benefit costs of $2.0 million to $3.5 million, and expects the vast majority to be cash charges. The Company expects to complete this

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485 earnings releases filed in the last 30 days. Browse all earnings releases →

LiveWire Group, Inc. filing history →

Source: SEC EDGAR

accession 0001898795-24-000113

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