Insane Throttle News | October 31, 2026

Harley-Davidson’s electric motorcycle spinoff LiveWire is in serious trouble. The company’s stock dropped more than 40 percent after it disclosed third-quarter results, withdrew its full-year guidance, and stated that there is substantial doubt about its ability to continue operating for another year. CEO Karim Donnez resigned effective October 21, 2026. The board brought in a restructuring specialist and formed a special committee to look at financing, partnerships, investments, or a possible sale.

LiveWire reported third-quarter revenue of $7.9 million, up 38 percent from $5.7 million a year earlier. Motorcycle unit sales rose 21 percent. The net loss narrowed slightly to $18.6 million from $19.4 million in the same quarter last year. Those are the positive numbers. The cash position is not. Cash on hand fell to $39.9 million as of September 30, 2026, down from $82.8 million at the end of 2025. Shareholders’ equity turned negative. For the first nine months of the year, the company used $38.3 million in operating cash and posted negative free cash flow of $40.5 million.

In its filings, LiveWire said management has determined that conditions raise substantial doubt about the company’s ability to continue as a going concern within one year after the September 30 financial statements are issued. It withdrew its previous projection of a $70 million to $80 million operating loss for 2026. The company has lost more than $300 million since it was spun off as a public company in 2022. It also received a New York Stock Exchange notice earlier in the year after its average closing price fell below $1 for 30 consecutive trading days.

On October 22 the board appointed David Barse and Scott Nash as directors. Nash is Harley-Davidson’s general manager of quality and receives no extra pay for the board seat. The board created a Special Restructuring Committee and later named Roy Gallagher of Ankura as chief restructuring officer and principal executive officer. Gallagher reports to the committee. LiveWire will pay Ankura $140,000 a month for his services plus additional hourly fees and expenses. No permanent replacement CEO has been named.

The company is preparing to launch its lowest-priced electric motorcycles yet. Management has pointed to those models as part of the path forward, but the going-concern language makes clear that product plans alone do not solve the immediate cash problem. The special committee is reviewing strategic options. The filings state there is no assurance those efforts will succeed or that any transaction will be available on acceptable terms.

LiveWire has always been a difficult fit inside the broader Harley-Davidson world. The original LiveWire motorcycle was expensive, limited in range for many riders, and sold in small numbers. The spinoff was meant to give the electric effort its own capital and focus while Harley concentrated on its core gas-powered lineup. Years later the electric company is still burning cash, its stock is under a dollar for long stretches, and the parent company remains the controlling shareholder. The latest numbers show sales moving in the right direction on a percentage basis, but the absolute volume is still small and the cash runway is short.

For riders who have watched the electric push from the outside, the situation is straightforward. The brand has spent years trying to build a customer base that does not fully overlap with traditional Harley buyers. It has not yet generated enough revenue to cover its costs. The Q3 disclosure, the CEO resignation, the restructuring officer, and the explicit going-concern warning put that gap in plain language. Whether LiveWire finds new money, a buyer, or a different structure will determine if the electric motorcycles continue under the current name or disappear into a larger reorganization. The stock market has already delivered its first reaction.

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