LiveWire stock plunged 42% after the electric motorcycle maker warned it may not survive

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The Harley-Davidson-backed company withdrew its 2026 operating loss forecast and named a chief restructuring officer

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LiveWire Group, the electric motorcycle maker backed by Harley-Davidson, said management has substantial doubt about its ability to continue as a going concern and withdrew its full-year guidance on Thursday. LiveWire stock was off 42% by 10 a.m. ET in New York trading, on pace for its biggest one-day drop on record, according to Bloomberg.

The company said the doubt covers the year after its Sept. 30 financial statements are issued. It cited recurring operating losses, negative cash flows from operations, limited liquidity and anticipated future funding needs.

LiveWire withdrew its guidance for a 2026 operating loss of $70 million to $80 million. It tied the move to the formation of a special restructuring committee to review financing, sale, restructuring and other strategic options.

The company's board formed the committee on Oct. 22, citing the December 2027 maturity of its debt. The committee appointed Roy Gallagher as chief restructuring officer. He will report to the committee and serve as the company's principal executive officer.

LiveWire said it is pursuing financing and other alternatives that may include significant capital raises, strategic partnerships or investments, and sales. It said there is no assurance those efforts will succeed or that any transaction will be available on acceptable terms.

Third-quarter revenue rose 38% to $7.9 million, with unit sales up 21%. The net loss narrowed to $18.6 million from $19.4 million a year earlier. Adjusted EBITDA was negative $14.7 million, compared with negative $16.5 million a year earlier.

Cash and cash equivalents stood at $39.9 million on Sept. 30, down from $82.8 million at the end of 2025. Total shareholders' equity was negative $5.5 million. The company's long-term related-party term loan was $76.8 million.

Harley-Davidson is LiveWire's majority shareholder. LiveWire said additional detail on its liquidity and the going-concern assessment will appear in its quarterly report on Form 10-Q, expected on or before Nov. 9.

LiveWire stock had lost 64% of its value since January, measured up to Wednesday's finish.

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