The silent Harley
LiveWire · The accounts: the cash runway · Read the study: maxnoble.com/study/0013
For the class
1What is the cash runway, and how long was LiveWire's at the end of September 2026?
2On 29 October 2026 LiveWire's release said revenue was up 38 per cent. What else did it say, in plain words?
3Why does the study say LiveWire's trouble was never the engineering?
Answers · for the teacher
No. 0013 · The silent Harley
1What is the cash runway, and how long was LiveWire's at the end of September 2026?
The cash in the bank divided by how much leaves it each month. Cash fell from $82.8 million (31 Dec 2025) to $39.9 million (30 Sep 2026): $42.9 million gone in nine months, about $4.8 million a month. $39.9 million ÷ $4.8 million ≈ 8 months, into mid-2027. That is the study's arithmetic, not the company's; new money or deep cuts would change it.
In the study: Screen: The tool
2On 29 October 2026 LiveWire's release said revenue was up 38 per cent. What else did it say, in plain words?
That there is "substantial doubt" about its ability to continue as a going concern: it may not be able to keep going. It also withdrew its forecast for the year, and its shareholders' equity fell below zero, to minus $5.5 million: on paper it owed more than it owned. Sales rose and the cash halved; both are true.
In the study: Screen: The moment
3Why does the study say LiveWire's trouble was never the engineering?
Because the trouble was the price it started at. The first LiveWire went on sale in 2019 at $29,799 (about DKK 199,000), and the crowd stayed away: 653 motorcycles in all of 2025, against 21,633 children's balance bikes. Its first bike priced for the crowd, the S4 Honcho Trail at $4,999, came only in the same nine months the cash halved. That is Law No. 27: start at the price the crowd can pay.
In the study: Screens: Your verdict; The law it proves
Hand out page 1 after the reading. Page 2 holds the answers. Every answer is in the study; nothing new is added.