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

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

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