November 13, 2025 - Rad Power Bikes based in Seattle, once touted as the most funded e-bike company in the world, has sent a letter to its employees noting that it “may be forced to cease operations” due its inability to ensure additional funding or partners, report multiple outlets.
The company letter to employees indicates that “no final decisions have been made,” and blames its financial crisis on the industry-wide drop in consumer demand for bikes following the sales boom during the early years of the COVID-19 pandemic, along with tariffs.
On November 7, Rad Power Bikes filed a Worker Adjustment and Retraining Notification (WARN) with the Washington state Employment Security Department indicating the pending loss of 64 jobs at its headquarters as it may have to cease operations as early as January 2026.
Founded by Mike Radenbaugh and Ty Collins in 2007, Rad Power Bikes raised upwards of $324 million from notable investors including Fidelity Management & Research Company LLC, Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund, TPG’s multi-sector global impact investing strategy.
In January 2023, Rad appointed Phil Molyneux as its new CEO, which followed the move by co-founder and former CEO, Radenbaugh, to step down and become chairman of the board to focus on e-bike advocacy and innovation. The company had also been challenged with recalls, layoffs, and lawsuits and the current CEO Kathi Lentzsch, previously the CEO at Bartell Drugs, took over in March 2025.
Rad operates retail locations in nine cities in the U.S. and Canada and is hoping to find viable solutions.
Read more in the GeekWire here.
