Rad Power Bikes Bankruptcy: New CEO Takes Over Amid Financial Crisis
Rad Power Bikes has a new leader.
Angelina “Angy” Smith is now the company’s CEO. She previously served as Rad’s chief financial officer. Her promotion comes during one of the most difficult periods in the company’s history.
Rad Power Bikes filed for Chapter 11 bankruptcy protection earlier this month. The Seattle-based e-bike company is now trying to restructure its finances while continuing operations.
Smith is the fourth CEO in just three years.
Before her, Kathi Lentzsch took over as CEO in March. She replaced Phil Molyneux, who exited earlier in 2025. Rad founder Mike Radenbaugh stepped down from the CEO role back in 2022.
Frequent leadership changes often signal deeper problems. In Rad’s case, those problems have been building for some time.
Rad Power Bikes’ Financial Situation
According to court filings, Rad Power Bikes reports about $73 million in debt and roughly $32 million in assets. That gap highlights how strained the business has become.
Sales have also fallen sharply.
In 2023, Rad generated close to $130 million in revenue. In 2025 so far, revenue has dropped to just over $63 million.
The company is now seeking a buyer. Rad says it hopes to complete a sale within 45 to 60 days. During this time, it plans to continue operating and serving customers.
What Chapter 11 Bankruptcy Means for Customers
The word “bankruptcy” can sound alarming. Chapter 11 does not mean Rad is shutting down immediately.
Chapter 11 allows a company to keep operating while it reorganizes debt and looks for a path forward.
For customers, this can mean:
- The website may stay live, but inventory could be limited
- Customer service may respond more slowly
- Returns and refunds may be harder to process
- Warranty claims could be delayed or restricted
The biggest unknown is what happens after a sale. A new owner may choose to honor existing warranties. They may also change those terms.
What This Means for Current Rad Power Bike Owners
Many Rad owners are understandably concerned.
For now:
- Existing Rad bikes still function normally
- Independent bike shops can service most Rad models
- Common wear parts should remain available in the short term
Battery safety deserves special attention. Federal regulators previously warned that certain Rad lithium-ion batteries pose a fire risk. Owners were advised to stop using affected batteries. Rad said it could not afford a full recall due to financial constraints.
Rad owners should take a few practical steps right now:
- Save receipts and order confirmations
- Keep serial numbers and manuals
- Follow official safety guidance closely
- Avoid unofficial battery replacements
These steps may matter if ownership changes.
How Rad Power Bikes Got Here
Rad Power Bikes launched in 2015 as a direct-to-consumer brand. It grew fast. Very fast.
The company raised more than $329 million in funding and became one of the most recognizable e-bike brands in North America. Affordable pricing helped Rad reach a wide audience.
Then the market changed.
Pandemic demand faded. Costs increased. Tariffs on imported bikes and components hit margins. Shipping and labor costs rose. Consumers pulled back on big purchases.
At the same time, battery safety concerns brought increased scrutiny.
Rad’s challenges reflect broader pressures across the e-bike industry.
Why Many E-Bike Companies Are Struggling Right Now
Rad is not an isolated case.
Several factors are squeezing e-bike companies at once:
- Higher interest rates
- Tariffs and supply chain costs
- Slower consumer demand
- Inventory built for a boom that ended
- Increased regulation and safety oversight
Brands that expanded aggressively are now being forced to downsize, restructure, or seek buyers.
The e-bike market is maturing. That shift is painful.
What to Watch Next
The next two months are critical.
Here is what riders and shoppers should watch closely:
- Whether Rad finds a buyer within the stated timeline
- Whether the Rad brand survives intact or is broken apart
- Any announcements about warranty coverage
- Updates related to battery safety or recalls
- Changes to customer support or service partners
A strong buyer could stabilize the company. A weak outcome could leave customers in limbo.
My Take
Rad Power Bikes helped bring e-bikes into the mainstream. That matters. Many riders took their first electric ride on a Rad bike.
But rapid growth without long-term stability is risky. The frequent CEO changes suggest the company has been searching for answers for a while.
Putting the CFO into the CEO role during bankruptcy makes sense. This moment is about financial survival, not marketing or expansion.
For consumers, there is a clear lesson. Price should never be the only factor when buying an e-bike. Company stability, customer support, and safety practices matter just as much.
Rad’s future is uncertain. Its story is also a warning. Even well-known e-bike brands can struggle in a changing market.
What happens next will shape not only Rad’s legacy, but how riders think about buying e-bikes going forward.
