Business
LiveOne Reports Q1 Fiscal 2023 Revenue of $23.2 Million and Maintains Guidance for Fiscal 2023 of Revenue Between $125 Million to $140 Million
Reports Record First Quarter Fiscal 2023 Adjusted EBITDA* of $2 Million and Raises Full-Year Fiscal 2023 Adjusted EBITDA* Guidance to $7 Million to $11
About this update from Liveone, Inc.
[{"type":"text","content":"Reports Record First Quarter Fiscal 2023 Adjusted EBITDA* of $2 Million and Raises Full-Year Fiscal 2023 Adjusted EBITDA* Guidance to $7 Million to $11 Million\nCompany Posted Record Net Income of $1.3 Million in Q1 Fiscal 2023 \nCompleted Repurchase of 2 Million Shares of Common Stock \nExtended Maturity of All of its Debt to Second Quarter 2024\nLiveOne's PodcastOne Subsidiary Recently Closed an $8.1 Million Financing at a Post-Money Valuation of $68 Million \nExpects to Complete Spin-Out of PodcastOne and PPVOne as Separate Public Companies This Year \nLiveOne's Senior Management Will Host a Live Conference Call and Audio Webcast Beginning at 11:00 A.M. ET / 8:00 A.M. PT Thursday, August 11, 2022\nLOS ANGELES, Aug. 11, 2022 /PRNewswire/ -- LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships, and live and virtual events, announced today operating results for its first fiscal quarter ended June 30, 2022 (\"Q1 Fiscal 2023\").\n\n \n \n \n \n \n \n\n \nIn Q1 Fiscal 2023, LiveOne posted revenue of $23.2 million, as well as Contribution Margin* of $7.8 million. On a U.S. GAAP basis, LiveOne posted record net income of $1.35 million on a consolidated basis, or $0.02 per diluted share, in Q1 Fiscal 2023, versus a net loss of ($8.1 million), or ($0.10) per diluted share, in the quarter ended June 30, 2021 (\"Q1 Fiscal 2022\"). On a non-U.S. GAAP basis, Adjusted EBITDA* in Q1 Fiscal 2023 was a record $2.0 million, as compared to a ($1.8) million loss in Q1 Fiscal 2022. The Company ended the Q1 Fiscal 2023 with $11.3 million in cash, $28.5 million in short-term assets and no short-term debt.\nLiveOne's CEO and Chairman, Robert Ellin, commented, \"The momentum in LiveOne's audio business, which includes Slacker Radio and PodcastOne, continues to experience growth of both paid members through partnerships, including Tesla, as well as an increase in advertising and sponsorships. We currently expect our audio business to collectively achieve revenue in excess of $80 million in Fiscal 2023 and generate more than $16 million in Adjusted EBITDA.\"\nMr. Ellin continued, \"Our team has done an outstanding job of consolidating five acquisitions which are reducing costs and overhead by an expected $23 million on an ...