Business
LiveOne Reports Record Nine Months Fiscal 2023 Adjusted EBITDA* of $9.4M and Revenue of $74.1M
Audio Division Revenue of $64M and Adjusted EBITDA* of $15M for Nine Months Fiscal 2023 with Q3 Fiscal 2023 Revenue of $22M and Adjusted EBITDA* of $5.1M
About this update from Liveone, Inc.
[{"type":"text","content":"\n\nAudio Division Revenue of $64M and Adjusted EBITDA* of $15M for Nine Months Fiscal 2023 with Q3 Fiscal 2023 Revenue of $22M and Adjusted EBITDA* of $5.1M\n\n\nRaises Company Guidance for Fiscal 2023 Adjusted EBITDA* to $11M - $12M\n\n\nCompany has Filed S-1 for PodcastOne Spin-Out\n\n\nRecord Growth of 553K+ New Paid Members Over the Previous Year - a 40% Increase – Now Passing 1.95M Paid Members with Total Members at Approx. 2.8M**\n\n\nLiveOne Debt Holders Recently Exchanged $21M of Existing Debt for Preferred Shares Convertible at $2.10 Per Share\n\n\nExpects to Commence Expanded $2M Stock Repurchase Program\n\n\nShort-Term Assets of $27.7M and $8.5M of Cash\n\n\nLiveOne Plans to IPO Slacker This Year\n\n\nLiveOne’s Senior Management Will Host a Live Conference Call and Audio Webcast Beginning at 10:30 A.M. ET on Thursday, February 9, 2023\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nLiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment, and technology platform, announced today its operating results for the third quarter (“Q3 Fiscal 2023”) and first nine months ended December 31, 2022 (“9M Fiscal 2023”).\n\nIn 9M Fiscal 2023, LiveOne posted consolidated revenue of $74.1 million, as well as Contribution Margin* of $25.6 million. LiveOne posted a net loss of $5.3 million on a consolidated basis, or $(0.06) per diluted share for the same period. LiveOne’s Adjusted EBITDA* in 9M Fiscal 2023 was a record $9.4 million. In 9M Fiscal 2023, LiveOne extinguished approximately $16 million of payables. The company ended Q3 Fiscal 2023 with $27.7 million in short-term assets and $8.5 million in cash.\n\nLiveOne’s CEO and Chairman, Robert Ellin, commented, “Over the past year, we have been laser focused on optimizing and streamlining our operations, led by our audio business, which includes Slacker Radio and PodcastOne. The combination of improving Contribution Margins*, coupled with over $30 million in annual expense and overhead reduction, is resulting in record operating results.”\n\nMr. Ellin continued, “We are excited about the continued strong growth of paid memberships coming largely through B-to-B partnerships, including our nine-year relationship with Tesla. We expect our strong operating performance to continue for the foreseeable future led by our Audio Division and for it to collectively achieve revenue in e...