Business
LiveOne's Full Year Fiscal 2022 Revenue Surges 79% to a Record of $117 Million
Fourth Quarter Revenue Was $23.4 Million, Up 11% Year-Over-Year Company Expects Revenue of Approximately $23 Million and Adjusted EBITDA* of Between $0.5
About this update from Liveone, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Was $23.4 Million, Up 11% Year-Over-Year\nCompany Expects Revenue of Approximately $23 Million and Adjusted EBITDA* of Between $0.5 Million and $1 Million in Q1 Fiscal 2023 Ending June 30, 2022\nCompany Maintains Guidance for Fiscal 2023 of Revenue Between $125 Million - $140 Million and Adjusted EBITDA* of Between $5 Million - $10 Million\nRecent Cost and Expense Reductions Expected to Increase to $23 Million in Fiscal 2023\nLiveOne Has Extinguished Approximately $5.5 Million in Payables and Holds Approximately $30 Million in Short-term Assets in the Current Q1 Fiscal 2023\nLOS ANGELES, June 28, 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 year end and fourth fiscal quarter ended March 31, 2022 (\"Q4 Fiscal 2022\").\n\n \n \n \n \n \n \n\n \nFor the fiscal year 2022 (\"Fiscal 2022\") revenue increased 79% year-over-year to a record $117.0 million compared to $65.2 million in the prior year, while Contribution Margin* increased 48% to $24.0 million versus $16.2 million in the prior year.\nIn Q4 Fiscal 2022, LiveOne posted revenue of $23.4 million, as well as Contribution Margin* of $5.1 million. On a U.S. GAAP basis, LiveOne recorded a loss from operations of ($8.3) million and a net loss of ($8.8) million in Q4 Fiscal 2022. On a non-U.S. GAAP basis, Adjusted EBITDA* in Q4 Fiscal 2022 was a ($4.8) million loss, as compared to a ($2.4) million loss in Q4 Fiscal 2021.\nAs part of LiveOne's focus on generating cash from operations on a consolidated basis, LiveOne is implementing additional cost and expense reductions from both operations and corporate overhead, which is anticipated to increase the previously implemented annual cost savings to a total of over $23 million in its fiscal year ending March 31, 2023 (\"Fiscal 2023\").\nSeparately, LiveOne has settled approximately $5.5 million in payables and short-term liabilities in the current 2023 fiscal first quarter ending June 30, 2022 (\"Q1 Fiscal 2023\").\nLiveOne's CEO and Chairman, Robert Ellin, commented, \"The momentum in LiveOne's audio business, which includes Slacker Radio and PodcastOne, continues to improve as a result...