LiveOne Announces $23.5M Third Quarter Revenue, Expands Share Buyback

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Photo credit: Live One

At the end of October, the executives of LiveOne (NASDAQ: LVO) noted that their company would see record growth in revenue and memberships for the third quarter of 2022. Now, the Los Angeles-based company has officially released financial statements, including record quarterly revenue of approximately $23.53 million. of dollars.

LiveOne, which was order to pay $9.8 million to SoundExchange about three weeks ago, recently detailed its third quarter 2022 posting (covering the second quarter of its fiscal year 2023). According to the company performance distribution for the three months ending September 30, revenue improved 7.33% year-over-year to top the aforementioned $23.53 million.

Meanwhile, amid a widespread effort to reduce expenses, expenses attributable to cost of sales, marketing, product development, and general and administrative categories fell from the third quarter of 2021 and totaled 24, $52 million, the document says. Additionally, LiveOne reported that its net loss for the third quarter ended at $3.41 million, about 78% lower than the reported net loss for the same period in 2021.

(For the six months ending September 30, LiveOne identified a net loss of approximately $2.06 million, about 91% lower than the corresponding figure for 2021.)

Per unit, LiveOne identified a net profit of $2.43 million for the audio division (including Slacker and PodcastOne) during the third quarter of 2022, compared to a net loss of $996,000 in the third quarter of 2021, in addition to adjusted EBITDA of $6.53 million. But further net losses in “other” and business, while much lower than in the third quarter of 2021, nonetheless contributed to the previously noted net loss of $3.41 million.

On the user side, LiveOne – which has long touted its “nine-year exclusive partnership with Tesla” – reported that paying members had totaled 1.8 million as of Wednesday, November 9, for a net increase of 209,000 from June 30. Additionally, LiveOne said it had 800,000 ad-supported users as of the same date, for a total of 2.6 million users.

Then the superiors reiterated that LiveOne had “strategically chosen to delay any new live or pay-per-view events until the end of its fiscal year” on March 31, 2024, instead using “its capital and resources to bolster its balance sheet, buy back shares and focus on growing its profitable business.

Looking forward to 2023, company officials have doubled down on their intention to file a S-1 launch PodcastOne by Thursday, December 15; the podcast offering reportedly claimed a “unique monthly U.S. audience” that “surpassed 6.7 million in September 2022.”

Additionally, CEO Rob Ellin during his company tour earnings call predicted that LiveOne could attract 10 million subscribers and achieve $1 billion in revenue and $150 million in EBITDA “over a five-year period”.

Finally, LiveOne also took the opportunity to announce that its board of directors had expanded an existing share buyback program by allocating an additional $2 million to repurchase common stock ahead of the December 31, 2023 expiration date. The value of LiveOne stock rose 4.1% during today’s trading hours to end at 76 cents per share.

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