Press Release: LiveOne (Nasdaq: LVO) Reports Q2 Fiscal 2025 Results

Dow Jones
2024-11-07
   Notes payable, net                               431         771 
   Other long-term liabilities                    9,317       9,354 
   Deferred income taxes                            339         339 
                                             ----------    -------- 
Total Liabilities                                61,359      57,306 
                                             ----------    -------- 
 
Commitments and Contingencies 
 
Mezzanine Equity 
   Redeemable convertible preferred 
    stock, $0.001 par value; 100,000 
    shares authorized; none and 5,000 
    shares issued and outstanding as of 
    September 30, 2024 and March 31, 
    2024, respectively                                -       4,962 
Stockholders' Equity (Deficit) 
     Preferred stock, $0.001 par value; 
      10,000,000 shares authorized; 
      13,187 and 18,814 shares issued 
      and outstanding as of September 
      30, 2024 and March 31, 2024, 
      respectively                               13,187      18,814 
     Common stock, $0.001 par value; 
      500,000,000 shares authorized; 
      94,578,077 and 88,627,420 shares 
      issued and outstanding as of 
      September 30, 2024 and December 
      31, 2024, net of treasury shares, 
      respectively                                   95          92 
     Additional paid in capital                 230,933     216,116 
     Treasury stock                                (250)     (4,782) 
     Accumulated deficit                       (248,623)   (238,984) 
                                             ----------    -------- 
Total LiveOne's Stockholders' Deficit            (4,658)     (8,744) 
     Non-controlling interest                    11,242      10,339 
                                             ----------    -------- 
Total equity (deficit)                            6,584       1,595 
                                             ----------    -------- 
Total Liabilities, Mezzanine Equity and 
 Stockholders' Equity (Deficit)           $      67,943   $  63,863 
                                             ----------    -------- 
 
 
 
                                             LiveOne , Inc. 
                            Reconciliation of Non-GAAP Measure to GAAP Measure 
                               Adjusted EBITDA* Reconciliation (Unaudited) 
                                              (In thousands) 
 
                                                             Non- 
                                                           Recurring 
                                                          Acquisition 
                 Net      Depreciation                        and        Other     (Benefit) 
               Income         and         Stock-Based     Realignment   (Income)   Provision    Adjusted 
                                                                        Expense 
               (Loss)     Amortization    Compensation     Costs (1)      (2)      for Taxes    EBITDA* 
              ---------  --------------  --------------  -------------  --------  -----------  ---------- 
Three 
Months 
Ended 
September 
30, 2024 
Operations 
 -- 
 PodcastOne   $ (1,669)    $        394     $       861    $         -  $     -     $     11   $  (403) 
Operations 
 -- Slacker      3,866              743             526             30      642            -     5,807 
Operations 
 -- Media       (1,687)             214             198            404       30            -      (841) 
Corporate       (2,827)               2             706            207      254          (20)   (1,678) 
               -------   ---  ---------  ----  --------  ---  --------   ------   ---  -----    ------ 
Total         $ (2,317)    $      1,353     $     2,291    $       641  $   926     $     (9)  $ 2,885 
               -------   ---  ---------  ----  --------  ---  --------   ------   ---  -----    ------ 
 
Three 
Months 
Ended 
September 
30, 2023 
Operations 
 -- 
 PodcastOne   $(10,873)    $        253     $       854    $       413  $ 9,447     $      -   $    94 
Operations 
 -- Slacker      2,250              694             998            742      354            -     5,038 
Operations 
 -- Media        3,168              294             178            107   (4,308)           -      (561) 
Corporate       (2,472)               3             686             78      (60)         (21)   (1,786) 
               -------   ---  ---------  ----  --------  ---  --------   ------   ---  -----    ------ 
Total         $ (7,927)    $      1,244     $     2,716    $     1,340  $ 5,433     $    (21)  $ 2,785 
               -------   ---  ---------  ----  --------  ---  --------   ------   ---  -----    ------ 
 
 
                                                             Non- 
                                                           Recurring 
                                                          Acquisition 
                                                              and        Other     (Benefit) 
                 Net      Depreciation 
               Income         and         Stock-Based     Realignment   (Income)   Provision    Adjusted 
                                                                        Expense 
               (Loss)     Amortization    Compensation     Costs (1)      (2)      for Taxes    EBITDA* 
              ---------  --------------  --------------  -------------  --------  -----------  ---------- 
Six Months 
Ended 
September 
30, 2024 
Operations 
 -- 
 PodcastOne   $ (3,036)     $     1,013     $     1,254    $        38  $     -      $     11  $  (720) 
Operations 
 -- Slacker      7,218            1,493           1,032            176    1,313             -   11,231 
Operations - 
 Media          (3,077)             431             517            600       60             -   (1,469) 
Corporate       (4,980)               3           1,188            229      276            29   (3,254) 
               -------   ----  --------  ----  --------  ---  --------   ------   ----  -----   ------ 
Total         $ (3,875)     $     2,940     $     3,991    $     1,043  $ 1,649      $     40  $ 5,788 
               -------   ----  --------  ----  --------  ---  --------   ------   ----  -----   ------ 
 
Six Months 
Ended 
September 
30, 2023 
Operations 
 -- 
 PodcastOne   $(11,083)     $       339     $       938    $       719  $ 9,850      $      -  $   763 
Operations 
 -- Slacker      5,831            1,408           1,214            874      102             -    9,429 
Operations - 
 Media           2,392              543             213            133   (4,952)            -   (1,671) 
Corporate       (5,562)               8           1,229            130      610            58   (3,527) 
               -------   ----  --------  ----  --------  ---  --------   ------   ----  -----   ------ 
Total         $ (8,422)     $     2,298     $     3,594    $     1,856  $ 5,610      $     58  $ 4,994 
               -------   ----  --------  ----  --------  ---  --------   ------   ----  -----   ------ 
 
 
  (1  )    Non-Recurring Acquisition and Realignment Costs include 
            non-cash GAAP purchase accounting adjustments for 
            certain deferred revenue and costs, legal, accounting 
            and other professional fees directly attributable 
            to acquisition activity, employee severance payments 
            and third party professional fees directly attributable 
            to acquisition or corporate realignment activities, 
            and certain non-recurring expenses associated with 
            legal settlements or reserves for legal settlements 
            in the period that pertain to historical matters that 
            existed at acquired companies prior to their purchase 
            date 
 
 
  (2  )    Other (income) expense above primarily includes interest 
            expense and change in fair value of derivative liabilities. 
            These are included in the statement of operations 
            in other income (expense) and are an add back to net 
            loss above in the reconciliation of Adjusted EBITDA* 
            to loss. 
 
 
  *  See the definition of Adjusted EBITDA under "About 
      Non-GAAP Financial Measures" within this release. 
 
 
                           LiveOne , Inc. 
         Reconciliation of Non-GAAP Measure to GAAP Measure 
           Contribution Margin* Reconciliation (Unaudited) 
                           (In thousands) 
 
                                                Three Months Ended 
                                                  September 30, 
                                              ---------------------- 
                                                2024        2023 
                                              ---------  ----------- 
 
Revenue:                                      $ 32,594   $ 28,528 
Less: 
Cost of sales                                  (24,518)   (20,547) 
Amortization of developed technology              (691)      (726) 
                                               -------    ------- 
   Gross Profit                                  7,385      7,255 
 
Add back amortization of developed 
 technology:                                       691        726 
                                               -------    ------- 
   Contribution Margin*                       $  8,076   $  7,981 
                                               =======    ======= 
 
 
                                                 Six Months Ended 
                                                  September 30, 
                                              ---------------------- 
                                                2024        2023 
                                              ---------  ----------- 
 
Revenue:                                      $ 65,672   $ 56,295 
Less: 
Cost of sales                                  (49,605)   (39,748) 
Amortization of developed technology            (1,466)    (1,473) 
                                               -------    ------- 

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November 07, 2024 08:00 ET (13:00 GMT)

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