LiveOne (Nasdaq: LVO) Reports Record Fiscal Year 2024 Financial Results

https://finance.yahoo.com/news/liveone-nasdaq-lvo-reports-record-120000729.html

NewMediaWire
Thu, May 30, 2024, 5:00 AM PDT16 min read

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LVO
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Record Revenue of $118.4M, an Increase of 19% from Prior Year

Record Adjusted EBITDA* (excluding CPS division) of $14.1M

Consolidated Q4 FY 2024 Highlights:

Revenue of $30.9M an Increase of 21% from Prior Year

Adjusted EBITDA* (excluding CPS division) of $4.4M, an Increase of 124% from Prior Year

FY 2025 Guidance:

Consolidated Revenue Guidance of $140M – $155M

Adjusted EBITDA* of $16M – $20M

Audio Division (Slacker Radio and PodcastOne (Nasdaq: PODC)) FY 2024 Highlights:

Record Revenue of $109.3M, an Increase of 26% from Prior Year

Record Adjusted EBITDA* of $20.6M, an Increase of 17% from Prior Year

Audio Division Guidance for FY 2025

Revenue of $130M – $140M

Adjusted EBITDA* of $20M – $25M

LiveOne Has Repurchased 4.3 Million Total Shares, Including 392k Since April 1st, at an Average Price of $1.86, Leaving $4.5M of Its $10M Repurchase Program Remaining

Special Shareholders Call: Senior Management to Host a Special Shareholders Call on Wednesday, June 5, 2024 at 10:00 A.M. ET

LOS ANGELES, CA – (NewMediaWire) – May 30, 2024 – LiveOne (Nasdaq: LVO), an award-winning, creator-first, music, entertainment, and technology platform, announced today its operating results for the fourth fiscal quarter (“Q4 Fiscal 2024”) and fiscal year ended March 31, 2024 (“Fiscal 2024”).

LiveOne’s CEO and Chairman, Robert Ellin, commented, “I am thrilled to announce that our company has achieved record revenues for the Fiscal 2024! This incredible accomplishment is a testament of our commitment to excellence and our unwavering creator first platform focused on superfans.” Ellin continued, “I am particularly proud of our efforts in cost-cutting initiatives, which have played a significant role in our financial achievements. By optimizing our resources and finding innovative solutions to streamline operations, we have not only enhanced our bottom line but also strengthened our competitive position in the market and delivered results to our shareholders.”

Recent and Q4 Fiscal 2024 Highlights

Paid members as of March 31, 2024 increased 675K or 30%, as compared to the prior year. Total members including free ad-supported memberships was approximately 3.75 million at May 25, 2024.**

PodcastOne was ranked 12th in Podtrac’s Podcast Industry Top Publishers Rankings for April 2024 with a U.S. Unique Monthly Audience of ~5.7 million and Global Downloads and Streams of ~19.1 million.

As previously announced with the assistance of J.P. Morgan, LiveOne is continuing a process to explore strategic alternatives to enhance shareholder value. Potential alternatives may include, among others, a strategic acquisition, divestiture, merger, sale or other form of business combination. There can be no assurance that LiveOne’s efforts will result in a specific transaction or any particular outcome or its timing.

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Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: LiveOne’s reliance on one key customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the spin-out of LiveOne’s pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its listeners; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of LiveOne and/or its other subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Special Financial Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2023, Quarterly Report on Form 10-Q for the quarter year ended December 31, 2023, filed with the SEC on February 13, 2024, and in PodcastOne’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and PodcastOne disclaims any obligation to update these statements, except as may be required by law. PodcastOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. On December 18, 2023, and ending December 18, 2024, Liviakis Financial Communications, Inc. (LFC) was retained by LiveOne, Inc. in various consulting capacities including strategic management planning, investor relations and other business development responsibilities. LFC was compensated four hundred ninety thousand (490,000) shares of stock for this contract. Officers and employees of LFC will buy or sell shares in LiveOne, Inc. prior, during or after this release. LFC advises LiveOne, Inc. but does not provide investment advice. LFC is not a registered investment advisor or broker-dealer. All material provided regarding LiveOne, Inc. including, but not limited to its history, corporate status, and other developments was prepared using information approved and signed off by LiveOne, Inc. management as approved for public dissemination. Although the information contained herein is believed to be reliable, LFC makes no warranties as to the accuracy of the description of any of the content herein and accepts no liability for how readers may choose to utilize it.

** Included in the total number of paid members for the reported periods are certain members which are the subject of a contractual dispute. LiveOne is currently not recognizing revenue related to these members.

LiveOne IR Contact:
Liviakis Financial Communications, Inc
(415) 389-4670
john@liviakis.com

Press Contact:
LiveOne
press@liveone.com