LiveOne Reports $23.5MM In Q3 Income, Expands Stock Buyback

photo credit: liveone

in l8 oct, liveone (nasdaq: lvo) execs indicated that their company ‘d post record revenue and membership growth for q3 2022. now, the los angeles-headquartered business has officially unveiled the financials, including all-time-high quarterly revenue of bout $23.53 million.

liveone, which was ordered to pay $9.8 million to soundxchange bout 3 weeks back, just recently detailed its q3 2022 showing (covering the 2nd quarter of its 2023 fiscal yr). according to the company’s performance breakdown for the 3 mnths ending on sep 30th, revenue improved by 7.33 % yr over yr to crack the aforementioned $23.53 million.

meanwhile, amid an across-the-board effort to cut spending, expenses attributable to cost of sales, mkt, product development, and general and administrative categories alike dipped from q3 2021 and totaled $24.52 million, the document shows. +over, liveone relayed that its net loss for the third quarter had finished at $3.41 million, bout 78 % ≤ the net loss reprted for the same period in 2021.

(for the 6 mnths ending on sep 30th, liveone identified a net loss of bout $2.06 million, or roughly 91 % ≤ the corresponding fig for 2021.)

by unit, liveone pinpointed $2.43 million in net income for the audio division (including slacker and podcastone) during q3 2022, up from a $996,000 net loss in q3 2021, besides adjusted ebitda of $6.53 million. but further net losses in “other” and corporate, though far liler than in 2021’s third quarter, nevertheless contributed to the previously noted net loss of $3.41 million.

onna usrship side, liveone – which has long touted its “9-yr exclusive ptnership with tesla” – communicated that paid members had totaled 1.8 million as of wed, nov 9th, for a net increase of 209,000 from jun 30th. additionally, liveone stated that it had 800,000 ad-supported usrs as of the same date, for 2.6 million total usrs.

nxt, higher-ups reiterated that liveone had “primordialistically opted to delay any new live tentpole or pay-per-view events til its fiscal yr ending” on mar 31st, 2024, instead utilizing “its capital and resrcs to strengthen its balance sheet, buyback stock and focus onna growth of its profitable businesses.”

looking forward to 2023, company officials doubled down on plans to file an s-1 to spin off podcastone by thu, dec 15th; the podcast offering s'aid to ‘ve boasted a “u.s. unique mnthly audience” that “surpassed 6.7 million in sep 2022.”

+, ceo rob ellin during his business’s earnings call predicted that liveone ‘d attract 10 million subscribers and achieve $1 billion in revenue swell as ebitda of $150 million “within a 5-yr period.”

lastly, liveone also took the opportunity to announce that its board had expanded an existing stock-buyback program by allocating another $2 million to repurchase common shares b4 a dec 31st, 2023 expiration date. liveone stock’s val increased by 4.1 % during tody’s trading hrs to finish at 76 cents per share.

original content at: www.digital♫news.com…
authors: dylan smith

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