LiveOne Reports Revenue Growth, Narrowing Losses in Latest Quarter

LiveOne, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved revenue of $32.6 million for the three months ended September 30, 2024, an increase from $28.5 million in the same period of 2023. For the six months ended September 30, 2024, revenue rose to $65.7 million, compared to $56.3 million in the prior year. This growth was driven primarily by an increase in Membership Services revenue, which reached $19.5 million for the three months ended September 30, 2024, up from $16.4 million in 2023. Advertising revenue also saw an increase, totaling $12.3 million for the latest quarter, compared to $10.7 million a year earlier.

Despite the revenue growth, total operating expenses increased to $34.0 million for the three months ended September 30, 2024, from $31.0 million in the same period of 2023. Consequently, the company reported a loss from operations of $1.4 million for the latest quarter, an improvement from a loss of $2.5 million in the prior year. The net loss for the three months ended September 30, 2024, was $2.3 million, significantly reduced from $7.9 million in the same quarter of 2023. For the six-month period, the net loss decreased to $3.9 million from $8.4 million in the previous year.

As of September 30, 2024, LiveOne's cash and cash equivalents stood at $11.1 million, up from $7.1 million as of March 31, 2024. Total current assets increased to $29.0 million, compared to $24.3 million at the end of the previous fiscal period. However, total current liabilities also rose to $51.3 million from $46.8 million, resulting in a working capital deficiency of $22.3 million.

The company’s stockholders’ deficit improved to $(4.7 million) as of September 30, 2024, from $(8.7 million) as of March 31, 2024. Total equity increased to $5.8 million, up from $1.6 million in the previous period. LiveOne has expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for executing its growth strategy and raising additional funds.

Strategically, LiveOne entered into a Sales Agreement with Roth Capital Partners in May 2024 to raise up to $25 million through common stock offerings, although no shares have been sold under this agreement as of the filing date. The company continues to navigate uncertain market conditions that may impact its ability to access capital and retain key personnel.