PodcastOne, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which operates as an ad-supported podcast network, achieved a revenue of $12.2 million for the three months ended September 30, 2024, marking a 16% increase from $10.5 million in the same period of 2023. For the six months ended September 30, 2024, total revenue reached $25.3 million, a 20% increase compared to $21.2 million for the same period in the previous year.
Despite the revenue growth, PodcastOne reported a net loss of $1.7 million for the third quarter of 2024, an improvement from a net loss of $10.9 million in the same quarter of 2023. For the six-month period, the net loss was $3.0 million, significantly reduced from $11.1 million in the prior year. The company’s operating expenses also increased, totaling $13.8 million for the third quarter and $28.3 million for the six months, up from $11.9 million and $22.4 million, respectively, in the previous year.
The increase in revenue was primarily driven by a rise in advertising revenue, which reached $6.0 million in Q3 2024, compared to $3.6 million in Q3 2023. Barter revenue also saw a substantial increase, totaling $12.0 million for the six months ended September 30, 2024, up from $7.7 million in the same period of 2023. However, the cost of sales rose to $11.1 million for the third quarter, reflecting a 23% increase from the previous year.
As of September 30, 2024, PodcastOne's total assets were $23.1 million, down from $24.1 million as of March 31, 2024. The company reported cash and cash equivalents of $1.4 million, a slight decrease from $1.5 million at the end of the previous fiscal period. The accumulated deficit increased to $32.6 million, and working capital stood at $0.7 million.
Strategically, PodcastOne is focusing on expanding its original programming and pursuing additional podcast acquisitions, including exclusive rights to several true crime podcasts for potential television and film projects. The company is also seeking additional financing sources to maintain operations, as management anticipates that existing cash resources will be insufficient beyond November 2025.
Overall, while PodcastOne has shown improvement in revenue and reduced net losses, it continues to face challenges related to operating expenses and the need for additional liquidity to support its business operations.
About PodcastOne, Inc.
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