LiveOne Inc, formerly LiveXLive Media Inc, is a premium internet network devoted to live music and music-related video content. The company has been building an online destination for music fans to enjoy live performances from music venues and music festivals around the world, such as Rock in Rio, Outside Lands Music and Arts Festival, and Hangout Music Festival, as well as original content, artist exclusives, and industry interviews. The Company operates mainly through two segments, Audio and Media, with a majority of its revenue derived from the Audio segment.
Performance Overview
For the fourth fiscal quarter ended March 31, 2024, LiveOne Inc (LVO, Financial) reported revenue of $30.9 million, surpassing the analyst estimate of $30.44 million. This represents a significant increase from the $25.5 million reported in the same period last year. However, the company posted a net loss of $2.65 million, translating to a loss per share of $0.03, which missed the analyst estimate of -$0.01 per share.
Financial Achievements and Challenges
LiveOne Inc (LVO, Financial) achieved record revenues for Fiscal 2024, totaling $118.44 million, up from $99.61 million in Fiscal 2023. Despite this growth, the company continues to face challenges with profitability, reporting a net loss of $13.31 million for the year, compared to a net loss of $10.02 million in the previous year.
"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," said Robert Ellin, CEO and Chairman of LiveOne Inc.
Income Statement Highlights
| Metric | Q4 Fiscal 2024 | Q4 Fiscal 2023 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|---|
| Revenue | $30.9 million | $25.5 million | $118.44 million | $99.61 million |
| Operating Income (Loss) | ($1.16 million) | ($0.86 million) | ($4.67 million) | ($2.18 million) |
| Net Income (Loss) | ($2.65 million) | ($5.41 million) | ($13.31 million) | ($10.02 million) |
| Adjusted EBITDA | $2.78 million | $1.50 million | $10.98 million | $10.93 million |
Balance Sheet and Cash Flow
As of March 31, 2024, LiveOne Inc (LVO, Financial) reported total assets of $63.78 million, slightly down from $65.89 million as of March 31, 2023. The company's cash and cash equivalents stood at $6.99 million, compared to $8.41 million in the previous year. Total liabilities were $56.95 million, a decrease from $62.07 million in the prior year.
Analysis and Outlook
LiveOne Inc (LVO, Financial) continues to demonstrate strong revenue growth, driven primarily by its Audio segment. However, the company faces ongoing challenges in achieving profitability, as evidenced by its net losses. The increase in operating expenses, particularly stock-based compensation, has impacted the bottom line. Nevertheless, the improvement in Adjusted EBITDA indicates that the company is making strides in optimizing its operations and cost structure.
Investors will be keen to see how LiveOne Inc (LVO, Financial) navigates these challenges and leverages its strong revenue growth to achieve sustainable profitability in the future.
Explore the complete 8-K earnings release (here) from LiveOne Inc for further details.
