LiveOne Revenue Up, Loss Narrows In Fiscal Fourth Quarter 2022

Q4 Numbers

LIVEONE fiscal fourth quarter 2022 revenue rose 11% year-over-year to $23.4 million, but sustained a net loss of $8.8 million, narrowing from $15.4 million in 2021. Adjusted EBITDA loss widened from $2.4 million to $4.8 million. The company previously announced "additional cost and expense reductions from both operations and corporate overhead" and has settled about $5.5 million in payables and short-term liabilities for fiscal 2023 first quarter, and is "continuing a process to explore strategic alternatives in order to enhance shareholder value," but is maintaining its guidance for fiscal 2023 of revenue between $125 million and $140 million and Adjusted EBITDA of between $5 million and $10 million.

The company, which reports subscribers in the aggregate, said that its paid subscriber base increased by about 510,000 year-to-year to 1.58 million.

Chairman/CEO ROB ELLIN said, "The momentum in LIVEONE's audio business, which includes SLACKER RADIO and PODCASTONE, continues to improve as a result of continued growth of paid members through partnerships, including TESLA, as well as an increase in advertising and sponsorships. We currently expect those two subsidiaries to collectively achieve revenue in excess of $80 million in Fiscal 2023.

"We have strategically pivoted and aggressively reduced costs and overhead by more than $23 million on an annual basis, which has allowed us to accelerate our path and timeline to achieve positive adjusted EBITDA. I am excited to report that we expect adjusted EBITDA between $0.5 million and $1 million in the current quarter ending JUNE 30, 2022, and between $5 million and $10 million for Fiscal 2023."

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