LiveOne (NASDAQ: LVO) Announces Milestone Revenues
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Insights
The reported figures for LiveOne, Inc. indicate a significant increase in revenue for their Audio Division, with a 25% year-over-year growth and a record quarterly revenue of over $27 million. This growth trajectory is noteworthy for investors as it suggests a robust demand for the company's audio products and services. The expansion of their partnership with Tesla to include the Truck Division may signal an opportunity for further revenue streams and diversification of their business model.
However, the financial health of the company must also be scrutinized. With $11 million in cash and $28 million in short-term assets, liquidity appears to be sufficient in the short term. Yet, these figures should be evaluated in the context of the company's operating expenses, debt obligations and investment needs to maintain growth momentum. Investors should also consider the potential impact of these preliminary results on the company's stock price, as strong financial performance often leads to positive market reactions.
The record revenue in the Audio Division and the expansion of the partnership with Tesla, particularly in the Truck Division, may reflect a strategic alignment with the growing electric vehicle (EV) market and the demand for enhanced in-vehicle entertainment systems. This association with a market leader like Tesla could enhance LiveOne's brand reputation and market share. However, the reliance on a single partnership for significant revenue growth could carry risks if the partnership faces challenges or if Tesla's business encounters a downturn.
It is also important for stakeholders to consider market trends and consumer behavior. The audio entertainment industry is facing increased competition from streaming services and tech companies investing in audio products. LiveOne's ability to innovate and offer competitive services will be crucial for sustaining growth and market position.
The emphasis on the preliminary and unaudited nature of the financial results is a critical point for stakeholders. The forward-looking statements come with legal disclaimers that highlight potential risks and uncertainties. These disclaimers are standard practice to protect the company from legal repercussions should the actual financial results differ from these preliminary figures. Stakeholders must be aware that the final audited results could materially adjust the outlook presented, which could affect investment decisions.
Furthermore, the expansion of the partnership with Tesla must be accompanied by due diligence on contractual obligations, intellectual property rights and regulatory compliance, especially if it involves new product lines or markets. These legal aspects could have significant implications for the company's operations and financials in the long term.
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- Record
- Record Q3 Audio Division Revenue of
- Expands Partnership with Telsa to include Truck Division
- LVO currently has approximately
LOS ANGELES, CA, Jan. 16, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – LiveOne, Inc. (NASDAQ: LVO)
The select anticipated financial results discussed in this press release are based on management's preliminary unaudited analysis of financial results Q3 Fiscal 2024. As of the date of this press release, LiveOne has not completed its financial statement reporting process for Q3 Fiscal 2024, and LiveOne's independent registered accounting firm has not audited the preliminary financial results discussed in this press release. During the course of LiveOne's quarter-end closing procedures and review process, LiveOne may identify items that would require it to make adjustments, which may be material, to the information presented above. The estimated preliminary unaudited financial results contained in this press release are based only on currently available information as of the date hereof. As a result, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary financial results, and are not guarantees of future performance and may differ from actual results.
About LiveOne
Headquartered in Los Angeles, California, LiveOne, Inc. (Nasdaq: LVO) (the “Company”) is an award-winning, creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company's subsidiaries include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, Palm Beach Records, CPS, LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR’s OTT applications. For more information, visit liveone.com and follow us on Facebook, Instagram, TikTok, YouTube and Twitter at @liveone. For more investor information, please visit ir.liveone.com.
About PodcastOne
PodcastOne (Nasdaq: PODC) is a Los Angeles based podcast network founded in 2012 by Kit Gray and Norm Pattiz providing creators and advertisers with a full 360-degree solution in sales, marketing, public relations, production, and distribution delivering over 2.1 billion downloads per year with a community of 250 of the top podcasters, including Adam Carolla, Kaitlyn Bristowe, Jordan Harbinger, LadyGang, and A&E's Cold Case Files. PodcastOne has built a distribution network reaching over 1 billion listeners a month across all of its own properties, LiveOne (Nasdaq: LVO), Spotify, Apple Podcasts, iHeartRadio, Samsung and over 150 shows exclusively available in Tesla vehicles. PodcastOne is also the parent company of LaunchpadOne, an innovative self-serve platform developed to launch, host, distribute and monetize independent user-generated podcasts. For more information, visit podcastone.com and follow us on Facebook, Instagram, YouTubeand Twitter at @podcastone.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid members; the Company identifying, acquiring, securing and developing content; the Company’s intent to repurchase shares of its and PodcastOne’s common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company’s ability to maintain compliance with certain debt covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 29, 2023, Quarterly Report on Form 10-Q for the quarter year ended September 30, 2023, filed with the SEC on November 20, 2023, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
LiveOne IR Contact:
Liviakis Financial Communications, Inc.
(415) 389-4670
john@liviakis.com
Press Contact:
For LiveOne
press@liveone.com
For PodcastOne
310.246.4600
Susan@Guttmanpr.com
FAQ
What were LiveOne, Inc.'s financial results for Q3 FY 2024?
What was the revenue for the Audio Division in the first 9 months of FY 2024?
What was the Q3 revenue for the Audio Division?
What partnership did LiveOne, Inc. expand?
How much cash and short-term assets does LiveOne currently hold?
Is LiveOne's financial data for Q3 FY 2024 audited?
