LiveOne (LVO) investor relations material

Executive summary

• Revenue for the nine months ended December 31, 2025 was $58.2 million, down from $95.1 million in the prior year, mainly due to a change in terms with the largest OEM customer and lower Slacker revenues.

• Q3 revenue was $20.3 million, down from $29.4 million year-over-year, but marked a significant inflection point in business performance.

• Operating expenses reduced by over 52% year-over-year, with headcount streamlined from 350 to 88, leveraging AI for efficiency.

• Net loss for the nine months ended December 31, 2025 was $13.7 million, compared to $9.5 million in the prior year period.

• The company faces substantial doubt about its ability to continue as a going concern due to recurring losses, negative cash flow, and a working capital deficiency of $18.1 million.

Financial highlights

• Q3 consolidated revenue: $20.3 million; audio division revenue: $18.6 million; PodcastOne revenue: $15.9 million.

• Q3 adjusted EBITDA: $2.6 million for audio division, $2.8 million for PodcastOne, negative $0.1 million for Slacker.

• Q3 operating loss improved to ($2.0 million) from ($5.1 million) year-over-year; net loss for Q3 was ($4.1 million), compared to ($5.6 million) in the prior year.

• Cash and cash equivalents at quarter-end were $8.6 million.

• Advertising revenue grew 20% year-over-year to $46.0 million, offsetting some membership revenue decline.

Outlook and guidance

• Fiscal 2026/2027 guidance: $85 million–$95 million+ in revenue and $8 million–$10 million+ in adjusted EBITDA, with guidance described as conservative.

• Three major B2B partnerships with Fortune 500 companies are signed and expected to launch by year-end, with ramping revenue expected in the following fiscal year.

• Management plans to continue investing in product development, technology, and international expansion.

• Over $125 million in net operating loss carryforwards to support future tax efficiency.

• The company is exploring additional capital raising options, including equity and debt offerings.