LiveOne raises FY23 cost savings view to over $30M

LiveOne announced that as part of its focus on generating cash from operations on a consolidated basis, LiveOne is implementing additional cost and expense reductions from both operations and corporate overhead, which is anticipated to increase the previously implemented annual cost savings to a total of over $30M in its fiscal year ending March 31, 2023. Separately, LiveOne increased its previous guidance for consolidated positive Adjusted EBITDA to between $9.5M-$12M for Fiscal 2023 ending March 31, 2023. LiveOne recently increased guidance for its Audio Division consisting of Slacker Radio and PodcastOne to between $17.5M-$19M in positive Adjusted EBITDA without corporate overhead expense allocation for its fiscal year ending March 31, 2023. LiveOne’s current cash balance is $8.4M and short-term assets are $25M. LiveOne’s CEO and Chairman, Robert Ellin, commented, "Over the past year, we have successfully reduced costs and overhead by an expected $30M on an annual basis while focusing on the operating performance of our Audio Division. These measures will allow us to continue to strengthen our balance sheet, buyback stock and focus on the growth of our profitable businesses."