LiveOne reports Q2 EPS (4c), consensus (4c)

Reports Q2 revenue $23.5M, consensus $26.13M. Paid members as of November 9, 2022 increased to 1.8 million, a net increase of approximately 209,000 as compared to June 30, 2022. Total members as of November 9, 2022 were 2.6 million. LiveOne’s CEO and Chairman, Robert Ellin, commented, "The momentum in LiveOne’s audio business, which includes Slacker Radio and PodcastOne, continues to experience growth of paid members through partnerships, including Tesla, as well as an increase in advertising and sponsorships. We expect our audio business to collectively achieve revenue in excess of $80 million in Fiscal 2023 and generate more than $16 million in Adjusted EBITDA. Over the past year, we have successfully reduced costs and overhead by an expected $25 million on an annual basis while focusing on the operating performance of our audio division. A significant part of our strategy is a decision to forgo any live tentpole and pay-per-view events until Fiscal 2024, which has resulted in a lowering of expected Fiscal 2023 revenue to between $100 million and $110 million. These measures will allow us to utilize our capital and resources to strengthen our balance sheet, buyback stock and focus on the growth of our profitable businesses."