In This Story
LiveOne, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Revenue for the quarter was $32.6 million, up from $28.5 million in the same quarter the previous year, primarily driven by growth in membership and advertising revenue.
Membership revenue increased by 19% to $19.5 million, while advertising revenue rose by 15% to $12.3 million. Merchandising revenue decreased by 36% to $0.8 million.
Cost of sales for the quarter increased to $24.5 million from $20.5 million in the previous year, with the rise attributed to higher membership and advertising costs.
Operating expenses were $34.0 million, compared to $31.0 million in the previous year. The increase was primarily due to higher general and administrative expenses.
The company reported a net loss of $2.3 million for the quarter, compared to a net loss of $7.9 million in the previous year.
Adjusted EBITDA for the quarter was $2.9 million, reflecting improvements in operating efficiency.
LiveOne ended the quarter with approximately 3.1 million paid members, representing a 27% increase from the previous year.
The company announced an amended relationship with its largest OEM customer, effective December 1, 2024, allowing for direct subscriptions to its LiveOne music app.
LiveOne continues to focus on expanding its service offerings and improving its financial performance through strategic initiatives and partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LiveOne Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.