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PodcastOne, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $12.2 million from $10.5 million in the same quarter the previous year. The increase is attributed to growth in barter revenue and advertising inventory.
Cost of sales for the quarter was $11.1 million, representing 92% of revenue, compared to 86% in the same quarter of the previous year. This increase in cost ratio is in line with revenue growth.
The company reported a net loss of $1.7 million for the quarter, compared to a net loss of $10.9 million in the previous year. The decrease in net loss is primarily due to the absence of significant other expenses related to derivatives and interest.
Sales and marketing expenses decreased to $0.9 million from $1.5 million, primarily due to reduced advertising spending.
General and administrative expenses increased to $1.4 million from $1.2 million, largely due to additional costs for stock-based compensation.
Amortization of intangible assets increased to $0.3 million from $0.2 million, attributed to the acquisition of certain podcasts.
PodcastOne had a working capital of $0.7 million as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing also details related party transactions with LiveOne, Inc. (LVO-4.11%), including expenses allocated to PodcastOne and a related party payable of $0.9 million.
PodcastOne continues to focus on expanding its slate of original programming and acquiring exclusive rights to certain podcasts.
The company has identified substantial doubt about its ability to continue as a going concern within one year from the filing date, citing the need for additional financing.
The filing outlines various risk factors, including significant operating and net losses, dependence on LiveOne for financing, and potential impacts of new technologies and regulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PodcastOne Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.