In This Story
PodcastOne Inc. (PODC) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details PodcastOne's financial performance, including a revenue increase to $12.7 million for the quarter, up from $10.4 million in the same quarter the previous year. This growth is attributed to an increase in barter revenue and advertising inventory.
Cost of sales for the quarter was $11.98 million, representing 94% of sales, compared to 90% in the same quarter of the previous year.
The company reported a net loss of $1.58 million for the quarter, compared to a net loss of $2.6 million in the previous year.
PodcastOne's operating expenses included $0.9 million in sales and marketing, $9,000 in product development, and $1.28 million in general and administrative costs for the quarter.
The company recorded an impairment charge of $0.18 million related to intangible assets during the nine months ended December 31, 2024.
PodcastOne's cash and cash equivalents amounted to $0.6 million as of December 31, 2024, with a working capital of $1.0 million.
The filing indicates that PodcastOne is seeking additional financing to support its operations and meet obligations, with no assurance of obtaining such financing on favorable terms.
PodcastOne's parent company, LiveOne, has significant indebtedness, including an ABL Credit Facility and a Capchase Loan, which could impact PodcastOne's operations if LiveOne fails to comply with its debt covenants.
PodcastOne's 2022 Equity Incentive Plan and recent stock-based compensation activities are detailed, with $1.97 million in stock-based compensation recorded for the nine months ended December 31, 2024.
The filing also outlines recent agreements, including a three-year Enterprise Service and Advertising Agreement with ART19 LLC, expected to generate significant revenue over the term.
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 February 14, 2025. To report an error, please email earnings@qz.com.