LiveOne Reports Record First Six Months Fiscal 2023 Adjusted EBITDA* of $6.4 Million and Revenue of $46.8 Million
LiveOne ( Nasdaq: LVO ), an award-winning, creator-first, music, entertainment, and technology platform, announced today Its operating results for the second quarter (“Q2 Fiscal 2023”) and first six months ended September 30, 2022
LOS ANGELES--(BUSINESS WIRE)--Nov 10, 2022--
LiveOne ( Nasdaq: LVO ), an award-winning, creator-first, music, entertainment, and technology platform, announced today Its operating results for the second quarter (“Q2 Fiscal 2023”) and first six months ended September 30, 2022.
In the first six months ended September 30, 2022 (“1H Fiscal 2023”), LiveOne posted consolidated revenue of $46.8 million, as well as Contribution Margin* of $9.8 million. LiveOne posted a net loss of $2.1 million on a consolidated basis, or $(0.02) per diluted share for the same period. LiveOne’s Adjusted EBITDA* in 1H Fiscal 2023 was a record $6.4 million. In 1H Fiscal 2023, LiveOne extinguished approximately $16 million of payables. LiveOne ended the Q2 Fiscal 2023 with $7.4 million in cash and $25.4 million in short-term assets.
As part of LiveOne's 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 $25 million in its fiscal year ending March 31, 2023 (“Fiscal 2023”).
