Fubotv earnings beat by $0.10, revenue topped estimates
LiveOne Inc., a digital media company with a market capitalization of $84.24 million, reported its financial results for the fourth quarter of 2025, revealing a mixed performance that included a significant earnings miss and a decline in revenue. The company’s stock responded with a notable drop of 16.81% in pre-market trading, although it showed signs of recovery with a 1.65% increase later. The actual earnings per share (EPS) came in at -$0.08, falling short of the forecasted -$0.0416, while revenue reached $19.3 million, below the expected $24.02 million. According to InvestingPro analysis, the stock currently shows several concerning signals, with 10 key investment tips available for subscribers looking to make informed decisions about this volatile stock.
Key Takeaways
- LiveOne’s Q4 EPS was -$0.08, missing forecasts by 92.31%.
- Revenue came in at $19.3 million, a 19.69% miss from expectations.
- Stock price fell 16.81% post-earnings but showed a 1.65% recovery.
- The company is expanding its podcast network and AI initiatives.
- LiveOne faces challenges with a significant net loss and market uncertainties.
Company Performance
LiveOne Inc.’s performance in the fourth quarter of 2025 highlighted both opportunities and challenges. The company’s consolidated revenue for the quarter was $19.3 million, contributing to a full-year revenue of $114.4 million, though showing a concerning year-over-year decline of 3.41%. Despite the revenue growth in its podcast business, which increased to $52 million from $38 million last year, the company reported a net loss of $10.9 million for the quarter. InvestingPro data reveals a concerning current ratio of 0.43, indicating potential liquidity challenges, though the company maintains relatively low debt levels with a total debt-to-capital ratio of just 0.03.
Financial Highlights
- Revenue: $19.3 million, down from the forecasted $24.02 million.
- Earnings per share: -$0.08, compared to the forecast of -$0.0416.
- Consolidated Q4 Adjusted EBITDA: $1.1 million.
- Full Year Adjusted EBITDA: $8.4 million.
Earnings vs. Forecast
LiveOne’s actual EPS of -$0.08 reflected a significant miss against the forecasted -$0.0416, resulting in a negative surprise of 92.31%. The revenue also fell short by 19.69%, raising concerns about the company’s financial trajectory compared to previous quarters.
Market Reaction
Following the earnings release, LiveOne’s stock price dropped by 16.81% in pre-market trading, reflecting investor disappointment. However, the stock showed resilience with a 1.65% increase later, closing at $0.92. This movement indicates a cautious market sentiment, with investors weighing the company’s strategic initiatives against its financial performance. InvestingPro data shows the stock has been particularly volatile, with a beta of 1.68, while trading at 52% below its 52-week high of $1.81. For detailed analysis of the company’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to subscribers.
Outlook & Guidance
Looking forward, LiveOne is focusing on expanding its podcast revenue, projecting $55-60 million, with an expected EBITDA of $3.5-$5 million. The company is also launching a major B2B partner in August and exploring opportunities in AI and Web3/crypto content. Analyst targets suggest significant upside potential, with price targets ranging from $1.50 to $4.00, though InvestingPro forecasts indicate continued challenges with negative EPS expectations of -$0.11 for FY2026.
Executive Commentary
Rob Ellin, CEO of LiveOne, expressed optimism about the company’s direction, stating, "This is the most exciting time maybe in the history of the company." He highlighted LiveOne’s strategic positioning, saying, "We’re really well positioned here that both on the B2B side as well as a potential partner or potential buyer of one or both of the businesses."
Risks and Challenges
- Financial performance misses could impact investor confidence.
- Market uncertainties in Web3 and crypto initiatives.
- Potential volatility in the podcast market as competition increases.
- Operational challenges from significant staff reductions.
- Dependence on successful B2B partnerships for future growth.
Q&A
During the earnings call, analysts questioned the company’s advertising inventory fill rate, which was clarified to be over 50%. Other inquiries focused on LiveOne’s exploration of Web3/crypto content opportunities and its strategic direction in the evolving digital content landscape.
Full transcript - LiveOne Inc (LVO) Q4 2025:
Conference Operator: Ladies and gentlemen, thank you for patiently waiting. We will be starting momentarily. Thank thank you for standing by. Ladies and gentlemen, welcome to the LiveOne, Inc. For Fiscal twenty twenty five Financial Results and Business Update Webcast.
All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. Thank you. I will now turn the call over to Ryan Carhart, CFO. Ryan, you may begin.
Ryan Carhart, CFO, LiveOne, Inc.: Thank you. Good morning, and welcome to LiveOne’s business update and financial results conference call for the company’s fourth quarter and fiscal year ended 03/31/2025. Presenting on today’s call with me is Rob Ellin, CEO and Chairman of LiveOne. I would like to remind you that some of the statements made on today’s call are forward looking and are based on current expectations, forecasts and assumptions that involve various risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of the company, including expected future financial results and expected future growth in the business.
Actual results may differ materially from those discussed on this call for a variety of reasons. Please refer to the company’s filings with the SEC for information about factors which could cause the company’s actual results to differ materially from these forward looking statements, including those described in its annual report on Form 10 ks for the year ended 03/31/2024, and subsequent SEC filings. You’ll find reconciliations of non GAAP financial measures to the most comparable GAAP financial measures discussed today in the company’s earnings release, which is posted on its Investor Relations website. The company encourages you to periodically visit the Investor Relations website for important content. The following discussion, including responses to your questions, contains time sensitive information and reflects management’s view as of the date of this call, 07/03/2025.
And except as required by law, the company does not undertake any obligation to update or revise this information after the date of the call. I’d like to highlight to investors that this call is being recorded. The company is making it available to investors and media via webcast, and a replay will be available on its website in the Investor Relations section shortly following the conclusions of this call. Additionally, it is a property of the company, and any redistribution, transmission or rebroadcast of this call or the webcast in any form without the company’s expressed written consent is strictly prohibited. Now I would like to turn the call over to LiveOne CEO, Rob Ellin.
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Good morning, everyone. This is Rob Ellin, CEO and Chairman of LiveOne. I want to thank you everyone for joining. This has been a pivotal year for the company. The company has been transformed in some of their deals with Tesla and has come out stronger than we even expected.
We have delivered 100. First, I’m going to talk about today’s numbers and I’m going to talk about the future and some of the really exciting moonshots that the company is now focused on. Our financial performance, we did over $112,000,000 in revenues, dollars 108,000,000 on our audio business and delivered $18,000,000 of EBITDA, dollars 6,000,000 above what we had gotten the street to almost only two months ago. Our podcast business did over $52,000,000 from $38,000,000 last year. This quarter alone was $14,000,000 and an EBITDA of over $900,000 We just raised our guidance to 55,000,000 to $60,000,000 with $3.5 to $5,000,000 of EBITDA.
Other highlights from our podcast business. We have now had six straight months of being a top 10 podcaster in the world. We have over 1,000,000,000 impressions across our network. We have 46 new podcasts in the last twenty four months and past 200 plus total with a robust pipeline of over 100 new podcasts in the pipeline today, and we’re adding almost one a month. We also have 17 potential acquisitions in the podcast industry that we are looking at as we continue to roll up and consolidate the business.
As you got to meet Ryan earlier, Ryan has done a brilliant job of stepping in as CFO and made some very transformative financial moves, including replacing East West Bank’s $7,500,000 credit line with JGB, a partner of ours for four years previously, has come back in with a credit facility of up to $27,500,000 giving us an opportunity of having on performance the biggest cash position we’ll ever have. We’ve eliminated over $10,000,000 in short term liabilities. We’ve cut one third of our staff at Slack and radio and over 70% of our cat stat at CPS. With over $40,000,000 in total cost, This is the reason that our EBITDA was able to outperform our even our own guidance. Now I’m to talk about the future.
The future is pretty remarkable. At a 2,000,000 Tesla cars, we’ve now converted over 1,300,000. We now have over 1,500,000 subscribers and ad supported users. We’ve launched two massive partnerships with Amazon over $16,500,000 and with a Fortune two fifty company for over $25,000,000 We have 75 additional B2B deals in the pipeline. We’re now at almost a $50,000,000 run rate on those new partnerships across five new B2B deals.
We’re expecting to launch our biggest B2B partner, potentially in the history of the company with almost 10x subscribers to Tesla, and that first phase will be launched in August. As we continue to look at the future of technology, as most of you know, my background is taking media companies and finding transformative technologies.
Sean McGowan, Analyst, ROTH Capital Partners: I will
Rob Ellin, CEO and Chairman, LiveOne, Inc.: be focusing almost all of my energy on AI and on Web three crypto initiatives. On the AI side of it, we have been able to cut dramatic costs, including one third of our costs at Slack or radio by adding AI and be able to utilize hosting and be able to utilize marketing. With that marketing, we have just started our first campaign to start to advertise in conjunction with DAX, the largest programmatic advertiser in the world, and our fill rate on our Tesla users is over 50%. We are about to launch our second phase of that initiative to start converting, utilizing AI to convert those subscribers to convert those users into subscribers. As we look at our Web3 crypto initiatives, the starting point was to build a renowned group of crypto experts with Steve McClurg joining our team who started the first ETF in the history of Web3 Steve Lehman on the Board of Coinbase and New Kurno, one of the great analysts at Goldman Sachs who started Crypto Monday.
We have just launched the first ever podcast network focused on Web three and crypto. We see a massive opportunity for us to acquire and start new initiatives in the podcast space with over 75 potential podcasters in the crypto space right now in our pipeline as well as using AI initiatives to create our own original IP and initiatives in this space. To show our confidence and our belief in how weak our stock has been and how undervalued it is, the company has just bought back over 350,000 shares of LiveOne and over 1,000,000 shares of PODC. We will continue that buyback as we have over $6,000,000 just under $6,000,000 of additional room in our buyback and show our confidence in the company and explore all options to add to our holdings in both of those companies. As LiveOne continues to demonstrate our ability to be nimble, our ability to fight through difficult times, our ability to utilize technology to transform the industry, This is the most exciting time that we’ve seen in the history of the company.
And with a balance sheet to really be able to grow aggressively the business, we see this as extremely exciting year going forward, and we look forward to talking to you at end of next quarter. So we thank you, everyone, for joining, and we look forward to an update shortly. I’d like to hand it off to Ryan. Ryan is our new CFO. And as I stated, he has just done an absolutely brilliant job of maneuvering, replacing East West Bank under difficult circumstances and doubling our credit or more than doubling our credit facility.
Literally within weeks of finding out that East West Bank was pulling their line. So Ryan, with that, I’d like to hand it off to you, and thank you for your help.
Ryan Carhart, CFO, LiveOne, Inc.: Thanks, Rob. I’ll spend just a few minutes providing a very brief overview of our results for the fourth quarter of fiscal twenty twenty five and the fiscal year ended 03/31/2025. Beginning with our quarterly results, consolidated revenue for the three month period ended 03/31/2025 was 19,300,000.0 Our audio division posted revenue for Q4 of $18,200,000 and adjusted EBITDA of $4,100,000 Consolidated adjusted EBITDA for the fourth quarter of fiscal year twenty twenty five was 1,100,000 On a U. S. GAAP basis, LiveOne posted a consolidated net loss of $10,900,000 or $07 per diluted share in Q4 twenty twenty five.
Our full year fiscal twenty twenty five results posted consolidated revenue of $114,400,000 and adjusted EBITDA of $8,400,000 Our audio division posted full year revenue of $108,900,000 and adjusted EBITDA of 18,200,000.0 Additionally, I’m excited to announce, as Rob noted, that we completed our financing, after year end with our partners at JG Capital, which replaced our East West Bank line of credit. This will help facilitate the growth of our business and position us for the future. We are excited about the potential of the opportunities in our business development pipeline and are poised to see growth forward with these opportunities. Further, our growth in the PodcastOne subsidiary is expected to continue, and we expect to see a tremendous year ahead for them. Rob, I’ll turn it back to you.
Rob Ellin, CEO and Chairman, LiveOne, Inc.: And just to wrap up, and thank you, Ryan, our B2B initiatives, are really starting to move in place. As we said, over five B2B partnerships signed, over $50,000,000 of revenues, our largest potential opportunity to be launched in August. We will have partnerships this year with additional carriers, retailers, streaming networks, auto companies and really just focused our energy around those B2B deals and really those initiatives that can move the needle that will be tens of millions to hundreds of millions of dollars over a five year period. With that, our initiative to move into the Web3 space is moving fast and aggressively. You’ll continue to see additional names in Web3 joining our platform as well as podcasters in Web3 crypto joining our platform.
Our AI initiatives have allowed us to make substantial cuts in the business. We have over 500 music channels. We used to have over 120 hosts. We now have a handful of hosts that are able to host those. We also are very excited about our TV and film initiative.
We sold our third television show, third podcast, moving to second windows to television. As you start to see the dynamics of where podcasting is going and how much is moving to video. As we sell these to television, these are brand new revenue streams that could be tens of millions of dollars with zero additional cost to the business. And we’re going to continue to buy back stock. We’re going to continue to strengthen our balance sheet.
We’re going to continue to strengthen our B2B deals, and we look forward to a really exciting year. And I want to thank everyone for joining and open up for any questions.
Conference Operator: And your first question comes from the line of Sean McGowan from ROTH Capital Partners. Sean, please go ahead.
Sean McGowan, Analyst, ROTH Capital Partners: Thank you. Hi, Brian. Hi, Rob. Couple of questions on some of the details that you talked about. Rob, when you say fill rate of over 50%, can you just clarify what exactly that means from a financial standpoint?
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Yes. I mean, can’t give too much details yet on the financial on what the revenues are going to be. You’ll see that shortly because we haven’t put out guidance, but we will at the end of next quarter. But what really means is really simply, Sean, is that 50% of that inventory is being filled out, it’s well over 50%, but 50 plus percent of the inventory that previous was zero. Now that does two things.
Right? Number one is it drives revenues. But number two, also is that is the setting the stage. Right? Spotify claims that 60% of their subscriber of their free supporters, and the reason they have free, right, convert to paid eventually.
One of those reasons is that some people don’t like advertising. Some people do. Right? So hopefully, we’ll start to convert through that. And that’ll be the first phase of the next big AI initiative, which is gonna be launched imminently, is to really press to convert as many as possible of these to paid subscribers as well.
And I I think that 50% inventory will go go to, you know, 75 very quickly. And as you know, our partner in that is DAX, which is the largest programmatic advertiser in the world.
Sean McGowan, Analyst, ROTH Capital Partners: Right. So the the 50% refers to the inventory of available advertising account?
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Correct. So I understand that.
Sean McGowan, Analyst, ROTH Capital Partners: Okay. And at the moment, right, you’re still, you know, running the funnel and getting, you know, advertising driven. But at the moment, there are no, you know, not a significant number of paid subscribers. Is is that the right way to interpret it?
Rob Ellin, CEO and Chairman, LiveOne, Inc.: No. I mean, I I wouldn’t say that at all. I mean, we have, you know, you know, we have we have added the 1.5 plus million, right, we have well over 250,000 paid subscribers, right? Now is going to be the time we’re really going to be pressing to convert a sizable amount. And hopefully, we can convert anywhere from 25% to 30% of them over the next year.
If we do, it’ll be very, very substantial revenues to kick back in as you do that.
Sean McGowan, Analyst, ROTH Capital Partners: Okay. Thanks for clarifying that. Shifting gears for a second. So when you talk about things like Web three d and crypto, are you talking primarily about podcast content? Or is it something else that you’re not seeing?
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Yes. I I can’t get into much more detail than that, as you know, Sean, right? But what I would say to you is, as Steve McClurg has joined and Steve’s background is running on the first ETF and selling its Coinbase, right? And Steven Lehman sits on the board of Coinbase. Right?
We have we have very aggressively moved in this space and that there’s only three megaphones to the Web three crypto industry, is Twitter, youth YouTube, and podcasting. So the first phase of that is we’ve just announced our podcast network where we will start to both create our own host and our own IP, right, using AI to create those. And second is we’ll be acquiring, just like we do with the rest of our podcast, we were building a community of crypto podcasters in there. And then, you know, the opportunity, right, to do much more with Web3 is certainly there for us to expand. And when you have a community of our size and you have 1,000,000,000 impressions, there’s certainly tremendous opportunity to expand that opportunity financially.
Sean McGowan, Analyst, ROTH Capital Partners: Okay. But I just just to be clear, like, just because I’m a novice at this. You’re not talking about getting directly into the crypto business, like mining or trading or exchanges and you’re talking about around content, right, and being a con for information.
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Yeah. So, again, I can’t I yeah. I can’t answer much more. You know, we’re not going into the mining business for sure. But the tokenization business, right, as you’re watching the Robinhood announcement and what the stock did, right, and tokenization tokenization of of podcasters is really interesting.
Right? And, you know, and there’s just tremendous opportunities of where we can go with this and what we can leverage by being one of those megaphones. When you have a billion impressions a month, right, and the kind of downloads we have, we just have a huge influence over it. And our demographic and audience certainly fits in with the Web three crypto audience in a very unique way.
Sean McGowan, Analyst, ROTH Capital Partners: Okay. Last question, and I’ll jump back in the queue. Ryan, when will the 10 k can be filed?
Ryan Carhart, CFO, LiveOne, Inc.: Yeah. It should be filed. We’re hoping early next week. You know, everything is everything is there. We’re just waiting.
The auditors have to just do some documentation to wrap it up. So it’s it’s in final form. We’re just waiting for them to do that, and then we’ll we’ll get it out to you early next week.
Sean McGowan, Analyst, ROTH Capital Partners: Got it. Thank you very much.
Conference Operator: Mhmm. And our next question again from Sean McGillan from ROTH Capital Partners. Sean, please go ahead.
Sean McGowan, Analyst, ROTH Capital Partners: Yes. Had to jump in the queue quickly there. Rob, to the extent that you can, can you talk about any change in the types of deals, you know, some new deals that you’re working on versus what you’ve talked about before? It’s not a good job laying the table for setting the table for what areas you might be looking at. Is it new that you can ask about anything different than what we’ve talked about before?
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Yeah. You I’m sorry. You’re cutting out a little bit, Sean, but you’re talking about the the b two b deals?
Sean McGowan, Analyst, ROTH Capital Partners: Yeah. Yeah. You know, I just talked in the past about the kinds of verticals as far as, you know, they could do it. Yeah. But it was they were different from what we talked about before.
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Yeah. This is this is the most exciting time maybe in the history of the company. Now probably since the original Tesla deal, which when it first started, was only a couple $100,000. Right? You know, Tesla has 2,000,000 subscribers.
We’ll be launching with a partner that has 10 times the amount of subscribers. And we’re in deep conversations, as I’ve described before, where I fully expect the momentum is now building where after you land a $25,000,000 deal, a $16,500,000 deal with Amazon, the momentum is building in the direction very much like I built Digital Turbine and I built my other companies, right? You’re feeling that momentum that across carriers, auto companies, across retailers, across streaming networks, cable, satellite, anyone with 10,000,000 to 3,000,000,000 eyeballs like Facebook who has a need for a subscription product, which we choose. We’re just watching everybody going in. Right?
You watch you watch Walmart going to Vizio. Right? You watch you’re watching, you know, Amazon going to music and film and television. Everybody’s businesses are now infringing and crossing over them. We’re one of 10 DSPs left on Earth.
Right? You just watch Naps just sell for $200,000,000. They were they were doing, you know, one fourth of our revenues. Right? You watch Tidal sell a couple years for 450,000,000.
They then made a dime. So we’re really well positioned here that both on the b two b side as well as a potential partner or potential buyer of one or both of the businesses, as we publicly stated, is very much very much timely right now that you’re starting to see that momentum keep back up in the industry and huge interest around this.
Sean McGowan, Analyst, ROTH Capital Partners: Okay. Thanks. And then my last question is, is there anything new on the discussions with that relationship and has changed Funny and No. You know, it’s it’s beaut the deal. No.
Rob Ellin, CEO and Chairman, LiveOne, Inc.: No. I mean, it’s kind of a beautiful thing. I mean, you know, if you go in almost any Tesla car now, you know, and, you know, a lot of people have called me, and it’s it’s it’s it’s really we’re really proud of this, Sean. It’s like we used to have a little red button. Right?
And we had a we had a great subscriber number. Right? We got paid $3 a month when the industry was moving up to $12 a month. Right? And it was beautiful.
You made some money out of it. But we really got no branding. We got no database. So now today is if you go in almost any Tesla car, you’re gonna see the LiveOne logo. So they’re building brand value there.
You know, think about your phone and seeing on your phone, and if you saw live one on on the front of your phone every single time, what that means to you. Right? I’m really proud of the fact that somehow we converted 1,300,000 out of 2,000,000 cars have converted. Right? It’s a staggering number.
It’s almost unheard of, especially when you got competition from Apple and Sirius and so on. It shows the appreciation and respect for the product, right, and the brand. And then they’re using it for an average of, like, forty minutes, multiple times a day. So you can you can see that, you know, how much people really enjoyed, how much respect they have to the brand, and why it fits with their needs. I think the next component of that is that we now have advertising now.
We’ve never been able to talk to those consumers. Now we’re talking to them. And then last but not least, and maybe the most important part is we never control the database. Right? Sean, you would be VIN number 1250000.00.
Right? Now it’s Sean McGowan who lives in Orange County or now in New York. Right? Your age, your credit card. So we’re actually building a real relationship and real foundation for a database that can be worth a fortune.
Like, think about what that database batch actually having a million three wealthy Tesla owners as subscribers and knowing their demographics and knowing they’re from. So it’s really excite it’s really exciting. It’s obviously it takes time to bring those revenues back up, right, and bring some of those profits back up. But from our standpoint, if it is, this is what we’ve always hoped for. We hope for the opportunity to be able to take those ARPUs up from $3, right, which are 12 years old.
They’d be like, oh, me a piece of real estate on the ocean when each and you’re renting it for $3 a month, but you never never raise your rents. Right? Now we own the real estate. We can raise the rents. So our ARPUs are up from $3 to 5.
Now we gotta really aggressively market. You’re going to see it coming very, very aggressively. You’re going to see us marketing to convert those people and then literally starting in the next couple of weeks.
Conference Operator: And your next question comes from the line of Brian Kinstlinger from Alliance Global Partners. Brian, please go ahead.
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Hi, Rob. Thanks for taking my question. Just one, I wanted to understand, if I heard you right in August, you hope to launch your largest, b to b deal with a bigger, subscriber base or bigger, base of consumers than Tesla. Is that a signed deal already, something you’re hoping to announce in the beginning? And when does revenue generate and how does that ramp?
Yes. We as we’ve said before, Brian, we’ve already signed other deals. Right? This is an actual launch. Right?
Does that mean it’ll work? You never know. Right? But we’re highly confident. And I think Tesla is is a, you know, is a you know, is profitable is profit to literally showing, right, how magnetic this technology is and what our platform does.
But we’ll be launching with a partner that has over 10 times the amount of subscribers. Right? And you can start to guess numbers and figure it out, but we’re not gonna do that today. What we’re gonna do is we’re gonna we’re gonna very confidently, right, do that just like we did with Tesla years ago. We have a high level of confidence that this will be potentially be our biggest partner in history and that we have an opportunity that proving that Tesla that this number of people converted, again, shows the affection for our product.
And I think that’s why these b two b deals are starting to starting to fall and get signed. So stay tuned. You’re gonna be talking about it. Signed. So so the other one is signed and you hope to launch.
Is that right? Correct. And and have you announced who that is, or can you not announce who that is? We we cannot announce yet who it is, but you’ll you will see shortly.
Conference Operator: There are no further questions at this time. I will now turn the call over to Robert Allen for closing remarks. Robert?
Rob Ellin, CEO and Chairman, LiveOne, Inc.: Yes. Thank you, everyone. I appreciate the time and appreciate your support, and we look forward to a terrific year. And we look forward to talking to you again shortly about the next quarter.
Conference Operator: This concludes today’s call. You may now disconnect.
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