LiveOne (LVO) closed the last trading session at $5.2, gaining 21.5% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $11.5 indicates a 121.2% upside potential.The average comprises four short-term price targets ranging from a low of $10.00 to a high of $14.00, with a standard deviation of $1.91. While the lowest estimate indicates an increase of 92.3% from the current price level, ...

Momentum investors typically don't time the market or "buy low and sell high." In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, invest ...

Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ Commission File Number: 001-38249 LIVEONE, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or (Exact name of registrant as specified in its ch ...

Core Viewpoint - LiveOne is positioned for significant growth in the music, entertainment, and technology sectors, supported by strategic partnerships and operational efficiencies [1][3][4]. Financial Performance - Industrial Alliance Securities has set a price target of $12 for LiveOne, indicating a potential 50% increase from the current stock price of $4.80 [2][6]. - LiveOne anticipates generating over $57.9 million in revenue for the fiscal year to date, with $19.9 million expected from the third quarter alone [2][6]. - The company projects an adjusted EBITDA of over $1 million for the third quarter, reflecting a 200% increase quarter-over-quarter [3][6]. Partnerships and Growth Strategy - LiveOne's growth is driven by B2B partnerships, with plans to launch three new partnerships with Fortune 500 companies by year-end [3]. - The company has over 100 potential partnerships in the pipeline, which could further enhance revenue [3]. Operational Efficiency - LiveOne has achieved a 52% year-over-year reduction in operating expenses and plans to reduce headcount by 34% by year-end, saving between $4 million and $5 million [4]. - The company has paid off $2.5 million of its debt, improving its financial position [4]. Market Position - Despite a recent decrease of 3.13% in stock price, LiveOne's market capitalization is approximately $55.06 million, with a trading volume of 236,202 shares [5]. - The stock has fluctuated between a high of $10.65 and a low of $3.70 over the past year, indicating volatility [5].

Financial Results Announcement - LiveOne, Inc. announced preliminary financial results for the fiscal quarter and nine months ended December 31, 2025[5]. - The financial results are still being finalized and are subject to change, indicating that the estimates are preliminary and unaudited[6]. - The press release containing these results is based on currently available information as of February 5, 2026[6]. - The independent registered public accounting firm, Macias Gini & O'Connell LLP, has not audited or reviewed the preliminary financial information[7]. - The company emphasizes that these estimates should not be viewed as a substitute for full financial statements prepared in accordance with generally accepted accounting principles[6]. Compliance and Reporting - The company is required to comply with the Securities Exchange Act of 1934 for its reporting obligations[9]. - The press release is attached as Exhibit 99.1 and is not deemed "filed" under the Exchange Act[8]. - The report was signed by Ryan Carhart, Chief Financial Officer, on February 5, 2026[14]. - The company is classified as an emerging growth company under the Securities Act[4]. Forward-Looking Statements - The report includes forward-looking statements that may be affected by various risk factors[6].

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with total revenues for the nine months reaching over $58 million [4][13] - Adjusted EBITDA for Q3 was $2.6 million, contributing to a positive consolidated adjusted EBITDA of $1.6 million for the second quarter [13] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 [13] Business Line Data and Key Metrics Changes - The audio division generated $18.6 million in revenue for Q3 and $52.2 million for the nine-month period, with an Adjusted EBITDA of $2.6 million for Q3 [5][13] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million [13][14] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [13] Market Data and Key Metrics Changes - The company has over $125 million in net operating loss carryforwards, which represent significant long-term shareholder value and tax efficiencies [5][6] - Industry valuation dynamics are improving, with the company trading at 60% of revenues compared to the industry average of over 3x revenues [6] Company Strategy and Development Direction - The company is focused on expanding partnerships with major players like Amazon, Apple, and Tesla, aiming to launch three significant Fortune 500 partnerships [7][9] - A strategy is in place to convert over 1 million free and ad-supported subscribers into paid tiers, representing potential incremental revenue [7] - The company is also expanding its original IP, having sold its fourth television series to a major streaming platform [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the company has emerged leaner and more disciplined after navigating various challenges, positioning itself for the next growth cycle [4][5] - The preliminary fiscal guidance for the upcoming year is set at $85 million to $95 million in revenues and $8 million to $10 million in Adjusted EBITDA [5][40] - Management expressed confidence in the company's undervaluation and the potential for significant growth driven by B2B partnerships and AI initiatives [11][12] Other Important Information - The company has streamlined its workforce from 350 to 88 members, resulting in a reduction of operating expenses by over 52% year-over-year [4] - The company is actively exploring M&A opportunities as the market stabilizes and valuations normalize [7][11] Q&A Session Summary Question: On the B2B business, can you elaborate on customization and options for customers? - Management stated that the company is uniquely positioned in the B2B space, leveraging AI for customization and offering competitive pricing [17][20] Question: What is the competitive landscape for content provision? - Management indicated that while some competition exists, the company's unique service offerings and flexibility provide a competitive advantage [29][31] Question: What is the potential for advertising revenue from Slacker's non-subscription customers? - Management noted that they are actively increasing advertising offerings and expect to convert free subscribers into paid subscriptions over time [24][26] Question: When will the 10-Qs be released? - The CFO confirmed that the 10-Qs for both LiveOne and PodcastOne would be released the following day [47] Question: How sustainable are current cost levels? - The CFO indicated that G&A and sales and marketing costs are expected to decrease further in the upcoming quarters [49][50] Question: What is the timing for revenue from the 30 million subscriber deal? - Management mentioned that revenue from this deal is expected to ramp up in the following year, with some initial revenue potentially coming in this quarter [61][63]

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with a total of over $58 million in revenue for the nine months ending December 31, 2025 [4][14] - Adjusted EBITDA for Q3 was $2.6 million, contributing to a total of over $3.7 million for the audio division in the nine-month period [5][14] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 fiscal 2026 [14] Business Line Data and Key Metrics Changes - The audio division generated $52.2 million in revenue over nine months, with Q3 revenue of $18.6 million [5][14] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million in Q3 [14][15] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [14] Market Data and Key Metrics Changes - The company is trading at 60% of revenues, while the industry is trading over 3x revenues, indicating a significant undervaluation [6] - The B2B pipeline has grown over 30% in the last 120 days, with over 100 active enterprise opportunities [6][7] Company Strategy and Development Direction - The company is focused on expanding partnerships with major players like Amazon, Apple, and Tesla, aiming to launch three significant Fortune 500 partnerships [7][8] - A strategic shift towards owning intellectual properties and original content is underway, with over 15 original projects in the pipeline [8][9] - The company is evolving its leadership structure to enhance focus on B2B partnerships and AI initiatives [11][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for transformational growth, citing a strong B2B pipeline and improving industry dynamics [15][40] - The company anticipates reaching profitability by the end of the fiscal year, leveraging over $125 million in net operating loss carryforwards for tax efficiencies [5][6] - Management highlighted the importance of AI in enhancing personalization and optimizing monetization, driving B2B demand [10][73] Other Important Information - The company has reduced operating expenses by over 52% year-over-year and streamlined its workforce from 350 to 88 employees [4][5] - A share repurchase program is being expanded, reflecting confidence in the company's undervaluation [12] Q&A Session Summary Question: On the B2B business, can you elaborate on customization and options for customers? - Management noted that the company is uniquely positioned in the B2B space, leveraging AI for customization and offering competitive pricing [18][20] Question: What is the competitive landscape for content provision? - Management indicated that while some competition exists, the company's unique service offerings and flexibility provide a significant advantage [31][32] Question: How is the advertising revenue for Slacker's non-subscription customers progressing? - Management highlighted a robust advertising business across audio platforms and noted a partnership with DAX to enhance advertising offerings [25][26] Question: What is the timing for the 30 million subscriber deal? - Management stated that the deal is signed and expected to ramp up in the following year, with some revenue potentially starting this quarter [59][61] Question: What is the expected impact of Tesla user conversions on revenue? - Management confirmed that the conversion from ad-supported to paid subscriptions is expected to contribute significantly to revenue growth [67][68]

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with a total of $58 million in revenue for the nine months [15][4] - Adjusted EBITDA for Q3 was $2.6 million, with a consolidated adjusted EBITDA of $1.6 million for the second quarter [15][4] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 [15] Business Line Data and Key Metrics Changes - The audio division generated $18.6 million in revenue and $2.6 million in adjusted EBITDA for Q3 [15] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million [15][16] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [15] Market Data and Key Metrics Changes - The company is trading at 60% of revenues, while the industry is trading over 3x revenues [6] - The private sector in podcasting and audio is trading over 3.7x, with transactions above 5x revenues in the last 120 days [6] Company Strategy and Development Direction - The company aims to scale profitably and close the earnings delivery gap, with preliminary fiscal guidance of $85 million to $95 million in revenues and $8 million to $10 million in adjusted EBITDA for the next fiscal year [5][6] - The focus is on expanding partnerships with major companies like Amazon, Apple, and Tesla, and converting over 1 million free and ad-supported subscribers into paid tiers [8][9] - The company is also investing in original IP, with over 15 projects in the pipeline, and plans to expand live experiences, which previously accounted for 50% of revenues [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for transformational growth, highlighting the importance of AI and behavioral data in driving future opportunities [16][11] - The company is focused on leveraging its $125 million net operating loss carryforwards for long-term shareholder value and tax efficiencies [5][6] - Management noted that the current B2B deals and upcoming partnerships could represent significant growth opportunities, with expectations of substantial revenue increases [41][76] Other Important Information - The company has streamlined its workforce from 350 to 88 members, reducing operating expenses by over 52% year-over-year [4] - The company has paid off over $2.5 million of debt, strengthening its balance sheet and capital flexibility [4][5] Q&A Session Summary Question: On the B2B business and customization - Management explained that the B2B deals are customized and that the company is leveraging AI to enhance service delivery, making it difficult for competitors to replicate [19][20] Question: Advertising revenue potential for Slacker - Management indicated that the advertising business is robust and that partnerships with programmatic advertising companies are expected to drive revenue growth from free subscribers [26][27] Question: Competitive landscape for content provision - Management stated that while some competition exists, the company's unique service offerings and flexibility provide a competitive advantage [31][32] Question: Timing and revenue from the 30 million subscriber deal - Management confirmed that the deal is signed and expected to ramp up in the following year, with conservative revenue estimates included in the guidance [36][62] Question: Conversion rates from Tesla users - Management highlighted a significant conversion rate from Tesla users and expressed optimism about future revenue growth from this segment [70]

Core Insights - LiveOne (LVO) reported a quarterly loss of $0.37 per share, better than the Zacks Consensus Estimate of a loss of $0.45, representing an earnings surprise of +16.85% [1] - The company generated revenues of $20.26 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 4.36%, but down from $29.44 million year-over-year [2] - LiveOne has surpassed consensus EPS estimates three times over the last four quarters and topped revenue estimates two times in the same period [2] Financial Performance - The company's loss per share increased from $0.30 a year ago to $0.37 this quarter, indicating a decline in profitability [1] - The current consensus EPS estimate for the upcoming quarter is -$0.38, with expected revenues of $21.04 million, and for the current fiscal year, the estimate is -$1.71 on revenues of $78.41 million [7] Market Position - LiveOne shares have increased approximately 5% since the beginning of the year, outperforming the S&P 500, which gained 1.4% [3] - The Zacks Industry Rank places the Audio Video Production sector in the top 7% of over 250 Zacks industries, suggesting a favorable industry outlook [8] Future Outlook - The sustainability of LiveOne's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The estimate revisions trend for LiveOne was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6]

Core Insights - LiveOne reported its financial results for Q3 Fiscal 2026, indicating strong execution and profitable growth, particularly in its Audio business, with ongoing share repurchases reflecting management's confidence in long-term value for shareholders [2][4]. Financial Highlights - Q3 Fiscal 2026 revenue was $20.3 million, a decrease from $29.5 million in Q3 Fiscal 2025, primarily due to reductions in Slacker revenues [3][4]. - The operating loss for Q3 Fiscal 2026 was $1.95 million, an improvement from a loss of $5.11 million in Q3 Fiscal 2025, attributed to reduced operating expenses [6]. - Net loss for Q3 Fiscal 2026 was $4.1 million, compared to a net loss of $5.6 million in the same quarter the previous year [3][21]. - Adjusted EBITDA for Q3 Fiscal 2026 was $1.6 million, slightly up from $1.5 million in Q3 Fiscal 2025 [7]. Strategic & Operational Highlights - AI-driven efficiencies led to a 52% reduction in quarterly operating expenses year-over-year and a significant staff reduction from 350 to 88 [5]. - The Audio Division generated $18.6 million in revenue for Q3 Fiscal 2026, maintaining a positive segment Adjusted EBITDA of $2.6 million [5]. - LiveOne acquired an additional 771,000 shares of PodcastOne at an average price of $1.93 per share during Fiscal 2026, including 186,636 shares at $2.17 per share in Q3 [5]. - Revenue from Fortune 250 partners increased to an annual run rate of over $27 million [5]. - The company plans to launch a new B2B partnership targeting over 30 million monthly paying subscribers [5]. Future Guidance - Preliminary guidance for the Audio Division in Fiscal 2027 includes projected revenue of $85-$95 million and Adjusted EBITDA of $8-10 million [5].