- Revenue of
$10.4M for Q3 Fiscal 2024 - Successfully Closed an 8 figure Annual Revenue B2B partnership with a Fortune 500 company
- Ranked 10th in
PODTRAC Top Publishers forJanuary 2024 U.S. Unique Monthly Audience of ~5.3 million and Global Downloads and Streams of ~19.2 million- 24 New Podcasts added in FY2024, with ~100 in the Pipeline and ~10 Acquisitions in the Pipeline
- Senior Management
Will Host a Live Conference Call and Audio Webcast Beginning at11:30 A.M. ET onThursday, February 8, 2024
PodcastOne’s President and Co-Founder,
Recent and Q3 Fiscal 2024 Highlights
- Launched Varnamtown, a podcast with derivative IP rights, hosted by award winning actor
Kyle MacLachlan and investigative journalistJoshua Davis has soared to the top of Apple podcast charts, ranking 5th overall for new podcasts, top 10 in the highly competitive True Crime category and ranking as high as top 25 across all podcasts available for download on Apple. LiveOne currently owns approximately 73% of PodcastOne and it will continue to consolidate PodcastOne’s financial results.- PodcastOne became the first podcast network to grant its podcast talent and all company employees shares of PodcastOne stock as part of its NASDAQ Listing
- PodcastOne was ranked 10th in PODTRAC’s Podcast Industry Top Publishers Rankings for
January 2024 with aU.S. Unique Monthly Audience of ~5.3 million and Global Downloads and Streams of ~19.2 million.
- PodcastOne has increased its slate of exclusive shows to 178 original titles.
Q3 Fiscal 2024 vs Q3 Fiscal 2023 Results Summary (in $000’s, except per share; unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Revenue | $ | 10,442 | $ | 8,589 | $ | 31,595 | $ | 25,802 | ||||||||||||
Operating income (loss) | $ | (2,600) | $ | (733) | $ | (3,833) | $ | (1,016) | ||||||||||||
Total other income (expense) | $ | - | $ | (1,345) | $ | (9,850) | $ | (2,000) | ||||||||||||
Net income (loss) | $ | (2,600) | $ | (2,078) | $ | (13,683) | $ | (3,016) | ||||||||||||
Adjusted EBITDA* | $ | (356) | $ | 95) | $ | 405 | $ | (24) | ||||||||||||
Net income (loss) per share basic and diluted | $ | (0.11) | $ | (0.01) | $ | (0.64) | $ | (0. 02) |
Q3 Fiscal 2024 Results Summary Discussion
For Q3 Fiscal 2024, PodcastOne posted revenue of
Q3 Fiscal 2024 Operating Loss was
Q3 Fiscal 2024 Adjusted EBITDA* was
PodcastOne's senior management will host a live conference call and audio webcast to provide a business update and discuss its operating and financial results beginning at
Conference Call and Webcast:
WHEN:
TIME:
DIAL-IN (Toll Free): (888) 596-4144
DIAL IN NUMBER (Local): (646) 968-2525
ACCESS CODE: 2040084
Replay Number:
To access the platform by phone, please dial-in using one of the numbers listed below and input Playback ID: 2040084 followed by # key:
US & Canada Toll-Free: +1(800) 770-2030
US Toll: +1(609) 800-9909
Echo Replay will expire on Wednesday,
Webcast – Both the live webcast and a replay can be accessed on the Investor Relations section of PodcastOne's website at Events | PodcastOne.
The webcast can also be accessed at: https://events.q4inc.com/attendee/249014981
About PodcastOne, Inc.
PodcastOne (Nasdaq: PODC) is a
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: LiveOne’s reliance on one key customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the spin-out of LiveOne’s pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; Slacker’s ability to list on a national exchange; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its users and paid members; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; PodcastOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of PodcastOne’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Annual Report on Form 10-K for the fiscal year ended
* About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with the accounting principles generally accepted in
We use Contribution Margin (Loss) and Adjusted EBITDA to evaluate the performance of our operating segment. We believe that information about these non-GAAP financial measures assists investors by allowing them to evaluate changes in the operating results of our business separate from non-operational factors that affect operating income (loss) and net income (loss), thus providing insights into both operations and the other factors that affect reported results. Adjusted EBITDA is not calculated or presented in accordance with GAAP. A limitation of the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, Adjusted EBITDA should be considered in addition to, and not as a substitute for operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.
Contribution Margin (Loss) is defined as Revenue less Cost of Sales. Adjusted EBITDA is defined as earnings before interest, other (income) expense, income tax expense, depreciation and amortization and before (a) non-cash GAAP purchase accounting adjustments for certain deferred revenue and costs, (b) legal, accounting and other professional fees directly attributable to acquisition activity, (c) employee severance payments and third party professional fees directly attributable to acquisition or corporate realignment activities, (d) certain non-recurring expenses associated with legal settlements or reserves for legal settlements in the period that pertain to historical matters that existed at acquired companies prior to their purchase date and a one-time minimum guarantee to effectively terminate a live events distribution agreement post COVID-19, (e) depreciation and amortization (including goodwill impairment, if any), and (f) certain stock-based compensation expense. Management does not consider these costs to be indicative of our core operating results.
With respect to projected full year 2024 Adjusted EBITDA, a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity, and low visibility with respect to purchase accounting adjustments, acquisition-related charges and legal settlement reserves excluded from Adjusted EBITDA. We expect that the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.
For more information on these non-GAAP financial measures, please see the tables entitled “Reconciliation of Non-GAAP Measure to GAAP Measure” included at the end of this release.
PodcastOne IR Contact:
(415) 389-4670
john@liviakis.com
PodcastOne Press Contact:
(310)246-4600
Susan@Guttmanpr.com
Financial Information
The tables below present financial results for the three and nine months ended December 31, 2023 and 2022.
Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue: | $ | 10,442 | $ | 8,589 | $ | 31,595 | $ | 25,802 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of sales | 9,387 | 7,045 | 26,666 | 19,954 | ||||||||||||
Sales and marketing | 732 | 1,115 | 3,433 | 3,931 | ||||||||||||
Product development | 15 | 26 | 70 | 134 | ||||||||||||
General and administrative | 2,601 | 1,111 | 4,736 | 2,723 | ||||||||||||
Amortization of intangible assets | 307 | 25 | 523 | 76 | ||||||||||||
Total operating expenses | 13,042 | 9,322 | 35,428 | 26,818 | ||||||||||||
(Loss) income from operations | (2,600) | (733) | (3,833) | (1,016) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net | - | (1,661) | (2,247) | (3,043) | ||||||||||||
Change in fair value of derivative | - | 178 | (7,603) | 1,043 | ||||||||||||
Other income (expense) | - | 138 | - | - | ||||||||||||
Total other expense, net | - | (1,345) | (9,850) | (2,000 | ) | |||||||||||
Loss before provision for income taxes | (2,600 | ) | (2,078 | ) | (13,683 | ) | (3,016 | ) | ||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
Net loss | $ | (2,600 | ) | $ | (2,078 | ) | $ | (13,683 | ) | $ | (3,016 | ) | ||||
Net loss per share – basic and diluted | $ | (0.11 | ) | $ | (0.01 | ) | $ | (0.64 | ) | $ | (0.02 | ) | ||||
Weighted average common shares – basic and diluted | 23,072,179 | 147,984,230 | 21,252,375 | 147,984,230 |
Consolidated Balance Sheets (Unaudited) (In thousands) | ||||||||
2023 | 2023 | |||||||
(Unaudited) | (Audited) | |||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 1,405 | $ | 3,562 | ||||
Accounts receivable, net | 7,816 | 6,876 | ||||||
Prepaid expense and other current assets | 402 | 1,006 | ||||||
Total Current Assets | 9,623 | 11,444 | ||||||
Property and equipment, net | 309 | 242 | ||||||
12,041 | 12,041 | |||||||
Intangible assets, net | 3,052 | 732 | ||||||
Related party receivable | 2,650 | 3,768 | ||||||
Total Assets | $ | 27,675 | $ | 28,227 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 7,802 | $ | 6,898 | ||||
Bridge loan, net | - | 7,155 | ||||||
Derivative liabilities | - | 4,767 | ||||||
Related party payable | 3,128 | 2,288 | ||||||
Total Current Liabilities | 10,930 | 21,108 | ||||||
Other long term liabilities | 276 | - | ||||||
Total Liabilities | 11,206 | 21,108 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity | ||||||||
Common stock, | - | - | ||||||
Additional paid in capital | 45,031 | 19,785 | ||||||
Accumulated deficit | (28,562 | ) | (12,666 | ) | ||||
Total stockholders’ equity | 16,469 | 7,119 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 27,675 | $ | 28,227 | ||||
Reconciliation of Non-GAAP Measure to GAAP Measure Adjusted EBITDA* Reconciliation (Unaudited) (In thousands) | ||||||||||||||||||||||||
Non- | ||||||||||||||||||||||||
Recurring | ||||||||||||||||||||||||
Depreciation | Acquisition and | Other | (Benefit) | |||||||||||||||||||||
Net Income | and | Stock-Based | Realignment | (Income) | Provision | Adjusted | ||||||||||||||||||
(Loss) | Amortization | Compensation | Costs (1) | Expense (2) | for Taxes | EBITDA* | ||||||||||||||||||
Three Months Ended December 31, 2023 | ||||||||||||||||||||||||
Total | $ | (2,600) | $ | 372 | $ | 1,786 | $ | 86 | $ | - | $ | - | $ | (356) | ||||||||||
Three Months Ended December 31, 2022 | ||||||||||||||||||||||||
Total | $ | (2,078) | $ | 159 | $ | 166 | $ | 504 | $ | 1,345 | $ | - | $ | 95 |
Non- | |||||||||||||||||||||||
Recurring | |||||||||||||||||||||||
Depreciation | Acquisition and | Other | (Benefit) | ||||||||||||||||||||
Net Income | and | Stock-Based | Realignment | (Income) | Provision | Adjusted | |||||||||||||||||
(Loss) | Amortization | Compensation | Costs (1) | Expense (2) | for Taxes | EBITDA* | |||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
Total | $ | (13,683) | $ | 710 | $ | 2,724 | $ | 804 | $ | 9,850 | $ | - | $ | 405 | |||||||||
Nine Months Ended | |||||||||||||||||||||||
Total | $ | (3,016) | $ | 241 | $ | 751 | $ | - | $ | 2,000 | $ | - | $ | (24) |
(1) | Other Non-Operating and Non-Recurring Costs include outside legal, accounting and other professional fees directly attributable to acquisition activity in the period, in addition to certain non-recurring expenses associated with legal settlements or reserves for legal settlements in the period that pertain to historical matters that existed at certain acquired companies prior to their purchase date and non-recurring employee severance payments and to a lesser extent, a one-time minimum guarantee to effectively terminate a live-event distribution agreement post COVID-19. | |||
(2) | Other (income) expense above primarily includes interest expense, net, change in fair value of derivative liabilities, and loss on extinguishment of debt. These are included in the statement of operations in other income (expense) and are an add back to net loss above in the reconciliation of Adjusted EBITDA* to loss. | |||
* | See the definition of Adjusted EBITDA under “About Non-GAAP Financial Measures” within this release. |
Reconciliation of Non-GAAP Measure to GAAP Measure Contribution Margin* Reconciliation (Unaudited) (In thousands) | ||||||||
Three Months Ended | ||||||||
2023 | 2022 | |||||||
Revenue: | $ | 10,442 | $ | 8,589 | ||||
Less: | ||||||||
Cost of sales | (9,387) | (7,045) | ||||||
Amortization of developed technology | (58) | (57) | ||||||
Gross Profit | 997 | 1,487 | ||||||
Add back amortization of developed technology: | 58 | 57 | ||||||
Contribution Margin* | $ | 1,055 | $ | 1,544 |
Nine Months Ended | |||||||
2023 | 2022 | ||||||
Revenue: | $ | 31,595 | $ | 25,802 | |||
Less: | |||||||
Cost of sales | (26,666 | ) | (19,954 | ) | |||
Amortization of developed technology | (170 | ) | (154 | ) | |||
Gross Profit | 4,759 | 5,694 | |||||
Add back amortization of developed technology: | 170 | 154 | |||||
Contribution Margin* | $ | 4,929 | $ | 5,848 |
* | See the definition of Contribution Margin under “About Non-GAAP Financial Measures” within this release. |
Source: PodcastOne
2024 GlobeNewswire, Inc., source