On November 9, 2023, PodcastOne Inc (PODC, Financial), a premier podcast platform and subsidiary of LiveOne (Nasdaq: LVO), released its earnings report for the second fiscal quarter of 2024, ending September 30, 2023. The company reported a significant increase in revenue, though it faced a wider operating loss compared to the same period last year.
Financial Performance Overview
For Q2 Fiscal Year 2024, PodcastOne Inc (PODC, Financial) achieved a revenue of $10.5 million, marking a 24.5% increase from the $8.5 million reported in Q2 Fiscal Year 2023. However, the company experienced an operating loss of $1.4 million, a decrease from the operating income of $198K in the prior year's comparable quarter. The decline in operating income was primarily attributed to an increase in operating expenses.
Adjusted EBITDA for the quarter was reported at $500K, a slight decrease from the $554K in Q2 Fiscal Year 2023. The company's net loss per share basic and diluted was $(0.52), compared to $(0.00) in the same period last year.
Management Commentary
Kit Gray, President and Co-Founder of PodcastOne, expressed optimism about the company's trajectory, stating:
“As we continue to execute across all aspects of our business, we expect to report both record revenue and record positive Adjusted EBITDA in Fiscal 2024. Moreover, we remain opportunistic with respect to acquiring accretive podcast shows and podcast networks.”
Balance Sheet and Cash Flow Highlights
As of September 30, 2023, PodcastOne Inc (PODC, Financial) reported total assets of $28.4 million, with cash and cash equivalents at $491K. The company's total liabilities stood at $10.8 million, with stockholders' equity amounting to $17.6 million.
The company's balance sheet showed a decrease in cash and cash equivalents from $3.6 million as of March 31, 2023, to $491K as of September 30, 2023. Accounts receivable, net, increased from $6.9 million to $9.7 million in the same period.
Future Outlook and Investor Information
While the company's management remains focused on growth through strategic acquisitions, they also highlighted the challenges and uncertainties in the forward-looking statements, including the impact of the global Covid-19 pandemic and other economic conditions.
Investors and interested parties were invited to join the live conference call and webcast to discuss the company's operating and financial results. The webcast can be accessed on the Investor Relations section of PodcastOne’s website, as well as through the provided link.
For further details on PodcastOne Inc (PODC, Financial)'s financial performance, including reconciliations of non-GAAP financial measures, investors are encouraged to review the full earnings release and financial statements.
PodcastOne Inc (PODC, Financial) continues to navigate the competitive podcasting landscape, leveraging its content and distribution network to achieve growth. The company's focus on strategic acquisitions and content development is aimed at enhancing shareholder value and strengthening its market position in the burgeoning podcast industry.
Explore the complete 8-K earnings release (here) from PodcastOne Inc for further details.
