LiveOne, Inc. reported solid top-line momentum in QQ1 2025 with revenue of $33.08 million, up 19.1% year over year and 7.1% quarter over quarter. Despite the revenue strength, profitability remained constrained as operating income was negative by $0.61 million and net income registered a loss of $1.17 million. EBITDA was positive at $0.76 million, signaling some improvement in cash flow generation but not yet translating into sustained bottom-line profitability. The company generated operating cash flow of $1.34 million and free cash flow of $0.61 million, leaving available liquidity that supported cash and equivalents of about $6.32 million at period end. The balance sheet shows total assets of $64.63 million and total liabilities of $58.02 million, with stockholders’ equity negative at $3.81 million, reflecting a heavy allocation to goodwill and intangible assets. Cash burn was modest, and cash reserves declined modestly as the company managed working capital, issued no new debt, reduced some financing obligations, and repurchased roughly $0.75 million of its own shares. The near-term narrative hinges on continued revenue growth, improved profitability through operating expense discipline, and monetization of LiveOne’s platform ecosystem through ads, subscriptions, and live-event sponsorships.