LiveOne, Inc. reported QQ3 2025 revenue of $29.45 million, down 5.76% year over year and 9.66% quarter over quarter. The company generated a gross profit of $7.15 million, yielding a gross margin of 24.29%, but recorded a net loss of $5.23 million and negative EPS of $0.059. Operational performance remained constrained by elevated expense levels, with operating income at $(5.11) million and EBITDA at $(3.88) million, reflecting a margin profile that remains in the red (operating margin ~ -17.36%, EBITDA margin ~ -13.18%).
Despite the bottom-line softness, LiveOne produced positive operating cash flow of $3.52 million and free cash flow of $2.72 million in the quarter, underscoring a tangible cash-generation capability that supports liquidity and optionality to fund growth initiatives. The balance sheet shows a cash balance of about $10.85 million against comparatively modest gross debt (~$5.21 million) and a negative equity position of $(8.44) million driven by substantial goodwill/intangible assets and accumulated losses. Net debt is negative by roughly $(5.65) million, indicating a net cash position despite negative book value.
Management commentary on the QQ3 2025 call (where available) focused on monetization opportunities across LiveXLive, PodcastOne, and Slacker Radio, along with ongoing cost discipline and content monetization strategies. In the absence of disclosed formal forward guidance, the near-term narrative centers on sustaining positive cash flow, advancing revenue-generating initiatives, and achieving margin normalization as the company scales its monetization engines. Investors should monitor (i) revenue growth by streaming/podcast segments, (ii) contribution from live events and white-label services, and (iii) SG&A discipline and content-cost management as key catalysts for turning operating cash flow and net income positive.