LiveOne, Inc (NASDAQ:LVO) reported second-quarter FY24 revenue growth of 21% year-on-year to $28.53 million, missing the consensus of $28.84 million.

EPS loss of $(0.04) compared to the consensus loss of $(0.00).

The Audio Division revenue was $26.9 million. Slacker revenue was a record $16.4 million, up 29% Y/Y, and the PodcastOne revenue was $10.5 million, a 24% increase Y/Y.

Paid members as of September 30 were 2.4 million, up by 38% Y/Y. Total members, including free ad-supported memberships, were approximately 3.3 million.

The operating loss was $(2.52) million against ($0.99) million a year ago. Adjusted EBITDA was $2.79 million versus $4.39 million a year ago.

LiveOne held $3.81 million in cash and equivalents.

LiveOne’s CEO and Chairman, Robert Ellin, commented, “In addition, the recent extension with Tesla as well as 18 new podcasts this year alone provides extraordinary confidence that Fiscal 2025 will be another record-breaking year.” 

Price Action: LVO shares traded lower by 7.79% at $1.13 on the last check Thursday.