$LVO earnings report

LiveOne reported Q2 Fiscal 2027 revenue of $17,966 thousand against $18,762 thousand a year earlier, and H1 Fiscal 2027 revenue of $37,316 thousand against $37,969 thousand. The company attributes the quarterly decline primarily to lower Slacker revenue. Cost of sales fell to $15,480 thousand from $16,166 thousand, and the release states that the $0.2 million improvement in operating loss was largely a result of increased margins from Slacker. Loss from operations was $(4,394) thousand against $(4,569) thousand, and H1 loss from operations was $(8,070) thousand against $(8,602) thousand.

Below the operating line, net interest expense rose to $(1,620) thousand in the quarter from $(1,003) thousand, and H1 net interest expense was $(2,252) thousand against $(1,690) thousand. Net loss was $(5,605) thousand in Q2 and $(8,703) thousand for H1, compared with $(5,705) thousand and $(9,569) thousand. Net loss per share was $(0.37) for Q2 against $(0.52), and $(0.59) for H1 against $(0.98). Weighted average shares rose to 13,745,268 in Q2 from 11,170,612, so per-share comparisons reflect a larger share count.

Non-GAAP measures moved more favorably than GAAP. Adjusted EBITDA was $(719) thousand for Q2 against $(1,018) thousand, and $3,594 thousand for H1 against $(2,829) thousand. Contribution Margin was $3,810 thousand for Q2 and $12,649 thousand for H1, against $7,130 thousand a year earlier. The filing does not explain the H1 Contribution Margin increase. Product development spend nearly doubled in Q2 to $890 thousand from $442 thousand, and the filing gives no reason for the change.

The guidance picture is mixed. The company revised Fiscal 2027 revenue guidance to $70 to $75 million and Adjusted EBITDA to $10 million+, and attributes the revision to updated launch timelines from B2B partners. It also issued first-time Fiscal 2028 revenue guidance of $100 Million+. No prior guidance figures were provided with this filing, so the release cannot be compared with the previous range.

On the balance sheet, cash rose to $7,483 thousand from $5,353 thousand at March 31, 2026. The current convertible note increased to $13,693 thousand from $2,900 thousand, while the noncurrent convertible note fell to nil from $11,689 thousand. Total liabilities declined to $55,294 thousand from $59,267 thousand, and the stockholders' deficit narrowed to $(8,596) thousand from $(12,392) thousand. The release says senior debt was reduced to $9M and that $25M of debt and other liabilities has been extinguished since February 2026. Accounts payable and accrued liabilities rose to $32,859 thousand from $27,719 thousand. No cash flow statement is included, so operating and free cash flow cannot be read from this filing.

LiveOne released preliminary, unaudited results for the second quarter and first half of Fiscal 2027 (six months ended September 30, 2026). The company reported H1 revenue of $37.3 million and Audio Adjusted EBITDA of $7.8 million, which it describes as record and up 619% from $1.1 million a year earlier. For Q2 alone, Audio Adjusted EBITDA was $1.5 million, up 113% from $0.7 million. Consolidated Adjusted EBITDA was $3.6 million for H1, a $6.4 million improvement from a year earlier, and a loss of $0.7 million for Q2, a 30% improvement from a loss of $1.0 million. The release does not print a prior-year figure for H1 consolidated Adjusted EBITDA, so the $6.4 million improvement is the only comparison given for that line.

PodcastOne, a subsidiary reported separately, posted record first-half revenue of $31.5M and record Adjusted EBITDA of $3.0M. The release gives no prior-year comparison for either PodcastOne figure. Total H1 revenue of $37.3 million is printed without a prior-year figure, so the release does not show total revenue growth.

On guidance, the company revised Fiscal 2027 revenue to $70 million to $75 million and set Adjusted EBITDA at $10 million or more. It also issued first-time Fiscal 2028 revenue guidance of $100 million or more. The filing says the revisions reflect updated launch timelines from B2B partners. The prior Fiscal 2027 range is not printed in this document, so the filing does not show whether the new range is above or below the earlier one, and no direction is assigned. The company also states that a reconciliation of projected Adjusted EBITDA to GAAP is not available.

On the balance sheet, the company says it has extinguished $25M in debt and other liabilities since February 2026 and reduced its senior debt balance to $9M. No cash, total debt, operating cash flow or free cash flow figures are printed. The forward-looking statements list going concern, covenant compliance under the senior secured debentures and a pending convertible debentures financing among risk factors, so the balance sheet discussion is incomplete without the full 10-Q.

The read is mixed. Segment profitability improved sharply and debt was reduced, but the Fiscal 2027 revenue outlook depends on partner launch timing, the figures are preliminary, and the GAAP picture is not in this release.