LiveOne, Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 13, 2026
LVO$2.45+5.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001437749-25-035107
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-13.
0001437749-26-004111
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 180 previous paragraphs and 171 current paragraphs.
104 unchanged; 60 reworded; 6 added; 12 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 37 previous and 37 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
Operating loss decreased to $0.7 million for the three months ended December 31, 2025 compared to $0.9 million for the three months ended December 31, 2024.
Current report
Operating loss decreased by $0.9 million, or 37%, to $1.6 million for the three months ended December 31, 2025, as compared to $2.5 million for the three months ended December 31, 2024, largely due to a decrease in employee costs.
Current report
Nine Months Ended December 31, 2025, as compared to Nine Months Ended December 31, 2024
Current report
Impairment of Intangible Assets
Current report
Nine Months Ended December 31, 2025, as compared to Nine Months Ended December 31, 2024
Current report
Operating loss decreased by $1.2 million, or 15%, to $6.6 million for the nine months ended December 31, 2025, as compared to $7.8 million for the nine months ended December 31, 2024, largely due to a decrease in employee costs.
Removed paragraphs (12)
Previous report
Recent Developments
Previous report
On July 15, 2025, holders of our Series A Preferred Stock exchanged $6.75 million of their Series A Preferred Stock into shares of our common stock at a price of $1.50 per share and were issued accompanying warrants.
Previous report
Effective September 26, 2025, we effected a 1-for-10 reverse stock split of our issued and outstanding shares of common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every 10 shares of our issued and outstanding pre-Reverse Stock Split shares of common stock were combined into one share of our common stock. Stockholders who otherwise were entitled to receive fractional shares of our common stock received cash (without interest) in lieu of any fractional shares. In connection with the Reverse Stock Split, there was no change in the par value per share of common stock of $0.001. As a result of the Reverse Stock Split, equitable adjustments corresponding to the Reverse Stock Split ratio were made to our outstanding warrants and our other convertible instruments and upon the exercise or vesting of all stock options such that every 10 shares of common stock that may be issued upon the exercise of our warrants and stock options and conversion of our other convertible instruments held immediately prior to the Reverse Stock Split represent one share of our common stock that may be issued upon exercise of such warrants and stock options and conversion of the other convertible instruments immediately following the Reverse Stock Split. Correspondingly, the exercise price per share of our common stock attributable to our warrants and stock options and the conversion price of our other convertible instruments immediately prior to the Reverse Stock Split was proportionately increased by a multiple of 10 following the Reverse Stock Split.
Previous report
Production
Previous report
Production cost of sales decreased by $32,000, or 68%, to $15,000 for the three months ended September 30, 2025, as compared to $47,000 for the three months ended September 30, 2024. The decrease can be attributed to lower resources used as we look to close out some of our defunct operations.
Previous report
Operating loss decreased by $0.7 million, or 44%, to $0.9 million for the three months ended September 30, 2025 from $1.7 million for the three months ended September 30, 2024, as a result of a decrease in Contribution Margin.
Previous report
Operating loss decreased by $0.1 million, or 2%, to $2.8 million for the three months ended September 30, 2025, as compared to $2.9 million for the three months ended September 30, 2024, largely due to a decrease in employee costs.
Previous report
Six Months Ended September 30, 2025, as compared to Six Months Ended September 30, 2024
Previous report
Production
Previous report
Production cost of sales increased by $0.5 million, or 398%, to $0.6 million for the six months ended September 30, 2025, as compared to $0.1 million for the six months ended September 30, 2024. The increase can be attributed to additional resources hired to close out some of the operations.
Previous report
Six Months Ended September 30, 2025, as compared to Six Months Ended September 30, 2024
Previous report
Operating loss decreased by $0.3 million, or 6%, to $5.0 million for the six months ended September 30, 2025, as compared to $5.3 million for the six months ended September 30, 2024, largely due to a decrease in employee costs.
Reworded paragraphs (60)
Previous wording
As used herein,“LiveOne,”* the*“Company,”* “we,” “our” or*“us”* and similar terms include LiveOne, Inc. and its subsidiaries, unless the context indicates otherwise. The following discussion and analysis of our business and results of operations for the three and six months ended September 30, 2025, and our financial conditions at that date, should be read in conjunction with our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q (this*“Quarterly Report”).
Current wording
As used herein,“LiveOne,”* the*“Company,”* “we,” “our” or*“us”* and similar terms include LiveOne, Inc. and its subsidiaries, unless the context indicates otherwise. The following discussion and analysis of our business and results of operations for the three and nine months ended December 31, 2025, and our financial conditions at that date, should be read in conjunction with our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q (this*“Quarterly Report”).
Previous wording
For the six months ended September 30, 2025 and 2024, we reported revenue of $38.0 million and $65.7 million, respectively. We have two customers that accounted for 45% and 73% of our revenue during the six months ended September 30, 2025 and 2024 The customer is an original equipment manufacturer (the “OEM”) whose in-car music dashboard contains LiveOne music streaming button/icon, which allows OEM customers to directly connect their subscription to LiveOne. In the six months ended September 30, 2025 and 2024, total revenue from the OEM was $3.1 million and $36.0 million, respectively. In addition we have an advertising partner customer which had revenue of $14.0 million and $12.0 million for the six months ended September 30, 2025 and 2024, respectively.
Current wording
For the nine months ended December 31, 2025 and 2024, we reported revenue of $58.2 million and $95.1 million, respectively. We have two customers that accounted for 43% and 71% of our revenue during the nine months ended December 31, 2025 and 2024 The customer is an original equipment manufacturer (the “OEM”) whose in-car music dashboard contains LiveOne music streaming button/icon, which allows OEM customers to directly connect their subscription to LiveOne. In the nine months ended December 31, 2025 and 2024, total revenue from the OEM was $4.4 million and $49.1 million, respectively. In addition we have an advertising partner customer which had revenue of $20.9 million and $18.0 million for the nine months ended December 31, 2025 and 2024, respectively.
Previous wording
During our six months ended September 30, 2025 we derived 17% of our revenue from paid memberships and 80% from advertising and the remainder from merchandising and licensing.
Current wording
During our nine months ended December 31, 2025 we derived 16% of our revenue from paid memberships and 79% from advertising and the remainder from merchandising and licensing.
Previous wording
For the six months ended September 30, 2025 and 2024, all material amounts of our revenue were derived from customers located in the United States and moreover, our largest OEM customer accounted for 8% and 55% of our consolidated revenue, respectively. This significant concentration of revenue from one customer poses risks to our operating results, and any change in the means this customer utilizes our services beyond September 30, 2025 could cause our revenue to fluctuate significantly.
Current wording
For the nine months ended December 31, 2025 and 2024, all material amounts of our revenue were derived from customers located in the United States and moreover, our largest OEM customer accounted for 7% and 46% of our consolidated revenue, respectively. This significant concentration of revenue from one customer poses risks to our operating results, and any change in the means this customer utilizes our services beyond December 31, 2025 could cause our revenue to fluctuate significantly.
Previous wording
Membership revenue decreased $16.4 million, or 84%, to $3.1 million for the three months ended September 30, 2025, as compared to $19.5 million for the three months ended September 30, 2024. The decrease was primarily a result of the change in terms with our largest OEM customer. Beginning on December 1, 2024, we began converting customers directly to our LiveOne music app as our largest OEM customer no longer subsidized our product.
Current wording
Membership revenue decreased $11.4 million, or 80%, to $2.9 million for the three months ended December 31, 2025, as compared to $14.3 million for the three months ended December 31, 2024. The decrease was primarily a result of the change in terms with our largest OEM customer. Beginning on December 1, 2024, we began converting customers directly to our LiveOne music app as our largest OEM customer no longer subsidized our product.
Previous wording
Advertising revenue increased $2.9 million, or 23%, to $15.2 million for the three months ended September 30, 2025, as compared to $12.3 million for the three months ended September 30, 2024, which is primarily attributable to growth in our advertising revenue of $2.0 million as a result of new partnerships and barter revenue which increased $1.0 million quarter-over-quarter.
Current wording
Advertising revenue increased $2.9 million, or 23%, to $15.8 million for the three months ended December 31, 2025, as compared to $12.9 million for the three months ended December 31, 2024, which is primarily attributable to growth in our advertising revenue of $2.0 million as a result of new partnerships and barter revenue which increased $0.9 million quarter-over-quarter.
Previous wording
Merchandising revenue decreased $0.3 million, or 37%, to 0.5 million for the three months ended September 30, 2025, as compared to $0.8 million the three months ended September 30, 2024, which is due to a reduction in demand from both retail partners and our direct to consumer merchandising business.
Current wording
Merchandising revenue decreased $0.7 million, or 29%, to 1.6 million for the three months ended December 31, 2025, as compared to $2.3 million the three months ended December 31, 2024, which is due to a reduction in demand from both retail partners and our direct to consumer merchandising business.
Previous wording
Membership cost of sales decreased by $10.3 million, or 83%, to $2.1 million for the three months ended September 30, 2025, as compared to $12.4 million for the three months ended September 30, 2024. The decrease was in line with the lower membership revenues noted above.
Current wording
Membership cost of sales decreased by $6.3 million, or 77%, to $1.9 million for the three months ended December 31, 2025, as compared to $8.2 million for the three months ended December 31, 2024. The decrease was in line with the lower membership revenues noted above.
Previous wording
Advertising cost of sales increased by $2.6 million, or 23%, to $14.0 million for the three months ended September 30, 2025, as compared to $11.4 million for the three months ended September 30, 2024. The increase was primarily attributable to growth in our revenue share expense which is in line with increases in revenue noted above.
Current wording
Advertising cost of sales increased by $1.3 million, or 11%, to $13.5 million for the three months ended December 31, 2025, as compared to $12.2 million for the three months ended December 31, 2024. The increase was primarily attributable to growth in our revenue share expense which is in line with increases in revenue noted above.
Previous wording
Merchandising cost of sales decreased by $0.6 million, or 92%, to $0.1 million for the three months ended September 30, 2025, as compared to $0.7 million for the three months ended September 30, 2024 due to the Company purchasing a higher amount of merchandise in the prior year based on higher demand.
Current wording
Merchandising cost of sales decreased by $0.9 million, or 47%, to $1.0 million for the three months ended December 31, 2025, as compared to $1.9 million for the three months ended December 31, 2024 due to the Company purchasing a higher amount of merchandise in the prior year based on higher demand.
Previous wording
Sales and Marketing expenses decreased by $0.6 million, or 42%, to $0.9 million for the three months ended September 30, 2025, as compared to $1.5 million for the three months ended September 30, 2024, primarily driven by employee costs.
Current wording
Sales and Marketing expenses decreased by $0.7 million, or 39%, to $1.1 million for the three months ended December 31, 2025, as compared to $1.8 million for the three months ended December 31, 2024, primarily driven by employee costs.
Previous wording
Product development expenses decreased by $0.8 million, or 62%, to $0.4 million for the three months ended September 30, 2025, as compared to $1.2 million for the three months ended September 30, 2024, which was driven by an decrease in employee costs.
Current wording
Product development expenses decreased by $0.8 million, or 72%, to $0.3 million for the three months ended December 31, 2025, as compared to $1.1 million for the three months ended December 31, 2024, which was driven by a decrease in employee costs.
Previous wording
General and administrative expenses decreased by $0.6 million, or 9%, to $5.7 million for the three months ended September 30, 2025, as compared to $6.3 million for the three months ended September 30, 2024, largely due to a decrease in employee cost and depreciation as a result of impairments to long lived assets in the fourth quarter of our fiscal year ended March 31, 2025 ("fiscal 2025").
Current wording
General and administrative expenses decreased by $1.0 million, or 20%, to $4.2 million for the three months ended December 31, 2025, as compared to $5.2 million for the three months ended December 31, 2024, largely due to a decrease in employee cost and depreciation as a result of impairments to long lived assets in the fourth quarter of our fiscal year ended March 31, 2025 ("fiscal 2025").
Previous wording
Amortization of intangible assets decreased by $0.4 million, or 73%, to $0.1 million for the three months ended September 30, 2025, as compared to $0.5 million for the three months ended September 30, 2024. The decrease can be attributed to a portion of the intangible assets reaching their full lives of amortization and impairments recorded in the fourth quarter of fiscal 2025.
Current wording
Amortization of intangible assets decreased by $0.1 million, or 47%, to $0.2 million for the three months ended December 31, 2025, as compared to $0.3 million for the three months ended December 31, 2024. The decrease can be attributed to a portion of the intangible assets reaching their full lives of amortization and impairments recorded in the fourth quarter of fiscal 2025.
Previous wording
Impairment of intangible assets decreased $0.2 million to none for the six months ended September 30, 2025, as compared to $0.2 million for the six months ended September 30, 2024, which is attributed to the impairment of intangible assets of PodcastOne (see Note 4 – Goodwill and Intangible Assets to our condensed consolidated financial statements included elsewhere in this Quarterly Report).
Current wording
Impairment of intangible assets decreased $3.8 million to none for the three months ended December 31, 2025, as compared to $3.8 million for the three months ended December 31, 2024, which is attributed to the impairment of intangible assets of Slacker (see Note 5 – Goodwill and Intangible Assets to our condensed consolidated financial statements included elsewhere in this Quarterly Report).
Previous wording
Total other expense increased by $0.2 million, or 18%, to an expense of $1.1 million for the three months ended September 30, 2025, as compared to $0.9 million of expense for the three months ended September 30, 2024. The increase is primarily driven by an increase in interest expense as a result of the convertible debentures offset by a reduction interest expense due to the pay down of the line of credit.
Current wording
Total other expense increased by $1.6 million, or 319%, to an expense of $2.1 million for the three months ended December 31, 2025, as compared to $0.5 million of expense for the three months ended December 31, 2024. The increase is primarily driven by an increase of $0.5 million in interest expense as a result of the convertible debentures offset by a reduction interest expense due to the pay down of the line of credit. In addition, $1.1 million of the increase can be attributed to the loss resulting from the change in fair value of digital assets.
Previous wording
Net loss attributable to non-controlling interests for the three months ended September 30, 2025 was $0.5 million compared to $0.5 million for the three months ended September 30, 2024, which resulted from the spin out of PodcastOne from our Company with PodcastOne becoming a standalone publicly trading company (the "Spin-Out").
Current wording
Net loss attributable to non-controlling interests for the three months ended December 31, 2025 was $39,000 compared to $0.4 million for the three months ended December 31, 2024, which resulted from the spin out of PodcastOne from our Company with PodcastOne becoming a standalone publicly trading company (the "Spin-Out").
Previous wording
Revenue increased $3.0 million, or 25%, during the three months ended September 30, 2025, primarily due to increased advertising and new partners signed up to revenue contracts.
Current wording
Revenue increased $3.1 million, or 25%, during the three months ended December 31, 2025, primarily due to increased advertising and new partners signed up to revenue contracts.
Previous wording
Operating loss decreased by $1.4 million or 53%, for the six months ended September 30, 2025, as the increase in revenue was complimented by the decrease in operating expenses due to growing the business.
Current wording
Operating income increased by $1.3 million, or 107%, for the three months ended December 31, 2025, as the increase in revenue was complimented by the decrease in operating expenses due to growing the business.
Previous wording
Adjusted EBITDA* increased by $1.5 million, or 369%, to $1.1 million for the three months ended September 30, 2025, as compared to $(0.4) million for the three months ended September 30, 2024. This was largely due to an increase in revenue and talent based expenses.
Current wording
Adjusted EBITDA* increased by $3.5 million, or 516%, to $2.8 million for the three months ended December 31, 2025, as compared to $(0.7) million for the three months ended December 31, 2024. This was largely due to an increase in revenue and a reduction in talent based expenses.
Previous wording
Revenue decreased $16.5 million, or 84%, during the three months ended September 30, 2025, primarily due to a change in terms with our largest OEM customer.
Current wording
Revenue decreased $11.6 million, or 81%, during the three months ended December 31, 2025, primarily due to a change in terms with our largest OEM customer.
Previous wording
Operating loss increased by $9.9 million, or 105%, for the six months ended September 30, 2025, driven by the decrease in revenue which was higher than the reduction in operating expenses.
Current wording
Operating loss decreased by $0.2 million, or 50%, for the three months ended December 31, 2025, driven by the decrease in revenue which was lower than the reduction in operating expenses.
Previous wording
Adjusted EBITDA* decreased by $6.2 million, or 107%, to $(0.4) million for the three months ended September 30, 2025, as compared to $5.8 million for the three months ended September 30, 2024. This was largely due to lower revenue achieved for the three months ended September 30, 2025, which resulted in a lower Contribution Margin in the current period.
Current wording
Adjusted EBITDA* decreased by $4.4 million, or 103%, to $(0.1) million for the three months ended December 31, 2025, as compared to $4.3 million for the three months ended December 31, 2024. This was largely due to lower revenue achieved for the three months ended December 31, 2025, which resulted in a lower Contribution Margin in the current period.
Previous wording
Revenue decreased $0.3 million, or 39%, to $0.5 million during the three months ended September 30, 2025, as compared to $0.9 million for the three months September 30, 2024, primarily due to decrease in merchandising revenue due to a reduction in demand from both retail partners and our direct to consumer business.
Current wording
Revenue decreased $0.8 million, or 31%, to $1.6 million during the three months ended December 31, 2025, as compared to $2.4 million for the three months December 31, 2024, primarily due to decrease in merchandising revenue due to a reduction in demand from both retail partners and our direct to consumer business.
Previous wording
Adjusted EBITDA* loss decreased by $0.6 million, or 69%, to a $(0.3) million loss for the three months ended September 30, 2025, as compared to a $(0.8) million loss for the three months September 30, 2024. This was largely due to the decrease in expenses compared to the prior year.
Current wording
Adjusted EBITDA* loss decreased by $0.4 million, or 76%, to a $(0.1) million loss for the three months ended December 31, 2025, as compared to a $(0.5) million loss for the three months December 31, 2024. This was largely due to the decrease in expenses compared to the prior year.
Previous wording
Corporate Adjusted EBITDA* loss decreased $0.3 million, or 14%, to $(1.4) million for the three months ended September 30, 2025 as compared to $(1.7) million for the three months ended September 30, 2024. The decrease was largely due to the decrease in costs noted above.
Current wording
Corporate Adjusted EBITDA* loss decreased $0.6 million, or 41%, to $(0.9) million for the three months ended December 31, 2025 as compared to $(1.5) million for the three months ended December 31, 2024. The decrease was largely due to the decrease in costs noted above.
Previous wording
Membership revenue decreased $31.9 million, or 83%, to $6.4 million for the six months ended September 30, 2025, as compared to $38.3 million for the six months ended September 30, 2024. The decrease was primarily a result of the change in terms with our largest OEM customer. Beginning on December 1, 2024, we began converting customers directly to our LiveOne music app as our largest OEM customer no longer subsidized our product.
Current wording
Membership revenue decreased $43.3 million, or 82%, to $9.3 million for the nine months ended December 31, 2025, as compared to $52.6 million for the nine months ended December 31, 2024. The decrease was primarily a result of the change in terms with our largest OEM customer. Beginning on December 1, 2024, we began converting customers directly to our LiveOne music app as our largest OEM customer no longer subsidized our product.
Previous wording
Advertising revenue increased $4.9 million, or 19%, to $30.3 million for the six months ended September 30, 2025, as compared to $25.4 million for the six months ended September 30, 2024, which is primarily attributable to growth in our advertising revenue of $2.8 million and barter revenue which increased $2.0 million quarter-over-quarter.
Current wording
Advertising revenue increased $7.8 million, or 20%, to $46.0 million for the nine months ended December 31, 2025, as compared to $38.2 million for the nine months ended December 31, 2024, which is primarily attributable to growth in our advertising revenue of $4.9 million and barter revenue which increased $2.9 million quarter-over-quarter.
Previous wording
Merchandising revenue decreased $0.7 million, or 34%, to $1.3 million for the six months ended September 30, 2025, as compared to $2.0 million the six months ended September 30, 2024, which is due to a reduction in demand from both retail partners and our direct to consumer merchandising business.
Current wording
Merchandising revenue decreased $1.4 million, or 31%, to $2.9 million for the nine months ended December 31, 2025, as compared to $4.3 million the nine months ended December 31, 2024, which is due to a reduction in demand from both retail partners and our direct to consumer merchandising business.
Previous wording
Membership cost of sales decreased by $20.1 million, or 82%, to $4.5 million for the six months ended September 30, 2025, as compared to $24.6 million for the six months ended September 30, 2024. The decrease was in line with the lower membership revenues noted above.
Current wording
Membership cost of sales decreased by $26.4 million, or 81%, to $6.4 million for the nine months ended December 31, 2025, as compared to $32.8 million for the nine months ended December 31, 2024. The decrease was in line with the lower membership revenues noted above.
Previous wording
Advertising cost of sales increased by $4.6 million, or 20%, to $27.8 million for the six months ended September 30, 2025, as compared to $23.2 million for the six months ended September 30, 2024. The increase was primarily attributable to growth in our revenue share expense which is in line with increases in revenue noted above.
Current wording
Advertising cost of sales increased by $6.0 million, or 17%, to $41.4 million for the nine months ended December 31, 2025, as compared to $35.4 million for the nine months ended December 31, 2024. The increase was primarily attributable to growth in our revenue share expense which is in line with increases in revenue noted above.
Previous wording
Merchandising cost of sales decreased by $1.6 million, or 93%, to $0.1 million for the six months ended September 30, 2025, as compared to $1.7 million for the six months ended September 30, 2024 due to the Company purchasing a higher amount of merchandise in the prior year based on higher demand.
Current wording
Merchandising cost of sales decreased by $2.0 million, or 54%, to $1.7 million for the nine months ended December 31, 2025, as compared to $3.7 million for the nine months ended December 31, 2024 due to the Company purchasing a higher amount of merchandise in the prior year based on higher demand.
Previous wording
Sales and Marketing expenses decreased by $0.8 million, or 27%, to $2.1 million for the six months ended September 30, 2025, as compared to $2.9 million for the six months ended September 30, 2024, primarily driven by employee costs.
Current wording
Sales and Marketing expenses decreased by $1.5 million, or 32%, to $3.2 million for the nine months ended December 31, 2025, as compared to $4.7 million for the nine months ended December 31, 2024, primarily driven by employee costs.
Previous wording
Product development expenses decreased by $0.8 million, or 38%, to $1.4 million for the six months ended September 30, 2025, as compared to $2.2 million for the six months ended September 30, 2024, which was driven by an increase in employee costs.
Current wording
Product development expenses decreased by $1.7 million, or 50%, to $1.6 million for the nine months ended December 31, 2025, as compared to $3.3 million for the nine months ended December 31, 2024, which was driven by an increase in employee costs.
Previous wording
General and administrative expenses decreased by $2.0 million, or 17%, to $9.8 million for the six months ended September 30, 2025, as compared to $11.8 million for the six months ended September 30, 2024, largely due to a decrease in depreciation of $0.9 million as a result of impairments to long lived assets in the fourth quarter of our fiscal year ended March 31, 2025 ("fiscal 2025").
Current wording
General and administrative expenses decreased by $3.0 million, or 18%, to $14.0 million for the nine months ended December 31, 2025, as compared to $17.0 million for the nine months ended December 31, 2024, largely due to a decrease in depreciation of $0.9 million as a result of impairments to long lived assets in the fourth quarter of our fiscal year ended March 31, 2025 ("fiscal 2025").
Previous wording
Amortization of intangible assets decreased by $0.8 million, or 74%, to $0.3 million for the six months ended September 30, 2025, as compared to $1.1 million for the six months ended September 30, 2024. The decrease can be attributed to a portion of the intangible assets reaching their full lives of amortization and impairments recorded in the fourth quarter of fiscal 2025.
Current wording
Amortization of intangible assets decreased by $1.0 million, or 68%, to $0.5 million for the nine months ended December 31, 2025, as compared to $1.5 million for the nine months ended December 31, 2024. The decrease can be attributed to a portion of the intangible assets reaching their full lives of amortization and impairments recorded in the fourth quarter of fiscal 2025.
Previous wording
Total other expense decreased by $0.7 million, or 44%, to expense of $0.9 million for the six months ended September 30, 2025, as compared to $1.6 million of expense for the six months ended September 30, 2024. The decrease is primarily driven by an increase in interest expense attributed to the convertible debt offset by a reduction of interest expense due to the pay down of the line of credit.
Current wording
Total other expense decreased by $0.9 million, or 42%, to expense of $3.1 million for the nine months ended December 31, 2025, as compared to $2.2 million of expense for the nine months ended December 31, 2024. The decrease is primarily driven by an increase in interest expense attributed to the convertible debt offset by a reduction of interest expense due to the pay down of the line of credit. In addition, $1.2 million of the increase can be attributed to the loss on the change in fair value of our digital assets.
Previous wording
Revenue increased $4.8 million, or 19%, during the six months ended September 30, 2025, primarily due to increased advertising.
Current wording
Revenue increased $8.0 million, or 21%, during the nine months ended December 31, 2025, primarily due to increased advertising.
Previous wording
Operating loss decreased by $0.9 million or 62%, for the three months ended September 30, 2025, as the increase in revenue was complimented by the decrease in operating expenses due to growing the business.
Current wording
Operating loss decreased by $2.8 million or 70%, for the nine months ended December 31, 2025, as the increase in revenue was complimented by the decrease in operating expenses due to growing the business.
Previous wording
Adjusted EBITDA* increased by $2.4 million, or 335%, to $1.7 million for the six months ended September 30, 2025, as compared to $(0.7) million for the six months ended September 30, 2024. This was largely due to an increase in revenue and expenses.
Current wording
Adjusted EBITDA* increased by $5.8 million, or 421%, to $4.5 million for the nine months ended December 31, 2025, as compared to $(1.4) million for the nine months ended December 31, 2024. This was largely due to an increase in revenue.
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Impairment of intangible assets was none for the nine months ended December 31, 2025, as compared to $4.0 million for the nine months ended December 31, 2024, which is attributed to the impairment of intangible assets of Slacker PodcastOne (see Note 5 – Goodwill and Intangible Assets to our condensed consolidated financial statements included elsewhere in this Quarterly Report).
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
On July 16, 2025, in connection with the anticipated closing of the public offering discussed below, we announced our intent to launch our bitcoin yield treasury strategy, as part of our board of directors’ approval of our up to $500 million digital asset treasury strategy.
Previous report — wording carried elsewhere
On July 17, 2025, we completed an underwritten public offering of shares of our common stock for aggregate gross proceeds to us of approximately $9.5 million (including the exercise of the underwriter’s option), after deducting an underwriting discount, but before other offering expenses. We expect to use the net proceeds from the public offering to fund the acquisition of digital assets, the development and implementation of our digital currency treasury strategy and for working capital and general corporate purposes.
Previous report — wording carried elsewhere
Net Income (Loss) Attributable to Non-Controlling Interests
Previous report — wording carried elsewhere
Net loss attributable to non-controlling interests for the six months ended September 30, 2025 was $0.7 million compared to $0.8 million for the six months ended September 30, 2024, which resulted from the Spin-Out of PodcastOne.