Liquidity remains a critical concern as evidenced by a 2026Q3 current ratio of 0.54 and an operating cash flow to net income ratio of 0.56, indicating poor conversion efficiency.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 |
|---|
| Cash from Operations | -12.79M | 6.37M | 6.85M | -3.84M | -9.12M | -9.51M | -4.89M | -5.77M | -9.26M | -3.12M | -3M | -179.79K | -1.48M | -698.22K | -565.94K | -21.05K |
| Operating CF Margin % | - | 5.57% | 5.78% | -3.86% | -7.8% | -14.58% | -12.66% | -17.12% | -128.71% | -1388.08% | - | -2.42% | -21.21% | - | - | -141.62% |
| Operating CF Growth % | -887.07% | -7.01% | 278.19% | 57.88% | 4.05% | -94.28% | 15.2% | 37.68% | -196.53% | -4.11% | -1568.57% | 87.82% | -111.39% | -23.37% | -2588.15% | - |
| Net Income | -23.65M | -20.37M | -11.97M | -10.02M | -43.91M | -41.82M | -38.93M | -37.76M | -20.55M | -14.25M | -3.75M | -5.15M | -3.4M | -1.52M | -734.49K | -14.44K |
| Depreciation & Amortization | 2.21M | 5.33M | 5.11M | 7.97M | 9.62M | 8.77M | 8.02M | 7.39M | 2.54M | 24.11K | 6.34K | 173.78K | 1.65K | 1.18K | 192 | 0 |
| Stock-Based Compensation | 7.95M | 6.16M | 6.34M | 3.05M | 12.7M | 11.28M | 12.03M | 9.21M | 3.25M | 2.28M | 856.5K | 2.6M | 1.09M | 317.53K | 16.06K | 0 |
| Deferred Taxes | 0 | -279K | 7K | -6K | 160K | -359K | -103K | 211K | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.06M | 11.09M | 5.41M | -2.31M | 2.99M | 7.84M | 356K | 5.01M | 6.12M | 10.79M | 455.77K | 934.79K | 50K | 100K | 0 | 0 |
| Working Capital Changes | -7.48M | 4.45M | 1.96M | -2.53M | 9.31M | 4.78M | 13.73M | 10.16M | -2.34M | 311.66K | 284.9K | 1.27M | 782.72K | 407.64K | 152.3K | -6.61K |
| Change in Receivables | -1.19M | 4.87M | -32K | 29K | -3.12M | 3.43M | 525K | -1.32M | 349K | 0 | 0 | 69.97K | -109.71K | 0 | 0 | 0 |
| Change in Inventory | 217K | 215K | 795K | 3K | -31K | 32K | -13.16M | 625K | -1.05M | 0 | 0 | -110.76K | -9.26K | 0 | 0 | 0 |
| Change in Payables | 1.09M | -563K | 2.85M | -380K | 10.83M | 2.33M | 13.16M | 10.96M | 2.38M | 64.72K | 284.31K | 382.48K | 612.4K | 60.8K | 11.24K | 575 |
| Cash from Investing | -8.49M | -3.12M | -4.05M | -2.45M | -3.98M | -791K | -2.44M | -2.53M | -2.46M | 2.16M | 223.41K | 15.36K | -55.24K | -100K | -5.85K | 0 |
| Capital Expenditures | -3.42M | -3.05M | -3.04M | -2.45M | -3.83M | -3.21M | -2.58M | -2.53M | -49K | -18.95K | -58.01K | -70.25K | -5.24K | 0 | -5.85K | 0 |
| CapEx % of Revenue | 4.41% | 2.67% | 2.56% | 2.46% | 3.27% | 4.92% | 6.66% | 7.51% | 0.68% | 8.42% | - | 0.94% | 0.08% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -150K | 2.42M | 138K | 0 | -2.41M | 0 | 0 | 85.61K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.07M | -70K | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 2.18M | 281.42K | -494.75K | -50K | -100K | -5.85K | 0 |
| Cash from Financing | 19.05M | -6.24M | -4.31M | 1.79M | 7.49M | 16.63M | 5.83M | 8.27M | 20.53M | 2.4M | 2.78M | 391.98K | 1.61M | 750.48K | 609.08K | 29.46K |
| Debt Issued (Net) | 10.27M | -4.73M | -1.7M | 4.38M | 6.61M | 6.73M | -2.98M | 8.75M | 2.24M | 1.73M | 200K | -175K | 200K | 150K | 150K | 0 |
| Equity Issued (Net) | 8.78M | -999K | -2.62M | -2.16M | 872K | 7.53M | 9.52M | 0 | 18.53M | 0 | 618.31K | 854.5K | 1.45M | 625K | 400K | 29.1K |
| Dividends Paid | 0 | -509K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -407.71K | 0 | 0 | 0 | 0 |
| Share Repurchases | -599K | -999K | -2.62M | -2.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 8K | -426K | 0 | 2.37M | -710K | -482K | -235K | 673K | 1.96M | 120.19K | -35.12K | -24.52K | 59.08K | 357 |
| Net Change in Cash | -2.23M | -2.99M | -1.51M | -4.5M | -5.62M | 6.33M | -1.5M | -31K | 8.81M | 1.44M | 777 | 135.74K | 83.65K | -47.73K | 37.29K | 8.4K |
| Free Cash Flow | -16.28M | 3.25M | 2.8M | -6.29M | -12.95M | -12.72M | -7.47M | -8.3M | -9.31M | -3.14M | -3.06M | -250.04K | -1.48M | -698.22K | -571.79K | -21.05K |
| FCF Margin % | -21% | 2.84% | 2.37% | -6.32% | -11.07% | -19.5% | -19.32% | -24.64% | -129.4% | -1396.5% | - | -3.36% | -21.29% | - | - | -141.62% |
| FCF Growth % | -258.2% | 15.81% | 144.53% | 51.41% | -1.85% | -70.26% | 10.04% | 10.82% | -196.3% | -2.75% | -1122.98% | 83.12% | -112.14% | -22.11% | -2615.95% | - |
| FCF per Share | -1.41 | 0.34 | 0.32 | -0.74 | -1.64 | -1.84 | -1.33 | -1.60 | -2.35 | -0.97 | -1.02 | -0.10 | -2.83 | -1.79 | -1.60 | -0.08 |
| FCF Conversion (FCF/Net Income) | 0.69x | -0.34x | -0.57x | 0.38x | 0.21x | 0.23x | 0.13x | 0.15x | 0.40x | 0.22x | 0.80x | 0.03x | 0.43x | 0.46x | 0.77x | 1.46x |
| Interest Paid | 1.26M | 873K | 1.11M | 1.93M | 1.47M | 969K | 1.52M | 981K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 37K | 0 | 25K | 0 | 17K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in recent financial statements, LiveOne's operating cash flow frequently diverges from net income, with the 2026Q3 OCF/NI ratio of 0.56 highlighting a persistent inability to convert accounting losses into meaningful cash generation, suggesting that non-cash expenses and working capital volatility are masking the underlying operational burn.
The consistent gap between net income and operating cash flow suggests that the company's reported losses do not fully capture the cash-based operational strain. Investors should monitor this divergence, as it indicates that the business model relies heavily on non-cash adjustments to mitigate the appearance of its ongoing cash consumption.
Based on the company's quarterly filings, FCF margins have swung wildly from -48.1% in 2026Q2 to 10.3% in 2026Q3, indicating that the firm lacks a stable cash-generating engine and remains highly susceptible to timing-related fluctuations in revenue recognition and content-related cash outflows.
This erratic FCF trajectory suggests that the company's cash position is not supported by a predictable operational foundation. The reliance on periodic positive quarters to offset significant burn periods warrants further investigation into whether these inflows are sustainable or merely artifacts of temporary working capital shifts.
According to historical data, working capital changes have been a primary driver of cash flow volatility, with a $2.6M outflow in 2026Q3 following a $5.0M inflow in 2025Q2, suggesting that the company's cash position is highly sensitive to the timing of collections and vendor payment cycles.
The reliance on working capital management to stabilize cash flow appears to be a stop-gap measure rather than a sign of operational efficiency. This volatility suggests that the company may be struggling to manage its payables effectively while facing inconsistent cash inflows from its diverse media segments.
As disclosed in recent SEC filings, LiveOne consistently utilizes stock-based compensation, reaching $2.7M in 2026Q3, which serves to artificially support the company's cash position by substituting equity for cash-based talent retention, thereby masking the true extent of the firm's operational cash burn.
The heavy reliance on equity-based incentives suggests that the company may be unable to fund its talent requirements through organic cash flow. This practice warrants caution, as it effectively dilutes existing shareholders to sustain operations that are not yet self-funding.
Quick answers to the most common questions about buying LVO stock.
LiveOne, Inc. (LVO) generated $6.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LiveOne, Inc. (LVO) generated $3.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
LiveOne, Inc. (LVO) spent $3.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, LiveOne, Inc. (LVO) returned $0.5M to shareholders via cash dividends and spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.