Revenue growth has turned sharply negative with a 31.2% year-over-year contraction in 2026Q3, while gross margins have compressed to 17.9% from historical levels near 24%.
| 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 |
|---|
| Sales/Revenue | 77.51M | 114.41M | 118.44M | 99.61M | 117.02M | 65.23M | 38.66M | 33.7M | 7.2M | 225K | 0 | 7.44M | 6.96M | 0 | 0 | 14.87K |
| Revenue Growth % | -38.49% | -3.41% | 18.9% | -14.88% | 79.39% | 68.73% | 14.71% | 368.39% | 3097.78% | - | -100% | 6.87% | - | - | -100% | - |
| Cost of Goods Sold | 63.11M | 87.19M | 86.39M | 66.78M | 92.98M | 48.99M | 32.79M | 31.17M | 6.69M | 1.15M | 6.34K | 1.1M | 1.02M | 0 | 0 | 0 |
| COGS % of Revenue | - | 76.21% | 72.94% | 67.04% | 79.46% | 75.1% | 84.81% | 92.49% | 93.04% | 509.78% | - | 14.81% | 14.66% | - | - | - |
| Gross Profit | 14.4M | 27.22M | 32.05M | 32.83M | 24.04M | 16.24M | 5.87M | 2.53M | 501K | -922K | -6.34K | 6.34M | 5.94M | 0 | 0 | 14.87K |
| Gross Margin % | 18.58% | 23.79% | 27.06% | 32.96% | 20.54% | 24.9% | 15.19% | 7.51% | 6.96% | -409.78% | - | 85.19% | 85.34% | - | - | 100% |
| Gross Profit Growth % | - | -15.08% | -2.38% | 36.57% | 48% | 176.57% | 132.13% | 404.99% | 154.34% | -14451.77% | -100.1% | 6.69% | - | - | -100% | - |
| Operating Expenses | 35.71M | 45.27M | 36.72M | 35.01M | 61.89M | 45.61M | 41.87M | 36.42M | 15.38M | 5.71M | 3.98M | 8.5M | 3.32M | 1.41M | 734.49K | 29.3K |
| OpEx % of Revenue | - | 39.57% | 31% | 35.15% | 52.89% | 69.93% | 108.3% | 108.08% | 213.73% | 2537.69% | - | 114.24% | 47.72% | - | - | 197.13% |
| Selling, General & Admin | 24.6M | 28.48M | 30.11M | 24.18M | 47.8M | 30.35M | 25.38M | 21.95M | 11.38M | 4.98M | 3.62M | 7.89M | 2.6M | 686.29K | 734.49K | 29.3K |
| SG&A % of Revenue | - | 24.89% | 25.42% | 24.27% | 40.84% | 46.52% | 65.64% | 65.14% | 158.12% | 2213.33% | - | 106.05% | 37.36% | - | - | 197.13% |
| Research & Development | 2.82M | 4.47M | 4.68M | 5.14M | 8.09M | 9.68M | 10.77M | 7.97M | 1.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.91% | 3.95% | 5.16% | 6.92% | 14.84% | 27.85% | 23.64% | 21.93% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.14M | 12.32M | 1.93M | 5.7M | 6M | 5.58M | 5.73M | 6.5M | 2.42M | 0 | 360K | 609.18K | 1.79M | 720.86K | 0 | 0 |
| Operating Income | -21.31M | -18.06M | -4.67M | -2.18M | -37.85M | -29.37M | -35.99M | -33.89M | -14.88M | -5.48M | -3.98M | -2.16M | -3.32M | -1.41M | -734.49K | -14.44K |
| Operating Margin % | -27.49% | -15.78% | -3.94% | -2.19% | -32.35% | -45.03% | -93.11% | -100.57% | -206.77% | -2437.69% | - | -29.05% | -47.72% | - | - | -97.13% |
| Operating Income Growth % | - | -286.83% | -113.74% | 94.23% | -28.88% | 18.41% | -6.2% | -127.83% | -171.24% | -37.84% | -84.18% | 34.95% | -136% | -91.58% | -4986.83% | - |
| EBITDA | -19.1M | -12.73M | 439K | 5.79M | -28.23M | -20.6M | -27.98M | -26.51M | -12.34M | -5.46M | -3.97M | -1.99M | -3.32M | -1.41M | -734.3K | -14.44K |
| EBITDA Margin % | -24.64% | -11.13% | 0.37% | 5.81% | -24.12% | -31.58% | -72.36% | -78.65% | -171.54% | -2427.02% | - | -26.71% | -47.7% | - | - | -97.13% |
| EBITDA Growth % | -525.38% | -3000.23% | -92.41% | 120.5% | -37.03% | 26.36% | -5.54% | -114.77% | -126.01% | -37.46% | -99.97% | 40.15% | -136.09% | -91.47% | -4985.5% | - |
| D&A (Non-Cash Add-back) | 2.21M | 5.33M | 5.11M | 7.97M | 9.62M | 8.77M | 8.02M | 7.39M | 2.54M | 24K | 6.34K | 173.78K | 1.65K | 1.18K | 192 | 0 |
| EBIT | -20.16M | -17.84M | -8.83M | -2.61M | -39.61M | -36.86M | -35.38M | -34.27M | -15.09M | -13.74M | -3.57M | -3.24M | 327.61K | -1.51M | -734.49K | -14.44K |
| Net Interest Income | -4.56M | -2.71M | -4.37M | -7.34M | -4.12M | -5.3M | -3.74M | -3.27M | -3.92M | -512K | 0 | 0 | 0 | -17.4K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 |
| Interest Expense | 4.56M | 2.71M | 4.37M | 7.34M | 4.12M | 5.3M | 3.74M | 3.27M | 3.92M | 512.15K | 178.5K | 131.71K | 28.58K | 17.41K | 0 | 0 |
| Other Income/Expense | -3.4M | -2.5M | -8.53M | -7.77M | -5.88M | -12.79M | -3.12M | -3.65M | -4.14M | -8.77M | 232.06K | -2.73M | -117.4K | -117.4K | 0 | 0 |
| Pretax Income | -24.72M | -20.55M | -13.19M | -9.95M | -43.73M | -42.16M | -39.12M | -37.54M | -19.01M | -14.25M | -3.75M | -4.89M | -3.4M | -1.52M | -734.49K | -14.44K |
| Pretax Margin % | -31.89% | -17.97% | -11.14% | -9.99% | -37.37% | -64.64% | -101.19% | -111.4% | -264.27% | -6333.21% | - | -65.78% | -48.85% | - | - | -97.13% |
| Income Tax | -205K | -185K | 118K | 65K | 183K | -345K | -192K | 218K | 6K | 8.39M | 0 | 261.78K | 50K | 0 | 0 | 0 |
| Effective Tax Rate % | 0.83% | 0.9% | -0.89% | -0.65% | -0.42% | 0.82% | 0.49% | -0.58% | -0.03% | -58.89% | 0% | -5.35% | -1.47% | 0% | 0% | 0% |
| Net Income | -23.65M | -18.71M | -11.97M | -10.02M | -43.91M | -41.82M | -38.93M | -37.76M | -23.34M | -14.25M | -3.75M | -5.43M | -3.4M | -1.52M | -734.49K | -14.44K |
| Net Margin % | -30.51% | -16.35% | -10.1% | -10.06% | -37.53% | -64.11% | -100.69% | -112.05% | -324.34% | -6333.21% | - | -73.05% | -48.85% | - | - | -97.13% |
| Net Income Growth % | -123.99% | -56.35% | -19.43% | 77.18% | -5% | -7.43% | -3.09% | -61.82% | -63.76% | -280.3% | 31.03% | -59.81% | -122.99% | -107.57% | -4986.83% | - |
| Net Income (Continuing) | -24.51M | -20.37M | -13.31M | -10.02M | -43.91M | -41.82M | -38.93M | -37.76M | -19.02M | -14.25M | -3.75M | -5.15M | 243.67K | -1.52M | -734.49K | -14.44K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.42M | 9.36M | 10.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -721.99K | 138.21K | 0 | 0 | 0 |
| EPS (Diluted) | -2.06 | -2.14 | -1.68 | -1.23 | -5.55 | -6.06 | -6.90 | -7.20 | -5.90 | -4.40 | -1.20 | -2.20 | -6.50 | -3.90 | -2.10 | -0.05 |
| EPS Growth % | -79.7% | -27.38% | -36.59% | 77.84% | 8.42% | 12.17% | 4.17% | -22.03% | -34.09% | -266.67% | 45.45% | 66.15% | -66.67% | -85.71% | -3938.46% | - |
| EPS (Basic) | - | -2.14 | -1.68 | -1.23 | -5.55 | -6.06 | -6.90 | -7.20 | -5.90 | -4.40 | -1.20 | -2.20 | -6.50 | -3.90 | -2.10 | -0.05 |
| Diluted Shares Outstanding | 11.5M | 9.5M | 8.76M | 8.48M | 7.91M | 6.9M | 5.62M | 5.19M | 3.96M | 3.25M | 3M | 2.51M | 522.61K | 389.51K | 358K | 280.12K |
| Basic Shares Outstanding | 11.5M | 9.5M | 8.76M | 8.48M | 7.91M | 6.9M | 5.62M | 5.19M | 3.96M | 3.25M | 3M | 2.51M | 522.61K | 389.51K | 358K | 280.12K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and revenue contraction
As reported in recent financial filings, LiveOne's revenue has experienced a significant downturn, with the most recent quarter showing a 31.2% year-over-year decline to $20.3M, suggesting that the company's acquisition-led growth strategy is failing to offset organic subscriber churn or weakening demand in its core segments.
The consistent deceleration from peak quarterly revenues of over $33M indicates that the company is struggling to maintain its user base in a competitive streaming environment. Investors should monitor whether this trend reflects a permanent loss of market share or merely a temporary reset following the divestiture of certain business units.
Based on the provided income statement data, LiveOne's gross margin has fluctuated significantly, dropping to 17.9% in 2026Q3 from historical levels near 24%, which highlights the company's inability to achieve favorable royalty terms compared to larger, more established industry incumbents in the digital audio space.
The structural reliance on high variable content licensing fees appears to prevent the company from capturing meaningful operating leverage. This margin volatility suggests that the cost of content acquisition is rising faster than the company's ability to monetize its audience through subscriptions or advertising.
According to the latest quarterly results, LiveOne continues to report negative operating margins, with the 2026Q3 operating loss of $2.0M demonstrating that fixed SG&A expenses are not scaling efficiently against the company's shrinking revenue base, thereby exacerbating the pressure on the bottom line.
The inability to achieve positive operating income despite significant investment in infrastructure and talent suggests that the current business model may be fundamentally over-leveraged. Without a substantial increase in revenue or a drastic reduction in overhead, the company appears unlikely to reach sustainable profitability in the near term.
Analysis of the income statement reveals that stock-based compensation remains a persistent expense, reaching $2.7M in 2026Q3, which effectively inflates the reported net loss and suggests that management is relying on equity dilution to retain talent while the core business continues to burn cash.
The consistent use of equity-based incentives during periods of negative net income warrants further investigation into the alignment of management compensation with shareholder value. Investors should be wary of the dilutive impact of these grants, which may be masking the true extent of the company's operational cash requirements.
As indicated by the company's recent financial disclosures, the combination of a critically low cash position and persistent negative operating margins suggests that LiveOne may face an imminent liquidity event, potentially forcing further dilutive financing to sustain its ongoing operations in the coming fiscal quarters.
Short-sellers would likely focus on the widening gap between cash reserves and the burn rate, which leaves little room for error in executing the current business strategy. The reliance on external capital to fund operations appears to be a significant risk factor that could lead to substantial shareholder dilution if revenue trends do not improve.
Quick answers to the most common questions about buying LVO stock.
For fiscal year 2025, LiveOne, Inc. (LVO) reported total revenue of $114.4M. This represents a 769474.9% increase compared to $0.0M in 2011.
LiveOne, Inc. (LVO) reported a net loss of $18.7M for the fiscal year ending 2025.
LiveOne, Inc. (LVO) reported an operating income of $-18.1M, resulting in an operating profit margin of -15.8%. This margin reflects the operational efficiency of the business before interest and taxes.
LiveOne, Inc. (LVO) generated $27.2M in gross profit for the year, representing a gross profit margin of 23.8%. This demonstrates the company's core pricing power and production efficiency.