The following is a summary of the LiveOne, Inc. (LVO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• LiveOne reported record revenue of $65.7 million for the first six months of 2024, marking a 17% increase year-over-year.

• Q2 revenue alone was $32.6 million, up 14% from the previous year.

• Adjusted EBITDA for Q2 was $2.9 million, highlighting a solid financial quarter.

• Despite strong revenues, the company recorded a net loss of $2.7 million, or $0.02 per diluted share, in Q2.

Business Progress:

• LiveOne has expanded its relationship with Tesla, modifying their contract with terms favorable for marketing to Tesla's user base across North America.

• Significant B2B business expansions were noted, including hiring a new head for the B2B division, now featuring an 11-person team, targeting eight key business verticals.

• LiveOne is actively negotiating with eight major auto companies globally and expects to announce new partnerships soon.

• The PodcastOne business is thriving, with significant increases in revenue and dozens of new podcasts being added annually.

Opportunities:

• The extended contract with Tesla allows LiveOne to market more aggressively to Tesla users, enhancing customer acquisition potential.

• Discussions with eight major global auto manufacturers could significantly broaden market reach and diversify the company's portfolio.

• LiveOne's expansion into multiple B2B verticals including carriers, hardware, and retail presents substantial growth opportunities.

Risks:

• The shift to direct customer acquisition in the partnership with Tesla introduces the challenge of converting users from free to paid subscriptions, which could impact short-term revenue.

• Financial volatility due to the strategic shift in the Tesla partnership and early stages of new B2B contracts.

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