LiveOne, Inc. Segments Disclosure
Note 17 — Business Segments and Geographic Reporting
The Company determined its operating segments in accordance with ASC 280, “Segment Reporting” (“ASC 280”).
Beginning in the second quarter of Fiscal 2024, management has determined that the Company has operating segments (PodcastOne, Slacker and Media Group). The Audio Group consist of the Company's PodcastOne and Slacker subsidiaries and the Media Group consist of the Company's remaining subsidiaries. As a result of the Spin-Out of PodcastOne, the Company’s CODM began to make decisions and allocate resources based on three operating segments of the business (PodcastOne, Slacker and Media group). The Company’s reporting segments reflects the manner in which its CODM reviews results and allocates resources. The CODM reviews operating segment performance exclusive of share-based compensation expense, amortization of intangible assets, depreciation, and other expenses (including legal fees, expenses, and accruals) related to acquisitions, associated integration activities, and certain other non-cash charges.
The Company’s three operating segments are also consistent with its internal organizational structure, which is the way the Company assesses operating performance and allocates resources.
Customers
The Company has one external customer that accounts for more than 10% of its revenue and accounts receivable. Such original equipment manufacturer (the “OEM”) provides premium Slacker service in its new vehicles. Total revenues from the OEM were $51.6 million and $59.9 million for the years ended March 31, 2025 and 2024, respectively. Total receivables from the OEM were 10% and 42% of total accounts receivable as of March 31, 2025 and 2024, respectively.
Segment and Geographic Information
The Company’s operations are based in the United States. All material revenues of the Company are derived from the United States. All long-lived assets of the Company are located in the United States, of which $0.1 million resides in PodcastOne, $0.7 million in Slacker and $0.1 million is attributed to our Media Group.
The Company manages its working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented.
The following table presents the results of operations for the Company's reportable segments for the years ended March 31, 2025 and 2024:
| Year Ended | ||||||||||||||||||||
| March 31, 2025 | ||||||||||||||||||||
| PodcastOne | Slacker | Media | Corporate expenses | Total | ||||||||||||||||
| Revenue | $ | 52,119 | $ | 56,787 | $ | 5,499 | $ | - | $ | 114,405 | ||||||||||
| Net income (loss) | $ | (6,458 | ) | $ | 3,570 | $ | (8,166 | ) | $ | (9,316 | ) | $ | (20,370 | ) | ||||||
| Year Ended | ||||||||||||||||||||
| March 31, 2024 | ||||||||||||||||||||
| PodcastOne | Slacker | Media | Corporate expenses | Total | ||||||||||||||||
| Revenue | $ | 43,302 | $ | 65,959 | $ | 9,179 | $ | - | $ | 118,440 | ||||||||||
| Net income (loss) | $ | (14,732 | ) | $ | 13,382 | $ | (1,397 | ) | $ | (10,564 | ) | $ | (13,311 | ) | ||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.