• Increases Record Adjusted EBITDA* Guidance to $9.5 – $12 Million for Fiscal 2023

• Short-Term Assets of $25 Million and $8.6 Million Cash

• Signed LOI for New Credit Line for Up to Maximum $20 Million

LiveOne , an award-winning, creator-first, music, entertainment and technology platform, announced that as part of its focus on generating cash from operations on a consolidated basis, LiveOne is implementing additional cost and expense reductions from both operations and corporate overhead, which is anticipated to increase the previously implemented annual cost savings to a total of over $30 million in its fiscal year ending March 31, 2023 (“Fiscal 2023”).

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Separately, LiveOne increased its previous guidance for consolidated positive Adjusted EBITDA* to between $9.5 million – $12 million for Fiscal 2023 ending March 31, 2023.

LiveOne recently increased guidance for its Audio Division consisting of Slacker Radio and PodcastOne to between $17.5 million – $19 million in positive Adjusted EBITDA* without corporate overhead expense allocation for its fiscal year ending March 31, 2023. LiveOne’s current cash balance is $8.4 million and short-term assets are $25 million.

LiveOne’s CEO and Chairman, Robert Ellin, commented, “Over the past year, we have successfully reduced costs and overhead by an expected $30 million on an annual basis while focusing on the operating performance of our Audio Division. These measures will allow us to continue to strengthen our balance sheet, buyback stock and focus on the growth of our profitable businesses.”

The LOI for LiveOne’s new credit line is non-binding and there can be no assurance that formal agreements will be entered into with the new potential lender, which agreements shall be subject to LiveOne obtaining applicable approvals and consents from its subordinated senior secured lender. The LOI is intended to replace the current credit line with LiveOne’s senior secured lender.

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