PodcastOne, Inc. (NASDAQ:PODC), a company specializing in computer programming and data processing services, held its 2024 Annual Meeting of Stockholders on September 12, where shareholders voted on key proposals, including the election of directors and the appointment of an independent registered public accounting firm.
During the Annual Meeting, all eight nominees were elected to PodcastOne's Board of Directors. The elected directors, including Robert S. Ellin, James Berk, Jay Krigsman, Craig Foster, Ramin Arani, Patrick Wachsberger, Carolyn Blackwood, and Jon Merriman, received a substantial number of votes for their election, with the lowest tally being 18,444,890 votes for and the highest being 18,794,509 votes for.
In addition to electing the board members, shareholders ratified the appointment of Macias Gini & O'Connell, LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2025. This proposal passed with 21,558,531 votes for, 73,240 against, and 12,117 abstained.
A third proposal, which would allow the adjournment of the Annual Meeting to a later date if necessary to permit further solicitation and vote of proxies, was also approved with 20,894,432 votes for, 735,789 against, and 13,666 abstained.
No other matters were considered or voted upon at the meeting. The company, formerly known as Courtside Group, Inc., underwent a name change on July 29, 2022. PodcastOne, Inc. is incorporated in Delaware and has its principal executive offices in Beverly Hills, California.
In other recent news, PodcastOne, a part of LiveOne, anticipates a record revenue of $13 million in its preliminary Q1 results, marking a 21% increase from the same period last year.
The podcast platform also reported a rise to the 11th spot in Podtrac's rankings and an expansion to a 5.5 million unique monthly audience in the U.S. and 17.5 million global downloads and streams. These figures are preliminary and subject to final review by PodcastOne’s independent registered accounting firm.
In addition to these developments, PodcastOne has welcomed Jon Merriman to its Board of Directors, a strategic move aimed at enhancing the company's growth initiatives and visibility within the financial sector. The company also projects strong financial performance, anticipating revenues to reach between $50M and $55M for the fiscal year ending March 31, 2025. This projection follows a successful fiscal year that concluded on March 31, 2024, with the company reporting $43.3M in revenue and $660K in adjusted EBITDA.
Furthermore, PodcastOne has entered a significant business-to-business partnership with a Fortune 250 company, expected to contribute over $20M in annual revenues.
InvestingPro Insights
As PodcastOne, Inc. (NASDAQ:PODC) continues to navigate the competitive landscape of computer programming and data processing services, understanding the company's financial health becomes crucial for investors. Recent data from InvestingPro reveals that PodcastOne holds more cash than debt on its balance sheet, which is a positive sign for the company's financial stability. This is particularly relevant as shareholders entrusted the newly elected Board of Directors with the company's strategic direction during the recent Annual Meeting.
InvestingPro Tips highlight that while PodcastOne has struggled with weak gross profit margins, with a gross profit margin of just 10.94% over the last twelve months as of Q1 2025, the company's liquid assets exceed its short-term obligations. This liquidity is a critical factor in ensuring that PodcastOne can meet its immediate financial commitments. Furthermore, analysts predict the company will be profitable this year, which could signal a turning point for the company's financial performance.
From a market perspective, PodcastOne's market capitalization stands at $40.11 million, and despite not being profitable over the last twelve months, the company has experienced a strong return over the last month, with a 14.38% price total return. Investors should note that PodcastOne does not pay a dividend, which may influence investment strategies for those seeking regular income from their holdings.
For those looking for a deeper dive into PodcastOne's financial metrics and additional strategic insights, there are 7 more InvestingPro Tips available at InvestingPro's platform, which can provide further guidance on the company's prospects.
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