Executive Summary

Q1 FY26 revenue was $14.99M, up 14% YoY, with net loss of ($1.05M), EPS of ($0.04), and Adjusted EBITDA of $0.58M; contribution margin was ~$2.39M (16%) .
Versus S&P Global consensus, revenue was essentially in line/slightly below ($15.02M est. vs $14.99M actual), EPS beat by $0.01 (consensus -$0.05 vs actual -$0.04); Street coverage remains thin (1–2 estimates)*.
FY26 guidance maintained at revenue $55–$60M and Adjusted EBITDA $3–$5M (first given at FY25 call; reiterated this quarter) .
Management highlighted continued growth drivers: 14 new podcasts (206 total), 8 consecutive months Top 10 Podtrac ranking (#9), and a 218% YoY surge in video views aiding monetization; cost of sales remains high but expected to improve gradually .

What Went Well and What Went Wrong

What Went Well
- Record Q1 revenue (~$15.0M) and a swing to positive Adjusted EBITDA ($0.58M vs -$0.32M YoY) on stronger top-line and mix; “Q1 Fiscal 2026 record revenue of ~$15M+ and Adj. EBITDA* of $580K (+284% YoY)” .
- Video strategy scaling: “we reported a 218% surge in video views year over year … across YouTube, Substack, Rumble, TikTok, Spotify and Apple+,” helping CPMs and rates by combining audio+video impressions .
- Platform monetization benefits: migration to Amazon’s ART19 hitting MGs and improving fill rates/CPMs; CFO: ended quarter with zero debt and $1.9M cash, supporting flexibility .
What Went Wrong
- Gross cost of sales still elevated (~$13.56M on $14.99M revenue; ~90% of revenue), limiting operating leverage; operating loss ($1.05M) persisted .
- GAAP profitability not yet achieved (net loss -$1.05M), despite positive Adjusted EBITDA; reliance on stock-based comp within talent rev-share highlighted by management as a driver of contribution margin .
- Street estimate framework differences: consensus “EBITDA” tracking is not directly comparable to company’s Adjusted EBITDA; this can create confusion on beats/misses for EBITDA until definitions converge* .

Financial Results

Metric	Q3 FY25	Q4 FY25	Q1 FY26
Revenue ($USD Millions)	$12.71	$14.10	$14.99
Operating Income (Loss) ($USD Millions)	($1.58)	($1.80)	($1.05)
Net Income (Loss) ($USD Millions)	($1.58)	($1.80)	($1.05)
Diluted EPS ($)	($0.06)	($0.06)	($0.04)
Adjusted EBITDA ($USD Millions)	($0.67)	$0.90	$0.58
Contribution Margin ($USD Millions)	$0.73	n/a	$2.39 (16%)

Q1 FY26 year-over-year and sequential comparison

YoY (vs Q1 FY25): Revenue $14.99M vs $13.16M; Op Loss ($1.05M) vs ($1.37M); Net Loss ($1.05M) vs ($1.37M); EPS ($0.04) vs ($0.06); Adj. EBITDA $0.58M vs ($0.32M) .
QoQ (vs Q4 FY25): Revenue $14.99M vs $14.10M; Op Loss ($1.05M) vs ($1.80M); Net Loss ($1.05M) vs ($1.80M); EPS ($0.04) vs ($0.06); Adj. EBITDA $0.58M vs $0.90M .

Q1 FY26 Actuals vs S&P Global Consensus

Metric	Consensus*	Actual	Beat/Miss
Revenue ($USD)	$15,016,500*	$14,994,000	Miss (~$22.5k; ~0.15%)*
EPS ($)	-0.05*	-0.04	Beat by $0.01*
EBITDA ($USD)	$526,000*	Company Adj. EBITDA $580,000	Not comparable (consensus “EBITDA” vs company Adjusted EBITDA)*

KPIs

KPI	Q3 FY25	Q4 FY25	Q1 FY26
Podtrac Ranking	Top 10 (5.2M U.S. uniques; 16.2M U.S. downloads, Jan-25)	Top 10 (sixth consecutive month)	Top 10 for 8 straight months; currently #9
Active Shows	196	206	+14 in Q1; 206 total
Video Views Growth	n/a	n/a	+218% YoY, multi-platform
Cash & Equivalents	$0.57M (12/31/24)	$1.08M (3/31/25)	$1.87M (6/30/25); no debt

Non-GAAP definitions and adjustments: Adjusted EBITDA excludes interest/other (income) expense, taxes, D&A, and certain purchase accounting, acquisition-related, legal settlement, severance, and certain stock-based compensation expenses; Contribution Margin excludes cost of sales SBC, depreciation, and amortization of developed technology .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2026	$55–$60M (introduced/raised at FY25 call)	$55–$60M (reiterated)	Maintained
Adjusted EBITDA	FY 2026	$3–$5M	$3–$5M	Maintained

Note: One section of the Q1 press release references “$56–$60M,” while the formal guidance language states “$55–$60M”; management reiterated the $55–$60M range on the call and in guidance text .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 & Q4)	Current Period (Q1 FY26)	Trend
Amazon ART19 monetization & MGs	Migration began; MG met in April; tiered thresholds (90M → 110M impressions) with improving CPMs/fill rates	ART19 continues to drive revenue, scale and efficiency; reiteration of benefits	Positive execution continues
Video strategy & monetization	Not emphasized in Q3/Q4 to the same degree	218% YoY surge in video views; combining audio+video impressions supports higher spot rates	Strong acceleration
Talent & SBC economics	SBC rising as part of talent economics; expected to continue, with OpEx efficiency focus	SBC used in talent rev-share supports contribution margin; cost of sales expected to gradually improve	Margin optimization in progress
Cost of sales/gross margin	Q4: improvement expected from unusually high prior levels; targeted contribution margin improvement	Cost of sales ~90%; management expects incremental improvements (to 89%, 88%, 87%)	Gradual improvement guide
M&A pipeline	Active evaluation; financing in place for growth (JGB)	“Good opportunity” for deals within 90 days; could shift guidance to high end depending on timing	Pipeline active
New verticals (Crypto/Web3)	Strategic initiative introduced (Vice Chair leading)	Not a focus in Q1 commentary; underlying opportunity persists	Neutral pending updates

Management Commentary

“Q1 Fiscal 2026 record revenue of ~$15M+ and Adj. EBITDA* of $580K (+284% YoY)” .
“We launched 14 new podcasts, bringing our total slate to 206 active shows … and reported a 218% surge in video views year over year across multiple platforms including YouTube, Substack, Rumble, TikTok, Spotify and Apple+.”
CFO: “Revenue … was $15,000,000 … Operating loss … $1,050,000 … Net loss … $1,050,000 or $0.04 per share … Adjusted EBITDA … $600,000 … We ended the fiscal first quarter with zero debt … and $1,900,000 in cash…” .
On pricing mechanics: “we … add [audio and video] together when we calculate impression delivery for CPMs and spot rates … the video view growth has helped us charge more per spot” .
On cost structure: “the stock does help on the contribution side … we expect [cost of sales as % of revenue] to … dip … to 89, 88, 87 throughout the year” .

Q&A Highlights

Video monetization and pricing: Combining audio+video impressions supports higher CPMs; growth in video views aids rate cards but not a 1:1 revenue multiplier month-to-month .
M&A outlook: Multiple opportunities (some “really big”); management suggested a “good opportunity” for announcements within ~90 days; acquisitions could push results to the top of guidance .
Cost of sales trajectory: Elevated currently (~90% of revenue) but targeted to improve incrementally to high-80s over FY26 via talent renegotiations and SBC mix .
Advertising environment: Healthy with higher CPMs and diversified revenue channels (DAI, embedded, live, social), though competition from large platforms remains intense .
Operational efficiencies: ART19 migration and new tooling (e.g., Booster order management) streamline processes and support better fill/CPM trends .

Estimates Context

Coverage remains limited (Q1 FY26: 1 EPS estimate; 2 revenue estimates). Revenue was effectively in line/slightly below ($15.02M est. vs $14.99M actual). EPS beat by $0.01 (est. -$0.05 vs actual -$0.04).
Street “EBITDA” tracking is not apples-to-apples with company-reported Adjusted EBITDA; S&P shows Q1 EBITDA est. ~$0.53M vs actual reported Adjusted EBITDA $0.58M—definition differences limit a clean beat/miss read*.
FY26 consensus revenue ~$60.39M vs company guidance $55–$60M; with M&A timing a swing factor to high end, modelers may tighten ranges and modestly lift H2 revenue if pipeline converts* .

Values retrieved from S&P Global.*

Key Takeaways for Investors

Top-line momentum continues with record Q1 and sustained Podtrac Top 10 positioning; video expansion is increasingly monetizable via combined audio+video impression pricing .
Profitability lever is working: positive Adjusted EBITDA with a path to incremental gross margin improvement via SBC-driven talent economics and platform efficiencies .
FY26 guide reiterated ($55–$60M revenue, $3–$5M Adj. EBITDA), with M&A the main upside swing factor; execution on deals in the next 1–2 quarters could reset expectations to the high end .
Watch mix: ART19 monetization tiers, CPM/fill rates, and contribution margin trends. Any sustained improvement in cost of sales% toward high-80s would be a material positive .
For trading: EPS beat and in-line revenue with reiterated guide and active M&A pipeline are supportive; clarity on deal timing and any acceleration in video monetization are near-term catalysts .

Appendix: Source Documents Read

Q1 FY26 8-K (Aug 13, 2025) with press release and full financial statements .
Q1 FY26 Earnings Call Transcript (Aug 13, 2025) –.
Preliminary Q1 FY26 8-K (Jul 30, 2025) .
Prior quarters: Q4 FY25 call (Jul 3, 2025) –; Q3 FY25 8-K press release and financials (Feb 12, 2025) –.

PodcastOne, Inc. (PODC)·Q1 2026 Earnings Summary