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PI

PodcastOne, Inc. (PODC)·Q4 2025 Earnings Summary

Executive Summary

  • Record Q4 FY2025 revenue and first positive quarterly Adjusted EBITDA: Q4 revenue was $14.10M and Adjusted EBITDA was $0.89M; FY2025 revenue reached a record $52.12M .
  • Results vs S&P Global consensus: Revenue beat ($14.10M vs $12.98M*), while EPS missed (−$0.06 vs −$0.04*); FY2025 revenue also came in above Street ($52.12M vs $51.14M*) .
  • Guidance: FY2026 revenue maintained at $55–$60M; Adjusted EBITDA raised to $3–$5M from $2.5–$4M, signaling higher profitability expectations despite competitive ad markets .
  • Key catalysts: ART19 monetization ramp (hit minimum guarantee in April/May; approaching next tier), improving gross profit and contribution margin, and new JGB Capital financing to support growth and potential M&A .

Note: Asterisks (*) denote values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Revenue and profitability inflection: Q4 revenue grew to $14.10M with record positive Adjusted EBITDA of $0.89M; management emphasized double‑digit growth and improving contribution margin trajectory .
  • ART19 monetization and demand: Company hit ART19’s minimum guarantee in April (and again in May) and is close to the next impression tier, with higher CPMs and sell‑through rates expected as demand scales; “as we grow, that deal grows” .
  • Platform strength and content pipeline: Sixth consecutive month in Podtrac Top 10 (currently #9); added 24 new podcasts (200+ total), renewed key shows, and expanded A&E/History Channel relationship, supporting sustained audience and advertiser interest .

Selected quotes:

  • “Adjusted EBITDA in the fiscal fourth quarter of twenty twenty five was positive 900,000…” .
  • “We hit the [ART19] MG in April… May… very close to the next level… as we grow, that deal grows” .
  • “Achieved 6th consecutive month in Podtrac’s Top 10 (currently #9)” .

What Went Wrong

  • Losses persist and stock‑based comp elevated: Operating loss and net loss widened vs. prior year quarter, “primarily driven by higher non‑cash stock compensation expense”; stock comp expected to remain at current levels .
  • EPS miss vs. Street: Q4 diluted EPS was −$0.06 vs. S&P Global consensus of −$0.04*, reflecting continued GAAP losses despite positive Adjusted EBITDA .
  • Margin structure still tight: Cost of sales remains high, though improving; Q4 gross profit rose to $1.49M from $0.67M in Q3; management expects contribution margin to be “similar or better” than Q4 going forward .

Financial Results

Quarterly trend (oldest → newest)

MetricQ2 FY2025Q3 FY2025Q4 FY2025
Revenue ($USD Millions)$12.154 $12.710 $14.097
Gross Profit ($USD Millions)$0.951 $0.670 $1.488
Operating Income (Loss) ($USD Millions)$(1.658) $(1.582) $(1.542)
Net Income (Loss) ($USD Millions)$(1.669) $(1.583) $(1.554)
Diluted EPS ($USD)$(0.07) $(0.06) $(0.06)
Adjusted EBITDA ($USD Thousands)$(403) $(670) $888
Cash And Equivalents ($USD Millions)$1.355 $0.572 $1.079

Year-over-year comparison (Q4 FY2024 vs. Q4 FY2025)

MetricQ4 FY2024Q4 FY2025
Revenue ($USD Millions)$11.707 $14.097
Gross Profit ($USD Millions)$0.989 $1.488
Operating Income (Loss) ($USD Millions)$(1.178) $(1.542)
Net Income (Loss) ($USD Millions)$(1.049) $(1.554)
Diluted EPS ($USD)$(0.05) $(0.06)
Adjusted EBITDA ($USD Thousands)$258 $888

Actuals vs S&P Global consensus

MetricPeriodActualConsensusBeat/Miss
Revenue ($USD Millions)Q4 FY2025$14.097 $12.977*Beat by $1.12M
Diluted EPS ($USD)Q4 FY2025$(0.06) $(0.04)*Miss by $(0.02)
Revenue ($USD Millions)FY2025$52.119 $51.135*Beat by $0.98M
Revenue ($USD Millions)FY2026Guidance: $55–$60 $60.391*At midpoint ($57.5M) below consensus by ~$2.9M

Values marked with * retrieved from S&P Global.

KPIs

KPIQ2 FY2025Q3 FY2025Q4 FY2025
Podtrac Publisher Rank#12 (Sep-24) Top 10; 5.2M U.S. UMA; 16.2M U.S. downloads (Jan-25) Top 10; currently #9
Shows on Network188 196 200+; +24 adds
Contribution Margin ($USD Thousands)$1,012 $727 $1,537
ART19 MG statusLaunched ART19; integration underway Strategic partnership affirmed MG hit in Apr/May; next tier near (90M→110M impressions)

Notes: UMA = Unique Monthly Audience (U.S.). All figures per company disclosures.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY2026$55–$60M (Apr 16, 2025) $55–$60M (Jun 18, 2025) Maintained
Adjusted EBITDAFY2026$2.5–$4.0M (Apr 16, 2025) $3.0–$5.0M (Jun 18, 2025) Raised
RevenueFY2025≥$51.0M (reaffirmed Q3) Delivered $52.12M (actual) Achieved above guidance

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q4 FY2025)Trend
Technology/monetization (ART19, programmatic, PodRoll)Launched Pro/paywalls; rank #12 (Q2) ; ART19 partnership, Top 10 status (Q3) Hit ART19 MG in Apr/May; near next tier; higher CPMs/sell-through; PodRoll contributing Improving
Advertising/macroPost-election budgets expected to return; seasonality and iOS changes noted (Q2) “Higher CPMs, more advertisers” despite competition; ad mix diversifying (live, embedded, AI/programmatic) Improving/Stabilizing
Cost of sales/gross marginsMix/seasonality pressures (Q2) Cost of sales as % of revenue improving; contribution margin to be “similar or better” vs Q4 going forward Improving
Talent acquisition/content slate189 shows; new formats; Pro services (Q2) Renewals (Adam Carolla, etc.); 200+ total; A&E/History expansion (Ancient Aliens) Expanding
Financing/liquidityDebt-free at Q2 end Post year-end financing with JGB Capital replacing East West Bank LOC to support growth/M&A Strengthening
M&A pipelineBuilding funnel; evaluating clusters and tech (Q2) Ongoing evaluation; vice chairman leading efforts Increasing focus
New verticals (Crypto/Web3)N/ATargeting roll-up/consolidation in crypto podcasts; new advertiser categories (e.g., miners) New initiative

Management Commentary

  • “PodcastOne continues to be a podcast industry giant and our top 10 network ranking is reflective of the dedication and passion of our C-suite…” (Kit Gray, President) .
  • “Adjusted EBITDA in the fiscal fourth quarter of twenty twenty five was positive 900,000…” (Ryan Carhart, CFO) .
  • “We hit the [ART19] MG in April… May… we’re very close to the next level… as we grow, that deal grows… seeing more demand… higher CPMs” (Kit Gray) .
  • “This [crypto] initiative… is very timely… could create a powerful new vertical within the company” (Steve Lehman, Vice Chairman) .

Q&A Highlights

  • Stock-based compensation: Elevated due to equity-based revenue share deals with talent; expected to remain at current levels; some G&A efficiencies expected in Q1 .
  • ART19 minimum guarantee: Current tier at ~90M impressions; next tier ~110M; MG achieved in April and May; goal to maintain for three months to step-up MG .
  • Margin outlook: Cost of sales improved in Q4; management expects contribution margin to be “similar or better” going forward .
  • Advertising environment: Healthy demand with higher CPMs and more advertisers; competition from larger platforms persists but PODC leverages agility and integrated services .
  • Financing/M&A: New JGB facility post year-end replaces East West Bank LOC; positions company to sign new podcasts and pursue network acquisitions .

Estimates Context

  • Q4 FY2025: Revenue beat consensus ($14.10M vs $12.98M*), while EPS missed (−$0.06 vs −$0.04*). Non‑GAAP Adjusted EBITDA was positive ($0.89M), but GAAP EPS remained negative, reflecting stock‑based comp and operating costs .
  • FY2025: Revenue delivered above Street ($52.12M vs $51.14M*) .
  • FY2026: Guidance of $55–$60M revenue brackets but is below S&P consensus at midpoint ($57.5M vs $60.39M*), suggesting Street may need to recalibrate top-line assumptions unless ART19 and direct brand partnerships ramp faster than modeled .

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Positive Q4 Adjusted EBITDA and sequential revenue growth signal operating leverage beginning to emerge; contribution margin strengthened in Q4 with further improvement targeted .
  • Revenue outperformance vs consensus but EPS miss underscores ongoing GAAP cost headwinds (notably stock‑based comp), even as monetization channels diversify (ART19, PodRoll, Pro, paywalls) .
  • FY2026 guidance raises EBITDA but keeps revenue range intact; profitability upgrade is the more actionable pivot for the stock’s narrative near-term .
  • ART19 MG ramp is a tangible catalyst: maintaining higher tiers should drive CPMs/sell-through and mix shift away from lower-yield programmatic, supporting margins .
  • Newly secured JGB financing post year‑end expands capacity for accretive show signings and potential network/tech acquisitions—an upside lever if executed prudently .
  • Watch for continued Podtrac Top 10 presence and slate expansion (200+ shows) to sustain advertiser demand and pricing power despite competitive pressures .
  • Near-term trading setup: focus on sequential margin progression and MG tiering updates; medium-term, the path to full-year positive Adjusted EBITDA and M&A execution are key inflection points .

Cross-References, Trends, and Disclosures

  • Q4 press highlighted “up 20% QoQ,” while the CFO discussed +20% YoY (Q4’25 $14.10M vs Q4’24 $11.71M); sequential growth vs Q3’25 ($12.71M) implies ~11% QoQ—management commentary aligns with YoY framing .
  • Non‑GAAP definitions and reconciliations are provided; management cites variability in reconciling forward Adjusted EBITDA ranges .
  • Additional Q4 timeframe release (Apr 16) provided preliminary FY2025 results and the initial FY2026 guide ($55–$60M revenue; $2.5–$4.0M Adjusted EBITDA) later raised on EBITDA in the June 18 release .

All company figures are cited to SEC 8‑K releases and the earnings call transcript as referenced. Consensus figures are from S&P Global.