LiveOne
LVO on Nasdaq. Market value $36m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 32 funds in all.
Largest holders overall
- Vanguard Capital Management$3mAdded
- FMR$2mCut
- Kennedy Capital Management$2mAdded
- BlackRock$875,878Added
- Geode Capital Management$828,100
- Vanguard Fiduciary Trust$473,056Added
- Renaissance Technologies$410,227
- Millennium Management$282,835Cut
- State Street$215,200
- Northern Trust$171,955Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Robert S. EllinInsider or founderat least 22.8%(filed with 3 related holders)Since 15 July 2025
What they said
All of the shares of Common Stock reported herein (collectively, the "Shares") were acquired for investment purposes. The Reporting Persons intend to evaluate their investment in the Shares on a continual basis. Other than as expressly set forth below, the Reporting Persons have…
Read the filing - BMI Funding, LLCPassive investorat least 7.6%(filed with 9 related holders)Since 24 April 2026
- FMR LLCPassive investorat least 3.3%−1.9 pts(filed with 1 related holder)Since 31 March 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Robert S. Ellin Insider or founder | at least 22.8% (filed with 3 related holders) | 15 July 2025 | What they saidAll of the shares of Common Stock reported herein (collectively, the "Shares") were acquired for investment purposes. The Reporting Persons intend to evaluate their investment in the Shares on a continual basis. Other than as expressly set forth below, the Reporting Persons have… Read the filing |
BMI Funding, LLC Passive investor | at least 7.6% (filed with 9 related holders) | 24 April 2026 | |
FMR LLC Passive investor | at least 3.3%−1.9 pts (filed with 1 related holder) | 31 March 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in LiveOne’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 29 Jun 2026, plus the 10-Q filed 14 Aug 2026 and 3 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date that these financial statements are filed.”
Show the full paragraph
The Company’s principal sources of liquidity have historically been its debt and equity issuances and its cash and cash equivalents (which cash, cash equivalents and restricted cash amounted to $ 8.7 million as of June 30, 2026 ). As reflected in its interim unaudited condensed consolidated financial statements included elsewhere herein, the Company has a history of losses, incurred a net loss of $ 3.1 million for the three months ended June 30, 2026 , and used cash of $ 2.1 million in operating activities for the three months ended June 30, 2026 and had a working capital deficiency of $ 13.2 million as of June 30, 2026 . These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date that these financial statements are filed. The Company’s interim unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based upon the Evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2026, our disclosure controls and procedures were not effective at the reasonable assurance level due to the following material weaknesses in internal control over financial reporting.”
Show the full paragraph
As of the end of the period covered by this Quarterly Report, we carried out an evaluation (the “Evaluation”), under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) pursuant to Rule 13a-15 of the Exchange Act. Based upon the Evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2026, our disclosure controls and procedures were not effective at the reasonable assurance level due to the following material weaknesses in internal control over financial reporting.
From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 36% last year. Losing that customer would hurt.
“The Company's barter revenue is attributed to one customer and comprised of 36% and 22% of its revenue for the years ended March 31, 2026 and 2025, respectively.”
From the 10-K filed 29 June 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.