PodcastOne, Inc. (NASDAQ:PODC), a Delaware-based company specializing in digital audio content, announced the departure of board member Craig Foster, effective October 4, 2024. Foster, who served on the Audit Committee and the Nominating and Corporate Governance Committee, resigned from his position to attend to other professional commitments.
The company clarified that Foster's resignation did not stem from any disagreements over operations, policies, or practices. In the interim, PodcastOne plans to appoint existing independent board members to the now-vacant committee roles. Additionally, the company is actively searching for a qualified individual to join the board and fill the committee assignments, ensuring the candidate has the appropriate experience and skills.
PodcastOne, which operates under the technology sector with a focus on computer programming and data processing services, is known for its position in the digital audio entertainment industry. The company's headquarters is located in Beverly Hills, California.
This corporate update is based on a press release statement and reflects the latest changes in PodcastOne's board composition as the company continues to evolve and adapt to the industry's dynamic landscape. The company's stock is publicly traded on The NASDAQ Capital Market under the ticker symbol PODC.
In other recent news, PodcastOne anticipates a record revenue of $13 million in its preliminary Q1 results, marking a 21% increase from the same period last year. The company also projects strong financial performance, expecting revenues to reach between $50M and $55M for the fiscal year ending March 31, 2025. This follows a successful fiscal year that concluded with the company reporting $43.3M in revenue and $660K in adjusted EBITDA.
In other developments, PodcastOne has formed a significant business-to-business partnership with a Fortune 250 company, predicted to contribute over $20M in annual revenues. The company also held its Annual Meeting of Stockholders, where shareholders elected all eight nominees to PodcastOne's Board of Directors and ratified the appointment of Macias Gini & O'Connell, LLP as the company's independent registered public accounting firm for the upcoming fiscal year.
The podcast platform has 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. The company 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. These are the latest developments from PodcastOne.
InvestingPro Insights
PodcastOne's recent board change comes amid a period of financial volatility for the company. According to InvestingPro data, PODC has experienced a significant 35.84% price decline over the past six months, despite a recent 12.03% uptick in the last week. This volatility reflects the challenges faced by the digital audio content provider.
InvestingPro Tips highlight that while PodcastOne holds more cash than debt on its balance sheet, indicating financial stability, it has not been profitable over the last twelve months. The company's revenue growth of 25.32% in the last twelve months as of Q1 2025 shows promising top-line expansion, but this hasn't translated to profitability yet.
The company's market capitalization stands at $34.82 million, with a price-to-book ratio of 2.16, suggesting the market values the company above its book value despite current profitability challenges. Analysts predict that PodcastOne will become profitable this year, which could be a positive sign for investors looking at the company's future prospects.
For those interested in a deeper analysis, InvestingPro offers 8 additional tips for PodcastOne, providing a more comprehensive view of the company's financial health and market position.
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