Live Ventures Reports Fiscal Year 2025 Financial Results

Rhea-AI Summary

Live Ventures (Nasdaq: LIVE) reported fiscal year 2025 results for the year ended September 30, 2025. Revenue was $444.9 million, down 5.9% year‑over‑year, while gross margin rose 210 basis points to 32.7%. Operating income turned to $14.6 million from a $13.6 million loss the prior year, and net income was $22.7 million, or $4.93 diluted EPS, which includes $28.2 million of one‑time net gains. Adjusted EBITDA increased 36.3% to $33.4 million. Cash availability was approximately $38.1 million and the company repurchased 59,704 shares at an average $8.85.

The results reflect margin improvement, cost reductions, Central Steel acquisition benefits, and continued weakness in housing‑related segments.

Positive

• Adjusted EBITDA +36.3% to $33.4 million
• Operating income swing to $14.6 million from $(13.6) million
• Gross margin +210 bps to 32.7%
• Retail‑Entertainment revenue +9.1% to $77.5 million
• Steel Manufacturing operating income +85.2% to $8.5 million

Negative

• Total revenue down 5.9% to $444.9 million
• Retail‑Flooring revenue -10.7% to $122.3 million
• Flooring Manufacturing revenue -8.6% to $121.6 million

Key Figures

FY2025 Revenue $444.9M Fiscal year ended September 30, 2025

FY2024 Revenue $472.8M Prior fiscal year comparison

Gross Margin 32.7% FY2025 vs 30.6% prior year

Operating Income $14.6M FY2025 vs $13.6M operating loss prior year

Net Income $22.7M FY2025 vs $26.7M net loss prior year

Diluted EPS $4.93 FY2025 diluted earnings per share

Adjusted EBITDA $33.4M FY2025, up 36.3% from $24.5M

Cash Availability $38.1M Cash and credit availability as of September 30, 2025

Market Reality Check

$12.69 Last Close

Volume Volume 16,567 is 2.05x the 20-day average of 8,067, indicating elevated interest into the earnings release. high

Technical Price at $12.69 is trading below the 200-day MA of $14.22, despite the earnings-driven bounce.

Peers on Argus

LIVE gained 7.82% while key peers like KIRK (3.11%), HVT (3.59%), and RECT (4.17%) had smaller advances, suggesting a company-specific reaction to the strong FY2025 results.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Earnings call notice	Neutral	-2.1%	Announced timing and access details for FY2025 earnings release and call.
Nov 18	Operational update	Positive	-3.2%	Precision Marshall Steel hit 99.98% same‑day shipment and launched 24/7 portal.
Nov 11	Segment performance	Positive	-4.4%	Vintage Stock saw 9% revenue growth and 230 bps margin expansion over nine months.
Sep 17	Turnaround update	Positive	-6.9%	Company reported $21.7M net income and tripled operating income over nine months.
Sep 17	Subsidiary turnaround	Positive	-6.9%	Flooring Liquidators achieved four months of positive EBITDA and outlined expansion.

Pattern Detected

Recent positive operational and turnaround updates were followed by negative price reactions in 4 of the last 5 news events, making today’s positive move a departure from that pattern.

Recent Company History

Over the past six months, Live Ventures has consistently highlighted a turnaround narrative. On Sep 17, it reported a swing to $21.7M nine‑month net income and framed itself as a mini‑Berkshire, alongside a separate turnaround update for Flooring Liquidators. Subsequent releases in November detailed modernization at Precision Marshall Steel and strength at Vintage Stock, yet shares typically traded lower after these updates. A Dec 11 pre‑announcement of this earnings date also saw a modest decline. Today’s full‑year FY2025 results formalize that turnaround with GAAP profitability and margin expansion.

Market Pulse Summary

This announcement detailed a full-year swing from a FY2024 net loss to FY2025 net income of $22.7M, with gross margin improving to 32.7% and Adjusted EBITDA reaching $33.4M. Revenue declined, but cost actions and segment mix drove profitability. Historical earnings releases showed similar themes of margin expansion amid housing-related softness. Investors may monitor sustainability once one-time gains normalize, plus any impacts from ongoing litigation and previously disclosed convertible financing structures.

Key Terms

adjusted ebitda financial

"Adjusted EBITDA¹ increased $8.9 million, or 36.3%, to $33.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Adjusted EBITDA¹ is a non-GAAP measure. A reconciliation of the non-GAAP measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

goodwill impairment financial

"Net loss for fiscal year 2024 included a goodwill impairment charge of $18.1 million"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

employee retention credits financial

"a $2.1 million gain related to Employee Retention Credits"

Employee retention credits are government tax breaks that give employers a partial refund or reduction of payroll taxes when they keep workers on the payroll during downturns or disruptions. Think of it like a rebate on a company’s wage bill for maintaining staff; it improves short-term cash flow and can lower reported labor costs, so investors watch these credits because they can boost earnings, preserve liquidity, and affect tax expense and balance-sheet items.

basis points financial

"Gross margin increased by 210 basis points to 32.7%, as compared to 30.6%"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. Not financial advice.

LAS VEGAS, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal year ended September 30, 2025. 

Fiscal Year 2025 Key Highlights:

• Revenue was $444.9 million, compared to $472.8 million in the prior year
• Gross margin increased to 32.7%, compared to 30.6% in the prior year
• Operating income increased $28.3 million to $14.6 million, compared to an operating loss of $13.6 million in the prior year
• Net income increased $49.4 million, or 185.2%, to $22.7 million, and diluted earnings per share (“EPS”) were $4.93, compared to a net loss of $26.7 million and diluted loss per share of $8.48 in the prior year. Net income for fiscal year 2025 includes a net gain of $28.2 million from non-recurring items. Net loss for fiscal year 2024 included a goodwill impairment charge of $18.1 million
• Adjusted EBITDA¹ increased $8.9 million, or 36.3%, to $33.4 million, compared to $24.5 million in the prior year
• The Company repurchased 59,704 shares of the Company’s common stock at an average price of $8.85 per share
• Total assets of $386.4 million and stockholders’ equity of $95.3 million as of September 30, 2025
• Approximately $38.1 million in cash and availability under the Company’s credit facilities as of September 30, 2025

“We are pleased with the operational progress we delivered this year, which contributed to a $10.2 million, or 231.7%, increase in fiscal year 2025 operating income compared to the prior year, excluding the $18.1 million goodwill impairment recorded in fiscal year 2024. This performance came despite continued softness in the new home construction and home refurbishment markets, which continue to weigh on our Retail-Flooring and Flooring Manufacturing segments,” commented David Verret, Chief Financial Officer of Live Ventures.

“Fiscal year 2025 marked a significant turnaround for Live Ventures. The progress we made was driven by decisive actions, including strategic pricing and targeted cost-reduction initiatives, resulting in a 36.3% increase in fiscal year 2025 Adjusted EBITDA¹ of $33.4 million, as compared to the prior year. We strengthened our operational discipline and improved our cost structure while navigating ongoing softness in new home construction and home refurbishment. Our team executed well in a challenging environment and delivered solid margin improvement. Looking ahead, we believe the actions taken this year position Live Ventures for continued progress as we focus on driving sustainable profitability and enhancing the overall performance of our businesses,” commented Jon Isaac, President and Chief Executive Officer of Live Ventures.

¹ Adjusted EBITDA is a non-GAAP measure. A reconciliation of the non-GAAP measures is included below. 

Fiscal Year 2025 Financial Summary (in thousands except per share amounts)
	For the year ended September 30,
		2025			2024			% Change
Revenue	$	444,944		$	472,840			-5.9	%
Operating income	$	14,635		$	(13,644	)		207.3	%
Net income (loss)	$	22,743		$	(26,685	)		185.2	%
Diluted earnings (loss) per share	$	4.93		$	(8.48	)		158.1	%
Adjusted EBITDA¹	$	33,390		$	24,497			36.3	%

Revenue decreased approximately $27.9 million, or 5.9%, to approximately $444.9 million for the year ended September 30, 2025, compared to revenue of approximately $472.8 million in the prior year. The decrease is primarily attributable to the Retail-Flooring, Flooring Manufacturing, and Steel Manufacturing segments, which decreased by approximately $33.3 million in the aggregate, partially offset by an increase of approximately $6.5 million in the Retail-Entertainment segment.

Gross profit increased by approximately $0.9 million, or 0.6%, for the year ended September 30, 2025, as compared to the year ended September 30, 2024. Gross margin increased by 210 basis points to 32.7%, as compared to 30.6% in the prior year. The gross margin improvement was attributable to increased gross margins in the Retail-Entertainment, Steel Manufacturing, and Flooring Manufacturing segments, primarily due to improved efficiencies, as well as the acquisition of Central Steel Fabricators (“Central Steel”) during May 2024, which has historically generated higher margins, partially offset by slightly lower gross margins in the Retail-Flooring segment.

Operating income increased to approximately $14.6 million for the year ended September 30, 2025, compared with an operating loss of approximately $13.6 million in the prior year. Prior year operating loss included an $18.1 million goodwill impairment charge in the Retail-Flooring segment. Excluding the fiscal year 2024 goodwill impairment charge, fiscal year 2025 operating income increased $10.2 million, or 231.7%, as compared to the prior year. The increase in operating income was primarily driven by higher revenues in the Retail-Entertainment segment and lower operating expenses in the Retail-Flooring, Flooring Manufacturing, and Corporate and Other segments, reflecting targeted cost-reduction initiatives, partially offset by higher general and administrative expenses in the Steel Manufacturing segment, reflecting a full year of Central Steel expenses following its acquisition in May 2024.

For the fiscal year ended September 30, 2025, net income was approximately $22.7 million, and diluted EPS was $4.93, compared with a net loss of approximately $26.7 million and diluted loss per share of $8.48 in the prior year. Net income increased primarily due to improved operating performance and the recognition of one-time gains during the fiscal year ended September 30, 2025. Net income for fiscal 2025 includes one-time items totaling a net gain of $28.2 million, primarily consisting of a $22.8 million gain from the modification of the Flooring Liquidators, Inc. seller note, earnout and holdback settlement gains of $2.6 million (net), and a $2.1 million gain related to Employee Retention Credits. Net loss for fiscal year 2024 includes an $18.1 million goodwill impairment charge in the Retail-Flooring segment.

Adjusted EBITDA¹ for the fiscal year ended September 30, 2025, was approximately $33.4 million, an increase of approximately $8.9 million, or 36.3%, compared to $24.5 million in the prior year. The increase in Adjusted EBITDA¹ is primarily due to improved operating performance during the fiscal year ended September 30, 2025, reflecting the Company's targeted cost-reduction initiatives.

As of September 30, 2025, the Company had total cash availability of approximately $38.1 million, consisting of cash on hand of approximately $8.8 million and availability under its various lines of credit of approximately $29.3 million.

Fiscal Year 2025 Segment Results (in thousands)

	For the year ended September 30,
		2025				2024			% Change
Revenue
Retail - Entertainment	$	77,519			$	71,023			9.1	%
Retail - Flooring		122,308				136,989			-10.7	%
Flooring Manufacturing		121,574				133,026			-8.6	%
Steel Manufacturing		132,593				139,768			-5.1	%
Corporate & Other		78				333			-76.6	%
Intercompany eliminations		(9,128	)			(8,299	)		N/A
Total Revenue	$	444,944			$	472,840			-5.9	%
	For the year ended September 30,
		2025				2024			% Change
Operating Income (loss)
Retail - Entertainment	$	10,666			$	7,177			48.6	%
Retail - Flooring		(7,714	)			(25,520	)		69.8	%
Flooring Manufacturing		7,212				8,205			-12.1	%
Steel Manufacturing		8,539				4,611			85.2	%
Corporate & Other		(4,239	)			(8,125	)		47.8	%
Intercompany eliminations		171				8			N/A
Total Operating Income	$	14,635			$	(13,644	)		207.3	%
	For the year ended September 30,
		2025				2024			% Change
Adjusted EBITDA¹
Retail - Entertainment	$	11,877			$	8,407			41.3	%
Retail - Flooring		(2,102	)			(1,608	)		-30.7	%
Flooring Manufacturing		11,055				12,433			-11.1	%
Steel Manufacturing		16,191				12,466			29.9	%
Corporate & Other		(3,802	)			(7,209	)		47.3	%
Intercompany eliminations		171				8			N/A
Total Adjusted EBITDA¹	$	33,390			$	24,497			36.3	%
	For the year ended September 30,
		2025				2024
Adjusted EBITDA¹as a percentage of revenue
Retail - Entertainment		15.3	%			11.8	%
Retail - Flooring		-1.7	%			-1.2	%
Flooring Manufacturing		9.1	%			9.3	%
Steel Manufacturing		12.2	%			8.9	%
Corporate & Other	N/A				N/A
Intercompany eliminations	N/A				N/A
Total Adjusted EBITDA¹		7.5	%			5.2	%
as a percentage of revenue

Retail – Entertainment

The Retail-Entertainment segment revenue for the fiscal year ended September 30, 2025, was approximately $77.5 million, an increase of approximately $6.5 million, or 9.1%, compared to approximately $71.0 million in the prior year. The revenue growth was driven by strong consumer demand for vintage and collectible media. For the fiscal year ended September 30, 2025, gross margin increased to 57.9%, compared to 57.6% in the prior year. Operating income for the fiscal year ended September 30, 2025, was approximately $10.7 million compared to approximately $7.2 million in the prior year. Strong revenue growth and disciplined general and administrative expense management drove the improvement in operating results.

Retail – Flooring

The Retail-Flooring segment revenue for the fiscal year ended September 30, 2025, was approximately $122.3 million, a decrease of approximately $14.7 million, or 10.7%, compared to approximately $137.0 million in the prior year. The decrease was primarily attributable to the disposition of certain Johnson Floor and Home stores in May 2024, as well as to decreased consumer demand driven by the ongoing weakness in the housing market. Gross margin for the fiscal year ended September 30, 2025, was 34.9%, compared to 35.9% for the prior year. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the fiscal year ended September 30, 2025, was approximately $7.7 million, compared to an operating loss of approximately $25.5 million for the prior year. The prior year's operating loss included an $18.1 million goodwill impairment charge. Excluding the goodwill impairment charge in the prior year, the slight increase in operating loss was primarily due to decreases in revenues and gross margin, partially offset by lower operating expenses driven by cost-reduction initiatives implemented in fiscal year 2025.

Flooring Manufacturing

The Flooring Manufacturing segment revenue for the fiscal year ended September 30, 2025, was approximately $121.6 million, a decrease of approximately $11.5 million, or 8.6%, compared to approximately $133.0 million in the prior year. The decrease in revenue was primarily due to reduced consumer demand as a result of the ongoing weakness in the housing market. Gross margin was 25.3% for the fiscal year ended September 30, 2025, compared to 24.3% for the prior year. The increase in gross margin was primarily due to changes in product mix. Operating income for the fiscal year ended September 30, 2025, was approximately $7.2 million, compared to approximately $8.2 million for the prior year. The decrease in operating income was primarily due to lower revenue for fiscal year 2025.

Steel Manufacturing

The Steel Manufacturing segment revenue for the fiscal year ended September 30, 2025, was approximately $132.6 million, a decrease of approximately $7.2 million, or 5.1%, compared to approximately $139.8 million in the prior year. The decline was primarily driven by lower sales volumes at certain business units, partially offset by incremental revenue of $11.1 million at Central Steel, which was acquired in May 2024. Gross margin was 20.8% for the fiscal year ended September 30, 2025, compared to 15.8% for the prior year. The increase in gross margin was primarily due to strategic price increases and the acquisition of Central Steel, which has historically generated higher margins. Operating income for the fiscal year ended September 30, 2025, was approximately $8.5 million, compared to approximately $4.6 million in the prior year. The increase in operating income was primarily due to improved operating efficiencies at Precision Metal Works, Inc., and the acquisition of Central Steel, partially offset by higher general and administrative expenses resulting from the acquisition.

Corporate and Other

The Corporate and Other segment operating loss was approximately $4.2 million and $8.1 million for the fiscal years ended September 30, 2025, and 2024, respectively. The decrease in operating loss is primarily due to a significant reduction in corporate expenses, including compensation and professional fees, as compared to the prior year, and the reallocation of certain costs from the corporate holding company level to the segment level in fiscal year 2025.

Non-GAAP Financial Information

Adjusted EBITDA

We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

Forward-Looking and Cautionary Statements

The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers and directors to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

About Live Ventures Incorporated

Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company seeks opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company's Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

Contact:
Live Ventures Incorporated
Greg Powell, Director of Investor Relations
725.500.5597
gpowell@liveventures.com 
www.liveventures.com 

Source: Live Ventures Incorporated

CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share amounts)
	September 30, 2025				September 30, 2024
Assets
Cash	$	8,831			$	4,601
Trade receivables, net		39,947				46,861
Inventories, net		120,716				126,350
Prepaid expenses and other current assets		3,568				4,123
Total current assets		173,062				181,935
Property and equipment, net		77,511				82,869
Right of use asset - operating leases		53,097				55,701
Deposits and other assets		1,498				787
Intangible assets, net		20,080				25,103
Goodwill		61,152				61,152
Total assets	$	386,400			$	407,547
Liabilities and Stockholders' Equity
Liabilities:
Accounts payable	$	27,369			$	31,002
Accrued liabilities		31,834				31,740
Income taxes payable		2,334				948
Current portion of long-term debt		36,282				43,816
Current portion of notes payable related parties		800				6,400
Current portion of lease obligations - operating leases		11,495				12,885
Current portion of lease obligations - finance leases		573				368
Seller notes - related parties		275				2,500
Total current liabilities		110,962				129,659
Long-term debt, net of current portion		41,880				54,994
Lease obligation long term - operating leases		46,375				50,111
Lease obligation long term - finance leases		42,269				41,677
Notes payable related parties, net of current portion		18,564				4,934
Seller notes - related parties		17,945				40,361
Deferred tax liability		9,156				6,267
Other non-current obligations		3,945				6,655
Total liabilities		291,096				334,658
Commitments and contingencies
Stockholders' equity:
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 issued and outstanding at September 30, 2025 and 2024, respectively, with a liquidation preference of $0.30 per share		—				—
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,071,656 shares issued and outstanding at September 30, 2025; 3,131,360 issued and outstanding at September 30, 2024		2				2
Paid-in capital		75,848				69,692
Treasury stock common 754,391 and 694,687 shares as of September 30, 2025 and 2024		(9,600	)			(9,072	)
Treasury stock Series E preferred 50,000 shares as of September 30, 2025 and 2024		(7	)			(7	)
Accumulated earnings		29,061				12,274
Total stockholders' equity		95,304				72,889
Total liabilities and stockholders' equity	$	386,400			$	407,547

LIVE VENTURES, INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share)
	Years Ended September 30,
		2025				2024
Revenues	$	444,944			$	472,840
Cost of revenues		299,255				328,016
Gross profit		145,689				144,824
Operating expenses:
General and administrative expenses		113,742				118,040
Sales and marketing expenses		17,312				22,372
Impairment expense		—				18,056
Total operating expenses		131,054				158,468
Operating income (loss)		14,635				(13,644	)
Other income (expense):
Interest expense, net		(15,551	)			(16,847	)
Gain on extinguishment of debt		713				—
Gain on settlement of earnout liability		2,840				—
Gain on modification of seller note		22,784				—
Gain on settlement of holdback liability		1,186				—
Employee Retention Credits		2,093				—
Adjustment of earnout liability		(1,441	)			—
Other income (expense), net		1,144				(852	)
Total other income (expense), net		13,768				(17,699	)
Income (loss) before income taxes		28,403				(31,343	)
Provision for (benefit from) income taxes		5,660				(4,658	)
Net income (loss)		22,743				(26,685	)
Income (loss) per share:
Basic	$	7.35			$	(8.48	)
Diluted	$	4.93			$	(8.48	)
Weighted average common shares outstanding:
Basic		3,094,087				3,147,646
Diluted		4,616,346				3,147,646

LIVE VENTURES INCORPORATED
NON-GAAP MEASURES RECONCILIATION

Adjusted EBITDA

The following table provides a reconciliation of Net income (loss) to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):

	For the Year Ended September 30,
		2025				2024
Net income (loss)	$	22,743			$	(26,685	)
Depreciation and amortization		17,274				17,215
Stock-based compensation		200				325
Interest expense, net		15,551				16,847
Income tax expense (benefit)		5,660				(4,658	)
Debt acquisition costs		—				183
Disposition of Johnson		—				301
Gain on extinguishment of debt		(713	)			—
Gain on modification of seller note		(22,784	)			—
Acquisition costs		—				2,314
Gain on settlement of earnout liability		(2,840	)			—
Gain on receipt of Employee Retention Credits		(2,093	)			—
Gain on settlement of holdback liability		(1,186	)			—
Adjustment of earnout liability		1,441				—
Impairment of goodwill		—				18,056
Other non-recurring company initiatives		137				599
Adjusted EBITDA	$	33,390			$	24,497

FAQ

What were Live Ventures (LIVE) full‑year 2025 revenues and EPS?

Live Ventures reported fiscal 2025 revenue of $444.9 million and diluted EPS of $4.93.

How did Live Ventures' Adjusted EBITDA change in fiscal 2025?

Adjusted EBITDA rose 36.3% to $33.4 million in fiscal 2025 versus fiscal 2024.

What drove Live Ventures’ operating income improvement in fiscal 2025?

Improved margins, cost‑reduction actions, Retail‑Entertainment growth, and Central Steel acquisition benefits drove the improvement.

How did Live Ventures' Retail‑Flooring segment perform in fiscal 2025?

Retail‑Flooring revenue declined 10.7% to $122.3 million, with an operating loss of about $7.7 million.

What cash and liquidity did Live Ventures report at September 30, 2025?

Total cash availability was approximately $38.1 million (about $8.8M cash and $29.3M credit availability).

Did Live Ventures repurchase shares in fiscal 2025 and at what price?

Yes; the company repurchased 59,704 shares at an average price of $8.85 per share.