[Form 4] ADTRAN Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

LiveOne, Inc. (NASDAQ: LVO) has filed its Form 10-K for the fiscal year ended March 31 2025. The filing describes a multi-faceted media company built around four core operations: (1) the LiveOne live music streaming platform, (2) the Slacker audio membership service, (3) PodcastOne, and (4) Custom Personalization Solutions (CPS) for merchandising. Management groups PodcastOne and Slacker into an Audio Group, while all other units form the Media Group.

Business scale & reach

• PodcastOne distributes more than 300 episodes weekly across 200 exclusive shows, reaching over 1 billion monthly listeners and generating 204 million downloads in FY 2025.
• Slacker powers both the consumer LiveOne app and numerous OEM integrations (e.g., Tesla, Verizon, T-Mobile). One single OEM customer represented ≈45 % of consolidated FY 2025 revenue.
• LiveOne owns or has pending 46 patents related to streaming technology and holds 25+ trademarks.

Revenue model: income is derived from (i) membership subscriptions (~50 % of FY25 revenue), (ii) advertising and sponsorships tied to music, livestreams and podcasts, (iii) pay-per-view events, and (iv) e-commerce merchandising via CPS.

Strategic initiatives

• Continued expansion of proprietary CMS and analytics to improve ad targeting and creator reporting.
• Launch of PodcastOne TV FAST channel and Adori visual podcast integration to open incremental video ad inventory.
• Growth of a pay-per-view platform for digital-only concerts, introduced during the COVID-19 period.
• Regular production of in-house franchises such as Music Lives, Self Made and the Breakout Awards.

Risks & controls

• The report contains a going-concern warning; ongoing operations depend on additional capital or financing.
• Significant customer concentration (one OEM at 45 %/51 % of revenue in FY25/FY24).
• No auditor attestation of internal control over financial reporting (non-accelerated filer exemption).
• LiveOne is not classified as a shell company; 97.1 million common shares were outstanding on 11 July 2025; public float value at 30 Sep 2024 was ≈$73 million.

Human capital: 113 employees at year-end with benefit programs (health, 401(k), EAP) and diversity initiatives. Remote-work flexibility adopted during COVID-19.

Regulatory landscape: the company licenses music through BMI, ASCAP, SoundExchange and operates under the Music Modernization Act. It notes compliance with FCPA, privacy regulations and multiple copyright regimes.

Forward look: management intends to combine live events, audio streaming and merchandising into a “flywheel” that monetises superfans; however, execution hinges on access to capital and maintaining content rights.

Positive

• PodcastOne scale: 200+ exclusive shows, 300 weekly episodes and 204 million FY25 downloads signal strong audience traction.
• Diversified revenue streams: membership (≈50 %), advertising, PPV events and e-commerce mitigate single-channel dependence.
• Intellectual-property portfolio: 46 patents and 25+ trademarks protect technology, aiding OEM integrations and B2B licensing.
• FAST channel and Adori integration: opens incremental video monetisation avenues without significant incremental content cost.

Negative

• Going-concern warning: management concedes operations require additional capital within 12 months, elevating solvency risk.
• Customer concentration: one OEM accounted for roughly 45 % of FY25 revenue (51 % in FY24).
• Lack of audited internal-control attestation: indicates immature control environment and potential reporting risk.
• Dependence on content rights: renewals with labels, festival owners and PROs are critical; any disruption could impair revenue.

Insights

Equity Research Analyst

TL;DR – Diversified media platform with attractive podcast scale, but going-concern flag and heavy customer concentration temper outlook.

The filing confirms that LiveOne has stitched together valuable assets: Slacker’s OEM relationships deliver recurring audio revenue, and PodcastOne’s billion-listener reach provides leverage for programmatic advertising and FAST-channel expansion. Ownership of 46 patents and 25+ trademarks offers technical moat. Still, the auditor’s going-concern language, a single OEM representing 45 % of sales, and limited public float signal high financing and liquidity risk. Until management secures longer-term funding and broadens its revenue base, I view the disclosure as neutral-to-slightly negative for equity holders.

Media Industry Specialist

TL;DR – Strategic shift to integrated live-audio-merch ecosystem is logical; success depends on capital and rights stability.

LiveOne positions itself as the ‘everything hub’ for superfans—live concerts, radio, podcasts and branded merchandise. The PodcastOne spin-out demonstrates capital-markets creativity while retaining distribution synergies. Patented offline mode and carrier billing further differentiate the mobile offering. Yet the company’s reliance on festival owners, labels and one dominant OEM exposes it to renewal-risk and royalty cost inflation. Absent concrete FY25 financial statements in this excerpt, the investor impact skews neutral pending visibility on profitability and cash burn.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

STANTON THOMAS R

(Last) (First) (Middle)

C/O ADTRAN HOLDINGS, INC.

901 EXPLORER BOULEVARD

(Street)

HUNTSVILLE AL 35806-2807

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ADTRAN Holdings, Inc. [ ADTN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/13/2025		F(1)		5,663	D	$9.2	944,522.51	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares delivered to the Issuer for the payment of withholding taxes due upon the vesting of previously granted restricted stock units.

	/s/ Dan Ragsdale, by power of attorney	07/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What is LiveOne’s primary business model?

LiveOne (LVO) combines live event streaming, audio memberships, podcast distribution and merchandising to monetise superfans through subscriptions, advertising, PPV and retail sales.

How many patents does LiveOne hold?

The company reports 46 registered or pending patents covering streaming, personalization and offline-mode technologies.

Why did the auditor include a going-concern note?

Management states that continued operations depend on securing additional capital or financing within the next year, triggering a going-concern emphasis.

What percentage of revenue comes from a single customer?

One OEM customer generated ≈45 % of consolidated revenue in FY 2025 (51 % in FY 2024).

How many shares are outstanding?

As of 11 July 2025, LiveOne had 97,128,164 common shares outstanding.

What is PodcastOne’s scale within LiveOne?

PodcastOne produces over 300 weekly episodes across 200 exclusive shows and recorded 204 million downloads during FY 2025.