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
