On behalf of Live Ventures Inc.

What if there was a company with a Berkshire Hathaway holding company business model, but built for the 2026 economy?

Instead of Warren Buffett’s railroad and insurance companies, it buys profitable steel, flooring, and collectible companies… then upgrades them with a proprietary AI backbone to dominate their niches.

And while most "AI companies" today are trading at 50x revenue with zero profits, Live Ventures (NASDAQ: LIVE) is doing the opposite.

Last year, they booked $444.9 million in revenue. Their market cap? Only ~$60 million.

That is a massive valuation gap for a company that isn't just "talking" about AI. LIVE is building the physical steel skeletons that hold the data centers together.

And just today, they reported financial results for their most recent quarter.

In this edition, we take a look at the company’s inner workings.

Get the full $LIVE business model breakdown here →

LIVE is a company that buys mid-market businesses ($5-50 million in revenue per year) and optimizes them for long-term profitable growth.

Unlike private equity firms that "strip and flip" businesses in 5 years, LIVE buys to build. As for which types of businesses they acquire, the company is actually sector agnostic, though they tend to focus on a few specific industries.

Here’s Live Venture’s portfolio:

Just like Warren Buffet, Live Ventures invests for the long haul (and that strategy is clearly working, as we’ll cover below).

We want to drill in on this part specifically. While LIVE is a great buyer and grower of businesses in general, it’s simultaneously an AI data center play. And although a lot of companies maybe sprinkle AI into their press releases, LIVE has actually integrated it into the physical backbone of two key businesses:

Central Steel Fabricators (the "pick & shovel" AI play): This LIVE company is already a strategic player in the AI data center buildout. It manufactures precision-made steel systems, cable management, and structural frames specifically for data centers. They recently scaled production using robotic welding and automation to meet the surge in demand from AI infrastructure contractors.

Flooring Liquidators (the "AI operations" play): LIVE has deployed a proprietary system called "No Excuses AI” that does Demand Forecasting, where the system predicts regional buying patterns to place inventory before demand peaks.

What’s intriguing to us about Live Ventures here is that you get very clear exposure to the data center economy, but you also get the stability of used collectibles revenue, which isn’t as cyclical or market-dependent.

Get the full $LIVE business model breakdown here →

And that model of investing for the long haul has clearly worked. As a matter of fact, the story of the last two years is a "Profitability Arc." After a heavy non-cash accounting hit in 2024, the company has come roaring back. Take a look at LIVE’s 2025 financials:

And total revenue was $444.9M in 2025, which was down 6% from the previous year, but still up 25% from 2 years ago.

The keys here are the net income growth and EPS. LIVE became profitable last year, and proved that its business model works at a larger scale than ever before. 

Here’s how the past few years have gone for LIVE, to explain further:

2023-2024 was LIVE’s growth period. The company was acquiring key businesses, assembling its strategy, and preparing to ramp up production and sales on all fronts. 

Next, 2025 was the beginning of its profitability arc. A +$13.41 swing in EPS is quite significant.

And now, today, the company will announce earnings for the first quarter of fiscal year 2026. This report will set the tone for LIVE in a pivotal year for the company.

A huge element of any holding company’s success is its captain, the man at the helm. Berkshire was always synonymous with its founder, Buffett, a shrewd and highly patient, analytical man.

LIVE has Jon Isaac steering the ship as CEO and President. He’s been with the company for 15 years, and he also served as CFO for five years. That’s a key detail; it tells us that LIVE’s CEO has some serious financial skills and know-how, which feels like an absolute must for a holding company CEO.

And something else we find interesting is that Jon Isaac is a skin-in-the-game type of CEO. Meaning, he owns 52.4% of $LIVE shares.

(Also, note that Vanguard Group Inc. and Bridgeway Capital Management Inc. own a large portion of shares, too.)

No investment comes without risks, and here are some things to consider about LIVE. The company is currently having a legal moment with the SEC over alleged reporting issues; some of the SEC’s claims have already been dismissed and LIVE has cleaned up its reporting, but the proceedings are still ongoing. 

Next, it’s worth noting that over 50% of LIVE’s revenue is tied to flooring. If interest rates remain "higher for longer" and the housing market stays frozen, the flooring segments could drag down top-line growth. This is less of a LIVE-specific flooring issue and more of an industry-wide reality.

And finally, the fact that Live Ventures is 72% insider owned is great as far as company-wide conviction in their mission and goals, but it also means that the amount of publicly traded LIVE shares is small. This means higher volatility, which is never a bad thing implicitly, but is worth considering and being aware of.

Live Ventures offers a rare combination: the stability of a diversified "mini-Berkshire" and the high-octane growth of an AI infrastructure play.

The catalyst we’re looking at is that LIVE is scheduled to announce its Fiscal Q1 2026 earnings tomorrow, February 12. This report will set the tone for what could be the company's most pivotal year yet.

Always do your own research, and this is not financial advice.

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