As it waits and waits for approval to merge with Sirius (NSDQ: SIRI), XM (NSDQ: XMSR) reported Q1 revenue of $308 million, a 17 percent increase from $264 million in the year-ago quarter. Another thing that XM shareholders are waiting a long time for: profitability. Net loss widened in the quarter to $129 million ($.42 per share) from $122 million ($.40 per share). On an adjusted basis, excluding depreciation, amortization, interest and other stuff, losses grew to $30.7 million from $27 million. Both the top and bottom line numbers were a bit worse than what analysts had been looking for. Some highlights:

-- At quarter’s end, XM had 9.33 million subscribers, an 18 percent increase form the year-ago quarter.
-- Churn of 1.77 percent was a sliver better than 1.78 percent a year ago.
-- Arpu dipped to $10.04 from $10.15.
-- SAC grew to $73 from $65.

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