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IZEA Reports Q3 2024 Revenue of $8.8 Million
IZEAIZEA(IZEA) GlobeNewswire News Room·2024-11-14 21:01

Core Insights - IZEA Worldwide, Inc. reported a total revenue increase of 12% to 8.8millionforQ32024comparedto8.8 million for Q3 2024 compared to 7.9 million in Q3 2023, driven by growth in Managed Services and SaaS Services [2][5][25] - The company experienced a significant net loss of 8.8millioninQ32024,comparedtoanetlossof8.8 million in Q3 2024, compared to a net loss of 2.0 million in the same quarter of the previous year [8][9] - Adjusted EBITDA for the quarter was a loss of 2.8million,worseningfromalossof2.8 million, worsening from a loss of 1.5 million year-over-year, indicating challenges in operational efficiency [9][27] Financial Performance - Total revenue for Q3 2024 was 8.8million,upfrom8.8 million, up from 7.9 million in Q3 2023, with Managed Services revenue increasing by 10% to 8.6million[2][5]−ManagedServicesbookingsroseby118.6 million [2][5] - Managed Services bookings rose by 11% to 7.9 million, while revenue from SaaS Services surged by 260% to 205,870[2][5][6]−Totalcostsandexpensesincreasedby73205,870 [2][5][6] - Total costs and expenses increased by 73% to 18.2 million, largely due to a 4.0millionnon−cashchargeforgoodwillimpairment[2][7]OperationalHighlights−IZEA′sworkfortheBarbiemoviereceivedmultipleawards,includingthe2024GlobalInfluencerMarketingAwards[3]−ThecompanylaunchedIZZY,anAIassistantformarketers,enhancingitstechnologyofferings[3][4]−IZEAFlexwasrecognizedastheBestInfluencerMarketingPlatforminthe2024MarTechBreakthroughAwards[3]ManagementCommentary−CEOPatrickVenetuccinotedahealthyincreaseinmanagedservicesbookingsandrevenue,withexpectationsforyear−over−yeargrowthinthelastquarterof2024[4]−ThecompanysecurednewbusinessfrommajorclientssuchasNestleˊ,Danone,andCoursera,indicatingastrongmarketposition[4]CashPosition−AsofSeptember30,2024,thecompanyhadcash,cashequivalents,andinvestmentstotaling4.0 million non-cash charge for goodwill impairment [2][7] Operational Highlights - IZEA's work for the Barbie movie received multiple awards, including the 2024 Global Influencer Marketing Awards [3] - The company launched IZZY, an AI assistant for marketers, enhancing its technology offerings [3][4] - IZEA Flex was recognized as the Best Influencer Marketing Platform in the 2024 MarTech Breakthrough Awards [3] Management Commentary - CEO Patrick Venetucci noted a healthy increase in managed services bookings and revenue, with expectations for year-over-year growth in the last quarter of 2024 [4] - The company secured new business from major clients such as Nestlé, Danone, and Coursera, indicating a strong market position [4] Cash Position - As of September 30, 2024, the company had cash, cash equivalents, and investments totaling 54.4 million, with no outstanding long-term debt [11]