IZEA Reports Q4 2024 Revenue of $11.0 million, up 24%

Core Insights - IZEA Worldwide, Inc. reported a significant increase in total revenue for Q4 2024, rising 23.7% to $11.0 million compared to$8.9 million in Q4 2023, driven primarily by Managed Services revenue growth [5][9] - The company is undergoing a transformational change, focusing on operational efficiency and cost structure to accelerate profitability [4][10] - Despite revenue growth, the company reported a net loss of $4.6 million in Q4 2024, which included$2.7 million in one-time charges, compared to a net loss of $1.5 million in the same quarter of the previous year [7][9] Q4 2024 Financial Summary Compared to Q4 2023 - Total revenue increased by 23.7$11.0 million from $8.9 million [5] - Managed Services revenue rose by 24.0$10.9 million from $8.8 million [5] - SaaS Services revenue increased by 5.7$117,423 from the previous year [5] - Total costs and expenses grew by 28.0% to $14.2 million from$11.1 million [7] - Adjusted EBITDA for the quarter was $(1.5) million, compared to$(1.1) million in Q4 2023 [10] FY 2024 Financial Summary Compared to FY 2023 - Total revenue for FY 2024 was $35.9 million, a slight decrease from$36.2 million in FY 2023 [7] - Managed Services revenue for FY 2024 was $35.1 million, down 2$35.7 million in FY 2023 [28] - SaaS Services revenue increased by 74% to $823,000 from$474,000 in the previous year [28] - The net loss for FY 2024 was $18.9 million, including$8 million in one-time charges, compared to a net loss of $7.4 million in FY 2023 [7][9] Operational Highlights - Managed Services bookings increased by 52.8$11.7 million in Q4 2024 compared to $7.6 million in Q4 2023 [7] - The company implemented targeted workforce reductions, expected to save$5.1 million annually [8] - New business was secured from notable clients including Academy Sports, NHTSA, and Navy Federal Credit Union [7] - The company divested its investment in Hoozu, which generated $3.4 million in revenue for 2024 but incurred a$0.7 million annual net loss [7] Cash Position - As of December 31, 2024, the company had cash, cash equivalents, and investments totaling $51.1 million [10] - The company has no outstanding long-term debt [10]