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IZEA Reports Q1 2023 Revenue of $8.7 million
ORLANDO, Fla., May 15, 2023 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and
About this update from Izea Worldwide, Inc.
[{"type":"text","content":"ORLANDO, Fla., May 15, 2023 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier provider of influencer marketing technology, data, and services for the world’s leading brands, reported its financial and operational results for the first quarter ended March 31, 2023. Q1 2023 Financial Summary Compared to Q1 2022 Total revenue decreased 2% to $8.7 million, compared to $8.9 millionManaged Services revenue increased 2% to $8.5 million, compared to $8.4 millionSaaS Services revenue decreased 55% to $0.2 million, compared to $0.5 millionTotal costs and expenses increased 7% to $12.1 million compared to $11.3 millionNet loss was $2.8 million compared to a net loss of $2.5 millionAdjusted EBITDA* for the quarter was $(2.2) million, compared to $(2.1) millionCash, cash equivalents and investments at March 31, 2023 totaled $67.5 million with no long-term debt Q1 2023 Operational Highlights Officially launched IZEA Flex influencer marketing platformLaunched two new Flex modules, generative A.I. Storyboards and cloud storageAwarded best company outlook by Comparably based on employee feedbackBegan transition from IZEAx legacy platform to IZEA Flex and The Creator Marketplace * Adjusted EBITDA is a non-GAAP financial measure. Refer to the definition and reconciliation of this measure under “Use of Key Metrics and Non-GAAP Financial Measures.” Management Commentary “Team IZEA delivered relatively strong revenue this quarter despite the persistent macroeconomic challenges,” said Ted Murphy, IZEA’s Chairman and CEO. “Revenue in Q1 was bolstered by a large revenue backlog that has carried over from 2022, and that backlog will continue to have a positive impact on revenue as it is recognized over the coming quarters. While Q1 bookings were light year over year, the revenue backlog will dampen the effects on revenue in the front half of this year, affording us some time to rebuild our bookings while revenue catches up.” “We continue the transition process from our legacy platform, IZEAx, to IZEA Flex and from Shake to The Creator Marketplace. We are on track to shutter IZEAx for customer use by the end of this quarter. The transition has impacted SaaS revenue and customer counts this quarter and likely will not stabilize until Q3, when we are optimistic that we can return to quarterly sequential growth. Early indications are that ...