Business
IZEA Reports Q2 2023 Revenue of $10.7 million
ORLANDO, Fla., Aug. 14, 2023 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), a premier provider of influencer marketing technology, data, and
About this update from Izea Worldwide, Inc.
[{"type":"text","content":"ORLANDO, Fla., Aug. 14, 2023 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), a premier provider of influencer marketing technology, data, and services for the world’s leading brands, reported its financial and operational results for the second quarter ended June 30, 2023. Q2 2023 Financial Summary Compared to Q2 2022 Total revenue decreased 15% to $10.7 million, compared to $12.6 millionTotal costs and expenses decreased 5.0% to $12.4 million, compared to $13.0 millionNet loss was $1.0 million, compared to a net loss of $0.2 millionAdjusted EBITDA* for the quarter was $(0.6) million, compared to $0.3 millionCash, cash equivalents and investments at June 30, 2023 totaled $65.1 million with no long-term debt Q2 2023 Operational Highlights Launched FormAI in the IZEA Marketplace and completed the transition of creators from IZEAx to IZEA.comLaunched Contracts Module, AI Briefs, AI Brainstorms, and CoPilot in FlexAnnounced the industry's first AI disclosure automation toolTook home multiple awards for influencer campaigns from the U.S. Partnership Awards, Vega Awards, and TITAN Business AwardsWon Comparably's 2023 Best Leadership Teams awardAppointed Lisa Feldberg as Global Head of Growth * 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.” $1M Share RepurchaseOn March 30, 2023, the Company announced that its Board of Directors had authorized a $1.0 million repurchase program. The Company has since completed the purchase of 365,855 shares, or approximately 2.3 percent of shares outstanding before our repurchase program, for an approximately $1.0 million, excluding commission. The total number of purchased shares reflected has been adjusted for the reverse stock split. The Company intends to keep these shares in its Treasury for use in potential future acquisitions and for other corporate purposes. Management Commentary “2023 continues to be a period of transition on multiple fronts as we lay the foundation for our next growth phase,” said Ted Murphy. “In the first half of this half of this year we made a strategic decision involving trade-offs regarding near term revenue and customer counts in order to focus on more sustainable, diversified, and profitable growth long-term. We are early into the back half of...