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IZEA Reports Q2 2024 Revenue of $9.1 Million
ORLANDO, Fla., Aug. 14, 2024 (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, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA), a premier provider of influencer marketing technology, data, and services for the Creator Economy, reported its financial and operational results for the second quarter ended June 30, 2024. Q2 2024 Financial Summary Compared to Q2 2023 Total revenue decreased 14.9% to $9.1 million, compared to $10.7 millionManaged Services revenue decreased 16.6% to $8.9 million, compared to $10.6 millionSaaS Services revenue increased 244.3% to $0.2 million, compared to $0.1 millionTotal costs and expenses decreased 3.1% to $12.0 million compared to $12.4 millionNet loss was $2.2 million compared to a net loss of 1.0 millionAdjusted EBITDA* for the quarter was $(1.6) million, compared to $(0.6) millionCash, cash equivalents, and investments on June 30, 2024 totaled $56.5 million with no long-term debt Q2 2024 Operational Highlights Won multiple Viddy Awards for the “Barbie” movie campaign, including Best Influencer MarketingLanded on PR Daily’s 2024 PR Tech Hot List for SaaS tools, including IZEA Flex and FormAIUnveiled IZZY, an AI assistant for influencer marketing, and launched in a private betaWon Top Place to Work at Ragan’s Workplace Wellness AwardsCertified as a 2024 Great Place to Work * 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“We saw another record quarter for managed services bookings in Q2 and are beginning to see the results of strong demand in our revenues,” commented Ted Murphy, Founder and CEO. “Disregarding revenues from a non-recurring customer that we parted ways with in 2023, Managed Services revenue grew a healthy 22% over the prior year quarter and, overall, grew 32% sequentially from Q1 of this year. While Managed Services revenue was lower than the prior-year quarter due to revenue from the non-recurring customer, with the effect of this prior customer now fully behind us, we expect to report year-over-year growth in the coming quarters. Meanwhile, revenue backlog grew by $1.1 million to $15.6 million in Q2 vs. Q1. Revenue always trails corresponding bookings, and we expect the revenue backlog to grow with the growth of bookings.” “Managed services continue to generate the vast majority of ou...