Business
IZEA Reports Q3 2020 Financial Results
ORLANDO, Fla., Nov. 12, 2020 (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., Nov. 12, 2020 (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 third quarter ended September 30, 2020.\n Q3 2020 Financial Summary Compared to Q3 2019 Total revenue down 9% to $4.0 million, compared to $4.4 million.Managed Services unit revenue decreased 1% to $3.5 million, compared to $3.6 million.SaaS Services unit revenue decreased 39% to $522,000, compared to $853,000.Total costs and expenses decreased to $5.3 million, compared to $5.6 million.Net loss was $1.3 million, compared to a net loss of $1.2 million.Adjusted EBITDA* improved to $(0.7) million, compared to $(1.3) million. Q3 2020 Operational Highlights Raised gross proceeds of $10.3 million from sale of securities through an at-the-market offering. In total, we have raised $25.7 million at an average price of $1.94 per share.Opened pre-registration for the Shake Marketplace.Announced launch of BrandGraph Pulse with Slack and Microsoft Teams Integration.Formed Influence+United and onboarded multiple global influencer marketing partners. * 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 “While revenue was down year over year in Q3, we saw a material improvement in both revenue and Adjusted EBITDA quarter over quarter. Revenue increased 29% and Adjusted EBITDA improved 43% compared to the second quarter ended in June 2020,” said Ted Murphy, IZEA’s Chairman and CEO. “Managed Services revenue in Q3 was close to flat year over year, despite the large gaps in new business we saw in March and April and the ongoing challenges associated with COVID-19 and the political environment. There was no way for IZEA to completely avoid the impacts that COVID-19 has had on the marketing budgets of some of our existing clients, but I believe our team has done a fantastic job adjusting our sales approach and finding new opportunities to bridge the gap.” “There was a bigger impact in our SaaS Services unit, as we expected,” continued Murphy. “We were already in the midst of a change in pricing model for enterprise customers from last year which would impact 2020 reven...