ORLANDO, Fla., May 02, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ:IZEA), the premier provider of technology, data, and services for the Creator Economy, today announced the launch of Astra, the latest generative image model available in FormAI, its suite of artificial intelligence tools built specifically for influencer marketing. FormAI users can access a wide array of AI capabilities that tap into the best of Stable Diffusion, OpenAI and other technologies for free, with the option to upgrade f ...

ORLANDO, Fla., May 01, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ:IZEA), the premier provider of technology, data, and services for the Creator Economy, announced today that its conference call to review and discuss its first quarter 2024 financial results will begin at 5:00 p.m. Eastern Daylight Time on May 15, 2024. IZEA's Chairman and CEO, Ted Murphy; President and Chief Operating Officer, Ryan Schram; and Chief Financial Officer, Peter Biere, will host the call, followed by a question and ans ...

ORLANDO, Fla., April 18, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ:IZEA), the premier provider of technology, data, and services for the Creator Economy, released the United States edition of its research report, "Influencers & Amazon 2024" today. The report is based on U.S. consumer sentiment and examines the effectiveness of influencer marketing on purchasing behavior and its impact on products sold on Amazon. The survey found that 59% of social media users surveyed have purchased a product af ...

ORLANDO, Fla., April 15, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ:IZEA), the premier provider of technology, data, and services for the Creator Economy, announced today that it has been named one of Ragan's Top Places to Work for Employee Wellbeing: Small and Mid-Size Organization. CEO Ted Murphy was also named a winner in the Best CEOs/Presidents category at Ragan's Workplace Wellness Awards. IZEA also received an honorable mention in the Employee Experience Initiatives/Programs category. This ...

IZEA WORLDWIDE (IZEA) shares are up 11.4% year to date compared with the Zacks Computer & Technology sector's rise of 15.9%. The uptick can be attributed to IZEA’s expanding footprint in the influencer marketing industry.In the fourth quarter of 2023, IZEA reported revenues of $8.9 million, up 1% year over year. The upside was driven by the introduction of FormAI, a suite of generative AI tools for creators and marketers which drove usage of izea.com and attracted new paid subscriptions.Building on its succ ...

ORLANDO, Fla., April 08, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ:IZEA), the premier provider of technology, data, and services for the Creator Economy, today announced the launch of Quadra, the newest generative image model available in FormAI, its suite of artificial intelligence tools built specifically for influencer marketing. FormAI makes use of a variety of different AI technologies including Stable Diffusion and OpenAI generative models. The company provides users with free access to a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File No.: 001-37703 IZEA WORLDWIDE, INC. (Exact name of registrant as specified in its charter) | N ...

IZEA Reports Q4 2023 Revenue of $8.9 million ORLANDO, Fla (April 1, 2024) - 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 fourth quarter ended December 31, 2023. Q4 2023 Financial Summary Compared to Q4 2022 Q4 2023 Operational Highlights FY 2023 Financial Summary Compared to FY 2022 * Adjusted EBITDA is a non-GAAP financial measure. For the definition and r ...

Financial Data and Key Metrics - Total revenue for Q3 2023 was $7.9 million, a 27.1% decline from the prior year quarter [6] - Net cash loss (EBITDA) was negative $1.5 million, compared to negative $0.6 million in the prior year quarter [6] - Net loss for Q3 2023 was $2 million, or $0.13 per share, compared to a loss of $0.9 million, or $0.06 per share in the prior year quarter [6] - Managed Services bookings for Q3 2023 totaled $7.1 million, a 14.1% decline from the prior year quarter [7] - SaaS service revenues for Q3 2023 were $0.1 million, down 83.7% from the prior year quarter [13] Business Line Data and Key Metrics - Managed Services revenue from ongoing customers totaled $6.9 million in Q3 2023, a 3.9% decline from the prior year quarter [11] - Managed Services backlog as of September 30, 2023, was $12 million [12] - The delivery time between bookings and revenues improved to 7.5 months from approximately nine months in Q2 2023 [11] Market Data and Key Metrics - The company has expanded its sales footprint, establishing a presence in Korea and building upon market entries into China and the UK [37] - The company is observing a growing trend in M&A activity within the industry sector [38] Company Strategy and Industry Competition - The company is focusing on customer diversification to avoid overreliance on any single customer or sector [42] - The company is pursuing both organic growth and strategic acquisitions to enhance product offerings and enter new markets [40] - The company has introduced IZEA Flex, a next-generation lower-cost enterprise influencer software platform, to replace IZEAx [34] Management Commentary on Operating Environment and Future Outlook - The company expects to see gross margins increase over the coming quarters [30] - The company is confident that proactive measures will offset the current revenue shortfall and propel accelerated bookings growth in 2024 [35] - The company is committed to maintaining a strong balance sheet and structuring accretive M&A transactions [39] Other Important Information - The company has $62.7 million in cash and investments as of September 30, 2023 [23] - The company has no debt on its balance sheet [23] - The company has appointed a new Head of Growth and a dedicated M&A team member [37] Q&A Session Summary Question: Can you elaborate on the new opportunity pipeline and how it translates into bookings? - The new opportunity pipeline represents active proposals with associated dollars, which should theoretically translate into bookings [46][47] - The past two months were records for the gross amount of the pipeline, but it takes time to determine the close rate [48] Question: What is the percentage of bookings that get done in the quarter now that the unnamed big customer is out of the picture? - The time for a booking to turn into revenue is about 7.5 months [50] Question: Has the company brought on a business development person focused solely on M&A? - Yes, the company has a team member now solely focused on M&A activity [51]

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements detail the company's financial position, operations, and cash flows for the period ended September 30, 2023 [Unaudited Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) Total assets decreased to $76.8 million, primarily due to reduced long-term investments, while cash and cash equivalents increased Consolidated Balance Sheet Summary (Unaudited) | Balance Sheet Items | Sep 30, 2023 ($) | Dec 31, 2022 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 35,196,198 | 24,600,960 | | Total current assets | 57,870,261 | 50,366,339 | | Long term investments | 12,670,494 | 29,296,069 | | **Total assets** | **76,783,079** | **85,674,890** | | **Liabilities & Equity** | | | | Contract liabilities | 8,704,332 | 11,247,746 | | Total current liabilities | 12,236,811 | 15,346,770 | | **Total liabilities** | **12,315,077** | **15,408,943** | | **Total stockholders' equity** | **64,468,002** | **70,265,947** | [Unaudited Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) Q3 2023 revenue decreased by 27% to $7.9 million, with the net loss widening to $2.0 million and a loss per share of ($0.13) Consolidated Statements of Operations Summary (Unaudited) | Metric | Three Months Ended Sep 30, 2023 ($) | Three Months Ended Sep 30, 2022 ($) | Nine Months Ended Sep 30, 2023 ($) | Nine Months Ended Sep 30, 2022 ($) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,894,901 | 10,826,335 | 27,321,682 | 32,293,682 | | Loss from operations | (2,641,140) | (1,329,437) | (7,693,781) | (4,222,592) | | Net loss | (1,982,938) | (906,232) | (5,822,703) | (3,552,365) | | Basic and diluted loss per share | (0.13) | (0.06) | (0.38) | (0.23) | [Unaudited Consolidated Statement of Cash Flows](index=10&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash used in operating activities was $5.7 million, with a net increase in cash and cash equivalents of $10.6 million Cash Flow Summary (Unaudited) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 ($) | Nine Months Ended Sep 30, 2022 ($) | | :--- | :--- | :--- | | Net cash used for operating activities | (5,679,905) | (6,916,555) | | Net cash provided by/(used for) investing activities | 17,385,627 | (48,439,579) | | Net cash provided by financing activities | (1,110,484) | (50,684) | | **Net increase (decrease) in cash** | **10,595,238** | **(55,406,818)** | | Cash and cash equivalents, end of period | 35,196,198 | 20,026,477 | [Notes to the Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail business, accounting policies, and financial statement line items, including the IZEA Flex platform transition - The company connects marketers with content creators via technology platforms, with primary revenue from **Managed Services**[26](index=26&type=chunk)[28](index=28&type=chunk) - In 2023, the company sunset its legacy IZEAx platform and launched its new flagship platform, **IZEA Flex**, in January 2023[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - In June 2023, the company executed a **four-for-one reverse stock split**, adjusting all share and per-share amounts[105](index=105&type=chunk)[107](index=107&type=chunk) - The company completed a **$1.0 million share repurchase program** in August 2023, repurchasing **365,855 shares** at **$1.23 per share**[109](index=109&type=chunk)[110](index=110&type=chunk) Revenue by Service Type (Three Months Ended Sep 30) | Revenue Type | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | Managed Services Revenue | 7,837,725 | 10,476,278 | | SaaS Services Revenue | 57,176 | 350,057 | | **Total Revenue** | **7,894,901** | **10,826,335** | Revenue by Service Type (Nine Months Ended Sep 30) | Revenue Type | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | Managed Services Revenue | 26,958,860 | 31,025,350 | | SaaS Services Revenue | 362,822 | 1,268,332 | | **Total Revenue** | **27,321,682** | **32,293,682** | [Management's Discussion and Analysis of Financial Condition and Results of Operation (MD&A)](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Management discusses financial results, highlighting a **27% Q3 revenue decrease**, a wider net loss, and a strong liquidity position [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q3 2023 revenue fell **27%** to **$7.9 million**, driven by declines in Managed Services and SaaS revenue, resulting in a wider net loss - **Managed Services revenue decreased by 25.2%** in Q3 2023, with **90%** of the decline from a large customer disengagement[168](index=168&type=chunk) - **SaaS Services revenue declined 83.7%** in Q3 2023, linked to sunsetting legacy platforms and transitioning to the new Flex platform[169](index=169&type=chunk) - Sales and marketing expenses increased by **7.9%** in Q3 2023 due to higher spending on tradeshows, promotions, and new global market development[170](index=170&type=chunk) Q3 2023 vs Q3 2022 Operations Summary | Metric | Q3 2023 ($) | Q3 2022 ($) | % Change | | :--- | :--- | :--- | :--- | | Revenue | 7,894,901 | 10,826,335 | (27)% | | Cost of revenue | 4,685,437 | 6,597,430 | (29)% | | Loss from operations | (2,641,140) | (1,329,437) | 99% | | Net Loss | (1,982,938) | (906,232) | 119% | [Key Metrics](index=34&type=section&id=Key%20Metrics) Managed Services Bookings decreased to **$7.1 million** in Q3 2023, significantly impacted by the disengagement from a large customer Managed Services Bookings | Period | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | Three Months Ended Sep 30 | 7.1 million | 8.2 million | | Nine Months Ended Sep 30 | 20.5 million | 29.7 million | - A large, non-recurring customer accounted for **$8.2 million** in 2022 Managed Services Bookings, but only **$0.03 million** in 2023, explaining the decline[190](index=190&type=chunk) [Non-GAAP Financial Measure](index=36&type=section&id=Non-GAAP%20Financial%20Measure) Adjusted EBITDA, a non-GAAP measure, showed a loss of **$1.5 million** in Q3 2023, reflecting lower revenue and higher operating expenses Adjusted EBITDA Reconciliation Summary | Metric | Three Months Ended Sep 30, 2023 ($) | Three Months Ended Sep 30, 2022 ($) | Nine Months Ended Sep 30, 2023 ($) | Nine Months Ended Sep 30, 2022 ($) | | :--- | :--- | :--- | :--- | :--- | | Net loss | (1,982,938) | (906,232) | (5,822,703) | (3,552,365) | | **Adjusted EBITDA** | **(1,549,080)** | **(591,427)** | **(4,374,024)** | **(2,462,797)** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$35.2 million** in cash and cash equivalents, with management believing resources are sufficient for the next twelve months - Cash and cash equivalents stood at **$35.2 million** as of September 30, 2023[202](index=202&type=chunk) - Management believes current cash and invested resources are adequate to fund business growth initiatives for at least the **next twelve months**[201](index=201&type=chunk)[204](index=204&type=chunk) - The company notes softness in bookings but sees evidence of improving demand for influencer marketing services in its pipeline[205](index=205&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company is a smaller reporting company - Not applicable to smaller reporting companies[208](index=208&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2023, with no material changes in internal control - Management concluded that disclosure controls and procedures were **effective** as of September 30, 2023[211](index=211&type=chunk) - There were no material changes in internal control over financial reporting during the quarter[214](index=214&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item1.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that would have a material adverse effect on its business - As of November 6, 2023, the company is unaware of any legal proceedings or claims that would have a **material adverse effect**[216](index=216&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) The company highlights customer concentration risk, with a small number of customers accounting for a significant portion of gross billings - A significant portion of gross billings and accounts receivable are attributable to a **small number of customers**[218](index=218&type=chunk) - In January 2023, the company began parting ways with its largest customer from 2022, emphasizing **customer concentration risk**[218](index=218&type=chunk) [Issuer Purchases of Equity Securities](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchasers%20of%20Equity%20Securities) The company completed its **$1.0 million share repurchase program** in August 2023, repurchasing **365,855 shares** - On March 30, 2023, the Board authorized a **$1.0 million share repurchase program**, completed in August 2023[219](index=219&type=chunk)[220](index=220&type=chunk) Share Repurchases in Q3 2023 | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | July 1 - July 31, 2023 | 101,095 | 2.6574 | | August 1 - August 31, 2023 | 19,482 | 2.3600 | [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications