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IZEA(IZEA) - 2024 Q4 - Annual Results
IZEAIZEA(IZEA)2025-03-27 20:48

Revenue Growth - Total revenue in Q4 2024 increased 23.7% to 11.0million,comparedto11.0 million, compared to 8.9 million in Q4 2023[4] - Managed Services revenue increased by 24.0% to 10.9millioninQ42024,comparedto10.9 million in Q4 2024, compared to 8.8 million in Q4 2023[7] - Managed Services bookings increased 52.8% to 11.7millioninQ42024,comparedto11.7 million in Q4 2024, compared to 7.6 million in Q4 2023[7] - Revenue for Q4 2024 was 11,002,517,representinga2411,002,517, representing a 24% increase from 8,892,916 in Q4 2023[27] - Managed Services Revenue accounted for 99% of total revenue in Q4 2024, totaling 10,885,094,up2410,885,094, up 24% from 8,781,825 in Q4 2023[27] - SaaS Services Revenue increased by 74% year-over-year, reaching 822,987in2024comparedto822,987 in 2024 compared to 473,913 in 2023[27] Costs and Expenses - Total costs and expenses increased 28.0% to 14.2millioninQ42024,comparedto14.2 million in Q4 2024, compared to 11.1 million in Q4 2023[7] - Total costs and expenses for Q4 2024 were 14,181,270,upfrom14,181,270, up from 11,081,417 in Q4 2023, reflecting a 28% increase[27] - Impairment expense for Q4 2024 was 113,755,whilethecompanyrecordedasignificantimpairmentofgoodwillandintangibleassetstotaling113,755, while the company recorded a significant impairment of goodwill and intangible assets totaling 4,130,477 for the full year[29] Net Loss - Net loss in Q4 2024 was 4.6million,comparedtoanetlossof4.6 million, compared to a net loss of 1.5 million in Q4 2023[8] - Net loss for Q4 2024 was 4,623,264,comparedtoanetlossof4,623,264, compared to a net loss of 1,526,657 in Q4 2023, indicating a significant increase in losses[25] - The company reported a total comprehensive loss of 4,396,551forQ42024,comparedtoalossof4,396,551 for Q4 2024, compared to a loss of 1,263,931 in Q4 2023[25] - Adjusted EBITDA for Q4 2024 was (1.5)million,comparedto(1.5) million, compared to (1.1) million in the same period last year[9] - Adjusted EBITDA for Q4 2024 was (1,480,243),comparedto(1,480,243), compared to (1,105,973) in Q4 2023, showing a worsening operational performance[29] - The company experienced a loss on divestiture of 2,286,083inQ42024,contributingtotheoverallnetloss[29]CashandInvestments−Cash,cashequivalents,andinvestmentsasofDecember31,2024totaled2,286,083 in Q4 2024, contributing to the overall net loss[29] Cash and Investments - Cash, cash equivalents, and investments as of December 31, 2024 totaled 51.1 million[9] Workforce and Divestiture - Targeted workforce reductions are expected to save 5.1millionannuallyinfull−timeandcontractlaborcosts[7]−ThecompanydivesteditsHoozuinvestment,whichgenerated5.1 million annually in full-time and contract labor costs[7] - The company divested its Hoozu investment, which generated 3.4 million in revenue in 2024 and incurred a $0.7 million annual net loss[7] - New business was won from clients including Academy Sports, NHTSA, and Navy Federal Credit Union[7] Shares Outstanding - The weighted average common shares outstanding increased to 16,965,350 in Q4 2024 from 16,269,346 in Q4 2023[25]