IZEA(IZEA) - 2024 Q4 - Annual Results

Revenue Growth - Total revenue in Q4 2024 increased 23.7% to $11.0 million, compared to $8.9 million in Q4 2023[4] - Managed Services revenue increased by 24.0% to $10.9 million in Q4 2024, compared to $8.8 million in Q4 2023[7] - Managed Services bookings increased 52.8% to $11.7 million in Q4 2024, compared to $7.6 million in Q4 2023[7] - Revenue for Q4 2024 was $11,002,517, 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, up 24% from $8,781,825 in Q4 2023[27] - SaaS Services Revenue increased by 74% year-over-year, reaching $822,987 in 2024 compared to $473,913 in 2023[27] Costs and Expenses - Total costs and expenses increased 28.0% to $14.2 million in Q4 2024, compared to $11.1 million in Q4 2023[7] - Total costs and expenses for Q4 2024 were $14,181,270, up from $11,081,417 in Q4 2023, reflecting a 28% increase[27] - Impairment expense for Q4 2024 was $113,755, 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 $4.6 million, compared to a net loss of $1.5 million in Q4 2023[8] - Net loss for Q4 2024 was $4,623,264, 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 $4,396,551 for Q4 2024, compared to a loss of $1,263,931 in Q4 2023[25] - Adjusted EBITDA for Q4 2024 was $(1.5) million, compared to $(1.1) million in the same period last year[9] - Adjusted EBITDA for Q4 2024 was $(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 $2,286,083 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 $5.1 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]