Fri, Apr 11, 9:41 PM (34 days ago)
**Summary of IZEA Worldwide, Inc. (IZEA) 10-K/A for the Fiscal Year Ended December 31, 2024** **Financial Performance:** - **Revenue:** $35.9 million (down from $36.2 million in 2023) - **Net Income:** Net loss of $18.9 million (wider than the $7.3 million loss in 2023) - **Operating Expenses:** $55.4 million (up from $46.1 million in 2023) - **Earnings per Share:** Basic and diluted loss per common share of $1.10 (compared to $0.45 in 2023) **Strategic Overview:** - **Divestitures:** Completed the divestiture of Hoozu Holdings Pty Ltd. in December 2024, resulting in a net loss of $1.9 million. - **Acquisitions:** Acquired Hoozu Holdings, LTD in December 2023 and 26 Talent in July 2024, both subsequently divested. - **Executive Changes:** Appointed Patrick J. Venetucci as the new CEO in September 2024. **Future Outlook:** - **Market Position:** Focus on optimizing market focus and enhancing profitability of North American operations. - **Financial Condition:** The company has a strong cash position with $44.6 million in cash and cash equivalents as of December 31, 2024. - **Risk Factors:** Includes market risks, operational risks, and financial risks associated with acquisitions and divestitures. **Risk Factors:** - **Market Risks:** Dependence on the influencer marketing industry and economic conditions. - **Operational Risks:** Execution of strategic initiatives and integration of acquisitions. - **Financial Risks:** Management of debt and liquidity. **Financial Condition:** - **Cash and Cash Equivalents:** $44.6 million (up from $37.4 million in 2023) - **Accounts Receivable:** $7.8 million (up from $5.0 million in 2023) - **Total Assets:** $62.2 million (down from $79.4 million in 2023) - **Total Liabilities:** $13.4 million (down from $14.1 million in 2023) - **Stockholders' Equity:** $48.8 million (down from $65.3 million in 2023) **Market Position Changes:** - **Revenue by Region:** North America contributed $29.4 million (down from $33.4 million in 2023), APAC contributed $5.4 million (up from $2.5 million in 2023), and Other regions contributed $1.1 million (up from $0.3 million in 2023). - **Revenue by Service Type:** Managed Services revenue was $35.1 million (down from $35.7 million in 2023), and SaaS Services revenue was $0.8 million (up from $0.5 million in 2023). **Amendment Details:** - **Clerical Error Correction:** Corrected a clerical error in the Consolidated Statements of Comprehensive Loss related to unrealized gain (loss) on securities held. - **Exhibit 23.1:** Included the consent of the independent registered public accounting firm, which was inadvertently omitted from the Original Form 10-K filing. **Ticker:** IZEA