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IZEA Worldwide, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $8,831,794 from $7,894,901 in the same quarter the previous year. Managed Services revenue increased by 10% to $8,625,924.
Cost of revenue for the quarter was $5,210,104, representing 59% of sales, compared to 59% in the same quarter of the previous year.
The company reported a gross profit of $3,621,690 for the quarter, compared to $3,209,464 in the previous year.
General and administrative expenses increased to $5,840,027 from $3,032,759, primarily due to severance costs related to the departure of two executives.
The company recorded a goodwill impairment of $4,016,722 during the quarter.
Net loss for the quarter was $8,768,319, compared to $1,982,938 in the previous year.
Cash used in operating activities was $8,657,588, while cash provided by investing activities was $17,633,590.
IZEA had a working capital of $48,207,634 as of September 30, 2024.
The filing also details a cooperation agreement with GP Cash Management, Ltd. and the appointment of new directors.
The company continues to focus on expanding its managed services and SaaS offerings, including the acquisition of 26 Talent to enhance its presence in the Asia-Pacific region.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IZEA Worldwide Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.