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IZEA Worldwide Inc. (IZEA0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details IZEA's business operations, which focus on providing creator economy solutions through managed services and SaaS offerings. Managed Services accounted for approximately 98% of total revenue, while SaaS Services contributed 2%.
The company reported a total revenue of $35.9 million for the year, a slight decrease from $36.2 million in the previous year. Managed Services revenue decreased by 1.9%, primarily due to the loss of a significant customer.
Cost of revenue was $21.2 million, down 1.9% from the previous year. The decrease is attributed to lower costs associated with the non-recurring customer.
Sales and marketing expenses increased by 15% to $12.1 million, driven by higher sales compensation costs.
General and administrative expenses rose by 27% to $16.7 million, including $1.3 million in severance costs and $1.6 million in stock compensation.
The company recorded a $4.1 million impairment of goodwill related to prior acquisitions, reflecting changes in executive management and board-level adjustments.
Net loss for the year was $18.9 million, a significant increase from the $7.3 million loss in the previous year, primarily due to goodwill impairment and divestiture losses.
IZEA's cash and cash equivalents increased to $44.6 million, up from $37.4 million, due to the maturity of certain investments.
The company announced a stock buyback program of up to $10 million, with $1 million already invested in repurchasing shares.
IZEA's leadership changes included the appointment of Patrick J. Venetucci as CEO, following the resignation of Edward H. Murphy.
The filing also highlights the company's focus on refining its strategies and expanding its marketplace by integrating new features and enhancing user experience.
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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.