Izea Inc (NASDAQ: IZEA) rose after the company posted upbeat Q3 results.
The Orlando-based company, the premier online marketplace connecting brands and publishers with influential content creators, reported financial results for the third quarter ended September 30, 2017.
Adjusted EBITDA was $221,000, compared to $(886,000), an improvement of $1.1 million. Total revenue was up 9% to $8.2 million, compared to $7.5 million.
Gross profit increased 23% to $4.4 million, with gross margin of 54%.
Net loss in the third quarter of 2017 was approximately $(559,000), or $(0.10) per share, as compared to a net loss of $(1.5) million, or $(0.28) per share, in the same year-ago quarter. Adjusted EBITDA was approximately $221,000 compared to $(886,000) during the same period of 2016, an improvement of $1.1 million year over year.
IZEA CEO Ted Murphy said, “This was a milestone quarter for the company. We crossed $8M in quarterly revenue for the first time, and posted our first EBITDA positive quarter since becoming a public company.
"We have made meaningful progress towards our goal of reaching sustainable, profitable growth, and I am excited by what our team has accomplished to date. Our goal was to have our first EBITDA positive quarter in the second half of 2018 and we are full year ahead of schedule."
Cash and cash equivalents at September 30, 2017 totaled $3.5 million.
Receivables at the end of the quarter were $5.3 million, up from $4.1 million at the end of Q2 2017.
The company’s stock erupted 87 cents, or 26.6%, to $4.14.
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