IZEA Worldwide, Inc. (NASDAQ:IZEA) fell in Friday trading after the company reported worse-than-expected Q1 results. The company also announced it filed for a stock shelf of up to $100 million.
Total revenue increased 13% to $5.4 million, compared to $4.8 million. Managed Services unit revenue increased 18% to $4.9 million, compared to $4.1 million. SaaS Services unit revenue decreased 21% to $504,000, compared to $639,000.
Total costs and expenses decreased 32% to $7.4 million, compared to $10.9 million.Net loss was $2.0 million, compared to a net loss of $6.2 million.Adjusted EBITDA decreased to $(1.4) million, compared to $(1.2) million.
Said CEO Ted Murphy, "The first quarter was a continuation of the strong sales momentum we saw at the end of 2020.
"Managed Services Bookings growth in Q1 was remarkable, with a 130% YoY increase over the same period in 2020. At $6.4M in bookings, it is the best Q1 we have ever had for Managed Services, and a material increase from the $2.8M in bookings in Q1 of last year.
"The increase in both Q4 2020 and Q1 2021 bookings have yet to fully hit the revenue line, as many of the campaigns we are signing right now are large in scope and duration. We expect the lion’s share of those bookings to be recognized by the back half of this year."
IZEA shares plummeted 48 cents, or 17%, to 2.34.
