IZEA, Inc (NASDAQ: IZEA) reported Q3 EPS of ($0.13), $0.16 better than the analyst estimate of ($0.29). Revenue for the quarter came in at $5.8 million versus the consensus estimate of $5.23 million.

• Revenue was $5.8 million in Q3 2018, down 18%, compared to $7.1 million in Q3 2017.
• Net bookings were $9.5 million, up 20%, compared to $7.9 million.
• Gross Billings1 were $9.2 million, up 13%, compared to $8.2 million.
• Revenue from software licensing increased 54x to $486,000, compared to $9,000.
• Total costs and expenses were $7.0 million, compared to $7.7 million.
• Net loss was $(1.3) million, compared to a net loss of $(559,000).
• Adjusted EBITDA1 was $(294,000), compared to $221,000.

“This quarter marked what we believe is the beginning of a recovery from a challenging first half of the year. We have seen meaningful increases in both bookings and pipeline development, with a 32% increase in year over year new opportunity pipeline, and a 51% increase in the number of opportunities created,” commented Ted Murphy, Chairman and CEO of IZEA. “The diversification of our sales activity is beginning to have an impact on both managed services and SaaS sales.”

“On the expense side we were able to significantly reduce the operational costs related to TapInfluence subsequent to the closing of the acquisition. This contributed positively to our EBITDA in the quarter,” continued Murphy. “We have begun to transition the very first clients from the TapInfluence platform to IZEAx and expect to gain additional operational efficiencies late next year when the transition is complete.”

“As we look towards the end of this year and beyond, we are focused on increasing the number of customers licensing our technology and spending money through our marketplaces. We intend to continue our rapid pace of technology development, which benefits both SaaS and managed services customers through increased capability and process efficiencies.”

For earnings history and earnings-related data on IZEA, Inc (IZEA) click here.