Creatd, Inc. Reports Record First Quarter 2021 Financial Results

Rhea-AI Summary

Creatd, Inc. (Nasdaq: CRTD) reported a strong first quarter of 2021, achieving net revenue of $744,000, up 154% compared to $293,000 in Q1 2020. The performance surpassed the company's guidance of $660,000. The agency business surged 73% year-over-year, earning $428,000. Additionally, subscriptions for Vocal+ grew significantly, hitting over 25,000 subscribers with a goal of 100,000 by year-end. The company anticipates Q2 revenues between $1 million and $1.2 million, and total 2021 revenues of $5 million to $7 million.

Positive

• Net revenue increased 154% to $744,000 in Q1 2021.
• Agency business revenue rose 73% year-over-year to $428,000.
• Vocal+ subscriptions grew nearly tenfold, reaching over 25,000 subscribers.
• Guidance for Q2 2021 is $1 million to $1.2 million in revenue.
• Full-year guidance is $5 million to $7 million in revenue.

Negative

• None.

FORT LEE, N.J., May 17, 2021 /PRNewswire/ -- Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), today reported financial results for its first quarter ended March 31, 2021.

Commenting on the Company's first quarter results, Creatd's founder and CEO Jeremy Frommer stated, "Creatd established a solid business foundation in 2020, fortifying operations, systems, financials, human resources, and overall infrastructure, effectively eliminating any impediment to future rapid growth and revenue expansion, and entered 2021 focused on delivering growth in both our platform and agency businesses. We are highly motivated to continue to exceed the guidance we set for 2021 which we have shown to deliver during this first quarter."

"In the first quarter of 2021, our agency business increased 73% year-over-year, generating $428,000 in revenue. We have developed a true powerhouse in the form of our Vocal Challenges, which validate our company's unique brand awareness capabilities and enhance the value provided to our agency clients, while also providing exciting new reward opportunities through cash prizes for our creator communities. The success we witnessed with our first Moleskine-branded Challenge, launched in January, and the subsequent engagement shortly thereafter, has led to a number of new arrangements with other iconic brands such as Fiskars."

"Since the launch of Vocal+ in early 2020, net quarterly revenues from creator subscriptions have increased nearly tenfold from $36,000 in first quarter 2020 to $307,000 in first quarter 2021. In fact, earlier today we announced that Vocal+ hit a new record milestone, surpassing 25,000 subscribers, and are on track to reach our stated goal of 100,000 paid Vocal+ subscribers by year-end 2021. As we continue to enhance our platform with additional tools and communities, as well as increase the number of challenges and other monetization opportunities for creators, we see a continuation of excitement and expansion from our flourishing creator population."

"Given the performance we have experienced over the last 45 days, coupled with the close of our recent financing, we are comfortable giving guidance of between $1 million and $1.2 million in net revenues in second quarter 2021, and between $5 and $7 million for full year 2021."

First Quarter 2021 Financial Highlights 

• Net revenue: Net revenue for first quarter 2021 increased 154% to $744,000, as compared to the $293,000 in net revenues for first quarter 2020, and exceeded Company guidance of $660,000. The year-over-year increase in quarterly revenues is fu

FAQ

What were Creatd's Q1 2021 earnings results?

Creatd's Q1 2021 revenues were $744,000, a 154% increase from $293,000 in Q1 2020.

How much did Creatd's agency business revenue increase in Q1 2021?

The agency business revenue increased by 73% to $428,000 in Q1 2021.

What is Creatd's guidance for Q2 and full-year 2021 revenues?

Creatd expects Q2 revenues between $1 million and $1.2 million and full-year revenues between $5 million and $7 million.

How many subscriptions does Creatd's Vocal+ platform have?

Vocal+ has over 25,000 subscriptions and aims to reach 100,000 by year-end 2021.