Creatd, Inc. Announces Revenue Guidance and Updates Upcoming Milestones
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Creatd $2M for Fiscal Year 2023, with expectations for significant growth in FY2024, subject to its upcoming strategic plan -
Creatd's core operational business is nearly cash flow positive -
Creatd has extended the deadline for finalizing theTAMI Ventures /Bettaverse definitive agreements to4/23/2024 - The release of
Creatd's 10-K is expectedmid-May 2024 to be promptly filed by Q1 2024 financial filings, reflecting the extensive work and audit efforts that are been undertaken to strengthen the company's balance sheet and position it for future acquisitions and eliminate all discontinued operations - Following the 10-K release,
Creatd will promptly proceed with the release of theOG Collection, Inc. audit - As part of its ongoing M&A strategy,
Creatd is actively engaged in several acquisition-oriented discussions and will keep the market updated - The company is currently interviewing underwriters in preparation for its potential uplisting to a national exchange later this year
Financial highlights include:
- The Company significantly reduced its cost of revenue to
$1 million from$6 million in the previous year, achieving an 83% decrease. -
Creatd successfully decreased its operating expenses 63% to$8.6 million , down from$23.5 million in 2022, after adjusting for stock-based compensation. - The Company experienced a historic improvement in gross margins, turning positive to
$900K in 2023 from a negative$1.3 million in 2022. - The net cash used in operating activities was significantly reduced to
$3.4 million in 2023, marking a 131% decrease from$16.6 million in 2022.
Chairman and CEO
Frommer added, "Looking ahead, our focus will pivot to strategic acquisitions, enhancing net equity, bolstering our cash reserves, and achieving what I have said before uplisting to a national exchange. These initiatives are critical for our continued success in the upcoming year. I extend my deepest gratitude to our investors for their steadfast support. We eagerly anticipate discussing our progress and outlook in a forthcoming conference call later this month."
Forward Looking Statements
This statement includes forward-looking statements, which are based on current expectations, beliefs, and assumptions about future events and are subject to uncertainties and risks that could cause actual results to differ materially. These statements often contain terms like "expected," "anticipated," and "estimated." Factors influencing future outcomes are unpredictable and may emerge over time. We do not commit to updating any forward-looking statement post its publication date. Our
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