Executive Summary

Q1 2022 GAAP revenue grew 81% YoY to $1.35M, with management also citing $2.5M non-GAAP revenue; operating expenses fell a record 45% QoQ as the company prioritized cost discipline and reduced Vocal marketing spend .
Despite negative gross profit in Q1 ($(0.22)M), management guided mid-Q2 that Q2 net revenue was already tracking above Q1 and maintained Q2 2022 guidance of $1.55–$1.75M; the company also ended Q1 with no long‑term debt .
FY22 revenue outlook was reset from $10–$15M (initiated Nov-2021) to $8–$10M (Apr-2022), implying a more measured growth trajectory vs prior plans; management targets cash flow breakeven through reduced marketing intensity and higher subscription “stickiness” .
No Q1 2022 earnings call transcript was located in the document set; consensus estimates from S&P Global were unavailable for VOCL/CRTD mapping at this time, so beat/miss vs Street cannot be assessed. S&P Global consensus unavailable.

What Went Well and What Went Wrong

What Went Well

Aggressive cost control: total operating expenses reduced by a record 45% QoQ, driven by lower Vocal marketing costs and broader expense discipline .
Revenue resilience with platform momentum: Q1 GAAP revenue rose 81% YoY to $1.35M; management also highlighted $2.5M non-GAAP revenue reflecting broader bookings/activity across segments .
Balance sheet cleaner: management stated the company had no long‑term debt at Q1 end, increasing flexibility ahead of product launches (e.g., Vocal mobile app) .

Management quote: “Over the last quarter, our Company has been able to operate efficiently and effectively … we are still on schedule to deliver our first ever Vocal mobile app,” — CEO Laurie Weisberg .

What Went Wrong

Negative gross profit continued: Q1 gross profit was $(0.22)M on $1.35M revenue, indicating cost of revenue pressure and limited operating leverage at current scale .
Persistent losses: Q1 loss from operations was $(6.79)M with net loss $(6.88)M, underscoring ongoing cash burn despite lower opex .
Guidance reset: FY22 revenue expectation cut from $10–$15M (Nov-2021) to $8–$10M (Apr-2022), citing slower-than-expected ramp and pandemic‑related delays in Partners/Ventures revenue materialization .

Financial Results

P&L Snapshot vs Prior Periods and YoY

Note: Periods are GAAP unless noted.

Metric	Q3 2021	Q4 2021	Q1 2022
Net Revenues ($)	$1,179,620	$1,373,405 (derived = FY 2021 $4,299,717 − 9M $2,926,312)	$1,348,738
Gross Profit ($)	$(238,593)	N/A	$(223,432)
Total Operating Expenses ($)	$6,672,381	N/A	$6,936,522
Loss from Operations ($)	$(6,910,974)	N/A	$(6,785,852)
Net Loss ($)	$(9,736,534)	N/A	$(6,881,048)
Basic & Diluted EPS ($)	$(0.71)	N/A	$(0.36)

Footnote: Q4 2021 revenue derived from audited FY 2021 and 9M 2021 disclosures; FY 2021 PR text states “over $1.5M” in Q4, which may reflect non‑GAAP or gross revenue; the audited roll‑forward implies ~$1.37M GAAP Q4 revenue .

KPIs and Balance Sheet Highlights

KPI / Balance Item	Q1 2022	Prior Context
Operating Expenses QoQ Change	Record −45% QoQ (management disclosure)	Q3 2021 opex $6.67M; mix included significant stock-based comp and marketing
Cash and Equivalents	$3,229,627	$3,794,734 at 12/31/21
Long‑Term Debt	None at Q1 end (management)	Total debt decreased and long-term eliminated post‑YE per FY PR
Total Liabilities	$6,230,771	$5,485,007 at 12/31/21
Creatd Stockholders’ Equity	$1,846,310	$1,807,057 at 12/31/21
Total Creators on Vocal (FY end)	>1.3M (as of 12/31/21)	—

Segment Breakdown

FY 2021 segment revenue: Creatd Partners $2.3M; Creatd Labs $1.9M; Creatd Ventures $90k .
Q1 2022 segment revenue breakdown was not disclosed in the press release/8‑K exhibit .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue (GAAP)	FY 2022	$10–$15M (initiated Nov 16, 2021)	$8–$10M (Apr 6, 2022)	Lowered
Net Revenues	Q2 2022	N/A	$1.55–$1.75M; mid‑Q2 tracking above Q1	Initiated/Maintained
Revenue Trend	Q1 2022 vs Q4 2021	“Track similarly” commentary for Q1 (Apr-2022 PR)	Actual Q1 revenue $1.35M	In-line with commentary

Earnings Call Themes & Trends

No Q1 2022 earnings call transcript was located in the document set; themes below reflect management commentary from press releases/8‑K exhibits.

Topic	Previous Mentions (Q3 2021 PR)	Previous Mentions (Q4/FY 2021 PR)	Current Period (Q1 2022 PR)	Trend
Cost discipline / marketing spend	Marketing costs reduced >50% QoQ in Q3; focus on reducing 3rd‑party marketing vendors	Expect quarterly spend consistent with Q4’21 (~$1.6M) and removal of extraordinary items	Record 45% QoQ opex reduction; decreased Vocal marketing	Improving cost control
Revenue outlook	FY22 guide $10–$15M initiated	Reset to $8–$10M; Q1 to track Q4 due to pandemic‑related delays	Q2 net revenue guidance $1.55–$1.75M; tracking above Q1 mid‑Q2	More measured growth; near-term sequential uptick
Platform/product roadmap	Four-pillar model; feature additions to Vocal	Mobile app planned; expansion of metaverse/web3 initiatives	Vocal ‘Comments’ launched; mobile app “on schedule”	Ongoing feature cadence
DTC brands (Ventures)	Dune acquired; Camp rebrand/product launches	Ventures to contribute in 1H22; retailer traction emerging	Dune launch at Erewhon; strong retail interest	Building retail footprint
Web3/NFT (OG Collection)	NFTs launched; marketplace exploration	Web 3.0 spin‑out under consideration	No new details in Q1 PR	In background
Balance sheet / capital	Debt conversions; cash runway noted	Additional $5.1M raised in Q1; reduced long‑term debt	No long‑term debt at Q1 end (management)	Stronger structure

Management Commentary

Strategic focus: “Commitment to creators and our technology platform, Vocal … deliver our first ever Vocal mobile app,” highlighting product roadmap as a key milestone .
Operating discipline: Management emphasized the “scalability of Creatd’s multiple subscription-based revenue models” as rationale for cutting marketing while maintaining revenues QoQ .
Business development: Dune placement in Erewhon and sell‑through at Urban Outfitters signal early DTC traction and retailer interest .

Selected quotes:

“Creatd’s Q1 2022 GAAP revenue grew 81% YoY to nearly $1.4 million, with $2.5 million in non-GAAP revenue… [and] reducing operating expenses by a record 45%.”
“At the conclusion of Q1 2022, Creatd’s balance sheet has no long-term debt.”
“We are still on schedule to deliver our first ever Vocal mobile app … the most momentous event for the technology since the platform’s inception.”
“We expect Q1 2022 revenues to track similarly to those of Q4 2021 … anticipate that 2022 revenues will increase by 2x year-over-year” (Apr-2022 PR; note FY guide reset to $8–$10M) .

Q&A Highlights

No Q1 2022 earnings call transcript was available in the document set; therefore, no Q&A themes or clarifications can be extracted for this period. (Sourcing attempt returned no VOCL/CRTD transcript for the window) [Search: none found in 2022-03–2022-06 window for VOCL].

Estimates Context

S&P Global consensus estimates for Q1 2022 revenue and EPS were unavailable for VOCL/CRTD mapping at this time, so beat/miss vs Street cannot be determined. S&P Global consensus unavailable.
Given the absence of Street coverage data, near-term investor expectations are best anchored to company guidance and sequential trends: Q1 revenue $1.35M and Q2 guide $1.55–$1.75M .

Key Takeaways for Investors

Execution pivot toward efficiency is clear: a record 45% QoQ opex reduction while maintaining revenue QoQ suggests subscription “stickiness” and improving unit economics on lower paid acquisition .
Growth guide right‑sized: FY22 outlook reduced to $8–$10M from $10–$15M; monitor cadence against Q2 guide of $1.55–$1.75M to gauge whether the reset is conservative or further recalibration is needed .
Profitability path still challenged: negative gross profit and sizable operating losses persisted in Q1; breakeven requires both revenue scale-up and further COGS/opex leverage .
Product catalyst: first‑ever Vocal mobile app “on schedule”; successful launch could accelerate creator engagement/retention and reduce CAC dependence—a potential stock narrative driver .
DTC proof points: Dune’s Erewhon launch and prior Urban Outfitters sell‑through indicate early retail traction; expansion could diversify revenue mix beyond subscriptions/agency .
Balance sheet cleaner: absence of long‑term debt post‑Q1 provides options to pursue selective growth initiatives without onerous leverage .
Data gaps: Lack of available Street estimates and no Q1 call transcript limit external validation of outlook; trading likely to key off intra‑quarter updates and delivery vs Q2 revenue guidance. S&P Global consensus unavailable.

Appendix: Additional Context

FY 2021 audited results show $4.30M GAAP revenue; 9M 2021 revenue was $2.93M, implying ~$1.37M GAAP revenue in Q4 2021. The FY press release text references “over $1.5M” in Q4, likely reflecting non‑GAAP or gross measures; investors should note the distinction .
Segment context (FY 2021): Partners $2.3M, Labs $1.9M, Ventures $90k, illustrating the relative importance of agency and platform subscription revenue entering 2022 .

Creatd, Inc. (VOCL)·Q1 2022 Earnings Summary