Creatd, Inc.

What they do

Creatd operates Vocal, a curated social platform where creators publish stories, build audiences and monetize through subscriptions, reads, challenges, bonuses and microtransactions. It also runs Vocal for Brands, an in-house content studio pairing client brands with its creator network, and states in the latest 10-Q that it generates revenue across media, publishing and aviation through direct-to-consumer product sales, subscriptions, advertising and licensing.

Revenue drivers

• Vocal creator subscriptions and microtransactions — Direct platform revenue from freemium and Vocal+ members plus creator subscriptions and one-off payments; described as the scalable core business on which derivative opportunities depend, though absolute figures are not broken out in the excerpts.
• Vocal for Brands — Branded content production, influencer and performance marketing for clients, tapping the Vocal creator network; the 10-K describes secondary opportunities as having potential to eventually exceed core Vocal revenues.
• Consumer brands and media/publishing — In-house owned consumer brands and other media properties intended to leverage first-party data from Vocal; the current 10-Q groups revenue across media and publishing without segment-level dollar disclosure.
• Aviation and strategic investments — The 10-Q lists aviation among the businesses generating revenue, and the March 2026 sale of the Flyte interest produced proceeds now held as $4.5 million of marketable securities and $3.4 million of notes receivable.

Recent performance

Second-quarter 2026 revenue was $173,941, down from $196,946 in the second quarter of 2025 and $203,727 in the first quarter of 2026. The six months ended June 30, 2026 produced a net loss of $17.3 million versus $3.5 million in the prior-year period, though the company said roughly 82% of the 2026 loss was non-cash. Operating cash use was $2.4 million for the 2026 half versus $678,821 a year earlier. At June 30, 2026, total assets were $9.8 million, liabilities $7.4 million, cash was $335,103 and shareholder equity was negative $391,233. Working capital swung to positive $1,117,203 from a $6,818,212 deficit at December 31, 2025, which the company attributes largely to Flyte sale consideration.

Strategy

Management describes a multi-year turnaround built in sequence: finances, then structure, then discipline, culminating in regained SEC reporting status on August 11, 2026 and the filing of its first periodic report since 2023. The stated priority now is preparing the final steps toward an application to list on a national exchange, with cash on the balance sheet and what the CEO calls a strong operating business. The Flyte sale converted a former non-current holding into liquid assets, leaving $4.5 million of marketable securities and $3.4 million of notes receivable. Creatd frames its businesses as supported by shared operational infrastructure and a focus on monetizing first-party data, intellectual property and scalable creative assets.

Risks

• Going concern history — The 10-K states management determined there was substantial doubt about the company's ability to continue as a going concern and warned that inadequate working capital could force discontinuation of operations.
• Small and declining revenue base — Quarterly revenue has fallen to $173,941 in the June 2026 quarter, far below the cost base implied by the reported operating cash use.
• Persistent net losses — The company reported a $17.3 million net loss for the six months ended June 30, 2026, following a $35.6 million loss for full-year 2022.
• Reporting and listing gaps — Creatd withdrew from SEC registration in the third quarter of 2023 and filed no periodic reports until August 2026; national exchange listing is only an application the company says it is preparing.

Outlook

Management says it is current in its SEC reporting and is preparing the final steps toward an application to list on a national exchange. The company points to the rebuilt balance sheet, including $4.5 million of marketable securities and $3.4 million of notes receivable from the Flyte sale. No specific revenue or earnings guidance is provided in the excerpts, and the 10-K cautions that the company may continue operating at a net loss for at least the next several years.