Banzai International, Inc. reports growth in revenue and moves closer to profitability.

From GlobeNewswire: 2024-11-14 17:40:00

In the third quarter of 2024, Banzai International, Inc. reported a 31% annualized increase in Annual Recurring Revenue (ARR) to $4.4 million, with a 7% sequential increase from Q2 2024. The Annualized Adjusted Net Loss improved by $12.2 million, bringing the company closer to profitability. A conference call to discuss Q3 results will be held on November 14, 2024 at 5:30 p.m. Eastern Time.

Key financial highlights for Q3 2024 include a Net Revenue Retention (NRR) reaching a historic high, Adjusted EBITDA improvement to ($1.5) million, and cash balance of $4.3 million. The company added 172 customers in September 2024 and 179 customers in October 2024, totaling 1,785 customers YTD. Additionally, Banzai launched Curate, an AI-powered newsletter platform, and expanded its partnership with Salesforce.

Looking ahead, Banzai aims for a Net Income of approximately ($0.7) million in Q4 2024 and Q1 2025, with an improved Adjusted EBITDA of approximately ($1.4) million and ($1.1) million, respectively. CEO Joe Davy highlighted the company’s focus on growth, efficiency, and new product launches to drive further success. Banzai targets an ARR of $8.1 – $10 million by December 2024, showing a significant increase in revenue.

In the nine months ended September 30, 2024, Banzai’s total revenue decreased by 7.2% compared to the same period in 2023. Operating expenses increased by 31.1%, leading to a higher net loss of $23.7 million. The company’s cash balance reached $4.3 million as of September 30, 2024, representing a historic high.

Banzai’s financial results for the third quarter of 2024 showed a gross profit of $742,584, with total revenue of $1.1 million. Total operating expenses were $2.9 million, resulting in an operating loss of ($2.2) million. The company reported a net loss of $8.5 million for the quarter, mainly due to non-cash valuation charges related to debt restructuring.

For the nine months ended September 30, 2024, Banzai reported a net cash used in operating activities of $11.9 million. Cash provided by financing activities was $7.5 million, leading to a net decrease in cash of $4.4 million. The company disclosed various non-cash investing and financing activities during the period.



Read more at GlobeNewswire:: Banzai Reports Third Quarter 2024 Financial Results;