10-K · March 31, 2026
Banzai reported substantial top-line growth in 2025 (FY revenue reported at $12.2 million, up 169% vs. $2.8 million in 2024) driven by product-led expansion and acquisitions, while continuing to operate at large losses…
Earnings analysis · 10-Q
BNZI earnings analysis
Filed May 15, 2026 · Our reading of the company's report
The latest report
Banzai International, Inc. reported a significant decline in revenue and an increase in net loss for the first quarter of 2026, with revenue dropping 20.2% to $2.7 million compared to the prior year. The gross profit…
Read full summary
Banzai International, Inc. reported a significant decline in revenue and an increase in net loss for the first quarter of 2026, with revenue dropping 20.2% to $2.7 million compared to the prior year. The gross profit margin also contracted, resulting in a net loss of $8.4 million, significantly higher than the prior period.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-8.417
- Gross margin
- 80.7%
What stood out
-
Revenue Decline of 20.2%
Total revenue was $2.7 million, a sharp drop from $3.4 million in the prior year.
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Gross Margin Remains High
Gross profit margin stood at 80.7%, despite the decrease from 82.1% year-over-year.
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Increased Net Loss
The net loss for Q1 2026 reached $8.4 million, compared to $3.6 million in Q1 2025.
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Stable Operating Expenses
Total operating expenses increased slightly to $7.96 million from $7.68 million.
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Equity Conversion of Debt
Converted $3.8 million of debt to equity, while raising another $3.3 million in capital in Q1 2026.
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Pending Acquisition
Banzai announced an agreement to acquire ConnectAndSell, aimed at enhancing revenue potential.
What to watch
-
Significant Operating Loss
Operating loss increased to $5.78 million, up from $4.91 million in the prior period.
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Working Capital Deficit
Working capital deficit amounts to $20.6 million, raising doubts about liquidity.
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High Net Debt Obligations
Total principal and accrued interest due in one year amounts to $9.6 million, adding pressure on cash flows.
Management's outlook
Management did not provide specific forward guidance within the 10-Q.
Earlier filings 4
10-Q · November 14, 2025
Banzai reported Q3 2025 revenue of $2,844,508, up from $1,080,607 in Q3 2024, with gross profit of $2,325,097 (gross margin ~81.7%). Despite revenue and margin improvement, operating loss widened to $(4,430,206) and net…
10-Q · May 15, 2025
Banzai reported strong top-line growth in Q1 2025 with revenue of $3,379,083 (vs. $1,079,472 in Q1 2024) and gross profit of $2,773,084, driving a gross margin of ~82.1%. EPS (basic and diluted) improved to a loss of…
10-Q · August 14, 2024
Banzai reported Q2 revenue of $1,068,197, down $125,124 (10.5%) from $1,193,321 in Q2 2023, with gross profit of $738,189 (69.1% margin). Operating loss widened to $(3,582,086) from $(2,116,744) a year earlier, driven…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.