BNZI earnings analysis
What we found in BNZI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 20.2%
- Total revenue was $2.7 million, a sharp drop from $3.4 million in the prior year.
- Gross Margin Remains High
- Gross profit margin stood at 80.7%, despite the decrease from 82.1% year-over-year.
- Increased Net Loss
- The net loss for Q1 2026 reached $8.4 million, compared to $3.6 million in Q1 2025.
- Stable Operating Expenses
- Total operating expenses increased slightly to $7.96 million from $7.68 million.
- Equity Conversion of Debt
- Converted $3.8 million of debt to equity, while raising another $3.3 million in capital in Q1 2026.
- Pending Acquisition
- Banzai announced an agreement to acquire ConnectAndSell, aimed at enhancing revenue potential.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Operating Loss
- Operating loss increased to $5.78 million, up from $4.91 million in the prior period.
- Working Capital Deficit
- Working capital deficit amounts to $20.6 million, raising doubts about liquidity.
- High Net Debt Obligations
- Total principal and accrued interest due in one year amounts to $9.6 million, adding pressure on cash flows.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-8.417
- Gross margin
- 80.7%
What they said about what is next.
Management did not provide specific forward guidance within the 10-Q.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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