Full Year 2025 Revenue of $12.2 Million, up 169% from 2024
Revenue of $2.8 Million for Q4 2025, up 116% from Q4 2024
Gross Profit of $2.3 Million for Q4 2025, a 148% increase from Q4 2024; Gross Margin Expanded to 81.9% in Q4 2025, a 1,061 BPS Increase
Reaches Deal to Acquire Assets of ConnectAndSell, a Profitable Company, More Than Doubling Annual Revenue and Expanding AI Platform Capabilities
Management to Host Fourth Quarter and Full Year 2025 Results Conference Call Today, Tuesday, March 31, 2026 at 4:30 p.m. Eastern Time
SEATTLE, March 31, 2026 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) ("Banzai" or the "Company"), a leading AI-powered sales & marketing technology company, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 and Subsequent Key Financial & Operational Highlights
-- Revenue of $2.8 million for Q4 2025, an increase of 116% over Q4 2024.
-- Gross profit of $2.3 million for Q4 2025, an increase of 148% over Q4
2024. Gross margin expanded to 81.9% compared to 71.3% in Q4 2024.
-- Q4 2025 Net Loss improved to ($5.0) million, compared to ($7.9) million
in Q4 2024.
-- Q4 2025 Adjusted EBITDA Loss improved to ($1.6) million, compared to
($1.7) million in Q4 2024.
-- FY 2025 Revenue of $12.2 million, up 169% from FY 2024.
-- FY 2025 Gross profit of $10.0 million for FY 2025, up 221% from FY 2024.
Gross margin was 82.0% compared to 68.6% in FY 2024.
-- FY 2025 Net Loss improved 29% to ($22.5) million, compared to ($31.5)
million in FY 2024.
-- FY 2025 Adjusted EBITDA Loss was ($7.3) million, compared to ($6.5)
million in FY 2024.
-- Cash balance was $0.3 million as of December 31, 2025.
-- Reduced debt by $3.8 million compared to the quarter ended September 30,
2025.
-- Stockholder's Equity increased to $8.1 million as of December 31, 2025,
an increase of $10.8 million, compared to December 31, 2024.
-- Customer base includes over 150,000 total customers who have purchased or
subscribed to Banzai products as of December 31, 2025.
-- Signed a Letter of Intent to acquire assets of ConnectAndSell, a
profitable company, more than doubling annual revenue and expanding AI
Platform capabilities
-- ConnectAndSell is a leading AI Sales Acceleration Platform serving
B2B organizations across the healthcare, financial services and
technology industries.
-- ConnectAndSell attained revenue of $14.7 million in FY2025 on an
unaudited basis.
-- ConnectAndSell gross margins were 86% in FY2025 on an unaudited
basis.
-- Proposed acquisition strengthens Banzai's Marketing and Sales
Software Platform with established revenue-generating business.
-- Transaction is expected to close in the second quarter of 2026.
-- Acquired the assets of privately held Superblocks, an Agentic AI platform
for developing and hosting launch-ready websites and landing pages.
-- Executed a payoff and debt conversion agreement for outstanding senior
secured debt, totaling approximately $4.8 million, and announced an
institutional investor increased a direct equity stake to 18.7% following
the exercise of warrants. We believe both of these decisions demonstrate
a strong vote of confidence in Banzai's long-term strategy.
"The fourth quarter and full year 2025 delivered strong revenue growth, expanded gross margins, and strengthened stockholders' equity as we continued to broaden our product portfolio, including strategic acquisitions," said Joe Davy, Founder and CEO of Banzai. "Revenue was $2.8 million in the fourth quarter, up 116 percent year over year, and full year 2025 revenue increased 169 percent from 2024 to $12.2 million, further validating our strategy of acquiring practical, revenue-generating software solutions that expand our value proposition to customers.
"Gross margin expanded to 81.9 percent in the fourth quarter, driven by the over 150,000 customers that have purchased or subscribed to Banzai products. Growth was fueled by a strong focus on mid-market and enterprise customers, along with a focus on customer retention and expansion.
"During the year, we worked to strengthen our balance sheet by retiring debt through cash payments and share conversions. Our efforts over time have resulted in debt repayments of $32.7 million since September 2024. In October, we completed a payoff and debt conversion agreement with a senior lender, totaling approximately $4.8 million.
"We have taken actions to manage our cost structure, resulting in substantial 2025 improvements in both net income and stockholders' equity that will carry into subsequent years. Through the fourth quarter, stockholders' equity improved by $10.8 million year over year, reaching a positive $8.1 million as of December 31, 2025, an all-time high.
"In November we acquired the assets of Superblocks, an agentic AI platform for developing and hosting websites and related web assets, as we rapidly advance our vision of building an AI platform for marketing and adds to our growing AI-powered platform. Building on our acquisition portfolio, we recently announced a proposed acquisition of ConnectAndSell, a sales acceleration software provider serving B2B organizations across healthcare, financial services, technology, and other industries. The acquisition would add sales acceleration capabilities to our platform, expand the ability to support customers across a broader portion of the revenue generation process, and strengthen our position as a provider of integrated marketing and sales technology solutions while creating meaningful cross-sell opportunities across both companies' customer bases.
"Looking ahead, we are focused on building upon the foundation established in 2025 by deepening relationships with enterprise and mid-market customers and driving broader adoption across high-value verticals. We will continue investing in our AI capabilities to find new ways to deliver customer value. We believe these efforts will allow us to deliver long-term value for shareholders while supporting our customers' evolving needs.
"We also maintain an active pipeline of potential acquisition opportunities across key industries where we have strong sector experience and can leverage our AI platform and experience to add value and strategic operational acceleration. Recent balance sheet improvements will enable new growth as we maintain operational discipline and the path to sustainable profitability," concluded Davy.
Fourth Quarter 2025 Financial Results
Total revenue for the three months ended December 31, 2025, increased 116% to $2.8 million compared to the prior year quarter.
Total cost of revenue for the three months ended December 31, 2025, was $0.5 million, compared to $0.4 million in the prior year quarter, an increase of 36%. The increase was less than proportional to the revenue increase over the corresponding period, contributing to increased margins.
Gross profit for the three months ended December 31, 2025, was $2.3 million, compared to $0.9 million in the prior year quarter. Gross margin was 81.9% in the fourth quarter of 2025, compared to 71.3% in the fourth quarter of 2024.
Total operating expenses for the three months ended December 31, 2025, were $6.6 million, compared to $4.8 million in the prior year quarter. The increase in operating expenses was primarily due to the additions of OpenReel and Vidello and associated personnel, product, and operating costs.
Net loss for the three months ended December 31, 2025, improved by 36% to $5.0 million compared to $7.9 million in the prior year quarter.
Adjusted EBITDA Loss for the three months ending December 31, 2025, was ($1.6) million, compared to Adjusted EBITDA Loss of ($1.7) million for the prior year quarter.
Full Year 2025 Financial Results
Total revenue for the year ended December 31, 2025, increased 169% to $12.2 million, compared to the prior year period.
Total cost of revenue for the year ended December 31, 2025 was $2.2 million, compared to $1.4 million in the prior year, an increase of 54%.
Gross profit for the year ended December 31, 2025, was $10.0 million, compared to $3.1 million in the prior year period. Gross margin was 82.0% in the full year 2025, compared to 68.6% in the prior year period.
Total operating expenses for the year ended December 31, 2025, were $28.4 million, compared to $16.6 million in the prior year period. The increase in operating expenses was primarily due to the additions of OpenReel and Vidello and overall operating expenses.
Net loss for the year ended December 31, 2025, improved by $9.0 million to $22.5 million, compared to $31.5 million in the prior year period, a 29% improvement.
Adjusted EBITDA Loss for the year ended December 31, 2025, was ($7.3) million, compared to Adjusted EBITDA Loss of ($6.5) million for the prior year period.
Net cash used in operating activities for the year ended December 31, 2025, was $15.7 million, compared to $9.6 million for the year ended December 31, 2024.
Cash totaled $0.3 million as of December 31, 2025, compared to $1.1 million as of December 31, 2024. Subsequent to December 31, 2025, the Company issued shares under its ATM Agreement for net proceeds of approximately $1.3 million.
Fourth Quarter and Fiscal Year 2025 Results Conference Call
Banzai Founder & CEO Joe Davy and CFO Dean Ditto will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company's website here.
To access the call, please use the following information:
Date: Tuesday, March 31, 2026
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Webcast Registration: Banzai Q4 & Fiscal Year 2025 Financial Results
Conference Call
-------------------------------------------------------
A replay of the webcast and the presentation utilized during the call will be available in the Company's investor relations section here.
Note About Non-GAAP Financial Measures
Adjusted EBITDA
In addition to our results determined in accordance with U.S. GAAP, we believe that Adjusted EBITDA, a non-GAAP measure as defined below, is useful in evaluating our operational performance distinct and apart from certain irregular, non-cash, and non-operational expenses. We use this information for ongoing evaluation of operations and for internal planning purposes. We believe that non-GAAP financial information, when taken collectively with results under GAAP, may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies.
Non-GAAP measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We endeavor to compensate for the limitation of Adjusted EBITDA, by also providing the most directly comparable GAAP measure, which is net loss, and a description of the reconciling items and adjustments to derive the non-GAAP measure.
Adjusted EBITDA should only be considered alongside results prepared in accordance with GAAP, including various cash-flow metrics, net income (loss) and our other GAAP results and financial performance measures.
Net Income/(Loss) to Adjusted EBITDA Reconciliation
Year Ended December
31, Year-over-Year
-------------------- ----------------
($ in Thousands) 2025 2024 $ %
----------------- -------- --------- ------- ------
Net loss $(22,494) $ (31,513) $ 9,019 -28.6%
Interest expense 1,228 -- -- nm
Interest income (3) -- (3) nm
Interest expense
-- related party 1,157 3,047 (1,890) -62.0%
Income tax expense 61 -- 61 nm
Depreciation and
amortization
expense 1,150 24 1,126 4691.7%
Stock based
compensation 2,679 1,166 1,513 129.8%
GEM commitment fee
expense -- 200 (200) nm
Gain on
extinguishment of
liabilities (4,489) (681) (3,808) 559.2%
Gain on release of
Vidello revenue
holdback (973) -- (973) nm
Loss on debt
issuance 444 653 (209) -32.0%
Loss on Private
Placement
Issuance 4,874 -- 4,874 nm
Loss on issuance
of term notes 111 -- 111 nm
Loss on issuance
of convertible
bridge notes 153 -- 153 nm
Loss on conversion
and settlement of
Alco promissory
notes - related
party -- 4,809 (4,809) -100.0%
Loss on conversion
and settlement of
CP BF notes --
related party -- 6,529 (6,529) -100.0%
Loss on
extinguishment of
debt, net 2,403 1,072 1,331 124.2%
Change in fair
value of warrant
liability (1,244) (626) (618) 98.7%
Change in fair
value of warrant
liability --
related party (2) (573) 571 -99.7%
Change in fair
value of
bifurcated
embedded
derivative assets
-- related party 54 (51) 105 -205.9%
Change in fair
value of
convertible
notes (1,987) 693 (2,680) -386.7%
Change in fair
value of term
notes 173 89 84 94.4%
Change in fair
value of
convertible
bridge notes (46) (10) (36) 360.0%
Yorkville
prepayment
premium expense -- 81 (81) -100.0%
Loss on Yorkville
SEPA advances 974 -- 974 nm
Vidello earnout
expense 486 -- 486 nm
Failed acquisition
costs 1,382 -- 1,382 nm
Goodwill
impairment -- 2,725 (2,725) -100.0%
Other expense, net (727) 88 (815) -926.1%
Transaction
related
expenses* 7,369 5,772 1,597 27.7%
------- -------- ------ ------
Adjusted EBITDA $ (7,267) $ (6,506) $ (761) 11.7%
======= ======== ====== ======
About Banzai
Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Over 150,000 customers have purchased or subscribed to Banzai products, with an emphasis on the financial services, healthcare, and technology verticals, including RBC, Dell Technologies, Thermo Fisher Scientific, and Thinkific.. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as "believe," "may," "will," "estimate," "target," "continue," "anticipate," "intend," "expect," "should," "would," "propose," "plan," "project," "forecast," "predict," "potential," "seek," "future," "outlook," and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.'s (the "Company's"): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company's industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company's ability to execute on its strategy. More detailed information about risk factors can be found in the Company's Annual Report on Form 10-K and the Company's Quarterly Reports on Form 10-Q under the heading "Risk Factors," and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us
Media
Nancy Norton
Chief Legal Officer, Banzai
media@banzai.io
BANZAI INTERNATIONAL, INC.
Consolidated Balance Sheets
As of December 31,
----------------------------
2025 2024
------------- ------------
ASSETS
Current assets:
Cash $ 259,205 $ 1,087,497
Accounts receivable, net of
allowance for credit losses of
$41,341 and $24,210,
respectively 709,203 936,321
Prepaid expenses and other
current assets 445,089 643,674
------------ -----------
Total current assets 1,413,497 2,667,492
Property and equipment, net 8,246 3,539
Intangible assets, net 8,027,391 3,883,853
Goodwill 21,991,721 18,972,475
Operating lease right-of-use
assets 55,871 72,565
Bifurcated embedded derivative
asset -- related party 9,000 63,000
Deferred offering costs 121,788 --
Other assets 4,000 11,154
------------ -----------
Total assets 31,631,514 25,674,078
============ ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
Current liabilities:
Accounts payable 2,494,451 7,782,746
Accrued expenses and other
current liabilities 4,353,943 3,891,018
Convertible notes -- related
party 4,922,601 8,639,701
Convertible notes -- 215,057
Convertible notes, carried at
fair value 1,856,000 --
Convertible notes (Yorkville) 1,200,501 --
Notes payable, carried at fair
value 2,591,310 3,575,000
Warrant liability 378 15,000
Warrant liability -- related
party -- 2,300
Private placement warrant
liability 295,603 --
Earnout liability 990,673 14,850
Due to related party -- 167,118
Deferred revenue 3,642,527 3,934,627
Operating lease liabilities,
current 22,823 22,731
------------ -----------
Total current liabilities 22,370,810 28,260,148
Deferred revenue, non-current 93,726 117,643
Deferred tax liability 1,078,055 10,115
Operating lease liabilities,
non-current 33,922 49,974
------------ -----------
Total liabilities 23,576,513 28,437,880
------------ -----------
Commitments and contingencies
(Note 15)
Stockholders' equity (deficit):
Common stock, $0.0001 par value,
275,000,000 (250,000,000 Class A
and 25,000,000 Class B) shares
authorized and 10,546,333
(10,315,219 Class A and 231,114
Class B) and 819,516 (588,402
Class A and 231,114 Class B)
shares issued and outstanding at
December 31, 2025 and 2024,
respectively 1,055 82
Preferred stock, $0.0001 par
value, 75,000,000 shares
authorized, 1 and 1 shares issued
and outstanding at December 31,
2025 and 2024, respectively -- --
Additional paid-in capital 108,911,110 75,515,829
Accumulated other comprehensive
(loss) income (85,377) --
Accumulated deficit (100,771,787) (78,279,713)
------------ -----------
Stockholders' equity (deficit) 8,055,001 (2,763,802)
------------ -----------
Total liabilities and
stockholders' equity
(deficit) $ 31,631,514 $ 25,674,078
============ ===========
BANZAI INTERNATIONAL, INC.
Consolidated Statements of Operations
For the Years Ended December 31,
--------------------------------------
2025 2024
------------------- -----------------
Operating income:
Revenue $ 12,161,419 $ 4,527,879
Cost of revenue 2,188,583 1,422,542
-------------- -------------
Gross profit 9,972,836 3,105,337
-------------- -------------
Operating expenses:
General and administrative
expenses 27,287,345 16,548,902
Depreciation and amortization
expense 1,150,471 24,179
-------------- -------------
Total operating expenses 28,437,816 16,573,081
-------------- -------------
Operating loss (18,464,980) (13,467,744)
-------------- -------------
Other expenses (income):
GEM settlement fee expense -- 200,000
Interest income (2,955) (10)
Interest expense 1,227,509 --
Interest expense -- related
party 1,156,984 3,047,101
Gain on extinguishment of
liabilities (4,488,627) (680,762)
Gain on release of Vidello
revenue holdback (973,000) --
Loss on debt issuance 444,000 653,208
Loss on private placement
issuance 4,873,509 --
Loss on issuance of term
notes 110,500 --
Loss on issuance of
convertible bridge notes 152,826 --
Loss on conversion and
settlement of Alco promissory
notes -- related party -- 4,808,882
Loss on conversion and
settlement of CP BF notes --
related party -- 6,529,402
Loss on extinguishment of
debt, net 2,402,732 1,071,563
Change in fair value of
warrant liability (1,243,528) (626,000)
Change in fair value of
warrant liability -- related
party (2,300) (572,700)
Change in fair value of
bifurcated embedded
derivative assets -- related
party 54,000 (51,000)
Change in fair value of
convertible notes (1,987,203) 693,000
Change in fair value of term
notes 173,055 88,588
Change in fair value of
convertible bridge notes (46,253) (10,176)
Yorkville prepayment premium
expense -- 80,760
Loss on Yorkville SEPA
advances 974,079 --
Vidello earnout expense 485,720 --
Failed acquisition costs 1,382,002 --
Goodwill impairment -- 2,725,460
Other (income) expense, net (726,572) 88,329
-------------- -------------
Total other expenses, net 3,966,478 18,045,645
-------------- -------------
Loss before income taxes (22,431,458) (31,513,389)
-------------- -------------
Income tax expense 60,617 --
-------------- -------------
Net loss $ (22,492,075) $ (31,513,389)
============== =============
Deemed dividend - Series A and
Series B warrant modification
(net of tax) -- (418,360)
-------------- -------------
Net loss attributable to
common shareholders $ (22,492,075) $ (31,095,029)
============== =============
Net loss per share
attributable to common
shareholders
Basic and diluted $ (5.95) $ (69.75)
============== =============
Weighted average common
shares outstanding
Basic and diluted 3,782,998 445,817
============== =============
BANZAI INTERNATIONAL, INC.
Consolidated Statements of Cash Flows
For the Years Ended December 31,
--------------------------------------
2025 2024
------------------- -----------------
Cash flows from operating
activities:
Net loss $ (22,492,075) $ (31,513,389)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation and
amortization expense 1,150,471 24,179
Provision for credit losses
on accounts receivable 17,131 18,462
Non-cash share issuance for
marketing expenses -- 245,252
Non-cash shares issued for
consulting expenses 974,261 --
Non-cash settlement of GEM
commitment fee -- 200,000
Discount at issuance on
notes carried at fair
value 1,671,996 747,962
Non-cash share issuance for
Yorkville redemption
premium -- 80,760
Non-cash interest expense -- 1,532,475
Non-cash interest expense -
related party 1,177,033 --
Amortization of debt
discount and issuance costs
- related party -- 1,393,785
Amortization of operating
lease right-of-use assets 16,694 137,717
Stock based compensation
expense 2,679,231 1,165,680
Gain on release of Vidello
revenue holdback (973,000) --
Gain on extinguishment of
liability (4,488,627) (680,762)
(MORE TO FOLLOW) Dow Jones Newswires
March 31, 2026 16:10 ET (20:10 GMT)
Comments