Banzai International, Inc. (formerly 7GC & Co. Holdings Inc.), a marketing technology (MarTech) SaaS company, reported a net loss of $31.5 million for the year ended December 31, 2024, compared to a net loss of $14.4 million in 2023. Revenue for 2024 was $4.5 million, a slight decrease of 0.7% from the $4.6 million reported in 2023. This decrease was primarily attributed to lower revenue from the Reach product, partially offset by a decrease in cost of revenue of $22,000 (1.5%). The company's accumulated deficit increased to $78.3 million by the end of 2024, up from $46.8 million in 2023.
Significant changes in 2024 included the completion of mergers with OpenReel (December 18, 2024) and Vidello (January 31, 2025), and the signing of a definitive agreement to acquire Act-On (January 22, 2025). The OpenReel merger involved the issuance of 930,558 shares of Banzai common stock and 11,769,501 pre-funded warrants. The Vidello acquisition cost approximately $2.7 million in cash and 898,204 shares of Banzai Class A common stock. The company also underwent a 1-for-50 reverse stock split on September 19, 2024, and transitioned its common stock listing from the Nasdaq Global Market to the Nasdaq Capital Market.
Operational developments in 2024 included an increase in multi-host Demio customers from 12 to 163, reflecting a 14-fold increase. The company's employee count was 28 full-time employees and 44 contractors as of December 31, 2024. Key operating metrics for Demio, including Net Revenue Retention (NRR), Average Customer Value (ACV), Customer Acquisition Cost (CAC), and Customer Churn, were reported, but these metrics were not tracked for prior products. The company also detailed its product roadmap and enhancements, focusing on customer expansion and the development of AI-driven capabilities.
The company's financial performance was significantly impacted by several factors, including increased operating expenses (a 28.4% increase to $16.6 million), primarily due to increased salaries, marketing expenses, and professional services costs. A reduction in force in October 2024 aimed to reduce annual operating expenses by an additional $1.3 million. The significant increase in other expenses ($18 million in 2024 versus $4.6 million in 2023) was largely due to losses on debt conversions and settlements, and goodwill impairment. The company's financial statements included a going concern qualification due to its significant operating losses and working capital deficiency. Banzai plans to seek additional funding through equity and debt financings in 2025 to support its operations and acquisitions.
About Banzai International, Inc.
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