Banzai International, Inc.

Banzai International, Inc. is a Software as a Service (SaaS) company operating in the marketing technology (MarTech) industry, providing tools to enhance marketing and sales efficiency. The company serves over 150,000 global customers, including Fortune 500 companies like Amazon, Dell, and Salesforce, across 90 countries and various industries such as healthcare, financial services, e-commerce, technology, and media. Banzai's growth strategy focuses on acquiring new customers, expanding its platform through product development and acquisitions, and cross-selling additional solutions to existing customers. The company primarily utilizes a recurring subscription license model, with contract terms ranging from single months to multiple years ¹.

The MarTech industry is characterized by rapid growth and fragmentation, with over 14,000 providers in 2024, representing a 27.8% year-over-year increase in the number of companies. Banzai competes within the B2B MarTech value chain, which includes demand generation, marketing automation, digital events platforms, and measurement and attribution. The Total Addressable Market (TAM) for U.S. B2B spending in these categories is projected to reach $39.42 billion by 2026, growing at an 11.80% compound annual growth rate (CAGR) from 2020 to 2026. The Serviceable Addressable Market (SAM), specifically for measurement and attribution, demand generation, and digital events platforms, is expected to reach $8.37 billion by 2026, with a CAGR of 16.07% over the same period ².

Banzai's core business model revolves around selling SaaS products via recurring subscription licenses. Revenue is generated from customer contracts that vary in term length. The company targets a diverse customer base, from solo entrepreneurs to Fortune 500 enterprises, with no single customer accounting for more than 10% of its revenue ³. Since 2021, there has been a strategic focus on increasing mid-market and enterprise customers for its Demio product ⁴.

As of December 31, 2025, Banzai's platform includes several SaaS products: OpenReel, CreateStudio, Vidello, Demio, Boost, Reach, and Curate. OpenReel is an AI-powered video creation platform for remote recording, editing, hosting, and sharing high-quality videos. CreateStudio is a video animation and editing software offering a drag-and-drop interface for various content types, including 3D character animations and explainer videos. Vidello is a video hosting and marketing platform for managing, customizing, and optimizing video content, featuring A/B split testing and interactive elements. Demio is a browser-based webinar platform for hosting live and automated webinars, notable for its AI Moderator. Boost is an add-on product for Demio, designed to increase webinar attendance through referral incentives. Reach is a targeted outreach tool for demand generation campaigns, creating tailored contact lists and personalized outreach. Curate by Banzai is an AI-driven newsletter platform for automated, targeted newsletters ⁵.

For the fiscal year ended December 31, 2025, Banzai reported total revenue of $12,161,419 ⁶, a significant increase from $4,527,879 in 2024 ⁷. Cost of revenue was $2,188,583 ⁸, leading to a gross profit of $9,972,836 ⁹ and a gross margin of 82.0% ¹⁰. Operating expenses totaled $28,437,816 ¹¹, resulting in an operating loss of $18,464,980 ¹². The net loss for the year was $22,492,075 ¹³. Basic and diluted EPS was $(5.95) ¹⁴. Net cash used in operating activities was $15,706,619 ¹⁵. As of December 31, 2025, cash and equivalents stood at $259,205 ¹⁶. Total debt principal and accrued interest amounted to $10,839,000 ¹⁷. The company had a working capital deficit of $21,000,000 ¹⁸ and an accumulated deficit of $100,771,787 ¹⁹.

Year-over-year, revenue grew by 168.6% ²⁰, primarily driven by the acquisitions of OpenReel and Vidello, which contributed approximately $5,473,000 ²¹ and $2,261,000 ²² in revenue, respectively, for the year ended December 31, 2025. Revenue from Banzai Operating increased by approximately $121,000 ²³. Cost of revenue increased by 53.8% ²⁴, while gross profit increased by 221.2% ²⁵. Net loss decreased by $9,019,000 ²⁶, from $31,513,389 in 2024 to $22,492,075 in 2025 ²⁷. Stockholders' equity increased by $10,800,000 ²⁸ to $8,055,001 ²⁹ as of December 31, 2025, from a deficit of $2,763,802 in 2024 ³⁰.

During the reported period, Banzai completed several significant operational developments. In December 2024, the company acquired OpenReel, an enterprise video creation and management solution ³¹. In January 2025, Vidello Limited, a provider of 3D video creation, royalty-free music, and video marketing products, was acquired ³². In November 2025, Banzai acquired the assets of Superblocks, an Agentic AI platform for developing and hosting SEO-optimized websites ³³. The company also executed a payoff and debt conversion agreement for approximately $4,300,000 ³⁴ in outstanding senior secured debt and secured an $11,000,000 ³⁵ debt facility in June 2025 with an institutional investor. The revenue model for CreateStudio was successfully shifted from a one-time license to a recurring subscription model ³⁶. An agreement to acquire the assets of ConnectAndSell, an AI-powered sales enablement platform, was announced on March 23, 2026, expected to increase annual revenue by approximately $15,000,000 ³⁷ and close in early second quarter 2026 ³⁸. A previously announced merger with Act-On Software, Inc. was terminated on June 6, 2025, resulting in $1,382,030 ³⁹ in termination fees and additional interest and extension fees paid by Banzai ⁴⁰.

Management's specific revenue guidance for the upcoming period includes an expected increase in annual revenue by approximately $15,000,000 ⁴¹ from the acquisition of ConnectAndSell, Inc., which is anticipated to close in early second quarter 2026 ⁴². No formal guidance on margin or EPS was explicitly provided in the filing.

A major growth vector for Banzai is its acquisition strategy, which prioritizes profitable companies with highly-rated solutions and customer bases that align with Banzai's existing customer base ⁴³. Recent acquisitions, such as OpenReel in December 2024, Vidello in January 2025, and the assets of Superblocks in November 2025, are integral to this strategy, aiming to build a comprehensive suite of AI-powered marketing tools and expand product offerings and customer base ⁴⁴. The pending acquisition of ConnectAndSell, an AI-powered sales enablement platform, is expected to further increase Banzai's annual revenue by approximately $15,000,000 ⁴⁵ upon its anticipated closing in early second quarter 2026 ⁴⁶.

Another key growth area is the implementation of product improvements and the introduction of new products. Banzai's product roadmap focuses on identifying and prioritizing underserved customer and market needs, leveraging data and AI to create products and features that increase customer value ⁴⁷. This includes developing add-on features and products for existing customers to increase the average revenue per customer per year ⁴⁸. The successful shift of the CreateStudio revenue model from one-time license to recurring subscription revenue, coupled with an effective customer upsell program, exemplifies this strategy ⁴⁹.

Operationally, management expects costs to increase substantially in the foreseeable future as the company invests significant additional funds towards growing its business, operating as a public company, increasing its customer base, expanding operations, hiring additional sales and other personnel, and developing future products ⁵⁰. The company plans to utilize a combination of in-house employees and development partners to maintain and improve its technology ⁵¹.

Regarding capital allocation, Banzai intends to continue making significant investments in software development and equipment to improve its business, enhance scalability, security, performance, efficiency, availability, and failover aspects of its product offerings, and support expansion ⁵². The company plans to fund these investments through a combination of operations and additional financing ⁵³. Banzai has historically funded operations through equity and debt financings and intends to seek additional funding through the Yorkville Standby Equity Purchase Agreement (SEPA), the At-The-Market (ATM) Agreement, and other equity and debt financings in 2026 ⁵⁴. As of December 31, 2025, the company had borrowings totaling $10,600,000 ⁵⁵ outstanding under its term loans and promissory notes. It is not currently anticipated that Banzai will pay dividends on shares of Class A Common Stock, with future earnings expected to be retained for development, operation, and expansion of the business ⁵⁶.

Banzai faces several material risks, including significant operating losses incurred in the past, with $18,500,000 ⁵⁷ and $13,500,000 ⁵⁸ in operating losses for the years ended December 31, 2025, and 2024, respectively, and the expectation that losses will continue due to substantial investments in growth. There is substantial doubt about the company's ability to continue as a going concern, as indicated by a working capital deficit of approximately $21,000,000 ⁵⁹ and an accumulated deficit of approximately $100,800,000 ⁶⁰ as of December 31, 2025, and negative cash flow from operations of $15,700,000 ⁶¹ for the year ended December 31, 2025. The company's revenue growth rate is dependent on existing customer renewals and expansions, which may decline due to various factors including customer dissatisfaction or increased competition. The inability to attract new customers cost-effectively or to successfully manage growth, including integrating acquisitions, could harm the business. Cybersecurity and data security breaches, as well as non-compliance with privacy and data security laws like GDPR and CCPA, could result in financial liabilities, reputational damage, and reduced demand for solutions. The company relies on internet infrastructure and third-party data centers, and any disruptions could negatively impact customer relationships. Furthermore, the company's stock is subject to Nasdaq listing requirements, including a minimum bid price, and a series of reverse stock splits (1-for-50 on September 19, 2024, and 1-for-10 on July 8, 2025 ⁶²) may undermine investor confidence if compliance is not maintained. Future sales of Class A Common Stock, including under the Standby Equity Purchase Agreement (SEPA) for up to $100,000,000 ⁶³ and the At-The-Market (ATM) Agreement for up to $7,525,033 ⁶⁴, could result in substantial dilution and depress the stock price. Holders of convertible promissory notes have certain rights upon an event of default that could harm the business, and outstanding warrants may expire worthless, potentially yielding no cash proceeds from their exercise.

Management's overall tone emphasizes a commitment to growth through strategic acquisitions and product development, aiming to build a comprehensive suite of AI-powered marketing tools that simplify marketers' lives. They explicitly stated an agreement to acquire the assets of ConnectAndSell, Inc., which is expected to increase Banzai's annual revenue by approximately $15,000,000 ⁶⁵ and is anticipated to close in early second quarter 2026 ⁶⁶. The three strategic priorities highlighted for the period ahead are: expanding the platform through the development and acquisition of MarTech products, acquiring new customers through sales and marketing efforts, and cross-selling additional solutions to existing customers. Management also noted the successful shift of the CreateStudio revenue model to recurring subscriptions and the establishment of a strong pipeline focused on the BFSI segment with multiple seven-figure deals ⁶⁷.