Business
Banzai Reports Third Quarter 2024 Financial Results; Annualized Adjusted Net Loss Improvement of $12.2 Million
Q3 2024 Annual Recurring Revenue Increased by 31% Annualized to $4.4 Million, a 7% Sequential Increase from Q2 2024 Q3 2024 Annualized Adjusted Net Loss
About this update from Banzai International, Inc.
[{"type":"text","content":"Q3 2024 Annual Recurring Revenue Increased by 31% Annualized to $4.4 Million, a 7% Sequential Increase from Q2 2024 Q3 2024 Annualized Adjusted Net Loss Improved by $12.2 Million, a $3.0 Million Sequential Increase to ($1.45) Million, Bringing the Company Closer to Profitability Management to Host Third Quarter 2024 Results Conference Call Today, November 14, 2024 at 5:30 p.m. Eastern Time SEATTLE, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today reported financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Key Financial & Operational Highlights Q3 2024 Annual Recurring Revenue (ARR) of $4.4 million, a 7% sequential increase from Q2 2024. This represents a 31% annualized ARR growth rate.Q3 2024 Adjusted Net Loss was ($1.45) million, a $3.0 million sequential improvement from Q2 2024 Adjusted Net Loss of ($4.5) million. This represents an annualized improvement of $12.2 million.Net Revenue Retention (NRR) reached a historic high in Q3 2024.Q3 2024 Adjusted EBITDA was ($1.5) million, a $0.5 million sequential improvement from Q2 2024 EBITDA of ($2.0) million. This represents an annualized improvement of $2.0 million.As of September 30, 2024, cash of approximately $4.3 million was at an all-time high.Added 172 customers in September 2024 and 179 customers in October 2024, for a total of 1,785 customers YTD through October 2024.Added 26 Reach customers through October 2024, demonstrating the growth and revenue potential of the Reach product.Launched Curate, an AI-powered newsletter platform designed to streamline content creation and audience engagement for organizations of all sizes. Sold 10 workspace licenses in the initial weeks since launch, demonstrating the tremendous market potential of the Curate product.Expanded partnership with Salesforce, today’s industry leading AI CRM company, for smarter webinar campaigns with significant enhancements to its Demio platform through deeper integration with Salesforce.Released enhanced Demio HubSpot integration, delivering a seamless experience, with new updates focused on transforming webinar data management with advanced synchronization and tracking.Launched a comprehensive initiative designed to signi...