Management to Host Third Quarter 2024 Results Conference Call on Thursday, November 14, 2024 at 5:30 p.m. Eastern Time
SEATTLE, Nov. 07, 2024 — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced preliminary select financial results for the third quarter ended September 30, 2024.
Key Financial & Operational Highlights for the Third Quarter of 2024
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Preliminary, unaudited Q3 2024 Adjusted Net Loss was approximately ($0.9) million, a $3.6 million sequential improvement from Q2 2024 Adjusted Net Loss of ($4.5) million. This represents an annualized improvement of $14.5 million.
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Net Revenue Retention (NRR) reached a historic high in Q3 2024.
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Preliminary, unaudited Q3 2024 Annual Recurring Revenue (ARR) of approximately $4.4 million, a 7% sequential increase from Q2 2024. This represents a 31% annualized ARR growth rate.
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Preliminary, unaudited Adjusted EBITDA was approximately ($1.4) million, a $0.5 million sequential improvement from Q2 2024 EBITDA of ($1.8) million. This represents an annualized improvement of $1.8 million.
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As of September 30, 2024, cash of approximately $4.2 million was at an all-time high.
“In the third quarter of 2024 we achieved preliminary, unaudited historic record NRR, and strong improvements from the second quarter in both ARR and adjusted Net Income,” said Joe Davy, Founder and CEO of Banzai. “We are making significant progress against our annualized goals through our recently launched comprehensive initiative designed to significantly improve Net Income while maintaining our growth outlook. We look forward to providing additional updates at our conference call and quarter financial results on November 14.”