Preliminary Unaudited Full Year 2024 Revenue of $17.5 Million Exceed Guidance of $10 Million by 75%, Representing 285% Annual Growth
Stockholders' Equity Increase of Approximately $22.3 Million Since September 30, 2024
Continues Progress Toward Closing of Acquisition of Act-On Software, Inc.
SEATTLE, March 12, 2025 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) ("Banzai" or the "Company"), a leading marketing technology company that provides essential marketing and sales solutions, today provided preliminary unaudited record pro-forma revenue of $17.5 million for the year ended December 31, 2024 and provided a corporate update on its stockholder equity improvement.
Full Year 2024 Revenue Results
Banzai preliminary unaudited revenue is expected to be $17.5 million for the year ended December 31, 2024, on a pro-forma basis including full year revenue for the recently closed acquisitions of Vidello and OpenReel. This is an increase of 285% from the prior year, and exceeds the top end of the Company's previously announced guidance of $10 million for the full year of 2024 by 75%.
Preliminary selected financial information presented in this release are unaudited, subject to financial closing procedures and adjustments, and provided as an approximation on a pro-forma basis in advance of the Company's announcement of its complete financial results for the full year 2024.
Stockholders' Equity Increase
Banzai's equity value as of February 28, 2025, reflects an overall total stockholders' equity increase of $22.3M. The equity value of the total stockholders' deficit was ($22.8) million on September 30, 2024, as per the Company's 10-Q for the period. This increased to approximately ($0.5) million as of February 28, 2025, an improvement of approximately $22.3 million.
Continued Progress on Act-On Acquisition
The Company continues to make progress toward closing the acquisition of Act-On Software, Inc. The definitive agreement for the acquisition was previously announced on January 23, 2025.
Management Commentary
"Full year 2024 revenue was driven by strong organic growth and from our Vidello and OpenReel acquisitions," said Joe Davy, Founder and CEO of Banzai. "Vidello's next-generation video creation, editing, and marketing suite, and OpenReel's digital video creation platform combined to add approximately $13 million in revenues that enabled us to greatly exceed our previously announced 2024 guidance.
"With the investment in our Vidello acquisition, we further improved our financial position and flexibility with a $22.3 million improvement in stockholders' equity from the close of the third quarter of 2024. The acquisition is also expected to increase EBITDA by approximately $2 million for the twelve-month period ended December 31, 2024, on a pro-forma basis. I look forward to sharing our full year 2024 results soon as we look ahead to the second half of the year," concluded Davy.
About Vidello
Vidello is a video hosting and marketing suite which provides online businesses with the essential marketing and hosting tools to assist in growing business through video. To learn more about the Company visit www.vidello.com.
About OpenReel
OpenReel is a leading enterprise video creation and management solution that empowers companies to create high-quality content at scale and on brand. OpenReel enables businesses of all sizes to cut down on the time-and resource-intensive process of video creation and scale content creation initiatives efficiently, effectively, and securely. OpenReel is trusted by a wide range of customers from small businesses to the Fortune 500. OpenReel is based in New York, with its team distributed worldwide. To learn more about the company, visit www.openreel.com.
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. Banzai customers include Cisco, New York Life, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and Globe Life, among thousands of others. 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
Rachel Meyrowitz
Director, Demand Generation, Banzai
media@banzai.io
