Summary by Moomoo AI
On May 15, 2024, Banzai International, Inc., a Delaware-incorporated SaaS marketing technology company, released its financial results for the first quarter ending March 31, 2024. The report, filed with the SEC on Form 8-K, highlighted an Adjusted EBITDA loss increase of 141.1% to $1.5 million from the previous year's $626 thousand. Despite this, Banzai reported a 14.2% increase in Annual Recurring Revenue (ARR) to $4.9 million and a sequential net income increase of 30% from Q4 2023. The company also announced the addition of over 230 customers in April, a major update to its flagship marketing product, Reach 2.0, and a debt repayment agreement with YA II PN, Ltd. ('Yorkville'). Under the agreement, upon repayment of $2 million of the outstanding promissory notes, Yorkville will not exercise conversion rights for 90 days post-repayment. The agreement is contingent on the completion of a registered offering by June 2, 2024. Banzai's liquidity position as of March 31, 2024, showed cash reserves of approximately $1.0 million, and the company has set a target ARR of $8.1 to $10 million by December 2024, factoring in organic growth and potential acquisitions.
