Summary by Moomoo AI
Banzai International, a leading enterprise SaaS Video Engagement platform, reported a decrease in revenue for Q1 2024, with total revenue of approximately $1.1 million, an 8.3% drop from Q1 2023. The decline was attributed to a shift in focus to the Demio product and a decision to phase out the Reach product, which was later reversed. The company also experienced a net loss of $4.5 million, a 19.6% increase from the previous year's loss of $3.8 million. Despite this, Banzai raised additional capital through convertible notes and issued shares to settle existing liabilities. The company is actively working to remediate material weaknesses in internal control over financial reporting, including IT General Controls, COSO Entity Level Controls, and the period-end financial close and reporting process. Banzai's cash as of March 31, 2024, was approximately $1.0 million, with a working capital deficit of $33.1 million and an accumulated deficit of $51.3 million. The company's future plans include seeking additional funding through equity financings and improving operational efficiency.