Banzai International (NASDAQ:BNZI) reported sharp revenue growth in the fourth quarter and full year 2025, driven largely by recently acquired businesses, while management emphasized a continued acquisition-led strategy aimed at expanding its AI-powered marketing and sales platform.
Management frames Banzai as an AI-focused martech consolidator
Chief Executive Officer Joe Davy told investors the company is building “a platform of AI-powered marketing solutions” intended to make customers “ten times faster and easier” in executing marketing work. Davy said Banzai’s product lineup includes Demio (webinars and virtual events with AI moderation), OpenReel (enterprise remote video production), CreateStudio (AI 3D video creation and animation), Superblocks (an AI agent for websites and landing pages), Boost and Reach (audience targeting and event amplification), and a proposed acquisition, ConnectAndSell (AI sales acceleration).
Fourth-quarter revenue more than doubled; margins expanded
Chief Financial Officer Dean Ditto reported fourth-quarter revenue of $2.8 million, up 116% from $1.3 million in the year-ago quarter. Ditto said gross profit rose 148% to $2.3 million, and gross margin expanded to 81.9% from 71.3%—an improvement of 1,061 basis points.
Operating expenses increased to $6.6 million from $4.8 million, which Ditto attributed “primarily due to the addition of the acquired businesses, OpenReel and Vidello, and overall operating expenses.” Net loss for the quarter was $5.0 million, compared with $7.9 million a year earlier, which management characterized as a 36% improvement. Adjusted EBITDA loss was $1.6 million, compared with an adjusted EBITDA loss of $1.7 million in the prior-year period.
Full-year 2025 results: revenue up 169%, net loss narrowed
For the year ended Dec. 31, 2025, Ditto said total revenue was $12.2 million, up 169% from $4.5 million in fiscal 2024. Cost of revenue rose to $2.2 million from $1.4 million, but Ditto said the increase was “less proportional to the increase in revenue,” which supported improved profitability metrics.
Gross profit for 2025 was $10.0 million, up 221% from $3.1 million in 2024, while gross margin improved to 82.0% from 68.6%, a 1,342-basis-point increase.
Total operating expenses were $28.4 million, up from $16.6 million, which Ditto again attributed to acquired businesses “as well as the overall level of operating expenses.” Net loss narrowed to $22.5 million from $31.5 million, a 29% improvement. However, adjusted EBITDA loss widened to $7.3 million from $6.5 million.
Ditto also noted higher cash usage: net cash used in operating activities was $15.7 million in 2025, compared with $9.6 million in 2024. Cash on hand was $0.3 million at year-end 2025, down from $1.1 million a year earlier. After Dec. 31, 2025, the company issued shares under its at-the-market (ATM) program for net proceeds of approximately $1.3 million.
Balance sheet, financing, and shareholder updates
Davy said stockholders’ equity increased by $10.8 million to $8.1 million as of Dec. 31, 2025, and described efforts to “rapidly” pay down and convert debt in recent quarters. He also said Banzai secured an $11 million debt facility with an institutional investor to support acquisitions and operations.
In addition, Davy said an institutional investor increased its direct equity stake to 18.7% following the exercise of warrants. He also highlighted executive hires, including Dean Ditto as CFO, Michael Kurtzman as Chief Revenue Officer, and the more recent addition of Matt McCurdy as vice president of sales.
Acquisitions: Superblocks integration and proposed ConnectAndSell deal
Davy said Banzai has closed three acquisitions since December 2024—OpenReel, Vidello, and Superblocks—and recently announced an agreement on terms to acquire assets of ConnectAndSell, Inc. He said the ConnectAndSell transaction is expected to close in the second quarter of 2026.
On ConnectAndSell, Davy said the business serves B2B organizations across financial services, healthcare, technology and other industries, and that it has “approximately 250 enterprise customers” and “10+ patents issued and pending.” He said ConnectAndSell’s gross margin is 86% and that the proposed acquisition is expected to increase Banzai’s annual revenue by approximately $15 million, which management said would more than double Banzai’s current annualized revenue to over $27 million on a pro forma basis.
In Q&A, Davy addressed a question about pro forma combined results, stating investors should think of combined revenue “roughly $27 million” as a starting point. He added that gross margins would be expected to rise “a couple of percentage points” upon consolidation. Davy also said the company expects ConnectAndSell to be “EBITDA accretive,” citing roughly “$2 million of EBITDA” on a standalone basis and suggesting synergies could expand that by “$2 million additional.”
Regarding Superblocks, Davy said the November acquisition brought in an “agentic AI platform for developing and hosting websites, landing pages, registration pages, and more.” He said the company is considering Superblocks both as a standalone product and as an integrated capability within other products—such as building custom registration pages for Demio users or landing pages for a video hosting platform the company “just rolled out” called Studio Sync.
Davy also said most recent acquisitions are “mostly…integrated at this point,” though he cited remaining work such as “shared authentication” and “consolidated billing systems.” He said the company rolled out NetSuite internally to help consolidate financial operations and support efficiency, including potentially providing customers “a single bill instead of…two or three bills.” Ditto added that centralizing processes should also make it “very efficient” to integrate future acquisitions.
Customer base, vertical focus, and retention comments
Davy said Banzai ended 2025 with “over 150,000 total customers who have purchased or subscribed to Banzai products,” including “blue-chip names” such as Hewlett Packard Enterprise, Adobe, RBC, and Thermo Fisher Scientific. He said the company serves customers across industries including healthcare, financial services, technology, and media in more than 90 countries, with a strategic focus on mid-market and enterprise customers while continuing to support small businesses.
Healthcare was highlighted as a key vertical. Davy said Banzai serves more than 250 healthcare and medical technology customers and described the sector as requiring precision targeting, compliant engagement, and measurable outcomes.
On customer satisfaction and retention, Davy said CSAT scores are “kind of industry-leading” and that he could not recall the last time a CSAT result was below 95%. Ditto added that customer satisfaction is reviewed weekly by leadership and said the company receives unsolicited feedback from customers describing themselves as “raving fans.” Davy also said Banzai is unifying on a single customer support platform, Intercom, to drive efficiencies.
When asked about the percentage of ARR coming from customers using two or more Banzai products, Davy said he did not have a specific number but that it has “grown substantially” and remains a significant opportunity. He described efforts led by the sales and customer success teams to bundle products—for example, pairing OpenReel with Demio—and said bundling has in some cases helped retain at-risk accounts while increasing revenue by consolidating spend from multiple vendors.
Looking ahead, Davy said the company is “positioned for improved results and cash position in 2026,” and reiterated that the debt facility and capital markets access—including the ATM and shelf eligibility—support acquisitions and operations. He added that Banzai intends to continue pursuing opportunistic M&A aligned with what he described as “profitable businesses…resilient in an AI first world.”
About Banzai International (NASDAQ:BNZI)
Banzai International, Inc, a marketing technology company, provides data-driven marketing and sales solutions for various businesses in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its products include Demio, a browser-based webinar platform with data and marketing features designed to help businesses engage with their audience through live events and on-demand, interactive video content; Boost, a software-as-a-service (SaaS) solution for social sharing by event registrants; and Reach, a SaaS and managed service to increase registration and attendance of marketing events.
