Revenue growth remains highly volatile, swinging from a 163% surge in 2025Q3 to a 20.2% contraction in 2026Q1, while operating margins remain deeply negative at -2.1%.
| Sales/Revenue | 11.61M | 12.16M | 4.53M | 4.56M | 5.33M | 5.21M | 0 |
| Revenue Growth % | 70.1% | 168.59% | -0.73% | -14.48% | 2.42% | - | - |
| Cost of Goods Sold | 2.41M | 2.19M | 1.42M | 1.45M | 1.97M | 2.07M | 0 |
| COGS % of Revenue | - | 18% | 31.42% | 31.84% | 36.88% | 39.8% | - |
| Gross Profit | 9.21M | 9.97M | 3.11M | 3.11M | 3.37M | 3.13M | 0 |
| Gross Margin % | 79.26% | 82% | 68.58% | 68.19% | 63.12% | 60.2% | - |
| Gross Profit Growth % | - | 221.15% | -0.15% | -7.61% | 7.38% | - | - |
| Operating Expenses | 28.41M | 28.44M | 16.57M | 12.9M | 9.28M | 13.12M | 101.98K |
| OpEx % of Revenue | - | 233.84% | 366.02% | 282.94% | 173.92% | 251.98% | - |
| Selling, General & Admin | 27.5M | 27.29M | 16.55M | 12.9M | 9.28M | 11.01M | 44.94K |
| SG&A % of Revenue | - | 224.38% | 365.49% | 282.94% | 173.92% | 211.37% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 903.78K | 1.15M | 24.18K | 7.16K | 0 | 2.11M | 57.04K |
| Operating Income | -19.2M | -18.46M | -13.47M | -9.8M | -5.91M | -9.99M | -102K |
| Operating Margin % | -165.35% | -151.83% | -297.44% | -214.78% | -110.8% | -191.78% | - |
| Operating Income Growth % | - | -37.11% | -37.48% | -65.78% | 40.83% | -9690.64% | - |
| EBITDA | -17.98M | -17.3M | -13.31M | -9.62M | -5.75M | -9.51M | -6.05M |
| EBITDA Margin % | -154.78% | -142.24% | -293.86% | -210.82% | -107.77% | -182.55% | - |
| EBITDA Growth % | -21.35% | -30% | -38.38% | -67.3% | 39.54% | -57.07% | - |
| D&A (Non-Cash Add-back) | 1.23M | 1.17M | 161.9K | 180.41K | 161.61K | 480.55K | 0 |
| EBIT | -22.48M | -20.05M | -28.47M | -8.85M | -13.09M | -9.17M | -6.05M |
| Net Interest Income | -2.39M | -2.38M | -3.7M | -5.55M | -2.38M | -1.21M | 189 |
| Interest Income | 5.95K | 2.96K | 10 | 0 | 0 | 4.9K | 189 |
| Interest Expense | 2.4M | 2.38M | 3.7M | 5.55M | 2.38M | 1.22M | 0 |
| Other Income/Expense | -7.99M | -3.97M | -18.05M | -4.61M | -9.56M | -404.64K | -5.95M |
| Pretax Income | -27.2M | -22.43M | -31.51M | -14.41M | -15.47M | -10.39M | -6.05M |
| Pretax Margin % | -234.17% | -184.45% | -695.99% | -315.85% | -290.06% | -199.55% | - |
| Income Tax | -64.91K | 60.62K | 0 | 0 | 0 | -409.46K | 0 |
| Effective Tax Rate % | 0.24% | -0.27% | 0% | 0% | 0% | 3.94% | 0% |
| Net Income | -27.13M | -22.49M | -31.51M | -14.41M | -15.47M | -9.98M | -6.05M |
| Net Margin % | -233.61% | -184.95% | -695.99% | -315.85% | -290.06% | -191.69% | - |
| Net Income Growth % | 12.7% | 28.63% | -118.75% | 6.87% | -54.97% | -64.93% | - |
| Net Income (Continuing) | -27.13M | -22.49M | -31.51M | -14.41M | -15.47M | -9.98M | -6.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -37.68 | -119.00 | -139.40 | -2101.96 | -2401.53 | 404.42 | -210.50 |
| EPS Growth % | 35.03% | 14.63% | 93.37% | 12.47% | -693.82% | 292.12% | - |
| EPS (Basic) | - | -119.00 | -139.40 | -2101.96 | -2401.53 | 404.42 | -210.50 |
| Diluted Shares Outstanding | 720K | 189.15K | 222.91K | 6.85K | 2.3K | 2.3K | 2.3K |
| Basic Shares Outstanding | 720K | 189.15K | 222.91K | 6.85K | 2.3K | 2.3K | 2.3K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Existential liquidity shortfall
As reported in recent financial filings, Banzai's revenue growth has exhibited extreme volatility, with quarterly figures fluctuating between a 163% surge in 2025Q3 and a 20% contraction in 2026Q1, suggesting that the company's top-line expansion is highly sensitive to inconsistent customer acquisition cycles and potential churn.
The erratic nature of revenue growth indicates that the company has yet to establish a predictable recurring revenue engine. Investors should monitor whether the recent contraction in 2026Q1 represents a structural shift in demand or merely a temporary lull in the sales pipeline.
Based on the provided income statement data, Banzai has maintained a relatively healthy gross margin profile, peaking at 83% in 2025Q2, which suggests that the underlying SaaS delivery model is efficient despite the company's inability to translate this into positive operating income at the current scale.
While the gross margin performance is commendable for a software firm, it remains insufficient to cover the massive overhead costs. The disparity between high gross margins and deep operating losses implies that the company's cost structure is heavily weighted toward customer acquisition rather than product delivery.
According to the historical income statement, Banzai has failed to demonstrate meaningful operating leverage, as SG&A expenses consistently dwarf gross profits, resulting in operating margins that have remained deeply negative, often exceeding -150% in recent quarters as the company aggressively pursues market share.
The lack of scaling in operating income suggests that every additional dollar of revenue is currently being offset by disproportionate increases in sales and marketing spend. This trend warrants further investigation into whether the company can ever achieve profitability without a fundamental restructuring of its go-to-market strategy.
As indicated by the quarterly data, Banzai's net income is frequently impacted by significant stock-based compensation charges, such as the $1.3 million recorded in 2026Q1, which complicates the assessment of true operational performance and highlights the reliance on equity-based incentives to manage cash outflows.
The frequent use of stock-based compensation appears to be a mechanism to preserve cash, yet it creates a disconnect between reported net losses and the actual cash burn experienced by the business. Analysts should adjust for these non-cash items to better understand the underlying cash-flow requirements of the firm.
Based on the reported figures, the company's cash position has dwindled to a precarious $259,205, which, when contrasted against persistent quarterly operating losses, suggests an immediate and existential risk that may necessitate dilutive financing or a drastic reduction in operational scope to avoid insolvency.
The current cash balance is insufficient to sustain the company's historical burn rate for more than a single quarter. This liquidity cliff represents the most significant risk to the investment thesis, as the company's ability to continue operations is now entirely dependent on its access to external capital markets.
Quick answers to the most common questions about buying BNZI stock.
For fiscal year 2025, Banzai International, Inc. (BNZI) reported total revenue of $12.2M.
Banzai International, Inc. (BNZI) reported a net loss of $22.5M for the fiscal year ending 2025.
Banzai International, Inc. (BNZI) reported an operating income of $-18.5M, resulting in an operating profit margin of -151.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Banzai International, Inc. (BNZI) generated $10.0M in gross profit for the year, representing a gross profit margin of 82.0%. This demonstrates the company's core pricing power and production efficiency.