Summary by Moomoo AI
Banzai International, a Marketing Technology (MarTech) company, reported a decrease in total revenue from $5.3 million in 2022 to $4.6 million in 2023, a 14.5% decline. The company's net losses improved slightly from $15.5 million in 2022 to $14.4 million in 2023. Banzai's cost of revenue also decreased by 26.2% year-over-year, contributing to a gross profit of $3.1 million in 2023, down 7.7% from the previous year. Operating expenses increased by 34.7% due to fees associated with the Business Combination and the initial public offering of its predecessor. The company's Adjusted EBITDA loss widened to $10.2 million in 2023 from $4.8 million in 2022, primarily due to increased general and administrative expenses. Banzai's cash flow from operating activities improved, with a net cash use of $1.6 million in 2023 compared to $5.2 million in 2022. The...Show More