Brand Engagement Network Inc.(BNAI)

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Brand Engagement Network Inc.(BNAI) - 2025 Q3 - Quarterly Results
2025-10-14 20:30
[General Information](index=1&type=section&id=General%20Information) This section provides foundational details about Brand Engagement Network Inc., including its registration, securities, and regulatory status [Registrant Information](index=1&type=section&id=Registrant%20Information) This section details Brand Engagement Network Inc.'s legal structure, operational address, and contact information - Brand Engagement Network Inc. is a Delaware corporation with its principal executive offices located at 300 Delaware Ave, Suite 210, Wilmington, DE 19801[2](index=2&type=chunk) - The registrant's telephone number is (650) 714-2747[2](index=2&type=chunk) [Securities Registered](index=1&type=section&id=Securities%20Registered) This outlines Brand Engagement Network Inc.'s registered securities, including trading symbols and exchange listings | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock, par value $0.0001 per share | BNAI | The Nasdaq Stock Market LLC | | Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share | BNAIW | The Nasdaq Stock Market LLC | [Emerging Growth Company Status](index=1&type=section&id=Emerging%20Growth%20Company%20Status) This section confirms Brand Engagement Network Inc.'s designation as an 'emerging growth company' - Brand Engagement Network Inc. is designated as an 'Emerging growth company'[4](index=4&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=3&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This item reports Brand Engagement Network Inc.'s financial results for the quarter and year ended June 30, 2025 - On October 14, 2025, Brand Engagement Network Inc. issued a press release announcing its financial results for the quarter and year ended June 30, 2025[5](index=5&type=chunk) - The press release (Exhibit 99.1) is furnished as part of this report but is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, limiting associated liabilities[5](index=5&type=chunk)[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=3&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K filing, detailing financial results and related documents | Exhibit No. | Description of Exhibit | | :--- | :--- | | 99.1 | Press Release of Brand Engagement Network Inc., issued October 14, 2025 (furnished pursuant to Item 2.02) | | 99.2 | Prepared Remarks for the Second Quarter ending June 30, 2025 Earnings Call, dated October 14, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=4&type=section&id=Signature) This section formally concludes the report, authorized and signed by the registrant's Chief Financial Officer - The report was signed by Walid Khiari, Chief Financial Officer of Brand Engagement Network Inc., on October 14, 2025[9](index=9&type=chunk)[10](index=10&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This cautionary statement advises readers that the report contains forward-looking statements, subject to various risks and uncertainties - The report includes forward-looking statements that reflect current expectations but are subject to known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially[11](index=11&type=chunk) - The company disclaims any intention or obligation to publicly update or revise any forward-looking statements[11](index=11&type=chunk) - Risk factors are further detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other SEC filings[11](index=11&type=chunk)
Brand Engagement Network Reports Second Quarter 2025 Results
Prnewswire· 2025-10-14 10:40
Core Insights - Brand Engagement Network Inc. (BEN) reported significant financial improvements in Q2 2025, highlighting a focus on cost reduction and strategic management actions to foster long-term growth [1][8]. Strategic Achievements - The Acting CEO emphasized the company's commitment to strengthening its foundation through disciplined management and cost reductions, which are essential for sustainable growth [1]. - The Innovation Lab in Seoul is pivotal in driving product innovation, particularly in conversational AI, contributing to the company's global success [1]. Financial Highlights - Revenue for Q2 2025 reached $5,000, a notable increase from zero in Q2 2024, indicating early traction in conversational AI solutions [8]. - Operating expenses decreased by 55.6% to $2.8 million from $6.3 million in Q2 2024, attributed to streamlined operations and strategic cost optimization [8]. - Other income amounted to $3.7 million, primarily from a $4.0 million gain on debt extinguishment, partially offset by changes in warrant fair value [8]. - The company achieved a net income of $0.9 million in Q2 2025, a turnaround from a net loss of $3.0 million in Q2 2024 [8]. - Stockholders' equity increased by 126% to $5.9 million from $2.6 million at year-end 2024, reflecting improved financial health [8]. Company Overview - BEN specializes in developing conversational AI agents tailored for regulated and customer-centric industries, utilizing its proprietary Engagement Language Model (ELM™) [10]. - The company holds 21 issued patents and has a growing intellectual property portfolio, with early adoption across various sectors including life sciences, healthcare, and financial services [10].
Brand Engagement Network Appoints Chief Medical Informatics Officer Ruy Carrasco to Board of Directors
Yahoo Finance· 2025-10-01 06:27
Brand Engagement Network Inc. (NASDAQ:BNAI) is one of the oversold tech stocks to invest in. Effective September 18, Brand Engagement Network/BEN announced the appointment of Ruy Carrasco, M.D., to its Board of Directors. Carrasco has served as BEN’s Chief Medical Informatics Officer since 2021 and brings extensive expertise in healthcare, informatics, and enterprise innovation to the board. BEN is actively executing its strategy and delivering secure, compliant AI solutions across various regulated secto ...
Brand Engagement Network Appoints Janine Grasso as Interim CEO
Globenewswire· 2025-07-15 20:58
Core Insights - Brand Engagement Network Inc. (BEN) has appointed Janine Grasso as Interim Chief Executive Officer, succeeding Paul Chang, who will remain on the Board of Directors [1][4] - Grasso has over 20 years of experience in technology-driven organizations, including leadership roles at DocuSign, Verizon, and IBM, which positions her well to guide BEN's growth [2][3] - BEN has reduced its total liabilities by $4.25 million in the second quarter, reflecting a focus on operational discipline and long-term value creation [4] - The company is advancing its acquisition of Cataneo, expected to enhance its platform capabilities and international presence, with completion anticipated later this summer [5] Company Overview - BEN specializes in AI-powered customer engagement solutions, utilizing its proprietary Engagement Language Model (ELM™) and Retrieval-Augmented Generation (RAG) architecture for personalized interactions [7] - The company serves various industries, including life sciences, automotive, and retail, and is committed to compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards [7] - BEN holds 21 patents and has 28 pending, showcasing its dedication to advancing AI-driven consumer engagement [7]
Brand Engagement Network Inc.(BNAI) - 2025 Q1 - Earnings Call Transcript
2025-06-10 23:02
Financial Data and Key Metrics Changes - The company reduced general and administrative expenses by nearly 50% compared to Q1 of the previous year, reflecting stronger operational discipline [13] - A $3,500,000 line of credit was secured from Core Capital Partners, providing additional financial flexibility [14] Business Line Data and Key Metrics Changes - The iSky platform was officially launched, generating strong early traction across multiple industries, indicating a positive market response [7] - The partnership with Swiss Life Global Solutions aims to deliver secure generative AI solutions across its global network, highlighting the platform's versatility [9] Market Data and Key Metrics Changes - The automotive sector is seeing increased momentum, with strong relationships established with OEMs and dealership networks, suggesting potential for future production contracts [19][20] - The company is also expanding into healthcare and life sciences, with expectations for pilots to convert into production deployments [19] Company Strategy and Development Direction - The company is focused on executing its strategy of delivering practical, scalable AI solutions and expanding into new verticals [12] - The acquisition of Catanelle is expected to transform the ad tech industry, allowing brands to manage their entire customer journey [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the traction being seen and the potential for continued growth, emphasizing the importance of partnerships and product capabilities [12] - The company is energized by the market validation and is looking forward to adding large household names to its customer list [12] Other Important Information - The company is preparing to integrate the planned acquisition of Catanelle, which is expected to enhance its product capabilities [15] Q&A Session Summary Question: What contributed to revenue in the quarter? - All pilots are paid, contributing to revenue, although not significantly yet [18] Question: Visibility into collaborations leading to production contracts? - Anticipation of conversions in healthcare and life sciences, with strong momentum in the automotive space [19] Question: Clarification on the automotive rollout status? - Finalizing rollout with high-value use cases tested and demoed to dealerships, with ongoing integration efforts [22]
Brand Engagement Network Inc.(BNAI) - 2025 Q1 - Earnings Call Transcript
2025-06-10 23:00
Financial Data and Key Metrics Changes - The company reduced general and administrative expenses by nearly 50% compared to Q1 of the previous year, reflecting stronger operational discipline [13] - A $3,500,000 line of credit was secured from Core Capital Partners, providing additional financial flexibility [14] Business Line Data and Key Metrics Changes - The iSky platform was officially launched, generating strong early traction across multiple industries, indicating a positive market response [7] - The partnership with Swiss Life Global Solutions aims to deliver secure generative AI solutions across its global network, highlighting the platform's versatility [8] Market Data and Key Metrics Changes - The automotive sector is showing promise, with strong relationships established with OEMs and dealership networks, indicating potential for rapid pilot-to-production conversions [20][21] - The company is also expanding into healthcare and life sciences, with expectations for pilots to convert into production deployments [20] Company Strategy and Development Direction - The company is focused on executing its strategy of delivering practical, scalable AI solutions and expanding into new verticals [12] - The acquisition of Catanelle is expected to transform the ad tech industry, allowing brands to manage their entire customer journey [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the traction being seen and the positioning of the company for continued growth [12] - The CEO emphasized excitement about upcoming opportunities and the company's progress in the market [28] Other Important Information - The company is preparing to integrate the planned acquisition of Catanelle, which is expected to enhance product capabilities and financial foundation [15] Q&A Session Summary Question: What contributed to revenue in the quarter? - All pilots are paid, contributing to revenue, although not significantly yet [18][19] Question: Visibility into collaborations leading to production contracts? - Anticipation of conversions to production deployments in healthcare and life sciences, with optimism in the automotive space [20] Question: Clarification on automotive rollout status? - Finalizing rollout with high-value use cases tested and demoed to dealerships, with pilot deployments in progress [23][24]
Brand Engagement Network Inc.(BNAI) - 2025 Q1 - Quarterly Results
2025-06-10 10:03
Loan Terms - The maximum principal amount of the Line of Credit is $3,500,000.00[5] - Interest on outstanding Advances is set at a rate of 10% per annum, payable on the Maturity Date[11] - A $10,000.00 Structuring Fee is also payable on the Maturity Date[11] - The Maturity Date is set for six months from the Effective Date, with the possibility of a six-month extension upon mutual consent[7][15] Borrower Obligations - All Advances are contingent upon unanimous approval by Borrower's Special Line of Credit Committee[12] - Borrower may prepay the Principal Indebtedness without prior written consent or payment of any premium or penalty[14] - Borrower must notify Lender of any events that may result in a Material Adverse Event[26] - Borrower is prohibited from liquidating, merging, or selling substantially all assets without Lender's prior written consent[28] - Borrower is responsible for all reasonable fees and costs incurred by Lender in the preparation and collection of this Agreement[37] Default and Enforcement - In the event of a Default, Lender may declare the outstanding Principal Indebtedness immediately due and payable[34] - The obligations under the Agreement are continuing and will not terminate until all amounts are fully paid[42] - In case of default, the defaulting party is responsible for all costs, including attorney fees, incurred by the non-defaulting party[51] Agreement Provisions - The Agreement includes provisions for waivers, stating that failure to enforce strict compliance does not waive any rights of either party[41] - Neither party may assign their rights or obligations without prior written consent from the other party[43] - Notices must be in writing and delivered through specified methods to be effective[44] - If any provision of the Agreement is deemed unenforceable, it does not affect the validity of other provisions[45] - The Agreement does not create a partnership or joint venture between the parties[46] - The Agreement is governed by the laws of the state of Delaware[48] - The Agreement may be executed in counterparts, each considered an original[50] - The Agreement allows for digital signatures to be legally binding[53]
BEN Secures $3.5 Million Line of Credit
Globenewswire· 2025-06-10 10:00
Core Viewpoint - Brand Engagement Network Inc. (BEN) has secured a $3.5 million line of credit to enhance liquidity and support its growth strategy [1][2][3] Financial Agreement - The line of credit allows BEN to draw up to $3.5 million until December 5, 2025, with a fixed interest rate of 10.0% per annum [2] - No amounts have been drawn under the facility as of the announcement date [2] Strategic Implications - The CFO and COO of BEN, Walid Khiari, emphasized that this credit facility will strengthen liquidity and aid in scaling operations and executing long-term growth strategies [3] - The agreement includes standard terms and conditions, including events of default related to nonpayment and insolvency [3] Company Overview - Brand Engagement Network Inc. specializes in AI-driven customer engagement solutions, utilizing proprietary technologies like Engagement Language Model (ELM™) and Retrieval-Augmented Generation (RAG) architecture [4] - The company serves various industries, including life sciences, automotive, and retail, and is committed to compliance with regulations such as GDPR and HIPAA [4] - BEN holds 21 patents and has 28 pending, showcasing its dedication to advancing AI-driven consumer engagement [4]
BEN Reports First Quarter 2025 Results and Business Highlights
Globenewswire· 2025-06-10 01:54
Core Viewpoint - Brand Engagement Network Inc. (BEN) reported a strong start to 2025 with the launch of its iSKYE platform and strategic partnerships, highlighting the increasing demand for secure and scalable AI solutions [2][3]. Group 1: Business Highlights - The iSKYE platform was officially launched, providing businesses with a customizable and scalable AI solution that integrates seamlessly with existing processes, featuring customizable 3D avatars and enterprise-grade security [7]. - BEN formed a global AI insurance partnership with Swiss Life Global Solutions to enhance digital health and financial wellbeing services, aiming to streamline insurance sales and improve member services [7]. - The company expanded its partnership with Vybroo and Grupo Siete to deploy AI-powered brand ambassadors across Latin America and Southern Europe, unlocking new revenue opportunities in high-growth markets [7]. - BEN is advocating for responsible AI privacy standards, supporting proposed legislation to prevent the offshore storage of sensitive user data, reinforcing its commitment to secure AI systems [7]. Group 2: Financial Performance and Future Outlook - The company will host a conference call to discuss its financial performance and strategic outlook, led by CEO Paul Chang and CFO Walid Khiari [4].
Brand Engagement Network Inc.(BNAI) - 2025 Q1 - Quarterly Report
2025-06-04 22:03
Acquisition and Financing - The Company entered into a Share Purchase and Transfer Agreement to acquire Cataneo GmbH for an aggregate purchase price of $19.5 million, consisting of $9.0 million in cash and 4,200,000 shares of Common Stock valued at $2.50 per share[133]. - The transaction is expected to close in the first half of 2025, subject to various conditions including the making of a Cash Election and obtaining third-party approvals[135]. - The Company plans to finance the acquisition through third-party financing, which may include debt or equity[136]. - The cash purchase price for the acquisition of Cataneo is $9.0 million, with potential additional cash payments for equity consideration[194]. Financial Performance - For the three months ended March 31, 2025, the company reported revenues of $10,000, a decrease of $39,790 compared to $49,790 for the same period in 2024[163]. - General and administrative expenses for the three months ended March 31, 2025 were approximately $3.2 million, a decrease of approximately $3.3 million compared to the prior period, primarily due to transaction costs incurred in connection with the Business Combination[165]. - Research and development expenses for the three months ended March 31, 2025 were approximately $11,000, a decrease of approximately $0.2 million compared to the same period in 2024[167]. - The company had an accumulated deficit of approximately $50.6 million as of March 31, 2025, and expects losses and negative cash flows to continue for the foreseeable future[169]. - The net loss for Q1 2025 was approximately $3.6 million, compared to a net loss of approximately $6.9 million in Q1 2024[196][197]. Cash Flow and Liquidity - As of March 31, 2025, the company's principal source of liquidity was cash of approximately $0.2 million, indicating a need for additional capital to fund operations[169]. - Cash used in operating activities for Q1 2025 was approximately $2.6 million, a decrease from $4.5 million in Q1 2024[196][197]. - Cash provided by financing activities in Q1 2025 was approximately $2.8 million, down from $6.3 million in Q1 2024[199][200]. - The company reported a net cash increase of approximately $87,000 in Q1 2025, compared to $1.6 million in Q1 2024[195]. Debt and Defaults - The Company issued a non-convertible unsecured promissory note for approximately $1.7 million, which matured on March 11, 2025, and is currently in default with an outstanding balance of $416,667[141]. - The Company issued a convertible promissory note for $1.9 million, with an outstanding balance of $760,000 as of March 31, 2025, and is also in default on this note[142]. - The company is in default on the Cohen Convertible Note with an unpaid balance of $0.8 million as of March 31, 2025[171]. - The Company experienced a default on the Yorkville Promissory Note with an outstanding balance of $0.4 million as of March 31, 2025[180]. Intellectual Property and Development - The Company has significant intellectual property in the form of a patent portfolio targeting industries such as automotive, healthcare, and financial services[132]. - The Company is focused on developing AI assistants that enhance customer experiences and operational efficiency in the automotive and healthcare markets[131]. - The Company entered into a research and development sponsorship agreement with Korea University for a total consideration of approximately $0.4 million[192]. Share Issuance and Warrants - During the quarter ending March 31, 2025, Purchasers exercised 787,132 Committed Warrants for aggregate gross proceeds of $1.5 million[145]. - The Company issued 330,000 shares of Common Stock for gross proceeds of $750,000 during the quarter ending March 31, 2025[173]. - During the quarter ending March 31, 2025, the Company issued 1,500,000 shares of Common Stock to Yorkville under the SEPA[179]. - As of March 31, 2025, the Company has 1,901,281 May One-Year Warrants and 1,251,587 May Five-Year Warrants outstanding[173]. Operating Costs and Future Outlook - The company expects to incur significant operating costs that will impact future profitability, including research and development expenses and capital expenditures for expansion[152]. - The change in fair value of warrant liabilities for the three months ended March 31, 2025 was approximately $0.6 million, reflecting a non-cash charge for changes in the fair value of the warrant liabilities[168]. - There were no material changes to critical accounting policies from the previous year[202]. - The company has no off-balance sheet financing arrangements as of March 31, 2025[204]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay adopting new accounting standards[205].