Exhibit 99.1 BEN Reports Second Quarter 2024 Financial Results JACKSON, WY – August 14, 2024 – Brand Engagement Network Inc. ("BEN") (Nasdaq: BNAI), an emerging provider of safe and secure customer engagement AI, today announced its financial results and key business highlights for the second quarter ended June 30, 2024. "In the second quarter, we made continued progress on market validation initiatives, with meaningful acceleration in new proof of concepts" said Paul Chang, Co-CEO of BEN. "Looking to the s ...

Financial Performance - The net loss for the three months ended June 30, 2024, was approximately $3.0 million, a slight improvement compared to a net loss of $3.1 million in the same period in 2023[143]. - Revenue for the six months ended June 30, 2024, was $0.05 million, compared to no revenue in the same period of 2023[149]. - Net loss for the six months ended June 30, 2024, was approximately $9.9 million, compared to a net loss of $5.7 million in the same period of 2023, representing an increase in loss of $4.2 million[151]. - The company expects to continue incurring losses and negative cash flows due to increased general and administrative expenses and ongoing product research and development[156]. Operating Expenses - Total operating expenses for the three months ended June 30, 2024, were $6.3 million, an increase of $3.2 million from $3.1 million in the same period in 2023[143]. - General and administrative expenses were approximately $5.3 million, an increase of approximately $2.5 million compared to the same period in 2023[144]. - General and administrative expenses increased to approximately $11.8 million for the six months ended June 30, 2024, up by approximately $6.4 million from $5.4 million in 2023[150]. - Total operating expenses for the six months ended June 30, 2024, were approximately $13.2 million, an increase of $7.5 million compared to $5.7 million in 2023[151]. - Significant operating costs are expected to continue, impacting future profitability, including research and development expenses and general administrative expenses[133]. Research and Development - Research and development expenses for the three months ended June 30, 2024, were approximately $0.4 million, an increase of approximately $0.3 million compared to the same period in 2023[146]. Cash Flow and Financing - Cash used in operating activities for the six months ended June 30, 2024, was approximately $8.6 million, compared to $1.3 million for the same period in 2023, primarily due to a net loss of approximately $9.9 million in 2024 versus $5.7 million in 2023[173][174]. - Cash provided by financing activities during the six months ended June 30, 2024, was approximately $8.5 million, significantly higher than $2.1 million in 2023, mainly from proceeds received from the sale of Common Stock[176][177]. - The company entered into a private placement in May 2024, raising approximately $5.0 million through the issuance of 1,980,000 shares of Common Stock[160]. - The company had cash of approximately $1.4 million and an accumulated deficit of approximately $23.2 million as of June 30, 2024[156]. Debt and Liabilities - Gain on debt extinguishment for the three months ended June 30, 2024, was approximately $1.8 million, related to the settlement of accounts payable through the issuance of shares of Common Stock[147]. - Gain on debt extinguishment for the six months ended June 30, 2024, was approximately $1.8 million, with no such gain reported in 2023[154]. - Change in fair value of warrant liabilities for the three months ended June 30, 2024, was approximately $1.5 million, reflecting a non-cash charge for changes in the fair value of the warrant liability[148]. - Change in fair value of warrant liabilities for the six months ended June 30, 2024, was approximately $1.4 million, with no such expenses incurred in 2023[155]. - The company has outstanding loans totaling approximately $0.9 million, with interest rates ranging from 4.667% to 6.69%[168]. Cash Management - The net cash inflow from changes in operating assets and liabilities for the six months ended June 30, 2024, was approximately $1.0 million, driven by a $3.6 million increase in accounts payable[173]. - The company reported a net decrease in cash and cash equivalents of approximately $253,588 for the six months ended June 30, 2024, compared to an increase of $286,073 in 2023[172]. - Cash used in investing activities was approximately $0.1 million for the six months ended June 30, 2024, down from approximately $0.6 million in 2023, primarily related to capitalized internal-use software costs[175]. Company Status and Future Outlook - The company has not generated any significant revenue to date, as it remains in the development stage[134]. - The company anticipates substantial additional capital will be required to develop products and fund operations for the foreseeable future[133]. - The company is focused on expanding its operations and driving brand awareness, particularly following the acquisition of DM Lab Co., LTD in May 2023[144]. - There were no material changes to critical accounting policies and estimates from the previous reporting period[179]. - The company has no off-balance sheet financing arrangements as of June 30, 2024[181]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay adopting new accounting standards[182]. - The financial statements may not be comparable to those of companies that comply with new accounting pronouncements as of public company effective dates due to the extended transition period[183].

As filed with the Securities and Exchange Commission on August 12, 2024. Registration No. 333-280366 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BRAND ENGAGEMENT NETWORK INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation Or Organization) Delaware 7372 98-1574798 (Primary Standard Industrial Classification Code Number) 145 E. Snow King Ave PO B ...

As filed with the Securities and Exchange Commission on August 12, 2024. Registration No. 333-280366 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BRAND ENGAGEMENT NETWORK INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation Or Organization) Delaware 7372 98-1574798 (Primary Standard Industrial Classification Code Number) 145 E. Snow King Ave PO B ...

As filed with the Securities and Exchange Commission on July 26, 2024. Registration No. 333-280366 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BRAND ENGAGEMENT NETWORK INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation Or Organization) Delaware 7372 98-1574798 (Primary Standard Industrial Classification Code Number) 145 E. Snow King Ave PO Box ...

As filed with the Securities and Exchange Commission on July 26, 2024. Registration No. 333-280366 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BRAND ENGAGEMENT NETWORK INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation Or Organization) Delaware 7372 98-1574798 (Primary Standard Industrial Classification Code Number) 145 E. Snow King Ave PO Box ...

As filed with the Securities and Exchange Commission on June 20, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BRAND ENGAGEMENT NETWORK INC. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation Or Organization) Delaware 7372 98-1574798 (Primary Standard Industrial Classification Code Number) (Address, Including Zip Code, and Telephone Number, ...

As filed with the Securities and Exchange Commission on June 20, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) Paul Chang 145 E. Snow King Ave PO Box 1045 Jackson, WY 83001 (312) 810-7422 (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent ...

Revenue and Financial Performance - For the three months ended March 31, 2024, the company generated $49,790 in revenue, a significant increase compared to no revenue in the same period of 2023[131]. - The net loss for the three months ended March 31, 2024 was $6.9 million, compared to a net loss of $2.6 million in the same period of 2023, reflecting an increase of $4.2 million[130]. - The company incurred a net loss of approximately $6.9 million during the three months ended March 31, 2024, with cash used in operating activities of approximately $4.5 million[145]. - Cash provided by financing activities during the three months ended March 31, 2024 was approximately $6.3 million, primarily from the sale of Common Stock[148]. - The company expects to continue incurring losses and negative cash flows due to increased expenses related to product research and development[137]. Expenses - General and administrative expenses for the three months ended March 31, 2024 were approximately $6.5 million, an increase of approximately $3.9 million from $2.6 million in the same period of 2023[132]. - Research and development expenses for the three months ended March 31, 2024 were approximately $0.3 million, an increase of approximately $0.2 million compared to $2,000 in the same period of 2023[134]. - Total operating expenses for the three months ended March 31, 2024 were $6.8 million, an increase of $4.2 million from $2.6 million in the same period of 2023[128]. - The company expects to incur significant operating costs related to research and development, capital expenditures, and general administrative expenses as it scales operations[119]. - The company anticipates an increase in professional fees and other public company costs following the completion of the merger[121]. Capital and Financing - As of March 31, 2024, the company had cash of approximately $3.3 million and an accumulated deficit of approximately $20.2 million[137]. - The company had four outstanding bank loans totaling approximately $0.9 million, with interest rates ranging from 4.667% to 6.69%[139]. - The company entered into a promissory note agreement for $0.6 million with a related party, maturing on June 25, 2025[140]. - The company received $5.5 million from AFG in March 2024, concurrent with the Merger, but did not receive net cash due to transaction expenses[138]. Research and Development - The company has ongoing research and development sponsorship agreements with Korea University, with total payments expected to reach approximately $0.4 million in 2024[142]. - The company has a patent portfolio that is expected to be a cornerstone of its artificial intelligence solutions targeting industries such as automotive, healthcare, and financial services[112]. Business Combination - The company entered into a business combination with DHC on March 14, 2024, issuing 25,641,321 shares of common stock to Prior BEN stockholders[113]. Internal Controls - Management has identified a material weakness in internal controls over financial reporting, which has not yet been remediated[159].

Financial Performance - BEN reported revenues of $49,790 for Q1 2024, compared to $0 in Q1 2023[13] - The net loss for Q1 2024 was $6,884,409, compared to a net loss of $2,637,956 in Q1 2023, reflecting an increase in losses of approximately 161%[13] - Operating expenses for Q1 2024 totaled $6,848,553, significantly higher than $2,637,956 in Q1 2023, marking an increase of about 160%[13] - Net loss for the three months ended March 31, 2024, was $6,884,409, compared to a net loss of $2,637,956 for the same period in 2023, representing an increase of 161%[14] - Depreciation and amortization expense increased to $117,347 from $19,232 year-over-year[14] - Net cash used in operating activities was $4,549,929, significantly higher than $55,470 in the prior year[14] Assets and Liabilities - Total current assets increased to $4,353,776 as of March 31, 2024, up from $1,896,306 as of December 31, 2023, representing a growth of approximately 129%[11] - Total liabilities rose to $16,249,572 as of March 31, 2024, compared to $4,314,286 as of December 31, 2023, indicating an increase of about 276%[11] - BEN's accumulated deficit increased to $(20,186,129) as of March 31, 2024, compared to $(13,301,720) as of December 31, 2023, indicating a rise in accumulated losses[12] - Cash and cash equivalents increased to $3,304,283 as of March 31, 2024, up from $1,685,013 as of December 31, 2023, a growth of approximately 96%[11] - Cash and cash equivalents at the end of the period were $3,304,283, up from $1,685,013 at the beginning of the period[14] Financing Activities - Net cash provided by financing activities was $6,340,264, compared to $53,460 in the same period last year[14] - The company raised $6,325,000 from the sale of common stock during the quarter[14] Strategic Initiatives - The company launched BENAuto in partnership with AFG Companies, providing unique AI Assistants for automotive applications[3] - BEN announced a pilot partnership with MedAdvisor Solutions to implement its AI Assistant technology in pharmacies[3] - The company strengthened its Board of Directors with new appointments, enhancing governance and strategic oversight[3] Other Financial Information - Capitalized internal-use software costs amounted to $158,028, with an additional $50,075 capitalized in accrued expenses[14] - Stock-based compensation capitalized as part of capitalized software costs was $291,725[14] - The company recorded a write-off of deferred financing fees totaling $1,427,729[14] - The change in fair value of warrant liabilities was $60,823, indicating potential volatility in financial instruments[14]