Banzai International(BNZI) - 2024 Q1 - Quarterly Results

Form 8-K Current Report (May 15, 2024) Item 2.02 Results of Operations and Financial Condition Banzai International, Inc. announced Q1 2024 financial results, highlighting Adjusted EBITDA as a key non-GAAP performance measure, with a significant increase in Adjusted EBITDA loss primarily due to higher transaction-related expenses - The company utilizes Adjusted EBITDA, a non-GAAP measure, to assess operational performance, aiding investors by excluding irregular, non-cash, and non-operational expenses[5] Net Income/(Loss) to Adjusted EBITDA Reconciliation (Q1 2024 vs Q1 2023) | ($ in Thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Period over Period % Change | | :--- | :--- | :--- | :--- | | Net loss | $ (4,501) | $ (3,763) | 19.6% | | Transaction related expenses | $ 1,842 | $ 1,251 | 47.2% | | Adjusted EBITDA (Loss) | $ (1,508) | $ (626) | 141.1% | Breakdown of Transaction Related Expenses (Q1 2024 vs Q1 2023) | ($ in Thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Period over Period % Change | | :--- | :--- | :--- | :--- | | Professional fees - audit | $ 344 | $ 277 | 24.2% | | Professional fees - legal | $ 597 | $ 68 | 777.9% | | Incremental accounting | $ 680 | $ 808 | -15.8% | | Market study, M&A support | $ 221 | $ 98 | 125.5% | | Total Transaction related expenses | $ 1,842 | $ 1,251 | 47.2% | Item 8.01 Other Events The company entered a Debt Repayment Agreement with Yorkville on May 3, 2024, for $2.7 million in outstanding promissory notes, contingent on a future offering and involving a temporary suspension of conversion rights and maturity extensions - The agreement covers two unsecured promissory notes issued to Yorkville, totaling $2.0 million on December 14, 2023, and $1.5 million on March 26, 2024[11] - A total of $2.7 million was outstanding under the promissory notes as of the agreement date[11] - Key terms, contingent on a company offering by June 2, 2024, include $2.0 million repayment, a 90-day standstill on Yorkville's conversion rights, and maturity extension to 120 days post-offering close[12] Item 9.01 Financial Statements and Exhibits This section enumerates the exhibits filed with the Form 8-K, including the Q1 2024 financial results press release and the Debt Repayment Agreement with Yorkville Exhibits Filed | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated May 15, 2024 | | 99.2 | Debt Repayment Agreement, dated as of May 3, 2024, by and among the Company and Yorkville | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |