| Summary of Information About Segments |
The table below presents information about segments for the three months ended June 30, 2026:
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Three months ended June 30, 2026 |
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Banzai Operating |
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OpenReel |
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Vidello |
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Total Consolidated |
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Revenue |
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$ |
1,010 |
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|
$ |
1,036 |
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|
$ |
227 |
|
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$ |
2,273 |
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Cost of revenue |
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|
351 |
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|
55 |
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|
|
44 |
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|
|
450 |
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Gross profit |
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|
659 |
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|
981 |
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|
183 |
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1,823 |
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Expenses |
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People |
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1,965 |
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|
843 |
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|
135 |
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2,943 |
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Marketing and advertising |
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|
125 |
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12 |
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180 |
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|
317 |
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Technology |
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166 |
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35 |
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17 |
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218 |
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Other segment expenses1 |
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(10 |
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35 |
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3 |
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28 |
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Total expenses |
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2,246 |
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|
925 |
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|
335 |
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3,506 |
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Segment Adjusted EBITDA |
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(1,587 |
) |
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|
56 |
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(152 |
) |
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(1,683 |
) |
Transaction, public company expenses and stock-based compensation |
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2,400 |
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— |
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— |
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|
2,400 |
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Adjusted EBITDA |
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$ |
(3,987 |
) |
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$ |
56 |
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|
$ |
(152 |
) |
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$ |
(4,083 |
) |
1 Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and public company expenses, and the SEPA commitment fee expense and deferred fee expense. The table below presents information about segments for the six months ended June 30, 2026:
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Six months ended June 30, 2026 |
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Banzai Operating |
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OpenReel |
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Vidello |
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Total Consolidated |
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Revenue |
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$ |
2,036 |
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$ |
2,412 |
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$ |
521 |
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$ |
4,969 |
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Cost of revenue |
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|
741 |
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|
119 |
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|
111 |
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|
971 |
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Gross profit |
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1,295 |
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2,293 |
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|
410 |
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|
3,998 |
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Expenses |
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People |
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3,909 |
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1,876 |
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|
254 |
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|
6,039 |
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Marketing and advertising |
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|
409 |
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|
63 |
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|
|
293 |
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|
|
765 |
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Technology |
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|
346 |
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|
72 |
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|
30 |
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|
|
448 |
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Other segment expenses1 |
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|
174 |
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|
71 |
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7 |
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|
252 |
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Total expenses |
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4,838 |
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2,082 |
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|
584 |
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7,504 |
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Segment Adjusted EBITDA |
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(3,543 |
) |
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211 |
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(174 |
) |
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(3,506 |
) |
Transaction, public company expenses and stock-based compensation |
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6,052 |
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— |
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— |
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|
6,052 |
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Adjusted EBITDA |
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$ |
(9,595 |
) |
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$ |
211 |
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$ |
(174 |
) |
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$ |
(9,558 |
) |
1 Other segment expenses for each reportable segment includes provision for credit losses, foreign currency exchange rate changes, travel and entertainment expenses, professional expenses other than those included in transaction and public company expenses, insurance expenses, and expenses related to licenses. The table below presents information about segments for the three months ended June 30, 2025:
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Three months ended June 30, 2025 |
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Banzai Operating |
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OpenReel |
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Vidello |
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Total Consolidated |
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Revenue |
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$ |
1,011 |
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$ |
1,387 |
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$ |
729 |
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$ |
3,127 |
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Cost of revenue |
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|
368 |
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|
78 |
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|
108 |
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|
554 |
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Gross profit |
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|
643 |
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|
1,309 |
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|
621 |
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|
2,573 |
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Expenses |
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People |
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1,143 |
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|
1,261 |
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|
86 |
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2,490 |
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Marketing and advertising |
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|
198 |
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18 |
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172 |
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|
388 |
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Technology |
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251 |
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|
64 |
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22 |
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|
337 |
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Other segment expenses1 |
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201 |
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26 |
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|
71 |
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|
298 |
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Total expenses |
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1,793 |
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1,369 |
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|
351 |
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3,513 |
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Segment Adjusted EBITDA |
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(1,150 |
) |
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(60 |
) |
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270 |
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(940 |
) |
Transaction, public company expenses and stock-based compensation |
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3,476 |
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22 |
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102 |
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3,600 |
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Adjusted EBITDA |
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$ |
(4,626 |
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$ |
(82 |
) |
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$ |
168 |
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$ |
(4,540 |
) |
1 Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and public company expenses, and the SEPA commitment fee expense and deferred fee expense. The expense classification for 2025 has been recast to conform to the current year expense classification. The table below presents information about segments for the six months ended June 30, 2025:
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Six months ended June 30, 2025 |
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Banzai Operating |
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OpenReel |
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Vidello1 |
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Total Consolidated |
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Revenue |
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$ |
2,171 |
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$ |
2,828 |
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$ |
1,507 |
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$ |
6,506 |
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Cost of revenue |
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|
745 |
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|
152 |
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|
263 |
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|
1,160 |
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Gross profit |
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|
1,426 |
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|
2,676 |
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|
1,244 |
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|
5,346 |
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Expenses |
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People |
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2,437 |
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|
2,383 |
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|
86 |
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|
4,906 |
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Marketing and advertising |
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|
387 |
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|
57 |
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|
310 |
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|
754 |
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Technology |
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530 |
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123 |
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52 |
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|
705 |
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Other segment expenses2 |
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403 |
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49 |
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215 |
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|
667 |
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Total expenses |
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3,757 |
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2,612 |
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|
663 |
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7,032 |
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Segment Adjusted EBITDA |
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(2,331 |
) |
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64 |
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|
581 |
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(1,686 |
) |
Transaction, public company expenses and stock-based compensation |
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7,087 |
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|
324 |
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|
103 |
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|
7,514 |
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Adjusted EBITDA |
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$ |
(9,418 |
) |
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$ |
(260 |
) |
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$ |
478 |
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$ |
(9,200 |
) |
1 The Vidello acquisition occurred on January 31, 2025 (refer to Note 4 – Acquisitions and therefore does not represent activity for the full six month period in 2025. 2 Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and public company expenses, and the SEPA commitment fee expense and deferred fee expense. The expense classification for 2025 has been recast to conform to the current year expense classification.
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| Summary of Reconciliation Between EBITDA by Reportable Segment to Consolidated Net Loss Before Income Taxes |
A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the three months ended June 30, 2026 and 2025 is as follows:
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Three Months Ended June 30, |
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2026 |
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2025 |
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EBITDA by segment |
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Banzai Operating Co. |
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$ |
(3,987 |
) |
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|
(4,626 |
) |
OpenReel |
|
|
56 |
|
|
|
(82 |
) |
Vidello |
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|
(152 |
) |
|
|
168 |
|
Total |
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(4,083 |
) |
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(4,540 |
) |
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Reconciliation to loss before income taxes: |
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Interest income |
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(3 |
) |
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|
— |
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Interest expense |
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|
129 |
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|
— |
|
Interest expense – related party |
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|
202 |
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|
537 |
|
Depreciation and amortization expense |
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|
303 |
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|
300 |
|
Gain on extinguishment of liabilities, net |
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(663 |
) |
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(146 |
) |
Loss on Yorkville SEPA advances |
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|
199 |
|
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|
362 |
|
Loss on debt issuance |
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|
159 |
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|
1,006 |
|
Changes in fair value of financial instruments |
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|
413 |
|
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|
224 |
|
Other |
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|
224 |
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|
1,336 |
|
Loss before income taxes |
|
$ |
(5,046 |
) |
|
$ |
(8,159 |
) |
A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the six months ended June 30, 2026 and 2025 is as follows:
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Six Months Ended June 30, |
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2026 |
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2025 |
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EBITDA by segment |
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|
Banzai Operating Co. |
|
$ |
(9,595 |
) |
|
$ |
(9,418 |
) |
OpenReel |
|
|
211 |
|
|
|
(260 |
) |
Vidello |
|
|
(174 |
) |
|
|
478 |
|
Total |
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|
(9,558 |
) |
|
|
(9,200 |
) |
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|
|
|
|
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|
Reconciliation to loss before income taxes: |
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|
|
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|
Interest income |
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|
(6 |
) |
|
|
— |
|
Interest expense |
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|
138 |
|
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|
— |
|
Interest expense – related party |
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|
396 |
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|
895 |
|
Depreciation and amortization expense |
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|
608 |
|
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|
547 |
|
Gain on extinguishment of liabilities, net |
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|
(657 |
) |
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|
(2,719 |
) |
Loss on Yorkville SEPA advances |
|
|
227 |
|
|
|
747 |
|
Loss on debt issuance |
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|
1,806 |
|
|
|
1,280 |
|
Changes in fair value of financial instruments |
|
|
671 |
|
|
|
568 |
|
Other |
|
|
774 |
|
|
|
1,211 |
|
Loss before income taxes |
|
$ |
(13,515 |
) |
|
$ |
(11,729 |
) |
|