Banzai International, Inc. (
NASDAQ: BNZI)
(“Banzai” or the “Company”), a leading marketing technology company
that provides essential marketing and sales solutions, today
announced a business update that includes December 2023 Annual
Recurring Revenue (“ARR”), the execution of a non-binding letter of
intent (the “LOI”) to acquire Mixed Analytics as well as the
Company’s target December 2024 ARR.
Banzai has estimated its December 2023 ARR at
$4.6 million. Banzai selected ARR as a key performance metric next
to GAAP measures, as it annualizes contracted recurring revenue
components of term subscriptions and represents a key metric on
which the Company evaluates potential targets under its acquisition
strategy.
“We are excited to report an uptick in ARR
toward the end of last year and look forward to the growth ahead of
us,” said Mark Musburger, CFO of Banzai. “While we
will report our Full Year 2024 earnings after we complete the year,
we believe the market will benefit from an update on an important
performance measurement to help assess our business at this point
and going forward.”
Acquisition of Mixed Analytics Would
Further Strengthen Suite of Integrated MarTech
Solutions
Banzai also announced today that is has signed a
non-binding LOI to acquire Mixed Analytics, a data analytics
solution that offers an API Connector, enabling users to turn
Google Sheets into a data pipeline for direct API data importation
from numerous sources like Facebook, YouTube, Instagram, Mailchimp
and more. Mixed Analytics helps marketers solve the problem of
consistent, flexible data integration to Google Sheets.
The profitable and growing company was founded
in 2012 and serves customers from various industries including
HubSpot, Google, eBay, Monday.com, L’Oreal and Coinbase. Banzai
intends to integrate the capabilities of Mixed Analytics with other
Banzai products as part of the Company’s acquisition and
cross-selling strategy.
Ana Kravitz, Founder of Mixed Analytics,
commented: "Mixed Analytics was built to make API data
more accessible and easier to navigate. It allows marketers to pull
marketing and sales data from thousands of applications into their
spreadsheets so they can analyze their data and uncover insights in
one place. I'm excited about the possibility of Mixed Analytics
joining Banzai's portfolio. Their expertise in marketing technology
and data-driven solutions makes it the perfect home for the future
of Mixed Analytics."
End-of-Year 2024 Target
Banzai targets December 2024 ARR to be $8.1 -
$10 million, based on the Company’s December 2023 ARR, organic
growth during the year as demonstrated by January 2024 customer
wins and reactivations, and currently signed non-binding LOIs to
acquire IGLeads, Cliently, Boast and Mixed Analytics. The targeted
December 2024 ARR does not include any additional intended
acquisitions.
The midpoint target, or $9.1 million, foresees a
97% increase in ARR, which would be equally attributable to organic
growth and the acquisitions currently under LOI. Banzai’s
management anticipates tracking the Company’s progress to its
targeted December 2024 ARR as part of the Company’s 2024 quarterly
earnings reports.
“We continue to believe that 2024 will be a
breakout year for Banzai. We’ve signed over 150 new customers in
January alone and have signed LOIs to acquire four mission-critical
MarTech companies,” said Joe Davy, CEO and Founder of
Banzai. “Additionally, we are seeing a robust pipeline for
potential future acquisitions, as the trend for consolidation in
our industry is gaining momentum.”
Annual recurring revenue refers to revenue,
normalized on an annual basis, that Banzai expects to receive from
its customers for providing them with products or services. The
December 2024 ARR information provided above is based on Banzai’s
current estimates of internal growth, the completion of the
IGLeads, Cliently, Boast and Mixed Analytics acquisitions and those
companies contributing ARR based on current levels and is not a
guarantee of future performance. These statements are
forward-looking and actual ARR may differ materially. Refer to the
“Forward-Looking Statements” section below for information on the
factors that could cause Banzai’s actual ARR to differ materially
from these forward-looking statements.
About Banzai
Banzai is a marketing technology company that
provides essential marketing and sales solutions for businesses of
all sizes. On a mission to help their customers achieve their
mission, Banzai enables companies of all sizes to target, engage,
and measure both new and existing customers more effectively.
Banzai customers include Square, Hewlett Packard Enterprise, Thermo
Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among
thousands of others. Learn more at www.banzai.io. For investors,
please visit https://ir.banzai.io/
Forward-Looking Statements
Certain statements included in this press
release are forward-looking statements within the meaning of “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “believe,” “may,” “will,”
“estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “propose,” “plan,” “project,” “forecast,”
“predict,” “potential,” “seek,” “future,” “outlook,” or similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
These forward-looking statements include, but are not limited to
statements regarding growth in annualized recurring revenue for
2024, growth in Banzai’s business generally, Banzai’s proposed
acquisitions and their completion and the potential success and
financial contributions of those acquisitions, if completed, the
pipeline for future acquisitions by Banzai, estimates and forecasts
of, financial and performance metrics, including ARR, projections
of market opportunity and market share, expectations and timing
related to commercial product launches or success, ability to
accelerate and otherwise be successful pursuing Banzai’s
go-to-market strategy and capitalize on commercial opportunities .
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Banzai’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. These forward-looking statements are subject to a
number of risks and uncertainties, including: the rate of ongoing
customer acquisitions; the failure to enter into definitive
agreements with, or complete the acquisition of, Mixed Analytics
and other proposed acquisition targets; the failure to identify and
enter into definitive agreements with, or complete the acquisition
of, acquisition targets that the company is currently analyzing or
may identify in the future; the failure to maintain Nasdaq listing
of Banzai’s securities; changes in domestic and foreign business,
market, financial, political and legal conditions; uncertainty of
the projected financial information with respect to Banzai;
Banzai’s ability to successfully and timely develop, sell and
expand its technology and products, and otherwise implement its
growth strategy; risks relating to Banzai’s operations and
business, including information technology and cybersecurity risks,
loss of customers and deterioration in relationships between Banzai
and its employees; increased competition; potential disruption of
current plans, operations and infrastructure of Banzai as a result
of operating as a new public company; difficulties managing growth
and expanding operations; the impact of geopolitical, macroeconomic
and market conditions; the ability to successfully select, execute
or integrate future acquisitions into the business, which could
result in material adverse effects to operations and financial
conditions; and those factors discussed in its Annual Report on
Form 10-K and subsequent Quarterly Reports , the registration
statement on Form S-4 declared effective on November 13, 2023, and
the definitive proxy statement / prospectus contained therein, in
each case, under the heading "Risk Factors," the registration
statement on Form S-1 declared effective on February 14, 2024, and
the definitive proxy statement / prospectus contained therein, in
each case, under the heading "Risk Factors," and other documents of
Banzai filed, or to be filed, with the Securities and Exchange
Commission. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. In addition,
forward-looking statements reflect Banzai’s expectations, plans or
forecasts of future events and views as of the date of this press
release. Banzai anticipates that subsequent events and developments
will cause Banzai’s assessments to change. However, while Banzai
may elect to update these forward-looking statements at some point
in the future, Banzai specifically disclaims any obligation to do
so. These forward-looking statements should not be relied upon as
representing Banzai’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Contacts:
InvestorsRalf EsperGateway
Group949-574-3860bnzi@gateway-grp.com
MediaRaven
CarpenterBLASTmediabanzai@blastmedia.com
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