Segment Reporting (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Information About Reported Segments

The tables below present information about reported segments for the three and nine months ending September 30, 2025:

Three months ended September 30, 2025

		Banzai Operating				OpenReel				Vidello				Total Consolidated
Revenue		$	1,143,619			$	1,355,810			$	345,079			$	2,844,508
Cost of revenue			377,481				80,425				61,505				519,411
Gross profit			766,138				1,275,385				283,574				2,325,097

Expenses
People			1,427,945				711,530				123,527				2,263,002
Marketing and advertising			408,425				26,018				106,105				540,548
Technology			215,309				576,169				16,032				807,510
Other segment expenses1			338,211				209,817				(59,351	)			488,677
Total expenses			2,389,890				1,523,534				186,313				4,099,737
Segment Adjusted EBITDA			(1,623,752	)			(248,149	)			97,261				(1,774,640	)
Transaction, PubCo. Expenses and Stock-based compensation			2,328,754				32,385				—				2,361,139
Adjusted EBITDA		$	(3,952,506	)		$	(280,534	)		$	97,261			$	(4,135,779	)

Nine months ended September 30, 2025

		Banzai Operating				OpenReel				Vidello				Total Consolidated
Revenue		$	3,314,643			$	4,184,291			$	1,851,639			$	9,350,573
Cost of revenue			1,122,552				232,927				324,446				1,679,925
Gross profit			2,192,091				3,951,364				1,527,193				7,670,648

Expenses
People			4,034,874				1,977,525				210,284				6,222,683
Marketing and advertising			1,658,275				83,512				384,456				2,126,243
Technology			745,930				1,646,430				67,605				2,459,965
Other segment expenses1			2,034,370				256,851				203,185				2,494,406
Total expenses			8,473,449				3,964,318				865,530				13,303,297
Segment Adjusted EBITDA			(6,281,358	)			(12,954	)			661,663				(5,632,649	)
Transaction, PubCo. Expenses and Stock-based compensation			7,350,603				352,867				-				7,703,470
Adjusted EBITDA		$	(13,631,961	)		$	(365,821	)		$	661,663			$	(13,336,119	)

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 PubCo. expenses, insurance expenses, and expenses related to licenses.

The tables below present information about reported segments for the three and nine months ending September 30, 2024:

Three months ended September 30, 2024

		Banzai Operating				OpenReel1				Vidello1				Total Consolidated
Revenue		$	1,080,607			$	—			$	—			$	1,080,607
Cost of revenue			338,023				—				—				338,023
Gross profit			742,584				—				—				742,584

Expenses
People			1,303,100				—				—				1,303,100
Marketing and advertising			427,651				—				—				427,651
Technology			153,297				—				—				153,297
Other segment expenses2			148,878				—				—				148,878
Total expenses			2,032,926				—				—				2,032,926
Segment Adjusted EBITDA			(1,290,342	)			—				—				(1,290,342	)
Transaction, PubCo. Expenses and Stock-based compensation			1,480,516				—				—				1,480,516
Adjusted EBITDA		$	(2,770,858	)		$	—			$	—			$	(2,770,858	)

Nine months ended September 30, 2024

		Banzai Operating				OpenReel1				Vidello1				Total Consolidated
Revenue		$	3,228,276			$	—			$	—			$	3,228,276
Cost of revenue			1,049,411				—				—				1,049,411
Gross profit			2,178,865				—				—				2,178,865

Expenses
People			3,879,525				—				—				3,879,525
Marketing and advertising			1,357,397				—				—				1,357,397
Technology			583,722				—				—				583,722
Other segment expenses2			1,140,510				—				—				1,140,510
Total expenses			6,961,154				—				—				6,961,154
Segment Adjusted EBITDA			(4,782,289	)			—				—				(4,782,289	)
Transaction, PubCo. Expenses and Stock-based compensation			4,760,311				—				—				4,760,311
Adjusted EBITDA		$	(9,542,600	)		$	—			$	—			$	(9,542,600	)

¹

The OpenReel acquisition occurred on December 18, 2024 and therefore is presented at $0 for comparative purposes. The Vidello acquisition occurred on January 31, 2025 (refer to Note 4) and therefore is presented at $0 for comparative purposes.

²

Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo. expenses, the SEPA commitment fee expense and deferred fee expense, the GEM warrant expense, and the GEM commitment fee expense.

The table below presents information about reported segments for the year ending December 31, 2024:

2024
		Banzai Operating				OpenReel				Total Consolidated
Revenue		$	4,305,429			$	222,450			$	4,527,879
Cost of revenue			1,407,564				14,978				1,422,542
Gross profit			2,897,865				207,472				3,105,337

Expenses
People			6,209,488				17,642				6,227,130
Marketing and advertising			1,587,085				5,020				1,592,105
Technology			861,775				112,429				974,204
Other segment expenses1			811,519				6,856				818,375
Total expenses			9,469,867				141,947				9,611,814
Adjusted EBITDA			(6,572,002	)			65,525				(6,506,477	)
Transaction, PubCo. Expenses and Stock-based compensation			6,912,309				—				6,912,309
EBITDA		$	(13,484,311	)		$	65,525			$	(13,418,786	)

¹

Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo. expenses, insurance expenses, and expenses related to licenses.

The table below presents information about reported segments for the year ending December 31, 2023:

2023
		Banzai Operating				OpenReel1				Total Consolidated
Revenue		$	4,561,300			$	—			$	4,561,300
Cost of revenue			1,444,618				—				1,444,618
Gross profit			3,116,682				—				3,116,682

Expenses
People			5,809,973				—				5,809,973
Marketing and advertising			941,737				—				941,737
Technology			628,998				—				628,998
Other segment expenses2			7,679,506				—				7,679,506
Total expenses			15,060,214				—				15,060,214
Adjusted EBITDA			(11,943,532	)			—				(11,943,532	)
Transaction, PubCo. Expenses and Stock-based compensation			6,118,859				—				6,118,859
EBITDA		$	(18,062,391	)		$	—			$	(18,062,391	)

¹

The OpenReel acquisition occurred on December 18, 2024 (refer to Note 5) and therefore is presented at $0 for comparative purposes.

²

Other segment expenses for each reportable segment includes travel and entertainment expenses, professional expenses other than those included in transaction and PubCo. expenses, SEPA commitment fee and deferred fee expense, GEM warrant expense, and GEM commitment fee expense.

Summary of Reconciliation Between Reportable Segment Adjusted EBITDA 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 September 30, 2025, and 2024, is as follows:

		September 30, 2025				September 30, 2024
EBITDA by segment
Banzai Operating Co.		$	(3,952,506	)			(2,770,858	)
OpenReel			(280,534	)			—
Vidello			97,261				—
Total			(4,135,779	)			(2,770,858	)

Reconciliation to loss before income taxes:
Changes in fair value of financial instruments			(252,831	)			(59,187	)
Interest income			(1,425	)			—
Interest expense			—				—
Interest expense - related party			393,968				1,050,363
Gain on extinguishment of liabilities			—				(152,782	)
Gain on release of Vidello revenue holdback			(973,000	)			—
Loss on debt issuance			192,000				—
Loss on private placement issuance			1,439,000				—
Loss on issuance of term notes			—				390,000
Loss on issuance of convertible bridge notes			65,650				63,408
Loss on conversion and settlement of Alco promissory notes - related party			—				4,808,882
Loss on conversion and settlement of CP BF notes - related party			—				6,529,402
Loss on extinguishment of term notes			—				—
Yorkville prepayment premium expense			—				14,000
Loss on Yorkville SEPA advances			190,489				—
Vidello earnout expense			69,053				—
Failed acquisition costs			—				—
GEM settlement fee expense			—				60,000
Other (income) expense, net			64,372				(62,927	)
Depreciation and amortization expense			294,427				900
Loss before income taxes		$	(5,617,482	)		$	(15,412,917	)

A reconciliation between EBITDA by reportable segment to consolidated net loss before income taxes for the nine months ended September 30, 2025, and 2024, is as follows:

		September 30, 2025				September 30, 2024
EBITDA by segment
Banzai Operating Co.		$	(13,631,961	)		$	(9,542,600	)
OpenReel			(365,821	)			—
Vidello			661,663				—
Total			(13,336,119	)			(9,542,600	)
Adjusted EBIDTA by segment, Total			(13,336,119	)			(9,542,600	)

Reconciliation to loss before income taxes:
Changes in fair value of financial instruments			315,264				(388,187	)
Interest income			(1,427	)			(10	)
Interest expense			-				-
Interest expense - related party			1,288,988				2,860,768
Interest expense			1,288,988				2,860,768
Gain on extinguishment of liabilities			(4,488,627	)			(680,762	)
Gain on release of Vidello revenue holdback			(973,000	)			-
Loss on debt issuance			444,000				171,000
Loss on private placement issuance			2,276,000				-
Loss on issuance of term notes			110,500				390,000
Loss on issuance of convertible bridge notes			146,150				63,408
Loss on conversion and settlement of Alco promissory notes - related party			-				4,808,882
Loss on conversion and settlement of CP BF notes - related party			-				6,529,402
Loss on extinguishment of term notes			1,769,895				-
Yorkville prepayment premium expense			-				94,760
Loss on Yorkville SEPA advances			937,626				—
Vidello earnout expense			485,720
Failed acquisition costs			1,382,002
GEM settlement fee expense			-				260,000
Other (income) expense, net			(523,451	)			(2,900	)
Depreciation and amortization expense			841,664				3,725
Loss before income taxes		$	(17,347,423	)		$	(23,652,686	)

A reconciliation between reportable segment adjusted EBITDA to consolidated net loss before income taxes for the years ended December 31, 2024, and 2023, is as follows:

		December 31, 2024				December 31, 2023
EBITDA by segment
Banzai Operating Co.		$	(13,484,311	)		$	(18,062,391	)
OpenReel			65,525				—
Total			(13,418,786	)			(18,062,391	)

Reconciliation to loss before income taxes:
Changes in fair value of financial instruments			(478,288	)			(9,154,141	)
Interest income			(10	)			(813	)
Interest expense			—				1,068,447
Interest expense – related party			3,047,101				4,486,027
Interest expense			3,047,101				4,486,027
Gain (loss) on extinguishment of liabilities, net			390,801				—
Loss on conversion of liabilities			11,338,284				—
Loss on debt issuance			653,208				—
GEM settlement fee expense			200,000				—
Yorkville prepayment premium expense			80,760				—
Goodwill impairment			2,725,460				—
Depreciation and amortization			24,179				7,160
Other			113,108				(62,809	)
Loss before income taxes		$	(31,513,389	)		$	(14,406,262	)

Summary of Company's Revenue Generated by Saas Product

The following table presents the Company’s percentage of revenue generated by SaaS product for the three months ended September 30, 2025, and 2024:

		Three Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
Revenue %		2025				2024				2025				2024
Reach			2.9	%			8.1	%			2.5	%			4.1	%
Demio			35.5	%			91.9	%			33.0	%			95.5	%
OpenReel			47.6	%			0.0	%			44.7	%			0.0	%
Vidello			14.0	%			0.0	%			19.8	%			0.0	%
Other			0.0	%			0.0	%			0.0	%			0.4	%
Total			100.0	%			100.0	%			100.0	%			100.0	%
Percentage of Revenue			100.0	%			100.0	%			100.0	%			100.0	%

The following table presents the Company’s revenue generated by SaaS product for the years ended December 31, 2024, and 2023:

		Year Ended December 31,				Year Ended December 31,
Revenue %		2024				2023
Reach			3.8	%			4.5	%
Demio			91.0	%			94.9	%
Other1			5.2	%			0.6	%
Total			100.0	%			100.0	%
Percentage			100.0	%			100.0	%

¹

Other includes Boost sales for the years ended December 31, 2024, and 2023 and OpenReel product sales from acquisition date (refer to Note 5) to December 31, 2024.