Free cash flow remains consistently negative, evidenced by a $5.5 million outflow in 2026Q1, highlighting an inability to reach self-sustaining operations.
| Cash from Operations | -16.23M | -15.71M | -9.58M | -1.55M | -5.17M | -6.84M | -583.37K |
| Operating CF Margin % | - | -129.15% | -211.48% | -34% | -96.91% | -131.41% | - |
| Operating CF Growth % | -286.97% | -64.03% | -517.46% | 69.99% | 24.47% | -1072.96% | - |
| Net Income | -27.13M | -22.49M | -31.51M | -14.41M | -15.47M | -9.98M | -6.05M |
| Depreciation & Amortization | 1.23M | 1.17M | 161.9K | 180.41K | 161.61K | 480.55K | 0 |
| Stock-Based Compensation | 2.06M | 0 | 1.17M | 1.25M | 770.34K | 803.05K | 0 |
| Deferred Taxes | -308.31K | -256.31K | 0 | 305.72K | 0 | 0 | 0 |
| Other Non-Cash Items | 7.82M | 5.92M | 18.85M | 3.05M | 9.05M | 1.23M | 5.95M |
| Working Capital Changes | 91.3K | -47.64K | 1.76M | 8.07M | 314.84K | 622.94K | -481.39K |
| Change in Receivables | 348.34K | 209.99K | 15.83K | 65.48K | -86.31K | -274.29K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 704.96K | -381.63K | 1.01M | 5.34M | 660.84K | -256.91K | 0 |
| Cash from Investing | -1.5K | -2.68M | 82.22K | 0 | -10.81K | -3.57M | -230M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -10.81K | -1.69K | 0 |
| CapEx % of Revenue | 0% | - | - | - | 0.2% | 0.03% | - |
| Acquisitions | -2.68B | -2.68M | 82.22K | 0 | 0 | -3.58M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 2.68B | 0 | 0 | 0 | 0 | 8.76K | 0 |
| Cash from Financing | 15.63M | 17.63M | 8.49M | 2.62M | 4.42M | 11.42M | 232.31M |
| Debt Issued (Net) | 1.31M | -4.16M | 2.41M | 10.21M | 5.94M | 7.45M | 0 |
| Equity Issued (Net) | 18.98M | 22.29M | 7.14M | 30.76K | 5.02K | 128.13K | 232.31M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.66M | -500K | -1.06M | -7.62M | -1.52M | 3.84M | 0 |
| Net Change in Cash | -643.56K | -828.29K | -1.01M | 1.07M | -763.05K | 1.01M | 1.72M |
| Free Cash Flow | -16.23M | -15.71M | -9.58M | -1.55M | -5.18M | -6.84M | -583.37K |
| FCF Margin % | -139.77% | -129.15% | -211.48% | -34% | -97.11% | -131.44% | - |
| FCF Growth % | -30.54% | -64.03% | -517.46% | 70.06% | 24.33% | -1073.25% | - |
| FCF per Share | -22.54 | -83.04 | -42.96 | -226.26 | -2251.73 | -2975.81 | -253.64 |
| FCF Conversion (FCF/Net Income) | 0.60x | 0.70x | 0.30x | 0.11x | 0.33x | 0.69x | 0.10x |
| Interest Paid | 1.1M | 1.1M | 338.39K | 955.85K | 630.45K | 916.17K | 0 |
| Taxes Paid | 2.37K | 10.62K | 5.11K | 9.86K | 4.88K | 0 | 0 |
Existential liquidity shortfall
As reported in financial statements, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio that frequently fluctuates above 0.50, suggests that Banzai's reported losses are significantly mitigated by non-cash adjustments rather than genuine operational cash generation.
The consistent divergence between net losses and operating cash flow indicates that accounting accruals and non-cash charges are playing a disproportionate role in the company's financial presentation. Investors should monitor whether this reliance on non-cash items masks a deeper, structural inability to convert revenue into actual liquidity.
Based on the company's quarterly filings, free cash flow has remained consistently negative, with the most recent 2026Q1 period showing a $5.5 million outflow, underscoring the company's inability to achieve self-sustaining operations despite its aggressive top-line growth strategy.
The trajectory of free cash flow suggests that the business model is currently consuming capital at an unsustainable rate relative to its cash reserves. This trend implies that the company may be forced to seek external financing or face severe operational constraints in the near term.
According to recent SEC filings, Banzai's working capital movements have been highly erratic, swinging from a $1.5 million inflow in 2024Q2 to a $1.8 million outflow in 2024Q4, which suggests significant instability in the company's ability to manage its short-term cash conversion cycle.
These fluctuations in working capital indicate that the company's cash flow is highly sensitive to timing differences in collections and payables. Such volatility warrants further investigation into whether the company is pulling forward revenue or delaying payments to manage its dwindling cash position.
As indicated by the quarterly data, stock-based compensation charges, such as the $1.3 million recorded in 2026Q1, serve as a critical non-cash buffer that obscures the true magnitude of the company's underlying operational cash burn.
By relying on equity-based incentives, the company effectively shifts the cost of talent acquisition off the cash flow statement, which may lead to an underestimation of the true cost of operations. Analysts should adjust for these charges to understand the actual cash requirements needed to maintain the current business scale.
Quick answers to the most common questions about buying BNZI stock.
Banzai International, Inc. (BNZI) generated $-15.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Banzai International, Inc. (BNZI) reported negative free cash flow of $15.7M in 2025, indicating capital requirements exceeded cash from operations.
Banzai International, Inc. (BNZI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.