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Brand Engagement Network Inc. (BNAI-1.08%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on generative AI and conversational AI solutions, emphasizing its AI Agents designed to transform consumer engagement across various industries.
The company reported revenues of $99,790 for the year, primarily from proof of concept and revenue sharing, compared to $35,210 in the previous year.
Operating expenses increased significantly to $36,573,761 from $11,715,724 in 2023, driven by higher general and administrative expenses, depreciation, and impairment of deferred customer acquisition costs.
Brand Engagement Network recorded a net loss of $33,715,429 for 2024, compared to a net loss of $11,731,266 in 2023.
The company continues to face liquidity challenges, with cash and cash equivalents of $149,273 as of December 31, 2024, and plans to raise additional capital through equity financings and other arrangements.
Significant events during the year included the acquisition of DM Lab Co., LTD, the termination of a reseller agreement with AFG Companies, Inc., and the entry into a Standby Equity Purchase Agreement with Yorkville.
The company identified material weaknesses in its internal controls over financial reporting, which it is in the process of addressing through various remediation efforts.
Brand Engagement Network's management acknowledges the need for additional capital to fund operations and product development, with plans to leverage direct sales and strategic partnerships to expand its customer base.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brand Engagement Network Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.