← All companies ← PAR Manual PARR → ← OTEX Software PATH →
PARA, Banzai International, Inc.
We are a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide.
The studio slate also drove viewing on our linear and streaming platforms and contributed to other revenue streams, such as consumer products.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~45 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Affiliate and subscription (45%) and Advertising (35%), with 2 more lines behind.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Operating margin has run around −183% through the cycle on a 68% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 22% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 lines, the largest Affiliate and subscription at 45%.
- Affiliate and subscription45%$13.2B
- Advertising35%$10.3B
- Licensing and other17%$5.0B
- Theatrical3%$813M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2022–2025
realized figures from each filing · older years to the left| 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|
| Income statement | |||||
| $5M | $5M | $5M | $12M | $11M | RevenueRevenue |
| $3M | $3M | $3M | $10M | $9M | Gross profitGross prof. |
| 63% | 68% | 69% | 82% | 81% | Gross marginGross mgn |
| 174% | 283% | 365% | 224% | 248% | SG&A / revenueSG&A/rev |
| ($6M) | ($10M) | ($13M) | ($18M) | ($19M) | Operating incomeOp. inc. |
| −116.5% | −214.8% | −297.4% | −151.8% | −177.7% | Operating marginOp. mgn |
| ($15M) | ($14M) | ($32M) | ($22M) | — | Pretax incomePretax |
| ($15M) | ($14M) | ($32M) | ($22M) | ($24M) | Net incomeNet inc. |
| Cash flow & returns | |||||
| ($5M) | ($2M) | ($10M) | ($16M) | ($16M) | Operating cash flowOp. cash |
| — | $7K | $24K | $1M | $1M | Depreciation & amortizationD&A |
| $10M | $12M | $21M | $3M | $3M | Working capital & otherWC & other |
| $11K | $0 | — | — | — | CapexCapex |
| 0.2% | 0.0% | — | — | — | Capex / revenueCapex/rev |
| ($5M) | ($2M) | — | — | — | Owner earningsOwner earn. |
| −97.1% | −34.0% | — | — | — | Owner earnings marginOE mgn |
| ($5M) | ($2M) | — | — | — | Free cash flowFCF |
| −97.1% | −34.0% | — | — | — | Free cash flow marginFCF mgn |
| — | $0 | $0 | $0 | $0 | AcquisitionsAcquis. |
| ($11K) | $0 | $82K | ($3M) | — | Investing cash flowInv. cash |
| $4M | $3M | $8M | $18M | — | Financing cash flowFin. cash |
| — | — | $0 | ($76K) | — | Exchange-rate effectFX |
| ($763K) | $1M | ($1M) | ($828K) | — | Change in cashΔ cash |
| — | — | — | -187% | -129% | ROICROIC |
| — | — | — | -279% | -199% | Return on equityROE |
| — | — | — | −279% | −199% | Retained to equityRetained/eq |
| Balance sheet | |||||
| $1M | $2M | $1M | $259K | $646K | Cash & investmentsCash+inv |
| $68K | $105K | $936K | $709K | $399K | ReceivablesReceiv. |
| $1M | $6M | $8M | $2M | $2M | Accounts payablePayables |
| ($1M) | ($6M) | ($7M) | ($2M) | ($2M) | Operating working capitalOper. WC |
| $1M | $3M | $3M | $1M | $2M | Current assetsCur. assets |
| $29M | $37M | $28M | $22M | $18M | Current liabilitiesCur. liab. |
| 0.0× | 0.1× | 0.1× | 0.1× | 0.1× | Current ratioCurr. ratio |
| $12K | $5K | $4K | $8K | — | Net PP&ENet PP&E |
| $2M | $2M | $19M | $22M | $22M | GoodwillGoodwill |
| $5M | $5M | $26M | $32M | $31M | Total assetsAssets |
| ($1M) | ($2M) | ($1M) | ($259K) | ($646K) | Net debt / (cash)Net debt |
| $30M | $37M | $28M | $24M | — | Total liabilitiesTotal liab. |
| ($24M) | ($32M) | ($3M) | $8M | $12M | Shareholders’ equityEquity |
| 14.4% | 27.3% | 25.7% | 22.0% | 38.3% | Stock comp / revenueSBC/rev |
| Per share | |||||
| 6.4M | 2.4M | 446K | 3.8M | 1.2M | Shares out (diluted)Shares |
| $0.83 | $1.90 | $10.16 | $3.21 | $9.03 | Revenue / shareRev/sh |
| $-2.40 | $-6.00 | $-70.69 | $-5.95 | $-20.67 | EPS (diluted)EPS |
| $-0.80 | $-0.65 | — | — | — | Owner earnings / shareOE/sh |
| $-0.80 | $-0.65 | — | — | — | Free cash flow / shareFCF/sh |
| $0.00 | $0.00 | — | — | — | Cap. spending / shareCapex/sh |
| $-3.74 | $-13.27 | $-6.20 | $2.13 | $10.40 | Book value / shareBVPS |
The diluted share count moved ×1/2.68 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/5.39 into 2024 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×8.49 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/3.22 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Revenue-1.5%
“Revenues decreased 1% to $29.21 billion, reflecting lower revenue from licensing, partially offset by increases in advertising revenues, including the benefit from CBS’ broadcast of Super Bowl LVIII in 2024, and affiliate and subscription revenues, driven by growth at our streaming services.”
✓ figure matches the filed record - Affiliate and subscription+1.0%
“Affiliate and subscription revenues grew 1%, reflecting an increase of approximately 5% from higher streaming subscription fees, driven by subscriber growth and domestic pricing increases for Paramount+, partially offset by decreases of approximately 3% from declines in linear affiliate fees and approximately 2% from the absence of pay-per-view boxing events.”
✓ figure matches the filed record - Licensing and other-15.1%
“Licensing and other revenues decreased 23%, reflecting lower revenues from secondary market licensing and content produced for third parties.”
✓ direction matches the filed record
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2023 the business turned a $14M loss into ($2M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2023 | FY2022 | |
|---|---|---|
| Reported net income | ($14M) | ($15M) |
| Depreciation & amortizationnon-cash charge added back | +$7K | — |
| Stock-based compensationreal costnon-cash, but a real cost | +$1M | +$770K |
| Working capital & othertiming of cash in and out, other non-cash items | +$12M | +$10M |
| Cash from operations | ($2M) | ($5M) |
| Capital expenditurecash put back in to keep running and to grow | — | −$11K |
| Owner earnings | ($2M) | ($5M) |
| Owner-earnings marginowner earnings ÷ revenue | -34% | -97% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $1M), owner earnings is nearer ($3M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $259K − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $259K, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 21 + DIO 0 − DPO 416 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median -54%
What this means
The filing data didn't include the inputs for this check.
- Not enough dataIndustry peers: median -32%
What this means
The filing data didn't include the inputs for this check.
- Are earnings backed by cash? ($16M)Loss, and burning cashNet income ($22M) · cash from operations ($16M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? —Not enough data
What this means
The filing data didn't include the inputs for this check.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 22.0%Stock pay, share count unreadStock compensation $3M (fiscal 2025), 22.0% of revenue · no repurchases · the share count is not comparable across these years (a split or a first listing sits in the record), so the drift is withheld
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $12M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.06×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-19.39/share (latest year $-19.13), the averaged base the calculator's gate runs on, and book value is $6.85/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2022–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 4
What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
- Operating margin −166% → −225% (2-yr avg ends)
What this means
The recent-years average (−225%) sits below the early years (−166%), but the latest year (−152%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −215% — read it across the cycle, not on the dip.
- Worst year 2024 · −297.4% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
- Share count −16.3%/yr
What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
- How management talks about it Owner’s terms
What this means
The filing reasons in an owner’s terms — per-share, return on capital, the long term — and the record has held; the words and the results are of a piece.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$646K
- Receivables$399K
- Other current assets$752K
- Accounts payable$2M
- Other current liabilities$16M
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year; “later” is everything due after 2029, shown apart since it dwarfs the years.
Maturity schedule extracted from the company’s Dec 31, 2024 annual report and reconciled to the balance-sheet debt.
Acquisitions & goodwill
from the balance sheet & the 4-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
$3M written down across 1 year (2024): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Beside that spending sits $1M of cumulative amortization of acquired intangibles charged against earnings since fiscal 2024 — the purchase price of past deals, expensed over time. The cash figure above counts only cash consideration: goodwill of $22M against it says much of the buying was paid for in stock, which never passes through the cash-flow statement.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 4-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|
| 2020 | $39.0M | $34.1M | — |
| 2021 | $20.0M | $12.9M | — |
| 2022 | $32.0M | $14.6M | ($15M) |
| 2023 | $31.3M | $22.3M | ($14M) |
| 2024 | $87.0M | $86.0M | ($32M) |
| 2024 | $19.5M | $17.6M | ($32M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$3M
The slice of the business handed to employees in shares in fiscal 2025, 22.0% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2024
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Software
The same industry, side by side on owner economics and what the growth costs. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record | Sales & marketinglatest FY | Stock paylatest FY |
|---|---|---|---|---|---|---|---|
| RDVTRed Violet Inc. Common Stock | $90M | — | -3.0% | -3% | 20% | 24.1% | 7.2% |
| SVCOSilvaco Group Inc. | $63M | 80% | -67.5% | -40% | -34% | 29.0% | 17.1% |
| YXTYXT.COM GROUP HOLDING LIMITED | $51M | 58% | -67.0% | -1156%1y | -63% | — | — |
| ALARALARUM TECHNOLOGIES LTD. | $41M | 49% | -169.9% | -59% | -115% | — | — |
| HPAIHelport AI Limited | $35M | 58% | 33.9% | 78% | — | — | — |
| PARABanzai International, Inc. | $12M | 68% | -183.3% | -187%1y | -66%2y | — | 22.0% |
| RYETRuanyun Edai Technology Inc. | $7M | 32% | -23.2% | -400%2y | -29% | — | — |
| BMRBeamr Imaging Ltd. Ordinary Share | $3M | 97% | -44.2% | -54% | -28% | — | — |
| Group median | — | 58% | -55.6% | -57% | -34% | — | 17.1% |
The price
What a price has to assume.
What the price implies
reverse-DCFThe owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Revenue, delivered28%/yr’22→’25
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← PAR its page in the Manual PARR →
Industry order: ← OTEX the Software chapter PATH →