Tue, May 14, 8:43 PM (73 days ago)
Brand Engagement Network Inc. (BEN) reported a net loss of $6.9 million for Q1 2024, up from a $2.6 million loss in Q1 2023. The increase was driven by higher general and administrative expenses, including $3.2 million in transaction costs related to the merger with DHC Acquisition Corp. Revenue for Q1 2024 was $49,790, compared to zero in Q1 2023. Operating expenses rose to $6.8 million from $2.6 million, with significant increases in employee-related costs, professional fees, and promotional costs. Cash and equivalents stood at $3.3 million as of March 31, 2024, up from $1.7 million at the end of 2023. The company also raised $5.5 million from AFG in March 2024. BEN's liquidity position raises concerns about its ability to continue as a going concern without additional capital. The company plans to address its financial challenges by seeking further equity financing and optimizing expenses.