BNAI Files Audited Cataneo Financials and Pro Forma Results for $19.5M Acquisition
BNAI has more than doubled off its 52-week low of $1.18.
Summary
BNAI filed the audited Cataneo financials and pro forma combined results required for its $19.5M acquisition, revealing Cataneo's $9.57M FY2025 revenue and a $11.5M goodwill allocation.
Key Events · M&A and Partnerships · BNAI
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Audited Cataneo Financials Filed
Cataneo generated $9.57M revenue in FY2025 (vs $9.80M in FY2024) and $2.50M in Q1 2026, with net income of $202K and $173K respectively.
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Pro Forma Combined Results
Pro forma combined entity shows $9.85M revenue and $9.74M net loss for FY2025, and $2.61M revenue with $3.87M net loss for Q1 2026.
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Purchase Price Allocation
Total consideration fair value of $13.7M ($9.0M cash, $4.36M stock, $0.34M deferred) allocated to $11.5M goodwill and $3.87M identifiable intangibles.
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Stock Consideration Details
255,014 restricted BNAI shares issued at $4.36M fair value based on June 30, 2026 stock price.
Analysis · BNAI · Technology
This Amendment No. 2 delivers the audited Cataneo financial statements and pro forma combined results that were missing from the original June 30, 2026 8-K. The new data shows Cataneo generated $9.57M in FY2025 revenue and $2.50M in Q1 2026 revenue, with the pro forma combined entity posting a $9.74M net loss for FY2025. The preliminary purchase price allocation reveals $11.5M in goodwill against $13.7M in total consideration — a substantial premium for a company with a stockholders' deficit of $575K. Against BNAI's own going-concern warning and $708K cash balance disclosed in the August 10-Q, these figures quantify exactly what the company paid for and whether the acquisition meaningfully improves its liquidity position.
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At the time of this filing, BNAI was trading at $7.05 on NASDAQ in the Technology sector, with a market capitalization of approximately $51.2M. The 52-week trading range was $1.18 to $86.28. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.