Executive Summary

There was no standalone Q4 2023 earnings 8‑K or call transcript for Brand Engagement Network (“BEN”) prior to the March 14, 2024 business combination; management instead furnished full‑year 2023 pro forma results on March 8, 2024 and began quarterly reporting in 2024 .
For FY 2023, BEN reported minimal revenue ($0.04M) and a pro forma net loss of $11.7M as it transitioned to public company status via the DHC Acquisition Corp. merger .
Post‑listing, Q1 2024 revenue was $0.05M with a net loss of $6.9M, driven by high G&A as the company scaled; Q2 2024 showed no revenue and a narrower net loss of $3.0M helped by non‑operating gains (warrant revaluation and debt extinguishment) .
Management emphasized market validation and partnerships (AFG reseller, MedAdvisor, OSF HealthCare, SAIL), and achieving HIPAA compliance in healthcare, positioning for commercialization in 2024+ .
Consensus estimates for Q4 2023 were not available in S&P Global for DHCA/BNAI, so no beat/miss analysis versus Street is possible.

What Went Well and What Went Wrong

What Went Well

Partnerships and channels ramping: BEN established and expanded key relationships, including an exclusive automotive reseller agreement with AFG (and associated equity issuance), plus pilots with MedAdvisor and collaborations with OSF HealthCare and Provana to integrate AI assistants .
Regulatory readiness: Achieved HIPAA compliance for healthcare AI assistants in Q2 2024, supporting healthcare deployment credibility .
Management tone on progress: “We are making solid progress on our key strategic priorities” (Q1) and “continued progress on market validation initiatives, with meaningful acceleration in new proof of concepts” (Q2) .

What Went Wrong

Very low revenue base: FY 2023 revenue was $0.04M; Q2 2024 reported no revenue, reflecting early commercialization and long sales cycles .
High operating spend and losses: Q1 2024 G&A was $6.48M with a net loss of $6.88M; Q2 2024 G&A was $5.26M with a net loss of $3.05M (assisted by non‑operating gains), indicating cost structure ahead of revenue .
Controls and capital risk: The 2023 10‑K cited material weaknesses in internal control and a need for additional capital to fund growth, highlighting execution and financing risk as BEN scales .

Financial Results

Available reported metrics (company did not furnish a Q4 2023 press release or call; FY 2023 pro forma is provided, with quarterly reporting starting in 2024).

Metric	FY 2023	Q1 2024	Q2 2024
Revenue ($USD)	$35,210	$49,790	$0
Net Income (Loss) ($USD)	$(11,731,266)	$(6,884,409)	$(3,049,704)
General & Administrative ($USD)	$10,841,024	$6,480,535	$5,255,136
R&D ($USD)	$236,710	$250,671	$355,565
Depreciation & Amortization ($USD)	$637,990	$117,347	$682,244
Notable Other Income/Expense ($USD)	N/A (annual view)	N/A	$3,243,241 (incl. debt extinguishment gain and warrant FV)

Balance sheet snapshots (to show liquidity trajectory):

Metric	Dec 31, 2023	Mar 31, 2024	Jun 30, 2024
Cash & Cash Equivalents ($USD)	$1,685,013	$3,304,283	$1,431,425
Total Liabilities ($USD)	$4,314,286	$16,249,572	$13,411,526
Stockholders’ Equity ($USD)	$17,694,453	$20,602,525	$20,642,118

Notes:

FY 2023 figures are presented on a pro forma combined basis per the company’s March 8, 2024 filing .
Quarterly figures reflect the company’s initial periods as a public registrant (Q1 and Q2 2024) and provide context for operating trajectory .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company Guidance	Q4 2023 / FY 2023	None disclosed	None disclosed	N/A

No numeric guidance was provided in the Q4 2023 timeframe; post‑listing 2024 press releases also did not include formal revenue or margin guidance .

Earnings Call Themes & Trends

No Q4 2023 earnings call transcript was found; BEN began hosting earnings communications with its 2024 quarterly results . Thematic progression based on company communications:

Topic	Previous Mentions (Q2 2023, Q3 2023)	Current Period (Q4 2023 context)	Trend
Commercial pipeline	SPAC filings describe pilot customers and channel strategy; minimal revenue base	Pro forma FY23 shows minimal revenue; partnerships readied for 2024	Early stage → validation
Automotive channel (AFG)	Agreement signed in 2023; structure involves equity and warrant economics	Equity issued as part of reseller agreement; channel expected to drive OEM/dealer access	Building
Healthcare readiness	Targeted use cases; regulatory posture described in 10‑K	HIPAA compliance achieved by Q2 2024; healthcare collaborations announced	Strengthening
Internal controls & capital	Material weaknesses and financing needs flagged	Continued investment post‑listing; private placement closed in 2024	Work in progress

Management Commentary

Q1 2024 (first results as a public company): “We are making solid progress on our key strategic priorities, and believe we are well‑positioned to accelerate growth and scale our differentiated AI platform” (Michael Zacharski, CEO) .
Q2 2024 commercialization stance: “Continued progress on market validation initiatives, with meaningful acceleration in new proof of concepts” (Paul Chang, Co‑CEO) .
Strategic focus: secure and human‑like AI assistants across automotive and healthcare; multi‑modal capabilities; channel‑led expansion .

Q&A Highlights

No Q4 2023 Q&A transcript was available. Post‑listing, management’s prepared remarks and press releases emphasized channel development, proof‑of‑concepts progressing to deployments, healthcare compliance (HIPAA), and strategic collaborations .

Estimates Context

Wall Street consensus for Q4 2023 was not available via S&P Global for the DHCA/BNAI mapping at the time of this review (tool returned no mapping for DHCA; the company’s public ticker transitioned to BNAI post‑combination) — therefore, no quantitative beat/miss analysis versus Street can be provided.
As a result, investors should rely on company‑reported pro forma FY 2023 results and subsequent 2024 quarters for benchmarking .

Key Takeaways for Investors

BEN entered the public markets with minimal 2023 revenue ($0.04M) and significant operating losses as it invested ahead of revenue; early 2024 results show sequential loss improvement in Q2 due largely to non‑operating gains rather than revenue traction .
Commercialization pathways are being established through channel and strategic partnerships (AFG in automotive; MedAdvisor, OSF HealthCare, Provana in healthcare), with regulatory posture (HIPAA) strengthening healthcare entry .
The operating model currently carries high G&A relative to revenue; monitoring OpEx discipline and conversion of proof‑of‑concepts to production deployments is critical .
Liquidity fluctuated post‑listing (cash $3.3M at Mar‑31, 2024; $1.4M at Jun‑30, 2024); follow-on capital raises and working capital management remain key near‑term watch items .
Material weaknesses in internal control and a stated need for additional capital (10‑K) underscore execution and financing risks as the company scales .
With no Q4 2023 earnings release or call, investors should anchor on the March 8, 2024 pro forma FY 2023 disclosure and track quarterly momentum in 2024+ for evidence of revenue ramp and margin leverage .

Sources:

Pro forma FY 2023 (8‑K, March 8, 2024) .
Q1 2024 press release and financials (8‑K, May 14, 2024) .
Q2 2024 press release and financials (8‑K, August 14, 2024) .
2023 10‑K (filed April 1, 2024) for business context, risks, and controls .

Brand Engagement Network Inc. (DHCA)·Q4 2023 Earnings Summary