{"url_path":"/sec/bnai/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1838163/0001493152-26-023892-index.html","accession_number":"0001493152-26-023892","cik":"0001838163","ticker":"BNAI","issuer_name":"Brand Engagement Network Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1838163/0001493152-26-023892-index.html","primary_entity_key":"0001838163","primary_entity_name":"Brand Engagement Network 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EXCHANGE COMMISSION**\n\n**Washington,\nD.C. 20549**\n\n \n\n**FORM\n10-Q**\n\n \n\n(Mark\nOne)\n\n \n\n☒\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor\nthe quarterly period ended March 31, 2026\n\n \n\n**OR**\n\n \n\n☐\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor\nthe transition period from ___________ to ___________\n\n \n\nCommission\nfile number **001-40130**\n\n \n\n**Brand\nEngagement Network Inc.**\n\n(Exact\nname of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**98-1574798**\n\n(State\nor other jurisdiction of\n \n(I.R.S.\nEmployer\n\nincorporation\nor organization)\n \nIdentification\nNo.)\n\n \n \n \n\n**300\nDelaware Ave**\n \n \n\n**Suite\n210**\n \n \n\n**Wilmington,\nDE**\n \n**19801**\n\n(Address\nof Principal Executive Offices)\n \n(Zip\nCode)\n\n \n\n**(307)\n757-3650**\n\n(Registrant’s\ntelephone number, including area code)\n\n \n\nSecurities\nregistered pursuant to Section 12(b) of the Act:\n\n \n\n**Title\nof each class**\n \n**Trading\nSymbol(s)**\n \n**Name\nof each exchange on which registered**\n\nCommon\nStock, par value $0.0001 per share\n \nBNAI\n \nThe\nNasdaq Stock Market LLC\n\nRedeemable\nWarrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share\n \nBNAIW\n \nThe\nNasdaq Stock Market LLC\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)\nhas been subject to such filing requirements for the past 90 days.\n\n \n\nYes\n☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files).\n\n \n\nYes\n☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting\ncompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\n**Large\naccelerated filer**\n☐\n**Accelerated\nfiler**\n☐\n\nNon-accelerated\nfiler\n☒\nSmaller\nreporting company\n☒\n\n \n \nEmerging\ngrowth company\n☒\n\n \n\nIf\nan emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant\nto Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\n \n\nYes\n☐ No ☒\n\n \n\nIndicate\nthe number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.\n\n \n\nAs\nof May 15, 2026, 6,507,687 shares of the Issuer’s common stock, $0.0001 par value per share, and 1,644,096 public warrants representing the\nright to acquire one share of the Issuer’s common stock for $0.16, were outstanding.\n\n \n\n \n\n \n\n \n\n \n\n** **\n\n**Table\nof Contents**\n\n \n\n \n \n**PAGE**\n\n**Part\nI. Financial Information**\n \n**4**\n\n[Item\n1. Financial Statements](#HK_003)\n \n4\n\n[Unaudited\nCondensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#HK_004)\n \n4\n\n[Unaudited\nCondensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#HK_005)\n \n5\n\n[Unaudited\nCondensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025](#HK_006)\n \n6\n\n[Unaudited\nCondensed Consolidated Statement of Cash Flows For the Three Months Ended March 31, 2026 and 2025](#HK_007)\n \n7\n\n[Notes\nto Unaudited Condensed Consolidated Financial Statements](#HK_008)\n \n8\n\n[Item\n2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#sq_001)\n \n22\n\n[Item\n3. Quantitative and Qualitative Disclosures About Market Risk](#sq_002)\n \n27\n\n[Item\n4. Controls and Procedures](#sq_003)\n \n28\n\n**Part\nII. Other Information**\n \n**29**\n\n[Item\n1. Legal Proceedings](#sq_005)\n \n29\n\n[Item\n1A. Risk Factors](#sq_006)\n \n29\n\n[Item\n2. Unregistered Sales of Equity Securities and Use of Proceeds](#sq_007)\n \n29\n\n[Item\n3. Defaults Upon Senior Securities](#sq_008)\n \n29\n\n[Item\n4. Mine Safety Disclosures](#sq_009)\n \n29\n\n[Item\n5. Other Information](#sq_010)\n \n29\n\n[Item\n6. Exhibits](#sq_011)\n \n30\n\n**Signatures**\n \n**32**\n\n \n\nBrand\nEngagement Network, BEN, our logo and our other trademarks or service marks appearing in this report are the property of Brand Engagement\nNetwork Inc. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective\nowners. Solely for convenience, the trademarks, service marks and trade names included in this report are without the ®, ™\nor other applicable symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent\nunder applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names.\n\n \n\nUnless\notherwise indicated, “Brand Engagement Network,” “BEN,” “the Company,” “our,” “us,”\nor “we,” refer to Brand Engagement Network Inc. and its consolidated subsidiaries.\n\n \n\n 2 \n\n[Table of Contents](#HK_001)\n\n** **\n\n**CAUTIONARY\nNOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n** **\n\nThis\nQuarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of Section 27A of the\nSecurities Act of 1933, as amended, Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended,\nand Rule 3b-6 promulgated thereunder and are intended to be covered by the safe harbor provisions of the Private Securities Litigation\nReform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In\nsome cases, you can identify forward-looking statements because they contain words such as “aims,” “anticipates,”\n“believes,” “contemplates,” “continue,” “could,” “estimates,” “expects,”\n“forecast,” “guidance,” “intends,” “may,” “plans,” “possible,”\n“potential,” “predicts,” “preliminary,” “projects,” “seeks,” “should,”\n“target,” “will” or “would” or the negative of these words, variations of these words or other similar\nterms or expressions that concern our expectations, strategy, plans, or intentions.\n\n \n\nSuch\nforward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that may be outside of our\ncontrol could cause actual results to differ materially from those anticipated in such statements, including those identified below,\nunder “*Part II, Item 1A. Risk Factors*,” and elsewhere herein:\n\n \n\n●our\nability to develop and attain market acceptance for our products and services;\n\n●our\nability to maintain the listing of our securities on the Nasdaq Stock Market (“Nasdaq”);\n\n●cybersecurity\nrisks that may affect us directly or may impact us indirectly by virtue of their effects\non our clients, markets or vendors, including our ability to identify and address cybersecurity\nrisks, including those posed by the increasing use of artificial intelligence (such as, but\nnot limited to, ransomware, data security breaches, “denial of service” attacks,\n“hacking” and identity theft) affecting us, our clients, and our third-party\nvendors and service providers;\n\n●the\nattraction and retention of qualified directors, officers, employees and key personnel;\n\n●our\nneed for additional capital and whether additional financing will be available on favorable\nterms, or at all;\n\n●the\nlack of a market for our Common Stock and Public Warrants and the volatility of the market\nprice and trading price for our Common Stock and Public Warrants;\n\n●our\nability to meet the conditions to close, including the raising of sufficient financing to\nfund our pending acquisition (the “Cataneo Acquisition”) of Cataneo Gmbh (“Cataneo”),\nour ability to pay down payments in accordance with the purchase agreement and our ability\nto integrate and realize the anticipated benefits of the Cataneo Acquisition;\n\n●the\nimpact of lawsuits and other litigation matters on our business;\n\n●our\nlimited operating history;\n\n●the\nlength of our sales cycle and the time and expense associated with it;\n\n●our\nability to grow our customer base;\n\n●our\ndependence upon third-party service providers for certain technologies;\n\n●competition\nfrom other companies offering artificial intelligence products that have greater resources,\ntechnology, relationships and/or expertise;\n\n●our\nability to compete effectively in a highly competitive market;\n\n●our\nability to protect and enhance our corporate reputation and brand;\n\n●our\nability to hire, retain, train and motivate qualified personnel and senior management and\nour ability to deploy our personnel and resources to meet customer demand;\n\n●our\nability to grow through acquisitions and successfully integrate any such acquisitions;\n\n●the\nimpact from future regulatory, judicial, and legislative changes in our industry;\n\n●increases\nin costs, disruption of supply or shortage of materials, which could harm our business;\n\n●our\nability to successfully maintain, protect, enforce and grow our intellectual property rights;\n\n●our\nfuture financial performance, including the ability of future revenues to meet projected\nannual bookings;\n\n●our\nability to forecast and maintain an adequate rate of revenue growth and appropriately plan\nour expenses;\n\n●our\nability to generate sufficient revenue from each of our revenue streams; and\n\n●other risks, uncertainties and factors set forth in our Annual Report on Form 10-K for the fiscal year ended December\n31, 2025 (the “2025 Annual Report”).\n\n \n\nThe\nforegoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in\nthis in this Report, which is incorporated by reference herein. If one or more events related to these or other risks or uncertainties\nmaterialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many\nof the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not\nplace undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is\nmade, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement,\nwhether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible\nfor us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any\nfactor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.\n\n \n\n 3 \n\n[Table of Contents](#HK_001)\n\n** **\n\n**Part\nI. Financial Information**"}