TEN Holdings (XHLD) investor relations material

Executive summary

• Revenue for the nine months ended September 30, 2025, was $2.4 million, down 10.7% year-over-year, with a net loss of $9.6 million, up from $1.8 million in the prior year period.

• Q2 2025 revenue grew 9.1% year-over-year, driven by increased physical event revenue and new customer acquisition.

• Virtual and hybrid events accounted for 86% of revenue, while physical events increased to 14% of total revenue.

• Operating expenses rose significantly due to public company costs, expanded compliance, and investor relations functions.

• The company completed its IPO in February 2025, raising $8.9 million in net proceeds, and entered into a $20 million equity line with Lincoln Park Capital.

Financial highlights

• Q3 2025 revenue was $543,000, up 1.5% year-over-year; gross profit was $405,000, down 4.9%.

• Q2 2025 revenue was $1,116,000, up from $1,023,000 in Q2 2024.

• Operating expenses for Q3 rose 76% to $2.3 million, mainly due to public company costs and stock-based compensation.

• Net loss for Q3 was $2.0 million, compared to $1.0 million in Q3 2024; nine-month net loss was $9.6 million.

• Adjusted EBITDA for Q3 was $(1.8) million; for the nine months, $(4.1) million.

Outlook and guidance

• Management expects continued investment in technology and public company infrastructure to drive higher operating expenses.

• Plans to enhance the Xyvid Pro Platform with new interactive features, advanced analytics, and improved scalability.

• Focus on growing recurring revenue through a Platform-as-a-Service (PaaS) model.

• Intends to pursue strategic investments, partnerships, and acquisitions to drive growth.

• The company believes current cash and available equity line are sufficient for the next 12 months, but ongoing losses and negative cash flow raise substantial doubt about going concern status.