TEN Holdings, Inc.

TEN Holdings, Inc. Annual Report: A Deep Dive into 2025 Performance

TEN Holdings, Inc. (referred to as "TEN Holdings" or "the Company") has unveiled its annual report for the fiscal year ending December 31, 2025, offering investors a critical look into its operations and financial health. As the parent company of TEN Events, Inc., TEN Holdings specializes in comprehensive event planning, production, and broadcasting services for virtual, hybrid, and physical gatherings.

Business Overview

TEN Holdings' core offering is its proprietary Xyvid Pro platform, a robust, web-based solution for professional, customizable, and scalable event management. This platform supports events from small meetings to large-scale global conferences, providing features such as high-quality audio/video, tailored registration, and interactive tools like polls and surveys. Xyvid Pro also offers advanced capabilities, including captioning and transcription in 109 languages, demonstrating the Company's commitment to global accessibility. TEN Holdings continuously invests in research and development to keep Xyvid Pro at the forefront of event technology.

Financial Performance

TEN Holdings faced significant financial challenges in fiscal year 2025:

• Revenue Decline: Total revenue fell to approximately $3.1 million in 2025, down from $3.5 million in 2024. This decline stemmed primarily from a large event series with a key customer, which significantly boosted 2024 revenues, not recurring in 2025.
  • Revenue Mix: Virtual and hybrid events remained the largest segment, contributing $2.7 million (88.2% of total revenue), a decrease from $3.2 million in 2024. Physical events, however, saw modest growth, reaching $0.4 million (11.8% of total revenue), up from $0.3 million in 2024.
• Mounting Net Loss: The Company reported a substantial net loss of $19.5 million in 2025, a dramatic increase from the $3.0 million loss in 2024. This significant rise in losses resulted from the revenue decline coupled with increased operating expenses, which contributed to substantial cash burn.
• IPO and Capital Infusion: The Company completed its Initial Public Offering (IPO) on February 18, 2025.

Risk Factors

Investors should carefully consider several significant risks and challenges facing TEN Holdings:

• Liquidity and Going Concern: The dramatic increase in net losses to $19.5 million, combined with declining revenue, raises serious concerns about the Company's cash burn and its ability to sustain operations.
• Customer Concentration: The non-recurrence of a single large customer event in 2025 highlights the Company's potential over-reliance on a few major clients, posing a significant risk to revenue stability.
• Intense Competition: A crowded market with well-resourced competitors exerts pressure on pricing, market share, and the need for continuous innovation, potentially impacting profitability.
• Technological Dependence: With the Xyvid Pro platform central to its business, the Company faces risks related to platform stability, cybersecurity threats, and the constant need to innovate to avoid technological obsolescence.
• Need for Future Capital: Given the current rate of losses, TEN Holdings may require additional capital raises, which could dilute existing shareholders.

Management Discussion

Management acknowledged the challenging financial results for fiscal year 2025. They primarily attributed the revenue decline to a significant event series with a key customer, which materially contributed to 2024 revenues, not recurring in 2025. The substantial increase in net loss to $19.5 million resulted from this revenue contraction combined with ongoing operational expenses and investments. The Company's February 2025 IPO aimed to strengthen its financial position. Management continues to enhance the Xyvid Pro platform through research and development, aiming to maintain its competitive edge and address evolving market demands. The Company navigates a highly competitive landscape and evaluates strategies to improve operational efficiency and achieve sustainable growth.

Financial Health

TEN Holdings' financial health in 2025 suffered significantly from the substantial net loss of $19.5 million, raising concerns about its cash burn and long-term viability. The Company completed an Initial Public Offering (IPO) in February 2025 to raise capital. These significant losses present a going concern risk, underscoring the Company's critical need to secure future funding or achieve profitability to sustain operations. As of March 10, 2026, TEN Holdings had approximately 3.98 million shares of common stock outstanding. The market value of its common stock held by non-affiliates was reported at $4.79 million as of June 30, 2025.

Future Outlook

TEN Holdings operates within a highly competitive webcasting and event technology industry. The Company acknowledges high barriers to entry for new competitors, citing the significant investment (an estimated $5-7 million over five years) required to develop a platform like Xyvid Pro, along with the need for specialized talent and navigation of complex international regulations. Looking ahead, TEN Holdings aims to capitalize on the evolving event landscape, anticipating increased interactivity, the integration of new technologies like Artificial Intelligence (AI) and Machine Learning (ML), enhanced data analytics, and expanded global reach.

Competitive Position

TEN Holdings operates in a highly competitive webcasting and event technology industry, competing with established players like Zoom, ON24, GlobalMeet, Cvent, and Bizzabo. The Company derives its competitive advantage primarily from its proprietary Xyvid Pro platform, which offers professional, customizable, and scalable event management solutions. TEN Holdings acknowledges the high barriers to entry for new competitors, citing the significant investment (an estimated $5-7 million over five years) required to develop a platform like Xyvid Pro, along with the need for specialized talent and navigation of complex international regulations. Despite these barriers, the dynamic market requires continuous innovation and adaptation to maintain market share against well-resourced competitors.