Company Overview - TEN Holdings, Inc. operates through its subsidiary, Ten Events, Inc., providing event planning, production, and broadcasting services, primarily focusing on virtual, hybrid, and physical events [4] - The company is headquartered in Pennsylvania and utilizes its proprietary Xyvid Pro Platform to support its services [4] Upcoming Investor Events - TEN Holdings will participate in several key investor-focused events in 2025, including the MicroCap Rodeo, LD Micro Main Event, and Spartan Capital Investor Conference [3][6] - These events are seen as critical for enhancing brand awareness and building relationships within the U.S. investment community [3] Event Details - **MicroCap Rodeo Fall Conference**: Scheduled for September 25, 2025, in New York, featuring approximately 15 microcap companies and opportunities for investors to discover unique stock ideas [6] - **LD Micro Main Event XIX**: Taking place from October 19-21, 2025, in San Diego, this event is renowned for small- and micro-cap companies, offering keynote speeches, presentations, and networking opportunities [6] - **Spartan Capital Investor Conference 2025**: Set for November 3, 2025, in New York City, this conference will include over 50 public and private companies, facilitating interactions between growth-stage companies and investors [6]

Company Overview - TEN Holdings (NASDAQ: XHLD) is a provider of event planning, production, and broadcasting services through its subsidiary Ten Events, which is redefining the event space with advanced technology [4][7] - The company has launched the Ten Events Pro ("Ten Pro") SaaS solution, designed for enterprise-grade virtual, hybrid, and in-person events, enhancing user engagement and analytics [4][5] Market Position and Trends - The live and virtual events markets are projected to exceed $1.6 trillion combined by 2030, positioning TEN Holdings to capture significant market share through its proprietary technology [4] - The transition to a SaaS model is expected to unlock steady cash flows and real-time user insights, aligning with the trend of high-margin, recurring revenue models in public markets [5] Financial Metrics and Performance - The Russell 2000 index has outperformed the S&P 500 by 3.8% over the past year and 3.2% year-to-date, indicating a favorable environment for small-cap stocks like XHLD [3][6] - Subscription-based software platforms typically command revenue multiples of 7–10x, suggesting a strong valuation potential for Ten Pro within the $18.2 billion event management software space [5]

Core Insights - TEN Holdings is transforming the event industry with its Xyvid Pro Platform and the upcoming Ten Events Pro SaaS solution, targeting both virtual and in-person experiences [1][3][4] Market Opportunity - The company is positioned to capture a significant share of the $404.3 billion global virtual events market, which is expected to grow at a CAGR of 11.1% through 2027, and the $1.2 trillion live events industry, projected to grow at a CAGR of 7.5% through 2030 [2] - The global SaaS market is also experiencing explosive growth, with a CAGR of 18.7% through 2030, providing a favorable environment for TEN Holdings' SaaS transition [2] Product Offerings - The Xyvid Pro Platform offers studio-grade event experiences with real-time interactivity, customizable branding, and robust analytics, catering to high-stakes corporate events [3] - The Ten Pro SaaS platform enhances event management with cloud-based scalability, predictable pricing, and real-time dashboards for instant customization [3][4] Strategic Shift - The transition to a SaaS model is a defining milestone for TEN Holdings, aligning with industry trends where SaaS companies often see stock price surges of 200-400% post-launch [2][4] - The Early Adopter Program for Ten Pro has accelerated its development, positioning the company for significant growth in the high-margin SaaS sector [4][7] Financial Metrics - Subscription pricing ensures steady cash flows and higher customer lifetime value, enhancing forecasting accuracy [7] - The event management software market is valued at $18.2 billion, with a projected CAGR of 14.1%, indicating strong growth potential for TEN Holdings [7]

Core Insights - TEN Holdings is transitioning to a SaaS model with its Ten Events Pro platform, positioning itself to leverage the $1 trillion global SaaS market, which is expected to grow at a CAGR of 18.7% through 2030 [2][9] - The Early Adopter Program for TenPro is set to refine the platform before its full launch in early 2026, indicating a strategic shift from traditional event services to scalable SaaS delivery [3][9] - The SaaS model offers clients cost efficiency, flexibility, and predictable subscription pricing, enhancing scalability for global enterprises [4][9] Company Developments - TEN Holdings has launched an Early Adopter Program for TenPro, allowing select clients to access the platform in beta starting July 1, 2025 [3] - Analyst Barry M. Sine has expressed confidence in TEN's execution and customer traction, reaffirming revenue forecasts and a bullish outlook on long-term growth potential [7] - The company is actively pursuing M&A opportunities, with expectations for at least one acquisition before year-end, which could enhance global scale and operational synergies [8] Industry Trends - The SaaS model is recognized as the fastest-growing model in technology, providing predictable recurring revenue and higher valuations, which has attracted significant investor interest [5][9] - Organizations transitioning to SaaS are experiencing robust market enthusiasm and rapid expansion in their listings, indicating a structural momentum in the industry [5][9]

Core Business Performance - TEN Holdings has added 12 new enterprise customers in 2025, quadrupling the rate from the previous year, indicating strong demand for its flagship Xyvid Pro and high-quality live event streaming services [3] - The company experienced a temporary revenue impact in Q1 due to the off-cycle timing of a large biennial event, but no further disruptions are expected, with upcoming quarters anticipated to reflect organic growth [4] SaaS Platform Development - The launch of the Ten Pro SaaS platform is ahead of schedule, with initial revenue contributions expected as early as Q3 2025, earlier than previous estimates of 2026 [5] - The company has maintained high standards for quality and delivery speed by keeping development in-house [5] Financial Position and M&A Strategy - TEN Holdings has strong financial backing from its majority shareholder, V-Cube Inc., which owns approximately 70% of the company, allowing for strategic flexibility in funding growth initiatives without diluting shareholder value [6] - The management is actively pursuing M&A opportunities, with expectations of at least one transaction by year-end, and a potential larger-scale combination with V-Cube's event business for 2026 [7] Analyst Outlook - The analyst has reiterated a long-term bullish outlook on TEN Holdings, citing accelerating customer adoption, a fast-tracked SaaS rollout, and solid financial positioning [2][8] - Multiple catalysts are in motion, including early SaaS revenues and ongoing customer acquisition, positioning TEN Holdings to deliver value in both the near and long term [8]

Core Viewpoint - Barry M. Sine maintains a bullish outlook on TEN Holdings, Inc. due to its high-margin growth potential, strategic corporate synergies, and compelling valuation upside [1][2] Company Overview - TEN Holdings, Inc. is a provider of event planning, production, and broadcasting services, delivering virtual, hybrid, and physical event experiences through its subsidiary, Ten Events [8] Product and Service Offering - TEN Holdings specializes in high-quality event streaming services for large enterprise clients, focusing on mission-critical corporate events where quality and reliability are essential [3] - The Ten Pro SaaS platform aims to maintain premium quality while simplifying operations and reducing costs, targeting gross margins near 90% [4] Strategic Initiatives - The company is undergoing a sales and marketing overhaul to align its go-to-market strategy with the SaaS launch and broader platform transformation, which is expected to accelerate organic revenue growth and operational leverage [5] - An Early Adopter Program launched in July 2025 allows select enterprises to beta-test Ten Pro, shaping its development for scalable, high-margin revenue growth [4][5] Corporate Structure and Synergies - TEN Holdings is approximately 70% owned by a leading Japanese market player in corporate streaming and virtual events, with plans for a merger post-IPO to create a more powerful ecosystem for enterprise communications [6] Growth Potential - With a dual growth strategy through organic SaaS development and inorganic M&A activity, TEN Holdings is positioned as a compelling opportunity in digital enterprise communications, supported by a strong global parent and scalable technology [7]

Core Insights - TEN Holdings has launched an Early Adopter Program for its new SaaS platform, Ten Events Pro, aimed at transforming its operating model towards scalable, higher-margin, recurring revenue streams [2][4] - Ten Pro is designed for professional-grade virtual and hybrid event production, providing enterprise users with a flexible platform for various events, enhancing production capabilities and user experience [3][5] - The Early Adopter Program allows selected organizations to access Ten Pro before its public launch, enabling them to influence its development and gain a competitive edge [4][6] Company Overview - TEN Holdings, Inc. operates in event planning, production, and broadcasting services, delivering virtual, hybrid, and physical event experiences through its subsidiary, Ten Events [7] - The company utilizes proprietary technologies, including the Xyvid Pro platform, to facilitate high-impact content delivery and communications at scale [7]

[Form 8-K General Information](index=1&type=section&id=Form%208-K%20General%20Information) This section provides general information regarding the Form 8-K filing, including registrant identification and regulatory status [Registrant Details](index=1&type=section&id=Registrant%20Details) This section provides core identification details for TEN Holdings, Inc., including its incorporation state and principal executive offices - Registrant Name: **TEN Holdings, Inc.**[1](index=1&type=chunk) - State of Incorporation: **Nevada**[1](index=1&type=chunk) - Principal Executive Offices: **1170 Wheeler Way, Langhorne, PA 19047**[1](index=1&type=chunk) [Securities and Regulatory Status](index=1&type=section&id=Securities%20and%20Regulatory%20Status) This section outlines the registrant's securities information and its status as an emerging growth company Securities Registration | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock | XHLD | The Nasdaq Stock Market LLC | - The registrant is an **'Emerging growth company'**[3](index=3&type=chunk) - The registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards[3](index=3&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This item details the announcement of the company's financial results for the specified quarter [Financial Results Announcement](index=2&type=section&id=Financial%20Results%20Announcement) TEN Holdings, Inc. announced Q1 2025 financial results via a press release furnished as Exhibit 99.1 - TEN Holdings, Inc. issued a press release on **August 14, 2025**[4](index=4&type=chunk) - The press release announced financial results for the quarter ended **March 31, 2025**[4](index=4&type=chunk) - The press release is furnished as **Exhibit 99.1** to this Current Report on Form 8-K[4](index=4&type=chunk) [Item 9.01 Exhibits](index=2&type=section&id=Item%209.01%20Exhibits) This item lists all documents furnished as exhibits to the Form 8-K, including the press release and interactive data file [List of Exhibits](index=2&type=section&id=List%20of%20Exhibits) This section lists all documents filed as exhibits to the Form 8-K, including the press release and interactive data file Exhibits Filed | Exhibit No. | Description | | :------------ | :-------------------------------- | | 99.1 | Press Release dated August 14, 2025 | | 104 | Cover Page Interactive Data File | [SIGNATURES](index=3&type=section&id=SIGNATURES) This section contains the formal signatures confirming the authenticity of the Form 8-K filing [Report Signatures](index=3&type=section&id=Report%20Signatures) The report was formally signed by TEN Holdings, Inc.'s CEO and Director on August 14, 2025 - The report was signed on **August 14, 2025**[8](index=8&type=chunk) - Signatory: **Randolph Wilson Jones III**[8](index=8&type=chunk) - Title: **Chief Executive Officer and Director of TEN Holdings, Inc.**[8](index=8&type=chunk)

FORM 10-Q Filing Information Details the filing type, registrant information, filer status, and common stock outstanding for the quarterly report - Filing Type: Quarterly Report (Form 10-Q) for the period ended June 30, 2025[2](index=2&type=chunk) - Registrant: TEN Holdings, Inc., incorporated in Nevada, trading symbol XHLD on The Nasdaq Stock Market LLC[2](index=2&type=chunk)[3](index=3&type=chunk) Filer Status | Filer Status | Status | | :---------------------- | :----- | | Large accelerated filer | ☐ | | Accelerated filer | ☐ | | Non-accelerated filer | ☒ | | Smaller reporting company | ☒ | | Emerging growth company | ☒ | - Common Stock Outstanding (as of August 14, 2025): **35,178,787 shares**[4](index=4&type=chunk) Part I - Financial Information Presents unaudited condensed consolidated financial statements and management's discussion and analysis, highlighting significant losses and going concern doubts - Total assets increased by **72.2% to $11,060 thousand** at June 30, 2025, from $6,424 thousand at December 31, 2024, driven by increases in cash and related party advances[9](index=9&type=chunk) - The company reported a net loss of **$(7,620) thousand** for the six months ended June 30, 2025, a significant increase from $(826) thousand in the prior year, primarily due to higher operating expenses and other non-recurring expenses[11](index=11&type=chunk)[149](index=149&type=chunk) - Stockholders' equity improved from a deficit of **$(1,600) thousand to a positive $5,343 thousand**, largely due to **$8,900 thousand in IPO proceeds** and **$3,206 thousand from debt settlement via share issuance**[9](index=9&type=chunk)[13](index=13&type=chunk)[94](index=94&type=chunk)[97](index=97&type=chunk) - Net cash used in operating activities was **$(7,577) thousand** for the six months ended June 30, 2025, but financing activities provided **$8,798 thousand**, resulting in a net cash increase[16](index=16&type=chunk)[161](index=161&type=chunk) - The company's recurring losses and negative operating cash flow raise substantial doubt about its ability to continue as a going concern[26](index=26&type=chunk) [Item 1. Financial Statements](index=4&type=section&id=Item%201%20Financial%20Statements) Presents unaudited condensed consolidated financial statements, including balance sheets, income statements, cash flows, and notes, highlighting significant losses and going concern doubts [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Item (in thousands) | Balance Sheet Item (in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change ($) | Change (%) | | :-------------------------------------- | :------------------------ | :-------------------------- | :--------- | :--------- | | Cash and cash equivalents | $739 | $48 | $691 | 1439.6% | | Accounts receivable, net | $233 | $515 | $(282) | (54.8%) | | Advance - related party (current) | $2,102 | $- | $2,102 | N/A | | Total Current Assets | $3,334 | $1,787 | $1,547 | 86.6% | | Advance - non-current - related party | $2,893 | $- | $2,893 | N/A | | Intangible assets, net | $4,146 | $3,888 | $258 | 6.6% | | Total Non-current Assets | $7,726 | $4,637 | $3,089 | 66.6% | | **Total Assets** | **$11,060** | **$6,424** | **$4,636** | **72.2%** | | Short-term loans - related party | $3,670 | $5,617 | $(1,947) | (34.7%) | | Total Current Liabilities | $5,254 | $7,522 | $(2,268) | (30.1%) | | **Total Liabilities** | **$5,717** | **$8,024** | **$(2,307)** | **(28.7%)** | | Additional paid-in capital | $14,879 | $317 | $14,562 | 4593.7% | | Accumulated deficit | $(9,542) | $(1,922) | $(7,620) | 396.5% | | **Total Stockholders' Equity (Deficit)** | **$5,343** | **$(1,600)** | **$6,943** | **433.9%** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Income Statement Item (in thousands) - Three Months Ended June 30 | Income Statement Item (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :----------------------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Revenue | $1,116 | $1,023 | $93 | 9.1% | | Cost of revenue | $175 | $141 | $34 | 24.1% | | Gross profit | $941 | $882 | $59 | 6.7% | | Selling, General and Administrative Expenses | $2,153 | $1,243 | $910 | 73.2% | | Depreciation expenses | $148 | $13 | $135 | 1038.5% | | Total operating expenses | $2,301 | $1,256 | $1,045 | 83.2% | | Loss from operations | $(1,360) | $(374) | $(986) | 263.6% | | Other income (expenses), net | $(1,344) | $2 | $(1,346) | 67300.0% | | Interest expenses, net | $(80) | $(48) | $(32) | 66.7% | | **Net Loss** | **$(2,784)** | **$(420)** | **$(2,364)** | **562.9%** | | Net loss per share, basic and diluted | $(0.13) | $(0.02) | $(0.11) | 550.0% | Income Statement Item (in thousands) - Six Months Ended June 30 | Income Statement Item (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | YoY Change ($) | YoY Change (%) | | :----------------------------------------- | :------------------------------- | :------------------------------- | :------------- | :------------- | | Revenue | $1,855 | $2,151 | $(296) | (13.8%) | | Cost of revenue | $361 | $425 | $(64) | (15.1%) | | Gross profit | $1,494 | $1,726 | $(232) | (13.4%) | | Selling, General and Administrative Expenses | $7,319 | $2,448 | $4,871 | 199.0% | | Depreciation expenses | $296 | $27 | $269 | 996.3% | | Total operating expenses | $7,615 | $2,475 | $5,140 | 207.7% | | Loss from operations | $(6,121) | $(749) | $(5,372) | 717.2% | | Other income (expenses), net | $(1,350) | $(3) | $(1,347) | 44900.0% | | Interest expenses | $(149) | $(74) | $(75) | 101.4% | | **Net Loss** | **$(7,620)** | **$(826)** | **$(6,794)** | **822.5%** | | Net loss per share, basic and diluted | $(0.26) | $(0.03) | $(0.23) | 766.7% | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' Equity Item (in thousands) | Stockholders' Equity Item (in thousands) | December 31, 2024 | June 30, 2025 | Change ($) | | :--------------------------------------- | :---------------- | :------------ | :--------- | | Balance, beginning of period | $(1,600) | $(1,600) | N/A | | Issuance

Core Viewpoint - TEN Holdings, Inc. reported a year-over-year revenue growth of 9.1% for the second quarter of 2025, driven by increased revenue from physical events despite a decline in virtual and hybrid events [2][5]. Financial Results - Revenue for the three months ended June 30, 2025, was $1,116,000, an increase of $93,000 from $1,023,000 in the same period of 2024, representing a growth of 9.1% [5]. - Revenue from delivered physical events increased significantly by $109,000, or 82.6%, while revenue from virtual and hybrid events decreased by $16,000, or 1.8% [5][6]. - Cost of revenue rose to $175,000, up $34,000 or 24.1% compared to the previous year, primarily due to increased physical events [6]. - Selling, general, and administrative expenses surged by $910,000, or 73%, totaling $2,153,000, largely due to costs associated with being a publicly traded company [6]. - The net loss for the quarter was $2,784,000, or $(0.13) per share, compared to a net loss of $408,000, or $(0.02) per share, in the same quarter of 2024 [6][11]. Company Outlook - The company aims to create shareholder value by expanding market presence, advancing products and services, and deepening customer relationships [4]. - Plans include enhancing the proprietary Xyvid Pro Platform with interactive features and focusing on recurring revenue streams through a Platform-as-a-Service (PaaS) model [11]. - The company is also looking to identify and invest in businesses that offer complementary advantages to enhance competitiveness and growth [11].