Core Insights - TEN Holdings, Inc. has been recognized in G2's Spring 2025 Reports, earning the "High Performer" and "Easy to Do Business With" badges, reflecting strong customer satisfaction and operational excellence [1][2][3] Company Overview - TEN Holdings is a provider of event planning, production, and broadcasting services, primarily focusing on virtual, hybrid, and physical events, supported by its proprietary Xyvid Pro platform [5] Recognition and Impact - The "High Performer" badge indicates exceptional customer satisfaction and strong business performance, while the "Easy to Do Business With" badge emphasizes the company's commitment to seamless client experiences, which is crucial in the enterprise event production sector [2] - The recognition from G2 reinforces the trust and confidence clients have in TEN Holdings, validating the company's strategy and long-term value [3] Strategic Initiatives - TEN Holdings is advancing key growth initiatives, including enhancing the Xyvid Pro platform, developing a new self-service PaaS solution, and executing a strategic M&A roadmap to meet the evolving needs of enterprise clients [3] - The company is well-positioned to capitalize on the growing demand for hybrid and virtual experiences, serving as a trusted partner for enterprise organizations [4]

Revenue Performance - Total revenue decreased by approximately $215 thousand, or 5.8%, to approximately $3,504 thousand, primarily due to a decline in revenue from virtual and hybrid events [210]. - Revenue from delivered events – Virtual and Hybrid decreased by approximately $306 thousand, mainly due to a 2023 event that did not repeat in 2024 [211]. - Revenue from delivered events – Physical increased by approximately $91 thousand, attributed to a corporate restructuring that resulted in a full year of activity in 2024 [211]. - The company recognizes revenue from hybrid, virtual, and physical events upon completion of the event, reflecting the consideration expected to be received [230]. - The company applies ASC Topic 606 for revenue recognition, following a five-step model to determine the appropriate amount of revenue [227]. Expenses and Losses - Cost of revenue increased by approximately $97 thousand, or 17.5%, to approximately $652 thousand, driven by higher outsourced labor costs associated with physical events [210]. - Selling, General and Administrative (SG&A) expenses increased by approximately $648 thousand, or 13.7%, to approximately $5,390 thousand, mainly due to increased payroll expenses and professional service costs [212]. - Net loss was approximately $2,968 thousand for the year ended December 31, 2024, compared to a net loss of approximately $1,688 thousand for the year ended December 31, 2023, representing a 75.8% increase in loss [214]. - Net loss increased from $1,688 thousand in 2023 to $2,968 thousand in 2024, representing a 76% increase [216]. Cash Flow and Liquidity - Cash as of December 31, 2024, was approximately $48 thousand, down from $357 thousand in 2023, indicating liquidity challenges [215]. - Net cash used in operating activities rose significantly from approximately $265 thousand in 2023 to approximately $2,485 thousand in 2024, indicating a substantial increase in cash outflow [218]. - Net cash used in investing activities decreased slightly from approximately $1,075 thousand in 2023 to approximately $1,037 thousand in 2024, primarily due to reduced capitalized software costs [219]. - Net cash provided by financing activities increased from approximately $1,690 thousand in 2023 to approximately $3,213 thousand in 2024, driven by higher short-term loans [220]. - Cash and cash equivalents at the end of the period decreased from $357 thousand in 2023 to $48 thousand in 2024 [216]. Customer Concentration and Market Strategy - The company had a single customer that represented approximately 64.6% of revenue for the year ended December 31, 2024, highlighting customer concentration risk [198]. - The company plans to expand its sales and marketing capabilities to increase its customer base and achieve broader market acceptance [193]. Competitive Landscape - The competitive landscape includes major players like Zoom and ON24, which may leverage their resources to adapt to market trends and innovations [199]. Obligations and Capital Expenditures - Total contractual obligations as of December 31, 2024, amounted to approximately $6,305 thousand [221]. - Capital expenditures for the fiscal years ended December 31, 2024, and 2023 were $1,037 thousand and $1,075 thousand, respectively [223]. - The company had no off-balance sheet arrangements as of December 31, 2024 [224].