Tenet Reports Year-End 2024 Financial Results

Core Insights - Tenet Fintech Group Inc. reported a revenue of $2.84 million for the year ended December 31, 2024, a significant decrease from $42.08 million in 2023, alongside a net loss of $59.26 million, which included an expected credit loss provision of $32.39 million [1][5] - The company experienced negative cash flow from operations amounting to $6.92 million in 2024, compared to negative $3.91 million in 2023 [1][5] - Tenet is in a transition period that began in 2023, with expectations to demonstrate long-term benefits by the end of 2025 through the commercialization of its first data-derived product and reactivation of platforms in China [2] Financial Performance - Total revenue for 2024 was reported at $2.84 million, a decline from $42.08 million in 2023 [1][5] - The net loss for the year was $59.26 million, with $32.39 million attributed to expected credit loss provisions [1][5] - Cash flow from operations was negative at $6.92 million, worsening from negative $3.91 million in the previous year [1][5] Operational Highlights - The company achieved several operational milestones in Q4 2024, including enhancements to the Cubeler® Business Development Platform and strategic partnerships aimed at improving data acquisition and service offerings [6] - Tenet launched its Cubeler® Business Development Platform in the U.S. and initiated the commercialization of its first data-derived products in North America [6] - The company aims to return to an annual revenue run-rate of over $100 million by reactivating platforms in China and leveraging contributions from North American data-derived products [6] Future Outlook - Tenet's operational objectives for 2025 include further development of its platforms and products, with a focus on cross-border communications and business opportunities [3][6] - The CEO will address shareholder questions regarding the 2024 financial results and the business plan for the remainder of 2025 in an upcoming Q&A session [4]