LANGHORNE, PA — TEN Holdings, Inc. (Nasdaq: XHLD) has released its financial results for fiscal year 2024, marking a year focused on growth initiatives and strategic transformation.
The company’s 2024 total revenues were $3.5 million, a slight decline of 5.8% from $3.7 million in 2023. This decrease was primarily attributed to the absence of a one-time virtual event held in 2023. However, revenue from physical events grew by $91,000, reflecting the impact of corporate restructuring that expanded operational capacity throughout 2024. Gross profit margin dropped to 81.4%, from 85.1% in 2023, due in part to rising labor costs tied to hybrid and physical event production.
Net loss for the year widened to $2.97 million, compared to $1.69 million in 2023, driven by increased expenses and lower revenues. Operating costs, including selling, general, and administrative (SG&A) expenses, rose by 13.7% to $5.39 million, reflecting higher payroll and professional service costs. Research and development investments also increased to $128,891, up from $105,885 in the prior year, underscoring the company’s commitment to innovation.
Chief Executive Officer Randolph Wilson Jones III highlighted the year’s focus on foundational growth. “Fiscal year 2024 was a building year for our business, as we worked to develop a pipeline of new strategies and markets that we can grow over the next few years,” he stated. “By working towards strengthening and enhancing our customer relations, expanding the scope of the Xyvid Pro Platform, and the integration of a new platform-as-a-service (PaaS) model, I am confident that we will build a solid foundation that is necessary to capitalize on our competitive strengths to provide revenue and margin performance to drive value for our shareholders.”
Among the most notable achievements was TEN Holdings’ initial public offering (IPO), completed on February 18, 2025. The company’s securities are now traded on the Nasdaq Stock Market under the ticker symbol “XHLD,” marking a pivotal milestone in its development.
Looking ahead, TEN Holdings is set to launch its innovative PaaS model, designed to generate recurring revenue by enabling customers to utilize its technology independently. Additionally, the company plans to further develop the Xyvid Pro Platform by introducing new features for engagement, data analytics, and scalability.
Despite the financial pressures of 2024, the company is confident in its strategies for long-term growth. By investing in customer relationships, enhancing marketing efforts, and pursuing acquisitions of complementary businesses, TEN Holdings aims to position itself for sustainable success in the years to come.
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