LANGHORNE, PA — TEN Holdings, Inc. (NASDAQ: XHLD) reported third-quarter 2025 results, highlighting modest top-line growth and a strategic pivot designed to strengthen its technology platform, accelerate recurring revenue, and prepare the company for expanded market reach.
Revenue for the quarter came in at $543,000, a 1.5% increase from the same period last year. While the gain was slight, CEO Randolph Wilson Jones III said the performance reflects consistent demand in the company’s core event services business and the groundwork being laid for more meaningful growth ahead.
Jones pointed to two major developments during the quarter: the launch of an Early Adopter Program for Ten Events Pro — the company’s forthcoming SaaS platform for virtual and hybrid events — and a new technical partnership with Webinar.net, an AWS-based enterprise event platform. The collaboration is expected to accelerate Ten Events Pro’s release timeline and reduce operating expenses by an estimated $1.2 million to $1.7 million in 2026.
“These initiatives position TEN Holdings for stronger market growth and improved operational efficiency,” Jones said, adding that the partnership will also support future annual recurring revenue as the company shifts further toward a software-driven model.
The company also appointed Virgilio D. Torres as Chief Financial Officer. Torres brings extensive experience in mergers, acquisitions, capital markets, and financial operations — expertise management believes will be critical as the company scales and engages more deeply with investors and lenders.
Quarterly Performance Reflects Shifts in Event Mix and Public Company Costs
While overall revenue inched higher, the company experienced significant changes across event categories. Revenue from virtual and hybrid events declined by $38,000, largely due to several hybrid engagements shifting into later quarters. Physical event revenue doubled, rising by $46,000 as clients increased in-person activations.
Cost of revenue rose 26.6% to $138,000, reflecting the heavier labor requirements of physical events compared with virtual formats.
Selling, general, and administrative costs surged to $2.19 million — a 66.7% increase tied primarily to new public company obligations such as audits, exchange fees, D&O insurance, and legal requirements. These expenses contributed to a net loss of $1.99 million for the quarter, more than double the loss recorded a year earlier.
TEN Holdings ended the quarter with $310,000 in cash and cash equivalents, up significantly from $48,000 at year-end, driven by stronger collections and partial working capital from its equity line of credit. The company invested $828,000 in capitalized internal-use software during the first nine months of 2025, reflecting its commitment to the upcoming SaaS platform.
Looking Ahead: SaaS Acceleration and Strategic Partnerships
Management signaled that additional partnerships and acquisitions remain on the table as the company works to expand capabilities and diversify revenue. A key focus will be integrating technology from V-Cube Inc. to enhance enterprise-grade digital experiences for North American customers.
“With the right partnerships and continued investment in our technology roadmap, we believe we can capture new opportunities and create long-term value for our shareholders,” Jones said.
The company plans to emphasize recurring revenue models, deepen its position in the virtual and hybrid events market, and pursue strategic collaborations to drive market share and operational efficiency.
Despite near-term losses and rising public company costs, TEN Holdings is positioning itself for a more technology-centered future — one that management believes will deliver scalable growth and a stronger competitive footing in the digital events sector.
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