TEN Holdings, Inc. reported full‑year 2025 revenue of $3.1 million, a decline of 11.4% from $3.5 million in 2024. Gross profit margin fell to 78.6% from 81.4% year‑over‑year, reflecting lower virtual and hybrid event revenue that offset a modest increase in physical event income.
Net loss widened to $19.5 million in 2025, compared with a $3.0 million loss in 2024. The increase is driven by higher selling, general and administrative expenses, largely attributable to public‑company costs and non‑cash charges. Revenue concentration is a concern, with 66.7% of 2025 revenue coming from a single customer.
Management highlighted the challenges and strategic focus in the earnings presentation. CEO Randolph Wilson Jones III said, "This past year, we focused on strengthening our platform, expanding enterprise adoption, and leveraging strategic partnerships to drive operational efficiency and sustainable performance." He added, "Our transition into a SaaS‑based model with the introduction of Ten Pro is a defining milestone for TEN Holdings and our shareholders. These initiatives position TEN Holdings to pursue growth and long‑term shareholder value."
Investors reacted negatively to the results, citing the widening loss, revenue decline, and the auditor’s substantial doubt about the company’s ability to continue as a going concern. The market’s concern was amplified by the concentration risk and the lack of forward guidance.
No forward guidance was disclosed for the upcoming year, leaving investors to assess the company’s prospects based on the current financial performance and the strategic shift toward the Ten Pro SaaS platform.
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