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TEN Holdings, Inc. (the Company, TEN Holdings, we, us, or our ), headquartered in Langhorne, Pennsylvania, was incorporated on February 12, 2024 in Pennsylvania to act as the holding company of TEN Events, Inc. ( TEN Events ), which was incorporated in Pennsylvania in May of 2011 and is an operating entity. TEN Events is a provider of event planning, production, and broadcasting services.
The business is unprofitable at the operating level (-432.54% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.4% YoY. Margins deteriorated 352.9pp alongside, both lines moving the wrong way.
ROIC dropped from -190.72% to -396.21%, capital efficiency is deteriorating. Negative free cash flow of -$10M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3M
▼ -9.4% YoY
Net Income (TTM)
-$18M
▼ -557.3% YoY
Op. Margin
-357.58%
▼ -352.9pp YoY
ROIC
-143.42%
▼ -205.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -298.9% YoY
Op. Cash Flow (TTM)
-$4M
▼ -305.0% YoY
Net Debt
$403K
Cash & Equiv.
$79K
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