TEN Holdings, Inc.

What they do

TEN Holdings operates through Ten Events, Inc., a Pennsylvania operating subsidiary incorporated in 2011, and is headquartered in Langhorne, Pennsylvania. The company delivers technology-enabled event engagement and digital communications solutions, combining proprietary software, production capabilities and managed services. Offerings cover the event lifecycle, including content delivery, audience engagement, webinar management and continuing education programs. Revenue comes primarily from subscriptions and usage of its technology platform, plus related professional and managed services.

Revenue drivers

• Platform usage revenue — Subscription and usage fees from the technology offering; approximately $1.3 million, or 79.5% of total revenue, for the six months ended June 30, 2026.
• Professional and managed services — Services supporting events such as production, live streaming and multimedia capture; approximately $0.3 million, or 20.5% of total revenue, for the six months ended June 30, 2026.
• Enterprise customer concentration — Revenue has been heavily dependent on a small number of large customers; the second quarter 2026 decline was attributed mainly to lower revenue from one of the Company's largest customers.

Recent performance

Second quarter 2026 revenue fell 34.5% year over year to $731,000 from $1.1 million, driven by lower revenue from one of the largest customers and opportunities shifting into the third quarter of 2026. Platform usage revenue declined 45.1% to $469,000, while professional and managed services revenue was essentially flat at $262,000. Gross margin improved to 85.8% from 84.3% as cost of revenue fell 40.6% to $104,000. Net loss was $3.0 million, or $(0.70) per share, versus a $2.8 million loss, or $(1.95) per share, a year earlier, with the higher SG&A of $3.6 million partly offset by the absence of a $1.4 million settlement charge in the prior-year quarter.

Strategy

Management completed a $7.5 million offering on June 30, 2026, lifting cash and cash equivalents to $5.8 million from $1.6 million at the start of the year. Stated priorities outlined in July are strengthening working capital, expanding product development, building artificial intelligence capabilities and pursuing strategic acquisitions. The company is advancing a platform roadmap including AI-driven analytics, automated captioning and workflow capabilities, and is building on its partnership with Webinar.net. It also describes a disciplined acquisition strategy targeting complementary, accretive businesses to broaden recurring revenue.

Risks

• Customer concentration — A small number of large enterprise customers drives revenue, and the most recent quarterly decline was attributed primarily to lower revenue from one of the Company's largest customers.
• Recurring losses and cash use — The company reported a net loss of $3.0 million in the second quarter of 2026 and used $2.7 million of cash in operating activities in the first half of 2026.
• Fixed public-company cost base — SG&A rose 67.6% year over year to $3.6 million, largely professional fees tied to public-company compliance, audit and advisory costs, which management says can have an outsized effect on results while revenue remains small.
• Listing and governance events — The company has reported delisting notices or listing-rule failures in July and September 2026, along with several director or officer changes and termination of a material agreement in July 2026.

Outlook

Management expects opportunities that shifted out of the second quarter to be recognized as those events are delivered in the third quarter of 2026. It cites the completed $7.5 million offering, an improving cost structure and a stated strategic roadmap as positioning the company to build long-term value. The company continues to pursue AI platform features and acquisitions of complementary businesses to broaden recurring revenue.