TEN Holdings, Inc. (NASDAQ: XHLD)

TEN Holdings, Inc. provides event planning, production, and broadcasting services with headquarters in Pennsylvania. The company focuses on virtual and hybrid events as well as physical events. Its virtual and hybrid offerings include end to end planning, production, and broadcasting supported by the proprietary Xyvid Pro Platform along with continuing education services that track learner qualifications and issue certificates. Physical offerings consist of live streaming and video recording of in person gatherings, video editing and production, and a custom on demand video library for finished content. The firm’s mission is to deliver top tier planning, production, and broadcasting services for virtual, hybrid and physical events, aiming to become a global leader in innovative virtual experiences that enhance engagement and connectivity.

The company generates revenue from service fees charged for virtual and hybrid events and for physical events. For the fiscal year ended December 31 2024 total revenue was approximately $3.5 million, with virtual and hybrid events contributing about $3.2 million or 91.9% of revenue, and physical events contributing about $0.3 million or 8.1% of revenue. In the prior year total revenue was approximately $3.7 million, virtual and hybrid events accounted for $3.5 million or 94.8% of revenue, and physical events accounted for $0.2 million or 5.2% of revenue. Fees are primarily determined by event duration, complexity, anticipated attendance, and customization requirements. The firm also invests in research and development, spending roughly $129,000 in 2024, and $106,000 in 2023 to enhance platform capabilities and meet evolving client needs.

The company operates through the following segments.

• Virtual and Hybrid Events: This segment delivers end to end planning, production, and broadcasting of virtual and hybrid gatherings using the Xyvid Pro Platform. Services include customizable event design featuring tailor made attendee registration, email communications, web panel creation, multi language captioning and transcription for 109 languages, scalable infrastructure that supports events from a few attendees to tens of thousands of global participants, professional audio visual production and presentation, and interactive engagement tools such as polling, surveys, social media feed integration and audience topic response solicitations. The segment also provides continuing education services that track learner qualifications, measure watch time, live polling data and scoring, and generate certificates when stipulated requirements are met. It serves a variety of event types including conferences, marketing events, product launches, trainings, investor and shareholder meetings, and can adapt its level of involvement based on client expertise ranging from advisory support to full service management.

• Physical Events: This segment provides live streaming and video recording of in person events, video editing and production, and creates a custom on demand video library for finished content that clients can view and download. Fees for physical events are based on event duration, timing, number of on site technicians, and customization needs. The segment supports hybrid events by capturing live proceedings for online distribution and enables clients to build searchable archives of their event footage.

TEN Holdings, Inc. competes in the webcasting industry against large and small providers such as Zoom, ON24, GlobalMeet, Cvent, Bizzabo, and Meeting Tomorrow. The company believes barriers to entry are high due to technological, talent, financial, and regulatory challenges, including the need for a substantial upfront investment of approximately $5 million to $7 million to develop a comparable streaming platform and a minimum of 5 years to complete such development. Additional barriers include the requirement for specialized talent in live event planning, webcasting production, software development, and ongoing financial resources for research, development, maintenance, and upgrades. Regulatory and localization considerations also pose hurdles for new entrants seeking to operate across global regions. Competitive advantages stem from the proprietary Xyvid Pro Platform which offers scalability, interoperability, multi language support, interactive features, and reliable performance, over 10 years of event production expertise, dedicated customer service teams that provide tailored guidance and technical support, and an experienced management team with broad industry knowledge.

The customer base comprises technology firms, healthcare organizations, educational institutions, marketing and advertising agencies, nonprofits, and associations ranging from early stage companies to multinational corporations. Clients engage under various arrangements including master service agreements supplemented by purchase orders for specific events, event bundle contracts where customers prepay for a set number of events, and event by event engagements. In the year ended December 31 2024 1 customer represented more than 10% of total revenue, accounting for approximately 64.6% of revenue, while in the prior year the same customer accounted for approximately 51.1% of revenue. For the year ended December 31 2024 9 of the top 10 customers were repeat clients, indicating a loyal and recurring revenue base. The firm does not disclose the name of its largest customer but notes that it is not a related party.