TEN Holdings
XHLD on Nasdaq. TEN Holdings sells virtual and hybrid events to businesses and organizations. Market value $9m.
Figures from the annual report for the year ended 31 December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$0.49 a share, at its 1-year low
Over the past year the price has ranged from $0.48 to $15.43.
Price from Friday’s close (2 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $3m | $3m |
| Operating margin | ||
| Operating margin | -79.6% | -432.5% |
| Debt to equity | ||
| Debt to equity | n/a | n/a |
| Shares outstanding | ||
| Shares outstanding | 0.04bn | 0.00bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)2 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 91% fewer since 2024
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $731,000 last quarter, down 35% on a year ago.
- A loss of $3 million, compared with a loss of $3 million a year ago.
- It loses 464 cents on each $1 of sales, compared with 259 cents a year earlier.
- 200% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| December 2024 | Not reported |
| March 2025 | $739,000 |
| June 2025 | $1m |
| September 2025 | $543,000 |
| December 2025 | $706,000 |
| March 2026 | $853,000 |
| June 2026 | $731,000 |
| Quarter to | Amount |
|---|---|
| December 2024 | Not reported |
| March 2025 | -$5m |
| June 2025 | -$3m |
| September 2025 | -$2m |
| December 2025 | -$10m |
| March 2026 | -$3m |
| June 2026 | -$3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 5 funds in all.
Largest holders overall
- UBS Group AG$49,235Added
- Geode Capital Management$34,015Cut
- XTX Topco$30,845Added
- Jane Street Group$27,335Added
- Tower Research Capital LLC (TRC)$6,751Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- V-Cube, Inc.Passive investor79.5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
V-Cube, Inc. Passive investor | 79.5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in TEN Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 11 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.”
Show the full paragraph
The Company has incurred and continues to incur losses from operations as well as negative cash flow from operations. For the six months ended June 30, 2026, the Company had a net loss of $ 5.89 million, net cash used in operations of $ 2.70 million, and as of June 30, 2026, the Company had an accumulated deficit of $ 27.32 million. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.
From the 10-Q filed 10 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On May 14, 2025, the audit committee (the “Audit Committee”) of the board of directors of TEN Holdings, Inc., a company formed under the laws of Nevada (the “Company”), approved the dismissal of Grassi & Co., CPAs, P.C. (“Grassi”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 20 May 2025: Change of auditor. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 66.7% last year. Losing that customer would hurt.
“For the years ended December 31, 2025 and 2024, we had approximately 40 and 33 customers, respectively, among which, one customer independently accounted for more than 10% of our total revenue, accounting for approximately 66.7% and 64.6% of our total revenue, respectively.”
From the 10-K filed 18 March 2026, Item 1. Business. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.