TEN Holdings (XHLD) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 increased 15.4% year-over-year to $0.85 million, driven by a major customer doubling their spend compared to Q1 2025.

• Net loss narrowed to $2.9 million from $4.8 million in Q1 2025, reflecting lower SG&A and stock-based compensation.

• Virtual and hybrid events comprised 92.7% of revenue, with physical events making up 7.3%.

Financial highlights

• Gross profit was $0.55 million, nearly flat year-over-year.

• SG&A expenses decreased 34.6% to $3.4 million, mainly due to reduced headcount and lower stock-based compensation.

• Adjusted EBITDA improved to $(2.5) million from $(1.1) million in Q1 2025.

• Cash used in operations was $1.1 million, down from $6.8 million in Q1 2025.

• Cash balance at March 31, 2026 was $0.1 million, with an accumulated deficit of $24.3 million.

Outlook and guidance

• Management highlights substantial doubt about the ability to continue as a going concern due to recurring losses, negative cash flows, and short-term debt obligations.

• Plans include pursuing new customer contracts, cost controls, and additional financing.

• A $5.4 million funding commitment from V-Cube, Inc. is scheduled in installments through 2026.