Tenet Fintech Group (PKK) Q2 2024 earnings summary

Executive summary

• Networking and advertising modules for the platform are set for a soft launch to existing members by end of September, with a full launch following a brief test period.

• ie-Pulse data products are expected to be ready for sale during the fourth quarter of 2024.

• China remains a key part of future plans, leveraging partnerships and accumulated data to connect Canadian and US small businesses to the Chinese market.

• Revenue for Q2 2024 was $713,943, with a net loss of $13,451,547 and EBITDA of ($10,685,055).

• Six-month revenue was $1,479,578, down sharply from $26,270,518 in the same period last year.

Outlook and guidance

• Expansion of the business hub to the US is still possible by year-end, pending regulatory compliance for the financing module.

• Aiming to relist on the OTCQB soon, with NASDAQ relisting targeted for the first quarter of 2025, subject to regulatory processes.

• Launch of Business Hub's Networking and Advertising modules in Canada rescheduled to end of Q3 2024 to ensure positive user experience and strategic marketing alignment.

• CEO to address 2024 outlook in a Q&A session with shareholders.

Significant events and developments

• Recent partnership with Able View Global to facilitate entry into the Chinese market.

• Board changes include the addition of George Kaousias, which was a prerequisite for the OTCQB relisting process.

• Delayed delivery of Canadian modules and establishment of a new data science subsidiary in China impacted revenue recovery.