Tenet Fintech Group (PKK) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was $205,582, reflecting a significant decline as Chinese operations transition to a new data-centric business model.

• Net loss for the quarter was $24,692,225, a reduction from $43,002,953 in Q3 2023.

• Beta launch of Cubeler Business Hub's Networking and Advertising modules occurred shortly after quarter-end, positioning for commercial launch of the first data-driven product in Q4 2024.

Financial highlights

• Q3 2024 revenue: $205,582, down from $9,244,460 in Q3 2023.

• Nine-month revenue: $1,685,160, compared to $35,514,978 for the same period in 2023.

• Total expenses for Q3 2024: $24,897,807, including an $18,715,423 expected credit loss provision.

• EBITDA for Q3 2024: ($22.33 million); Adjusted EBITDA: ($22.49 million).

• Net loss for Q3 2024: ($24.69 million), improved from ($43.00 million) in Q3 2023.

Outlook and guidance

• Commercial launch of the first data-driven ie-Pulse product expected in Q4 2024, following the beta launch of new modules.

• CEO to address Q3 results and outlook in a Q&A session, with responses to be posted by December 10, 2024.