Tenet Fintech Group (PKK) Q4 2024 earnings summary

Executive summary

• Reported revenue of $2.84 million for 2024, a significant decrease from $42.08 million in 2023.

• Net loss for 2024 was $59.26 million, including a $32.39 million expected credit loss provision.

• Negative cash flow from operations totaled $6.92 million, compared to negative $3.91 million in 2023.

• 2024 marked a continued transition period, with focus on platform enhancements and strategic partnerships.

Financial highlights

• Total revenue dropped sharply year-over-year to $2.84 million from $42.08 million.

• Net loss increased to $59.26 million, driven by a large credit loss provision.

• Cash flow from operations was negative $6.92 million, worsening from the prior year.

Outlook and guidance

• Plans to enhance the Cubeler® platform's networking module for cross-border business opportunities in 2025.

• Launch of Cubeler® platform in the U.S. and commercialization of first data-derived products in North America.

• Targeting a return to an annual revenue run-rate of over $100 million with reactivation of platforms in China and new North American products.