Tenet Reports Year-End 2024 Financial Results
Tenet Fintech Group (OTC Pink: PKKFF) reported challenging financial results for the year ended December 31, 2024, with revenue significantly declining to $2.84 million from $42.08 million in 2023. The company posted a substantial net loss of $59.26 million, including a $32.39 million expected credit loss provision.
The company is undergoing a strategic transition, focusing on the enhancement of its Cubeler® Business Development Platform with new modules and partnerships. Key developments include a strategic partnership with Dext Software Ltd. and the appointment of Liang Qiu as Head of Global Development. For 2025, Tenet aims to launch the platform in the U.S., commercialize data-derived products in North America, and targets returning to a $100M+ annual revenue run-rate through platform reactivation in China.
Tenet Fintech Group (OTC Pink: PKKFF) ha riportato risultati finanziari difficili per l'anno chiuso al 31 dicembre 2024, con i ricavi significativamente in calo a $2.84 million rispetto ai $42.08 million del 2023. L'azienda ha registrato una perdita netta sostanziale di $59.26 million, inclusa una provvista per perdita stimata su crediti di $32.39 million.
L'azienda sta attraversando una transizione strategica, concentrandosi sul potenziamento della Cubeler® Business Development Platform con nuovi moduli e collaborazioni. Tra gli sviluppi chiave figurano una partnership strategica con Dext Software Ltd. e la nomina di Liang Qiu come Head of Global Development. Per il 2025, Tenet punta a lanciare la piattaforma negli Stati Uniti, a commercializzare prodotti derivati dai dati in Nord America e a puntare a tornare a un $100M+ annual revenue run-rate tramite la riattivazione della piattaforma in Cina.
Tenet Fintech Group (OTC Pink: PKKFF) reportó resultados financieros desafiantes para el año terminado el 31 de diciembre de 2024, con ingresos que cayeron significativamente a $2.84 million desde $42.08 million en 2023. La compañía registró una pérdida neta sustancial de $59.26 million, incluida una provisión por pérdidas de crédito esperadas de $32.39 million.
La empresa está atravesando una transición estratégica, enfocándose en la mejora de su Cubeler® Business Development Platform con nuevos módulos y asociaciones. Los desarrollos clave incluyen una asociación estratégica con Dext Software Ltd y el nombramiento de Liang Qiu como Head of Global Development. Para 2025, Tenet apunta a lanzar la plataforma en EE. UU., comercializar productos derivados de datos en Norteamérica y lograr volver a un $100M+ annual revenue run-rate mediante la reactivación de la plataforma en China.
Tenet Fintech Group (OTC Pink: PKKFF)가 2024년 12월 31일로 종료된 연도에 대해 어려운 재무 실적을 발표했습니다. 매출은 2023년 4200만 달러에서 2.84백만 달러로 크게 감소했습니다. 순손실은 59.26백만 달러로 나타났으며, 여기에는 32.39백만 달러의 기대 신용손실 충당금이 포함되어 있습니다.
회사는 전략적 전환을 거치고 있으며, 새로운 모듈과 파트너십으로 Cubeler® Business Development Platform의 기능을 강화하는 데 집중하고 있습니다. 핵심 발전으로는 Dext Software Ltd와의 전략적 파트너십 체결 및 Liang Qiu를 글로벌 개발 책임자로 임명한 것이 포함됩니다. 2025년에는 미국에서 플랫폼을 출시하고 북미에서 데이터 기반 제품을 상용화하며 중국에서의 플랫폼 재가동을 통해 연간 매출 규모를 $100M+의 실행 속도로 회복하는 것을 목표로 합니다.
Tenet Fintech Group (OTC Pink : PKKFF) a publié des résultats financiers difficiles pour l'année se terminant le 31 décembre 2024, avec des revenus en net recul à $2.84 million contre $42.08 million en 2023. L'entreprise a enregistré une perte nette substantielle de $59.26 million, incluant une provision pour pertes sur créances attendues de $32.39 million.
L'entreprise est en transition stratégique, se concentrant sur l'amélioration de la Cubeler® Business Development Platform avec de nouveaux modules et partenariats. Les développements clés incluent un partenariat stratégique avec Dext Software Ltd et la nomination de Liang Qiu au poste de Head of Global Development. Pour 2025, Tenet vise à lancer la plateforme aux États-Unis, à commercialiser des produits dérivés des données en Amérique du Nord et à viser un retour sur un $100M+ annual revenue run-rate grâce à la réactivation de la plateforme en Chine.
Tenet Fintech Group (OTC Pink: PKKFF) meldete herausfordernde Finanzergebnisse für das Geschäftsjahr bis zum 31. Dezember 2024, wobei der Umsatz deutlich auf $2.84 million gegenüber $42.08 million im Jahr 2023 zurückging. Das Unternehmen verzeichnete einen erheblichen Nettoverlust von $59.26 million, einschließlich einer erwarteten Kreditverlustprovision von $32.39 million.
Das Unternehmen befindet sich in einer strategischen Übergangsphase und konzentriert sich darauf, die Cubeler® Business Development Platform mit neuen Modulen und Partnerschaften zu verbessern. Zu den wichtigsten Entwicklungen gehören eine strategische Partnerschaft mit Dext Software Ltd und die Ernennung von Liang Qiu zum Head of Global Development. Für 2025 strebt Tenet an, die Plattform in den USA zu starten, Datenbasierte Produkte in Nordamerika zu vermarkten und durch die Reaktivierung der Plattform in China auf einen jährlichen Umsatzlauf von über 100 Mio. USD zurückzukehren.
Tenet Fintech Group (OTC Pink: PKKFF) أعلنت عن نتائج مالية صعبة للسنة المنتهية في 31 ديسمبر 2024، حيث انخفضت الإيرادات بشكل كبير إلى $2.84 million من $42.08 million في 2023. سجلت الشركة خسارة صافية كبيرة قدرها $59.26 million، بما في ذلك مخصص خسائر ائتمان متوقعة بقيمة $32.39 million.
الشركة تمر بمرحلة تحول استراتيجي، وتركّز على تعزيز Cubeler® Business Development Platform مع وحدات وشراكات جديدة. تشمل التطورات الرئيسية شراكة استراتيجية مع Dext Software Ltd وتعيين Liang Qiu كـHead of Global Development. وبالنسبة لعام 2025، تعتزم Tenet إطلاق المنصة في الولايات المتحدة، وت التجاري منتجات معتمدة على البيانات في أمريكا الشمالية، وتستهدف العودة إلى معدل إيرادات سنوي يتجاوز $100M+ من خلال إعادة تنشيط المنصة في الصين.
Tenet Fintech Group（OTC Pink: PKKFF）公布了截至2024年12月31日止年度的具挑战性的财务业绩，收入从2023年的$42.08 million大幅下降至< b>$2.84 million。公司实现了重大净亏损< b>$59.26 million，其中包括< b>$32.39 million的预期信用损失准备金。
公司正在进行战略转型，专注于提升Cubeler® Business Development Platform，通过新模块和合作伙伴关系推动发展。关键进展包括与Dext Software Ltd达成战略伙伴关系，以及任命梁秋（Liang Qiu）为全球开发主管。展望2025年，Tenet计划在美国推出该平台，在北美市场商业化数据衍生产品，并通过在中国重新激活平台，目标实现年收入跑动增至超过$100M+美元。
- Strategic partnership with Dext Software Ltd. for enhanced data collection and bookkeeping automation
- Successful private placement financings raising $2.15 million
- Platform enhancement with new Networking and Advertising modules
- Ambitious target to return to $100M+ annual revenue run-rate in 2025
- Dramatic revenue decline to $2.84M from $42.08M in 2023 (93% decrease)
- Substantial net loss of $59.26M including $32.39M credit loss provision
- Negative operating cash flow worsened to -$6.92M from -$3.91M in 2023
- Continued dependency on private placements for funding operations
Toronto, Ontario--(Newsfile Corp. - October 1, 2025) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), today announced its financial results for the year ended December 31, 2024. The Company reported revenue of
2024 Key Financial Figures
- Total Revenue of
$2.84 million - Net Loss of
$59.26 million - Cash flow from operations of -
$6.92 million
As reflected by the Company's financial results, 2024 was the continuation of a transition period for the Company that started in 2023. The Company believes to be on track to show evidence of the long-term benefits of that transition by the end of 2025 through the commercialization of its first data-derived product offering and the reactivation of some of its platforms in China, in both a revenue-generating capacity as well as a data acquisition capacity.
Q4 2024 Operating Highlights
Here are some of Tenet's important achievements during the fourth quarter of 2024 to help bring the Company closer to its intended objectives:
- Enhancements to the Cubeler® Business Development Platform's Financing module and full releases of the Networking and Advertising modules following beta releases to bring greater value and attract membership on the platform.
- Strategic partnership with Dext Software Ltd. to allow the Company to both have more timely data coming from Cubeler® Business Development Platform member SMEs for its data product offering and provide bookkeepers with a bookkeeping automation solution that would save them time and money.
- Appointment of Liang Qiu as the new Head of Global Development of the Cubeler® Business Development Platform to help bring seamless cross-border communications and interactions among platform members.
- Closed a series of non-brokered private placement financings for gross proceeds totaling approximately
$2,155,000.
Operational Outlook for 2025
The following is a summary of the Company's operational objectives for the 2025 calendar year:
- Enhance functions of the Cubeler® Business Development Platform's Networking module to allow cross-border communications, interactions and business opportunity explorations.
- Launch of the Cubeler® Business Development Platform in the U.S.
- Launch and commercialization of first data-derived products in North America.
- Return to annual revenue run-rate of
$100M + with reactivation of platforms in China and contributions from North American data-derived products.
Full details of the Company's 2024 financial results and outlook for 2025 can be found in the Audited Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the years ended December 31, 2024 and 2023, which are available under the Company's profile at www.sedarplus.ca.
2024 Results Q&A and Outlook for Rest of 2025
Tenet CEO Johnson Joseph will answer questions from shareholders related to the Company's 2024 audited financial results in a Q&A interview and will also share his perspective on the Company's business plan for the rest of 2025. Shareholders are invited to read the Company's MD&A prior to sending their questions related to these subjects to the Company by 9:00pm EDT on October 7, 2025 to investors@tenetfintech.com or cathy@chfir.com. The interview will be posted on the Company's website by 5:00pm EDT on October 10, 2025.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
For more information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
investors@tenetfintech.com
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
cathy@chfir.com
Follow Tenet Fintech Group Inc. on social media:
X: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech
Forward-looking information
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Tenet to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics and COVID-19; legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by Tenet with securities regulators in Canada. Reference should also be made to Management's Discussion and Analysis (MD&A) in Tenet's annual and interim reports, Annual Information Form, filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca, for a description of major risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268842
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