Tenet Fintech Reports Second Quarter 2024 Financial Results
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) reported its Q2 2024 financial results, showing revenue of $713,943, EBITDA of ($10,685,055), and a net loss of $13,451,547. The company's performance reflects a significant decrease compared to Q2 2023, with revenue dropping from $16,776,714. Tenet delayed resuming regular activity on its Chinese platforms due to the postponed delivery of Business Hub modules in Canada and the establishment of a new data science subsidiary in China. The company also pushed back the release of Networking and Advertising modules in Canada to enhance user experience. Despite challenges, Tenet is focusing on aligning its upgraded platform and marketing strategy to support the commercialization of its ie-Pulse product offering.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ha riportato i risultati finanziari del II trimestre 2024, mostrando entrate di $713,943, EBITDA di ($10,685,055), e una perdita netta di $13,451,547. Le performance dell'azienda riflettono una diminuzione significativa rispetto al II trimestre 2023, con le entrate che sono scese da $16,776,714. Tenet ha ritardato la ripresa delle attività regolari sulle sue piattaforme cinesi a causa della consegna posticipata dei moduli Business Hub in Canada e della creazione di una nuova sussidiaria di data science in Cina. L'azienda ha anche posticipato il rilascio dei moduli di Networking e Advertising in Canada per migliorare l'esperienza degli utenti. Nonostante le sfide, Tenet si sta concentrando sull'allineamento della sua piattaforma aggiornata e sulla strategia di marketing per supportare la commercializzazione della sua offerta di prodotti ie-Pulse.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) reportó sus resultados financieros del segundo trimestre de 2024, mostrando ingresos de $713,943, EBITDA de ($10,685,055), y una pérdida neta de $13,451,547. El rendimiento de la compañía refleja una disminución significativa en comparación con el segundo trimestre de 2023, con ingresos que cayeron de $16,776,714. Tenet retrasó la reanudación de las actividades regulares en sus plataformas chinas debido a la entrega pospuesta de los módulos Business Hub en Canadá y al establecimiento de una nueva subsidiaria de ciencia de datos en China. La empresa también pospuso el lanzamiento de los módulos de Networking y Advertising en Canadá para mejorar la experiencia del usuario. A pesar de los desafíos, Tenet se enfoca en alinear su plataforma actualizada y la estrategia de marketing para apoyar la comercialización de su oferta de productos ie-Pulse.
테넷 핀테크 그룹 Inc. (CSE: PKK) (OTC Pink: PKKFF)는 2024년 2분기 재무 결과를 보고하며 수익이 $713,943, EBITDA가 ($10,685,055), 순손실이 $13,451,547이라고 발표했습니다. 회사의 성과는 2023년 2분기와 비교해 상당한 감소를 반영하며, 수익이 $16,776,714에서 하락했습니다. 테넷은 캐나다에서 비즈니스 허브 모듈의 납품 연기와 중국에 새로운 데이터 과학 자회사를 설립함에 따라 중국 플랫폼에서의 정기적인 활동 재개를 지연시켰습니다. 또한 고객 경험 향상을 위해 캐나다에서 네트워킹 및 광고 모듈의 출시를 연기했습니다. 이러한 도전 과제에도 불구하고, 테넷은 업그레이드된 플랫폼 및 마케팅 전략을 정렬하여 ie-Pulse 제품 제공의 상용화를 지원하는 데 집중하고 있습니다.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) a annoncé ses résultats financiers du deuxième trimestre 2024, montrant des revenus de 713 943 $, un EBITDA de (10 685 055 $) et une perte nette de 13 451 547 $. La performance de l'entreprise reflète une diminution significative par rapport au deuxième trimestre 2023, les revenus étant passés de 16 776 714 $. Tenet a retardé la reprise des activités régulières sur ses plateformes chinoises en raison de la livraison reportée des modules Business Hub au Canada et de l'établissement d'une nouvelle filiale en sciences des données en Chine. L'entreprise a également repoussé le lancement des modules Networking et Advertising au Canada afin d'améliorer l'expérience utilisateur. Malgré ces défis, Tenet se concentre sur l'alignement de sa plateforme mise à jour et de sa stratégie marketing pour soutenir la commercialisation de son offre de produits ie-Pulse.
Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und zeigt Einnahmen von $713,943, EBITDA von ($10,685,055) und einen Nettoverlust von $13,451,547. Die Unternehmensleistung spiegelt einen erheblichen Rückgang im Vergleich zum 2. Quartal 2023 wider, die Einnahmen sind von $16,776,714 gesunken. Tenet hat die Wiederaufnahme regulärer Aktivitäten auf seinen chinesischen Plattformen aufgrund der verzögerten Lieferung von Business Hub-Modulen in Kanada und der Gründung einer neuen Tochtergesellschaft für Datenwissenschaft in China verzögert. Das Unternehmen hat zudem die Veröffentlichung der Networking- und Advertising-Module in Kanada verschoben, um die Benutzererfahrung zu verbessern. Trotz der Herausforderungen konzentriert sich Tenet darauf, seine aktualisierte Plattform und Marketingstrategie in Einklang zu bringen, um die Kommerzialisierung seines ie-Pulse Produktangebots zu unterstützen.
- Establishment of a new data science subsidiary in China
- Ongoing development and improvement of Business Hub modules
- Strategic focus on aligning platform upgrades with marketing efforts
- Revenue decreased significantly from $16,776,714 in Q2 2023 to $713,943 in Q2 2024
- EBITDA of ($10,685,055) for Q2 2024
- Net loss increased from $6,453,557 in Q2 2023 to $13,451,547 in Q2 2024
- Delay in resuming regular activity on Chinese platforms
- Postponement of Business Hub module releases in Canada
Toronto, Ontario--(Newsfile Corp. - August 29, 2024) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider and operator of the Cubeler® Business Hub, today announced its financial results and operating highlights for the three-month and six-month periods ended June 30, 2024, and June 30, 2023. Tenet reported revenue of
Q2-2024 Financial Highlights
Total Revenue of
$713,943 EBITDA of (
$10.69 million )Net Loss of (
$13.45 million )
| Reconciliation of Net Loss to EBITDA and Adjusted EBITDA for the 3-month period ended June 30, 2024 | |
| Net loss for the period | ( |
| Add: | |
| Income tax | |
| Finance costs | |
| Depreciation of property and equipment | |
| Depreciation of right-of-use assets | |
| Amortization of intangible assets | |
| Amortization of financing issuance costs | |
| EBITDA1 | ( |
| Add (less): | |
| Change in fair value of contingent consideration payable | ( |
| Change in fair value of debentures conversion options | ( |
| Loss on investment in associate company | $ - |
| Forgiveness of CEBA loan | $ - |
| Loss on sublease | $ - |
| Gain on disposition of property and equipment | $ - |
| Adjusted EBITDA2 | ( |
(1) EBITDA is a non-IFRS financial measure provided to assist readers in determining the Company's ability to generate cash-flows from operations and to cover finance charges. It is also widely used for business valuation purposes. This measure does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
EBITDA equals the results before income taxes, depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, amortization of financing issuance costs and finance costs, as defined in Note 24.4 of the Audited Consolidated Financial Statements for the years ended December 31st, 2023 and December 31st, 2022.
(2) Adjusted EBITDA equals EBITDA as described above adjusted for change in fair value of contingent consideration payable, change in fair value of debenture conversion options, impairment of goodwill, impairment of intangible assets, gain on bargain purchase, loss on investment in a related company, impairment on investment in a related company and loss on legal settlement.
SECOND QUARTER FINANCIAL AND OPERATING RESULTS SUMMARY
The Company had anticipated taking steps during the second quarter of 2024 to gradually have regular activity resume on its platforms in China at some point during the quarter. But a combination of the delayed delivery of the Business Hub's Networking and Advertising modules in Canada and the establishment of the Company's new data science subsidiary in China meant that benefits to the Company's new data focused revenue model in China would be limited from any increase in activity on the platforms. Given the considerable amount of financial capital and human resources that would have to be allocated for transactions on the platforms to get back to previous levels, the Company opted to delay that process, which kept revenue for the quarter around the same levels as the previous quarter.
Tenet decided to push back the release of the Business Hub's Networking and Advertising modules in Canada to ensure a positive user experience with the launch of the modules. The Company used the additional time to add important elements to the modules and to adjust its marketing plan from both a strategic and a timing standpoint to ensure that, when launched, the marketing campaign and the upgraded platform, now scheduled for end of Q3, would be aligned in all facets to help deliver that additional small and medium-sized business data needed for the commercialization of the Company's ie-Pulse product offering.
In summary, the Company generated revenue of
Total expenses before taxes for the quarter amounted to
Full details of the Company's second quarter 2024 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) for the three-month and six-month periods ended June 30, 2024 and June 30, 2023, which are available at www.sedarplus.com.
Q2-2024 Results and 2024 Outlook Q&A
Tenet CEO Johnson Joseph will answer questions from shareholders related to the Company's second quarter 2024 results and the outlook for 2024 in a Q&A interview. Shareholders are encouraged to read the Company's MD&A prior to sending their questions related to these subjects to the Company by 9:00pm EDT on September 5, 2024 to investors@tenetfintech.com or cathy@chfir.com. The interview will be posted on the Company's website by 5:00pm EDT on September 12, 2024.
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/221598
FAQ
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