10-Q · August 10, 2026
The provided 10-Q excerpt does not include the income statement, balance sheet, cash flow statement, segment results, or quantitative outlook, so current-quarter financial performance cannot be assessed from the…
Earnings analysis · 10-K
XHLD earnings analysis
Filed September 10, 2026 · Our reading of the company's report
The latest report
This September 10, 2026 Form 10-K/A is narrowly focused on correcting executive compensation disclosures for fiscal 2025 and does not provide the operating, financial-trend, segment, capital-allocation, or outlook…
Read full summary
This September 10, 2026 Form 10-K/A is narrowly focused on correcting executive compensation disclosures for fiscal 2025 and does not provide the operating, financial-trend, segment, capital-allocation, or outlook information needed to assess business performance. The company states that the corrections are not material and do not require a financial restatement, but the disclosed option grant timing around Nasdaq deficiency disclosures is a notable governance concern. No quantitative revenue or EPS guidance is provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Amendment says no material restatement
The amendment states that the corrections are not material, individually or in aggregate, and do not require a restatement because they affect only the Executive Compensation section.
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Equity plan supports employee incentives
The amended equity incentive plan reserves up to 4,000,000 common shares for awards, including options, restricted stock, restricted stock units, and performance awards.
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Clawback policy adopted
The company adopted a Compensation Recovery Policy effective February 2025 that requires recovery of excess incentive compensation following a material restatement, with a three-year lookback period.
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Executive equity incentives disclosed
At December 31, 2025, CEO Randolph Wilson Jones held 69,599 exercisable and 22,517 unexercisable options, while CFO Virgilio Torres held 21,592 unexercisable options.
What to watch
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Equity grant timing creates governance risk
The filing discloses that a June 30, 2025 grant to CFO Virgilio Torres occurred during the period beginning four business days before a Form 8-K concerning Nasdaq deficiency letters and ending one business day afterward. The award covered 21,592 shares at a $5.40 exercise price, and the filing reports a 6.34% change in the closing market price across the disclosure period.
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Compensation disclosure corrections
The amendment corrects the executive compensation table and option-award disclosures, including the value of an option award and multiple share-count and grant-date fair-value errors. The filing also records a 1-for-15 reverse stock split on December 1, 2025, increasing the risk of investor confusion over historical award data.
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Change-in-control obligations and concentration
Executive concentration increased under the December 22, 2025 agreements: CEO Jones and CFO Torres each receive 12 months of base salary upon qualifying termination around a change in control, and all of their unvested options fully vest upon a change in control. Their stated annual salaries are $300,000 and $265,000, respectively.
Management's outlook
This filing is Form 10-K/A Amendment No. 1 and only updates Part III executive compensation disclosures; it provides no revenue, EPS, operating, cash-flow, segment, or forward guidance.
Earlier filings 4
10-Q · May 15, 2026
TEN Holdings, Inc. reported total revenue of $0.9 million for Q1 2026, reflecting a 15.4% increase from the previous year, primarily attributed to a significant increase in revenue from a repeatable client. The net loss…
10-K · March 18, 2026
TEN Holdings reported FY2025 revenue of approximately $3.1 million and a materially larger net loss of approximately $19.5 million, driven by non-recurring items and higher operating costs. The company launched its TEN…
10-Q · August 14, 2025
TEN Holdings reported Q2 2025 revenue of $1,116,000 (up from $739,000 in Q1 2025 and $1,023,000 in Q2 2024) with gross profit of $941,000 (84.3% margin). The company remains loss-making: operating loss was $(1,360,000)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.