The company's financial stability appears fragile, with total debt rising to $3.5M as of 2026Q1 and a history of extreme equity volatility that saw a deficit of $1.6M in 2024Q4.
| Total Current Assets | 7.38M | 10.43M | 1.79M | 910K | 1.31M |
| Cash & Short-Term Investments | 79K | 1.63M | 48K | 357K | 7K |
| Cash Only | 79K | 1.63M | 48K | 357K | 7K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.9M | 635K | 515K | 450K | 1.21M |
| Days Sales Outstanding | 178.7 | 74.67 | 53.65 | 44.17 | 92.18 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 2.41M | 8.16M | 1.22M | 103K | 92K |
| Total Non-Current Assets | 597K | 1.54M | 4.64M | 3.86M | 2.9M |
| Property, Plant & Equipment | 597K | 627K | 749K | 835K | 930K |
| Fixed Asset Turnover | 5.01x | 4.95x | 4.68x | 4.45x | 5.17x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 3.89M | 3.02M | 1.98M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 914K | 0 | 0 | 0 |
| Total Assets | 7.98M | 11.97M | 6.42M | 4.77M | 4.22M |
| Asset Turnover | 0.31x | 0.26x | 0.55x | 0.78x | 1.14x |
| Asset Growth % | 253.89% | 86.27% | 34.68% | 13.09% | - |
| Total Current Liabilities | 5.92M | 7.26M | 7.52M | 3.15M | 842K |
| Accounts Payable | 444K | 284K | 634K | 644K | 413K |
| Days Payables Outstanding | 190.31 | 156.35 | 354.92 | 423.53 | 204.82 |
| Short-Term Debt | 3.1M | 4.65M | 5.62M | 1.69M | 0 |
| Deferred Revenue (Current) | 1.04M | 430K | 147K | 275K | 54K |
| Other Current Liabilities | 2.04M | 1.9M | 0 | 0 | 0 |
| Current Ratio | 1.25x | 1.43x | 0.24x | 0.29x | 1.56x |
| Quick Ratio | 1.25x | 1.43x | 0.24x | 0.29x | 1.56x |
| Cash Conversion Cycle | -11.6 | - | - | - | - |
| Total Non-Current Liabilities | 400K | 422K | 502K | 573K | 637K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.73M | 422K | 502K | 573K | 637K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.32M | 7.69M | 8.02M | 3.72M | 1.48M |
| Total Debt | 3.5M | 5.07M | 6.19M | 2.33M | 693K |
| Net Debt | 3.42M | 3.44M | 6.14M | 1.97M | 686K |
| Debt / Equity | 2.11x | 1.19x | - | 2.21x | 0.25x |
| Debt / EBITDA | -0.32x | - | - | - | - |
| Net Debt / EBITDA | -0.31x | - | - | - | - |
| Interest Coverage | -62.68x | -67.69x | -13.13x | -30.79x | - |
| Total Equity | 1.66M | 4.28M | -1.6M | 1.05M | 2.74M |
| Equity Growth % | 3181.78% | 367.44% | -252.24% | -61.63% | - |
| Book Value per Share | 0.73 | 1.88 | -0.96 | 0.63 | 1.50 |
| Total Shareholders' Equity | 1.66M | 4.28M | -1.6M | 1.05M | 2.74M |
| Common Stock | 0 | 0 | 5K | 5K | 5K |
| Retained Earnings | -24.33M | -21.43M | -1.92M | 1.05M | 2.73M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Parental funding dependency risk
As reported in recent financial statements, XHLD's equity base has faced extreme volatility, swinging from a deficit of $1.6M in 2024Q4 to a positive $1.7M by 2026Q1, which suggests that the company's balance sheet stability is heavily reliant on external capital injections rather than organic growth.
The erratic movement in equity highlights a lack of internal capital generation, as the company continues to accumulate significant retained earnings deficits. This trajectory suggests that the firm's survival is contingent upon continuous support from its parent entity, V-cube, Inc., rather than a self-sustaining business model.
Based on the provided balance sheet data, XHLD's current ratio has remained consistently low, reaching a nadir of 0.18 in 2024Q2, which indicates that the company lacks the necessary liquid assets to cover its short-term obligations without relying on external financing or parent-company support.
The persistent inability to maintain a current ratio above 1.0 suggests that the company is operating with a structural liquidity deficit. Investors should monitor whether the recent improvement to 1.25 in 2026Q1 represents a sustainable shift in working capital management or merely a temporary fluctuation driven by project-based timing.
According to the company's reported figures, total debt has climbed from $2.3M in 2023Q4 to $3.5M in 2026Q1, reflecting a reliance on debt financing to fund ongoing operations rather than strategic expansion, as evidenced by the fluctuating debt-to-equity ratios that peaked at 16.10 in 2024Q2.
The high debt-to-equity levels observed in earlier periods suggest that the company has struggled to maintain a balanced capital structure while absorbing persistent operating losses. The current debt load appears to be a necessity for survival, potentially limiting the firm's flexibility to invest in new production technologies.
As indicated in the balance sheet filings, XHLD's asset base has shown significant volatility, with goodwill reaching $4.3M in 2025Q3 before being fully written down to zero by 2026Q1, which suggests that previous acquisition-related valuations were not supported by the company's actual operational performance.
The complete elimination of goodwill from the balance sheet implies a significant impairment of past strategic investments, which may signal that the company's historical growth-by-acquisition strategy has failed to yield expected returns. The remaining asset base is heavily concentrated in PPE, which may be difficult to monetize given the current revenue contraction.
Quick answers to the most common questions about buying XHLD stock.
As of 2025, TEN Holdings, Inc. Common Stock (XHLD) had total assets of $12.0M including $10.4M in current assets.
TEN Holdings, Inc. Common Stock (XHLD) carries total debt of $5.1M, offset by $1.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TEN Holdings, Inc. Common Stock (XHLD) has total shareholders' equity (book value) of $4.3M ($1.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TEN Holdings, Inc. Common Stock (XHLD) reported a current ratio of 1.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.