Good afternoon, everyone. My name is Randy Jones. I'm the CEO of a company called TEN Holdings. I'm going to take about 15 minutes or so, tell you a little bit about us, tell you our journey, kind of where we're from, what has happened to us, what we do, and answer any questions that you may have. Let's see if I can get this to work. All right, guys in the back, not advancing. I'm off to a rocky start. There we go. All this to get to the disclaimer page that tells you I'm not going to tell you anything that's not publicly disclosed. A little bit about us. TEN Holdings is a publicly traded company on the NASDAQ. We went public about seven months ago, and I'll come to that a little bit later. TEN stands for the Events Network, Events with a capital S.
The goal of the holding company is to take the initial operating company, which focuses on virtual corporate events, and grow that into a network of companies that support Fortune 1000 enterprise customers. A little bit about our history. The operating company was founded in 2011. It's about a 14-year-old company. In 2021, it was purchased by a Japanese company. That company is called V-Cube Inc., V as in Victor, Cube, who is also publicly traded on the Tokyo Exchange. They're about a $100 million in revenue U.S. company. The reason that they acquired the operating company here in the U.S., they own a division of them that does about $30 million in revenue in dollars, about $10 million in EBITDA in Japan. They're kind of the 800-pound gorilla in Japan and in Singapore doing virtual streaming events of the highest caliber production quality.
They wanted to get a foothold into the U.S. market space. We went public, as I mentioned, on February 13th of 2025. The goal was always to be a publicly held listed company, raise capital, and expand and have a growth strategy through either merger or acquisition. I won't use those big words again. I'll just say M&A. A little bit about the brands. I mentioned V-Cube Inc. That's our parent company. They do a number of different things. When I say parent at this point, after the IPO, prior to the IPO, they owned 100% of the company. At the IPO, they owned about 79% of the company. Today, they still own majority controlling interest of about 67%, 68%. TEN Holdings is the holding company. That's the one that's publicly traded. That's a U.S.-based corp, Nevada corp. We are the operating company, TEN Events. That's the virtual streaming company.
It was founded and still is based in Langhorne, Pennsylvania, which is about 30 minutes outside of Philadelphia. When we say events, and there's lots of different events that companies do, for us, the kind that we work on fall into three categories. There's virtual events, and we're all familiar with that. Certainly, if you lived through COVID, you've had more than your fair share and taste of attending events that are purely broadcasted over the web. Coming below, there's in-person events. As an example, we've got a live audience here at Sparks Steakhouse. When you have a live audience and people physically show up, we call that a physical or in-person event. The combination, which we're also doing today, is what we refer to as a hybrid event.
That means it's got a live in-person audience, but simultaneously, or at a later date, you want the ability to stream that event to attendees who can't get there or choose not to. It's very interesting. We've seen, you know, there was a huge, huge spike in virtual events during COVID out of necessity. None of us could go anywhere. We couldn't go in. Even post-COVID, there is the whole new order of remote workforce, of people who elect either by choice or just necessity want to attend an event but can't physically be there in person. We've seen a huge spike in the demand for virtual events. There's a figure that gets thrown around that by 2030, that'll be a $30 trillion a year business. Our goal is to hopefully play as big a piece in that as we can. We do all three types.
We have for some time. The main operating company, as I mentioned, has been in business for 14 years. Some of our other partner companies that we work with go back as far as 25 years on the physical event side. We do lots and lots of these. I'll highlight and come to a slide in a second about kind of the types of companies that we work with. In general, the larger corporate enterprises, they want a higher demand, higher fidelity event. I'm sure most of you, and it's similar to probably what they're using here today, have been on a Zoom. Zoom's a good tool, and Zoom's a partner of ours. We're actually a reseller. My parents' company is the largest reseller of Zoom in Japan. It's good for certain things.
If we were just going to have a group meeting where there was a handful of us, it works quite well. Not terribly dynamic. It's not terribly flashy, but it's pretty effective. When the scale and the size of the audience or the caliber of production quality is desired to be a lot higher, that's where we really shine. Our events, and this is just one example, and I'll tell you here in a second, if done to its fullest, look more like you're watching a TV show or a program. It looks more like a Monday Night Football or a CNN or a Fox News. It's a much more compelling way to keep your audience engaged.
Depending on the opportunity cost of that message that you're trying to get across, which often there's been an extraordinary amount of money spent to get the audience in attendance, that's when we really shine. I'll give you a couple of examples here. We work with one of the Big Four consulting companies, accounting companies. When their CEO does an all-hands broadcast, they typically break them up because they have so many employees. They are recorded over here at 300 Madison Ave in a studio that arguably rivals Fox News or any of the major broadcasting companies. They use my people and my technology in conjunction with their people because they have a very good team, typically live, to capture that CEO's address and broadcast that to in the neighborhood of 50,000 to 100,000 people simultaneously.
There's no question today that satellite broadcast is the most effective means of television to get to a really, really large audience. The challenge is, and why it's not really applicable for most corporate applications, is it's crazy expensive. For probably one one-hundredth of what it costs to do this over satellite, we can leverage the internet and the web and do something similar and broadcast it to a very, very large audience. I get asked all the time, how is that different than other things that are out there? How does the technology work? Why are you unique, et cetera? Two reasons in this current model, as we do with this particular client. One is just the scale and the sophistication of the solution.
There's very few products that are out there and platforms that have been built that support a live, reliable, resilient streaming internet experience as what we have. The other is just the people. We do it in a full-service model. What I mean by that is, it's like if Sparks is a good example. If we want to go to dinner, we come into Sparks, we sit down, we order, they service a delicious meal, we get up, we leave. We didn't have to have the ingredients. We didn't have to have the team. We didn't have to have a kitchen. We didn't have to prepare it. We didn't have to clean it up. We just want to eat and have a great dining experience. Full service is very much how we deliver this type of solution to some of the largest corporations in the world.
There's another model, which I'll come to later in the presentation, called self-service because for some meetings, you don't need that level of sophistication. It's the same reason why most people, unless you're super wealthy, don't eat at a restaurant every single night. You want to have the flexibility. You want to have the control. There's a lot of reasons why maybe you want to do some of this yourself. We'll come to self-service in a moment. When I say, you know, why are we unique? We would say high quality, high scale, high fidelity. These are some of the types of events that we typically do. It really doesn't matter. The common DNA factor is there's a very high opportunity cost for what you're doing to your audience, and you want it to be brilliant. You want it to be compelling. You want it to be engaging.
You want to get your message across. If you think about it, I think a lot of times, like if you look at like a pre-sales event, if you think about how much money companies spend on demand gen and lead gen and finding prospects, and then you have one captured, and it's your big chance, and they're dedicating some amount of their time to whatever it is, the message that you're trying to get across. Huge, huge expense. It could be an annual conference. It could be product launches. I'll give you one example. One of the major entertainment companies who manufactures games, like an Xbox and PlayStation, things of that nature, they used us to give a pre-launch briefing. This is a publicly traded company to the analysts that cover them who speculate the impact and effect of that new product launch.
If it's a, think of it, it's like a Marvel comic game that they're launching. You want that to not only be effective in terms of being convincing to the analysts that it's going to be a success, but it has to almost be as compelling as the product that you're delivering, the game. Just a different example. Sometimes it's shareholders. Sometimes it's employees. It really, really just depends. Again, any type of message, any type of meeting, any type of audience, but very, very high production quality. This is kind of an important slide. These are some of the customers. I don't know. I was telling stories about them. Maybe you can piece together who I was talking about. It doesn't really matter what type of company. It doesn't have to be a massive Fortune 100 company.
We do meetings typically as small as 1,000 attendees and as high as 100,000 attendees. The yardstick for how you might be curious how we charge for an event, how long is it, how many people are attending, and how much services and customization does it take to think about the creative aspect, really make it brilliant. I will tell you that the initial meeting that we do typically has the most services. If it's something that is repetitive, when they come back to run it again, it's basically a rinse and repeat. We don't have to spend a lot of customization and time. You can see we've got a blue chip list of customers that are on there across a bunch of different verticals.
You're going to hear about a lot of products, and there are a lot of products, and there are a lot of services that are in this space. A lot of it sounds very similar. If you asked that Big Four consulting company, who has, by the way, every tool, every product, huge team, tons of money, they could buy and select anything. These are some of the answers that they gave us in terms of why do they use our solution for kind of their top 10 or top 20% of their most important meetings. A lot of the technology is proprietary in our platform, which we've written over our 14 years. We've got a massive litany of experience in terms of doing this for them and other customers. It's highly configurable. It's highly parallel.
I'll tell you, depending on the subject matter and the type of company, they look very different. One of the customers that was on that list before was Light and Wonder, which is a gaming company. They do a lot of the online games that you can play and gambling sites and things of that nature. They put together a meeting that looked like a TV program. It was unbelievably entertaining and visually brilliant. We do a lot of work with pharmaceutical companies. If you think about the nature of the discussions, often it's about a disease or it's about a drug or it's about something that is very, very serious. Their presentations are much more stoic due to the nature of the subject matter or the fact that they're talking to often physicians as their audience. We can do it any way that they want.
I would put a lot of this, I guess three of those buckets fall into the actual team itself. There's a saying, I think I have a couple of slides in here. Might be the next one. Yeah. Here I am. I know what you're thinking. I look a lot older in person than I did then. That's a joke. Hopefully, you don't think that, but maybe. I have the beard now. It's awfully gray. Behind me is Regilio Torres, who's our CFO. The gentleman on the right, Naoki Mashida or Mashida-san, he's actually the founder of the parent company, V-Cube Inc. He's younger than any of us. He founded the parent company right out of school and has been quite successful building a company from zero up to $100 million in annual revenue. He's on our board.
I'm actually on the board of directors for the parent company as well. We've built a great team. We have about half of the people who have come from the event industry, and about half of them have come from either the software or tech industry. This is built to scale. Remember, we've got the one operating company, but the goal is to either partner, acquire, or merge other operating companies into the holding company. A lot of these people, their skill set and their experience is transferable to help us grow. When we talk about how we're going to grow, it kind of falls into three categories. The first is we just continue to enhance our existing, or in parentheses, legacy platform. This is the one that runs all of our existing programs around the world today. There's a million things that come out that help make it better.
One of the things that we get asked a lot of questions about is AI and what we're doing for AI. Currently, we're using AI to do things. If you think about a presentation, if you had to get up or create this presentation and give it, one is the material. Can you use AI to physically build you a presentation? You can do that today. We're a global company, especially with the Japanese influence. There's a whole lot of work that's going into auto-translation and converting native languages back and forth. I'll be honest, some of that gets done today. It depends on which language you're going to. Some of it's really strong. Some of it's still evolving. That's a component that we're working on. Finally, sometimes the worst part about the presentation is the presenter, is the human being, right?
That's why some people hire a spokesperson or a model or an actor to deliver the message. There's a fair amount of interest in using AI to generate the actual virtual presenter that knows how to speak well and communicate and get the ideas across. We think as that continues to evolve, there's going to be a lot of interesting development in that. I'd mentioned historically, we've been a full-service model. The self-service model, the I don't want to go to the restaurant every night, I want to be able to prepare my own food, that's a whole separate component of the market opportunity. There are a number of vendors that are out there that do this today. I'll give you a couple. Like, there's one called On24, which is about $160 million in ARR subscription revenue. There's another one called Kaltura, both publicly traded on the NASDAQ.
There is a large market of folks who want to control their own meetings. We've been working on and building a product largely driven by the demand of our existing customers so we can deliver a solution. Maybe not for the top 10% or 20%, most important ones where they want full service, they want to be able to do their own. They still want it to be compelling. They still want it to be live. They still need it to scale to a potentially large audience. That's a product that we announced back in July. It's called TEN Pro, like professional, TEN Pro. Right now, it's in the early adopter phase. We have a handful of our customers who have licensed it and are working with us to help shape it and build it and bring it to market.
This is my 10th company that I've been involved with in my career. The first nine have been software-only companies. I'm pretty much a software guy. I like software because it's the subscription revenue model. It's ARR. It's very, very high margins. There's a lot of reasons why software companies do well. That is something that we've been working on. We think in 2026, we'll be creative and contributing to the revenue. Finally, and this was kind of the whole purpose of going public, strategic investments and partnerships. We've always had a plan to take the holding company and look to either acquire potentially or merge with other companies that specialize in the corporate event space. There's a lot of different companies that are out there. I get asked these questions regularly. Some of them are more full-service, service-based, and they're great.
They typically garner a lower valuation, which makes them easier to acquire, but maybe not as exciting from an EBITDA and growth perspective to a full other end of the spectrum, technology-enabled or software-based company. Arguably more exciting, ARR model, more attractive from a valuation perspective, but also more expensive. We're looking at a number of them in between. In terms of the role of strategy and how we do that, the first thing that we're working on is alignment with the V-Cube Inc. business. The parent company's been in business for 25 years. They have a lot of technology that is quite brilliant. Part of the challenges for us in leveraging that is a lot of it is written in native Japanese.
They have a handful of products that we're looking to align from a strategic offering and/or one could surmise, port to English, no cost of acquisition, and just expand our portfolio. We've got strategic acquisitions in our 10-Q and our 10-K and our S-1 and all the millions of things that we have to file with the NASDAQ. We talk about how that has always been kind of the longer-term approach. Obviously, I'll just take a second to talk about it, the equity that we have in the company is still our currency. I mentioned the parent still owns 68%. In your rookie year in the NASDAQ, which we're still in, we're about to enter month eight, there's only a handful of ways that you can take additional equity and convert it into capital. There's a PIPE, which wasn't really appealing to us.
There's an ELOC or an equity line of credit, and that is what we opted to. We set up, and it's been in effect for probably maybe five weeks with a group called Lincoln Park, a $20 million vehicle where we can, over time, convert that equity subject to share price into additional capital that would allow us to do the more strategic things. I will tell you, it's an interesting world in the position that we're in. We constantly are evaluating and looking at other ways to grow. Personally, we would love to see a way or a path to build this into maybe a $20 million revenue U.S.-based business. In theory, one theory is potentially figure out a way to work more closely with the $30 million piece of business that the parent company owns.
If you did the simple math, that would be a $50 million annual revenue company throwing off potentially $10 million to however many million in EBITDA. Finally, like I mentioned, we're just going to continue to enhance our team. We do all of our development in-house on the current portfolio that's served us well. It's kind of our secret sauce and our IP, and it's also one of our keys to success. That all says in the 12-month potential, and I think that's a fair window and time frame. One more.
Okay. With that, you've endured my presentation. You get to the contact screen. If you or anybody on the webcast have any questions, feel free to ask them now and/or send them in, and we'll pick them up and get back to you after the event. For those of you on the webcast, there must be 200 people in this room. It might take a while for us to get through all the questions. They're all laughing. It's not quite that many. Maybe 150. It's interesting. It's a pretty broad spectrum. The probably least expensive event that we do is relatively small. Let's just say that's 500 attendees and it's 30 minutes long. Let's just assume that we did the most vanilla setup ever. An event like that could be as little as $3,000 to $5,000 per event.
Candidly, if they did a second event and we had kind of set it up and designed it, it may even be a little less. If you take a large event with 100,000 attendees for, say, even as little as 30 minutes, the price of that event is probably closer to $100,000. Some of that is an infrastructure cost because there's a lot of compute power. It's all run through the cloud where that goes. Sometimes the events are different. One of the lengths, and we do do these, one of the metrics of cost is time. Sometimes we'll do, if you think about it, like an event like this where it's literally an eight-hour event that runs, and maybe it does or doesn't have as many attendees.
There are a lot of metrics that go into kind of the menu, for lack of a better word, of how it is priced. In general, how much service is to set it up? Is it basic or is it super sophisticated? How many attendees and how long does the meeting run? That's in the full service. In the self-service, it's kind of similar, but the concept is more, I'm going to give you a license for a year. You're going to run however many meetings that you want. You do the work. You control the flow. The nice thing about that for us is it's not labor dependent. For the full service meetings, we actually have a studio and we have 12 broadcasting studios in our location in Philadelphia. Humans have to be involved in at least the actual broadcast of the program.
Just like when you see, when you watch one of those shows on TV and it's a sporting event or whatever, and they cut to all the people in the trailers that are running all the lights and all those types of things. We have something very similar. That also means we're somewhat governed by the number of those types of folks that are available and the capacity at a given time. Some of both. We have kind of a core group that are full-time, and then we have the ability to flex up, which is how we do it. I'll be honest, it's not super, super infinite because we only have a certain amount of capacity and people that we really trust to run it. For the highest end meetings, we wouldn't just give it to somebody else and let them run it. You can think of it correct.
In the full-service model, the infrastructure is essentially infinitely available. It's just the more you consume, the more that you pay for and essentially charge back to the customer. No, right. We leverage everything that's commercially available from all the smart vendors that do those types of things. As an example, on the cloud side, it's Microsoft Azure and it's AWS for a lot of the streaming components. There are other components that we kind of have wrapped around where we're not trying to reinvent the wheel. Some of it we did build and it's kind of the glue and the interface. That's where the value is because you can't just go to AWS or just go to Azure or another vendor and say, "Hey, I want to do this." You pull the product off the shelf. It's kind of the whole package, including, by the way, the expertise.
If you watch just as a simplest example, how he counted me in and how they're running it in the back and there's involvement and if the mic went out, they would fix it. When you're doing a live event, stuff like that always happens. I've run the company for three years. I can count on one hand the number of times we've had an actual technical issue, but they happen. It runs on machines and it runs on the internet. You have to have the infrastructure and the support to make sure that you can adapt because you're all, and I mean this as a compliment, we're all so spoiled and we're all so demanding. We get every piece of content in the world on our phone now. Our patience level is next to zero. You really have to factor all of that in.
Where we specialize in that, again, is these are almost all live. They're just like when you're watching a live sporting event or an inauguration or something else like that. Your appetite and your demand is quite high. Good question, though. Did I lull the rest of you? It's okay. Some of you heard me before, and for that, I apologize. At least I got a laugh. Okay. I'm around. We're table number eight. We should be table number 10, but we're table number eight. If anybody has any questions or I can answer anything, we'll be around. We really appreciate you guys coming. Next up, by the way, after this is a gentleman named Randy Jones. I don't know if he's peeking his head in just yet. If you listen to his story, I'll just give you a quick intro. They have some similar capabilities.
They're in some different markets. That's a good example of somebody who, as we look to grow, we would look to partner with. It's a very, very big market. There's a tremendous amount of opportunity that's out there. I'd encourage you to listen to his presentation as well. Thank you.