Telvantis Reports Sharp Revenue Decline and Strategic Restructuring in Annual Audit

Telvantis, a U.S.-based communications technology company, has completed its annual financial audit for 2023 and 2024, conducted in accordance with Public Company Accounting Oversight Board (PCAOB) standards. The audit reveals a complex financial landscape marked by significant revenue fluctuations and strategic restructuring efforts. The company reported revenues of $47 million in 2024, a substantial decline from $315.5 million in the previous year. This decrease was primarily attributed to limited working capital financing. Despite challenging financial conditions, Telvantis reduced general and administrative expenses to $4.2 million in 2024, down from $5.2 million in 2023.

A notable aspect of the financial statement was a significant write-off in the Irish subsidiary, resulting in a one-time credit loss expense of $25.1 million for 2024. This contributed to a net loss of $28.7 million for the group, compared to a positive net income of $1.6 million in 2023. The company ended 2024 with $1.4 million in cash and equivalents, a modest increase from $0.09 million in 2023. Total assets decreased to $54.6 million, down from $96.3 million in the previous year, driven by receivable write-offs and reduced business activity.

CEO Daniel Contreras acknowledged the challenging year, stating that while 2024 results were disappointing, steps taken to restructure the business are already showing impact. CFO Daniel Gilcher emphasized a conservative approach to write-offs, positioning the company for long-term success. Despite the financial challenges, Telvantis remains optimistic, confirming a revenue target of $250-300 million for 2025. The company continues to leverage carrier relationships and proprietary communication technology capabilities, with a strategic focus on expanding partnerships in fintech, healthcare, and e-commerce sectors.