Xenous Holdings Reports $14.9 Million Net Loss for December 2024 Quarter

Xenous Holdings, Inc. reported a net loss of $14.9 million for the three months ended December 31, 2024, a slight decrease from the $14.9 million loss recorded in the same period of the previous year. For the nine months ending December 31, 2024, the company’s net loss increased to $46.0 million compared to $45.5 million for the same period in 2023. The increase in losses was primarily attributed to higher professional fees, which rose to $44.8 million for the nine months ended December 31, 2024, from $44.0 million in the prior year. Operating expenses for the quarter were $14.9 million, marginally lower than the $14.9 million reported in the previous year.

The company’s financial position showed a total stockholders' deficit of $885.2 million as of December 31, 2024, compared to $839.2 million as of March 31, 2024. Current liabilities increased to $885.2 million from $839.2 million, largely due to advances from Smartex Investment Ltd., the majority shareholder, which provided $49.1 million in funding during the nine months ended December 31, 2024, up from $40.2 million in the same period of 2023. The accumulated deficit also grew to $1.2 billion from $1.1 billion over the same timeframe.

Xenous Holdings has not generated any revenue since its inception and continues to operate as a shell company. The company has 760.3 million shares of common stock outstanding, with no preferred shares issued. The company’s operational strategy remains focused on identifying potential business ventures and acquiring a "going concern" in a selected industry. The management has indicated that the continuation of the company as a going concern is contingent upon its ability to generate sufficient cash flows from operations or secure additional financing.

In terms of operational developments, the company is currently conducting due diligence on a Malaysia-based company involved in agricultural commodities related to Aquilaria trees. This acquisition process is expected to be completed in the first half of 2025, pending a thorough evaluation of the target's intangible assets and overall valuation. The management remains optimistic about the potential value of this acquisition and is committed to keeping stakeholders informed of significant developments.

Looking ahead, Xenous Holdings acknowledges the substantial doubt regarding its ability to continue as a going concern due to its ongoing losses and reliance on shareholder advances. The company plans to maintain its operational strategy while exploring avenues for financing and potential revenue generation. However, there are no guarantees that the necessary funding will be available or that the company will achieve profitability in the future.