Telvantis Completes PCAOB Audit, Targets $250-300 Million Revenue in 2025 Despite Challenging 2024

Raadr Inc., operating as Telvantis, has completed its annual financial audit for 2023 and 2024, meeting Public Company Accounting Oversight Board (PCAOB) standards and projecting a revenue range of $250-300 million for 2025.

The audit revealed a challenging 2024 financial landscape, with revenues dropping dramatically from $315.5 million in 2023 to $47 million in 2024. The company attributed this decline to limited working capital financing and ongoing restructuring efforts. A significant one-time credit loss expense of $25.1 million further impacted the financial performance, resulting in a net loss of $28.7 million compared to the previous year's net income of $1.6 million.

Despite the financial setbacks, Telvantis leadership remains optimistic. CEO Daniel Contreras characterized the audit as a crucial step in building market trust, while CFO Daniel Gilcher emphasized the importance of transparency and implementing rigorous financial processes.

The company's strategic restructuring included reducing general and administrative spending to $4.2 million from $5.2 million and significantly cutting sales and market expenses. Total assets decreased from $96.3 million to $54.6 million, primarily due to receivable write-offs and reduced business activity.

Telvantis, a communications technology company specializing in enterprise communication solutions, is positioning itself for future growth. The leadership's conservative approach to financial management and confidence in their 2025 revenue target suggest a strategic pivot to overcome current challenges.