NEW YORK - May 14, 2025 (NEWMEDIAWIRE) - Raadr Inc. (OTC: $RDAR), doing business as Telvantis (“Telvantis” or the “Company”), today announced the completion of its annual audit for the years 2023 and 2024.

The audit of the Company’s Financial Statements was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”). 

“This audit is a major step for us as an emerging company with high aspirations. The team worked extremely hard, and we were able to complete this complex project in April,” said Daniel Contreras, CEO of Telvantis. “We believe this is another building block to gain the trust of market participants and investors.”

“These audited financial statements provide the highest standard of transparency to all our shareholders, as required for all public companies listed on a major US stock exchange,” said Daniel Gilcher, CFO of Telvantis. “By implementing proper processes and holding ourselves to a PCAOB standard, we ensure that we provide the market with accurate and reliable information about our Company.” 

The audited financial statements are available for viewing at https://telvantis.com/investors/financial-statements-and-reports/ and are discussed by management below.

Consolidated Statement of Operations

The newly formed group reported revenues of $47 million for the year 2024 compared to $315.5 million in the prior year. This drop was mainly attributed to the lack of available working capital financing. The gross profit amounted to $2.28 million in 2024 compared to $16.97 million in the prior year. The Company reduced its General and administrative spending to $4.2m in 2024, down from $5.2 million in the year prior, as a result of ongoing restructuring efforts throughout 2024. Sales and Market expenses dropped significantly to $0.6 million, down more than $2 million from $2.65 million in the year before.
 
Importantly, the Company in its Irish subsidiary decided to write off a large receivable, which resulted in a one-off credit loss expense in total of $25.1 million for 2024 compared to a non-cash expense for Credit loss expense of $1.15 million in 2023.
 
Total operating expenses, including costs of goods sold, amounted to $74.7 million compared to $307.5 million in the year prior. This reduction is again a direct function of our limited sales activity in 2024. These activities resulted in a Loss from operations of $27.7 million, including the $25.1 million write-off for 2024, and Income from Operations of $7.9 million for the year 2023. Interest expenses dropped by more than $3.5m to $3.1 million for the year 2024, compared to $6.6 million in the year prior. The year 2024, therefore, resulted in a Net Loss of $28.7 million for the group compared to a positive Net Income of $1.6 million in 2023.

Consolidated Balance Sheet

The Company ended the year 2024 with $1.4 million in Cash and equivalents, compared to 0.09 million on December 31, 2023. Accounts receivable, after substantial write-offs, amounted to $33.4 million at the end of 2024, compared to $72.9 million on December 31, 2023. Total current assets stood at $35.2 million at the end of 2024, compared to $74.2 million at the end of 2023. In 2024, the Company recorded a deferred tax asset of $2.2 million as a result of its substantial write-off, compared to $0.1 million in such assets at the end of the prior year 2023. The company’s intangible assets, net of amortization, stood at $11 million on December 31, 2024, compared to $12.4 million the year before.
 
Loan receivables from related parties amounted to $2.5 million at the end of 2024, compared to $4.5 million the year before. Total assets arrive at $54.6 million as of the balance sheet date in 2024 and $96.3 million as of December 31, 2024. This reduction is driven by both the write-off of receivables as well as the overall reduction in business activity through the year 2024. The Company’s Accounts payable stood at $ 27.7 million at the end of 2024, down from $43.3 million the year before.
 
Current loans payable were down to $7.1 million at the end of 2024, down from $ 46.2 million at the end of 2023. This reduction is driven by the restructuring of this facility as a long-term liability through 2024. Total Current Liabilities therefore decreased to $36.2 million by December 31, 2024, from $90.2 million as of December 31, 2023.
 
Vice versa, Noncurrent loans payable stood at $ 41 million at the end of 2024. Total liabilities amounted to $82.2 million by the end of 2024, down $12.1 million from $94.3 million on the same day of the prior year. As a result, the Company’s equity turned negative to $27.6 million compared to $1.9 million positive equity as of December 31, 2023.                                                                                                                   

Consolidated Statement of Cash Flows

The Company reported negative operating cash flows of $0.5 million for the year 2024, compared to negative $14 million in the prior year. The Company received $2.4 million in proceeds from loan receivables in 2024, compared to $3.3 million over the same period in 2023. Therefore, Net Cash used in Investing Activities amounted to $2.3 million for 2024, compared to $1.9 million in 2023. Cash Flow from Financing Activities amounted to negative $22 thousand for the year 2024, compared to positive $9.6 million driven by long-term debt issuance in 2023. Overall, the Company increased Cash and Cash Equivalents by $1.3 million during 2024 compared to a reduction of the same by $2.4 million during 2023. 

“2024 was a challenging year for the group with both operational headwinds and the group restructuring under Telvantis. Nevertheless, the 2024 results are disappointing. However, the steps we have taken to bring the business back on track are already showing impact in our 2025 financial performance,” commented Daniel Contreras. 

“We have taken a conservative approach to write-offs, which negatively impacted our P/L in 2024. This is consistent with our approach to setting up the Company for long-term success. The executive team remains very confident in Telvantis’ prospects. At this point, we can also confirm the revenue target discussed earlier this year in the range of $250-300 million,” added Daniel Gilcher. 

About Telvantis

Raadr, Inc., doing business as Telvantis (OTC: $RDAR), is a U.S.-based communications technology company powering global enterprise communication. Leveraging extensive carrier relationships and proprietary CPaaS capabilities, Telvantis delivers high-volume, reliable messaging, voice, and digital communication solutions. With a strong foothold and expanding partnerships in high-growth sectors like fintech, healthcare, and e-commerce, Telvantis is executing its strategy to become a leader in the communications technology space. The company is headquartered in Miami Beach, FL.

Forward-looking statements

This press release contains forward-looking statements that involve risks and uncertainties. These statements reflect Telvantis’ current expectations regarding future events and are based on management’s beliefs and assumptions. Actual results could differ materially from those projected due to various factors, including market conditions, competition, and the successful integration of acquired operations. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Telvantis undertakes no obligation to update or revise any forward-looking statements, except as required by law.

Investor Relations contact
Raadr Inc., doing business as Telvantis
1680 Michigan Avenue, Suite 700
Miami Beach, FL 33139
Email: ir@telvantis.com
Website: www.telvantis.com
Twitter/X: @Telvantis
LinkedIn: Telvantis

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