The FY2025 annual report confirms a deteriorating core business with no credible turnaround catalyst. The going concern warning and the new securities class action add legal overhang. Monitor for any Q1 2026 revenue stabilization or cost-cutting announcements. The IPO cash provides a ~12-18 month runway, but absent a revenue recovery, the stock faces significant downside risk.
Price Chart
Executive Summary
BeLive Holdings filed its FY2025 20-F annual report, reporting a net loss of S$6.7M (S$6,695,581) on revenue of S$757K, a 59% decline from S$1.85M in FY2024. The company's gross profit turned negative (S$8,460 loss) and the auditor highlighted a material uncertainty regarding going concern. The IPO in April 2025 raised ~S$9.9M net, boosting cash to S$8.6M, but the core business continues to shrink with no path to near-term profitability disclosed.
Key Facts
- FY2025 net loss of S$6,695,581, widening from S$5,507,764 in FY2024 and S$2,094,169 in FY2023.
- Revenue declined 59% YoY to S$757,159 from S$1,849,509.
- Gross profit turned negative to S$8,460 loss vs. S$962,779 profit in FY2024.
- Auditor's report includes a going concern emphasis paragraph.
- IPO closed April 7, 2025: 2,450,000 shares at $4.00, net proceeds ~$7.6M (S$9.9M).
- Cash and cash equivalents at Dec 31, 2025: S$8,577,947, up from S$66,184.
- Customer concentration: top customers >10% of revenue accounted for ~59% of total revenue in FY2025.
- Share-based payment expense of S$2,793,413 in FY2025 (FY2024: S$3,606,000).
- Singapore subsidiary has accumulated losses of S$14,129,000 and net liabilities of S$3,667,000, restricting dividend distributions.
- A securities class action lawsuit was filed on March 24, 2026, alleging IPO disclosure deficiencies.
Financial Impact
Revenue declined S$1.09M (59%) YoY; net loss widened S$1.19M (22%) YoY; gross margin collapsed from +52% to -1.1%.
Risk Factors
- Going concern risk: auditor flagged material uncertainty; shareholder loan support ends July 1, 2026.
- Securities class action lawsuit filed March 2026 could result in material liability and management distraction.
- Revenue decline of 59% YoY with no disclosed path to stabilization or growth.
- High customer concentration (59% from top customers) increases revenue vulnerability.
- Singapore subsidiary's negative equity restricts dividend flow to the parent.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-023306 |
| Exhibit: ex97-1.htm | 0001493152-26-023306 |
| Exhibit: ex12-2.htm | 0001493152-26-023306 |
| Exhibit: ex12-1.htm | 0001493152-26-023306 |
| Exhibit: ex13-1.htm | 0001493152-26-023306 |
| Exhibit: ex13-2.htm | 0001493152-26-023306 |
| Document: 0001493152-26-023306-index-headers.html | 0001493152-26-023306 |
| Document: 0001493152-26-023306-index.html | 0001493152-26-023306 |
| Document: 0001493152-26-023306.txt | 0001493152-26-023306 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | 6-K | $2.45 | awaiting T+60 | — | $2.30 (+6.12%) |
Jul 20, 2026 14w ago | 6-K | $2.38 $2.30 | ▲ +3.36% | ▲ +8.46% | $2.30 (+3.36%) |
May 15, 2026 23w ago | 20-F | $2.33 $2.19 | ▲ +6.01% | ▲ +10.52% | $2.30 (+1.29%) |
Mar 11, 2026 32w ago | EFFECT | $2.62 $2.30 | ▼ −12.21% | ▼ −23.74% | $2.30 (−12.21%) |
Feb 27, 2026 34w ago | F-1 | $2.96 $2.45 | ▲ +17.23% | ▲ +26.56% | $2.30 (+22.30%) |
US Market Status
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