BeLive Holdings

BeLive Holdings operates as a business-to-business (B2B) provider of live and video streaming infrastructure and content solutions, headquartered in Singapore. The company initially launched a social streaming mobile application in 2014, then pivoted in 2018 to focus on providing live commerce and shoppable short video solutions, known as "BeLive Solutions," to international retail companies and e-commerce marketplaces. In 2025, BeLive Holdings expanded its offerings to include content production and distribution for the media and entertainment industry. The company's mission is to be an industry leader in designing, developing, and providing technology and content solutions for live commerce and shoppable short videos.

The core business model of BeLive Holdings revolves around generating revenue from two primary solution categories: an enterprise-grade BeLive White Label Solution and a cloud-based Software-as-a-Service (SaaS) solution. The White Label Solution is customized to meet specific customer requirements and integrates into their existing internal systems, while the BeLive SaaS Solution offers a quick and cost-effective option for live commerce and shoppable short video capabilities without requiring customers to build their own infrastructure. Additionally, the company generates revenue from the sale of software development kits (SDKs) to system integrators and, as of 2025, from content production services through its new business unit, BeLive AI Studios. Revenue streams for both White Label and SaaS solutions include installation/onboarding fees, licensing and maintenance fees, and usage fees based on hourly consumption of live commerce and/or shoppable short video services.

The company's product and service lines are segmented into three main offerings. The BeLive White Label Solution provides bespoke live commerce and shoppable short video solutions, customized and integrated into a customer's IT environment, with revenue derived from fixed customization and integration fees, monthly licensing and maintenance fees, and usage fees. The BeLive SaaS Solution is a cloud-based, light-code offering for the retail industry, deployable in less than 24 hours, generating revenue from fixed onboarding fees, monthly subscription fees for licensing and maintenance, and usage fees. The newest offering, BeLive AI Studios' Content Production and Distribution Solution, launched in 2025, focuses on creating high-impact, narrative-driven video content, including microdramas and branded entertainment, with revenue from project-based production fees, content licensing and distribution, and content monetization/revenue sharing.

For the fiscal year ended December 31, 2025, BeLive Holdings reported net revenue of S$757,159 ¹. The company experienced a gross loss of S$(8,460) ² for the year. Operating expenses included marketing expenses of S$(169,102) ³ and administrative expenses of S$(6,582,895) ⁴. The net loss for the year was S$(6,695,581) ⁵, resulting in basic and diluted EPS of S$(0.66) ⁶. Cash and cash equivalents at year-end were S$8,577,947 ⁷. Total current assets were S$8,845,142 ⁸, and total current liabilities were S$516,102 ⁹, leading to a working capital surplus of S$8,330,000 ¹⁰. The company had non-current lease liabilities of S$22,806 ¹¹ and current lease liabilities of S$20,353 ¹².

Comparing the fiscal years 2025 and 2024, net revenue decreased by approximately S$1,093,000 ¹³, or 59% ¹⁴, from S$1,849,509 ¹⁵ in 2024 to S$757,159 ¹⁶ in 2025. This decline was primarily due to a 100% decrease in source code revenue from S$645,171 ¹⁷ in 2024 to S$0 ¹⁸ in 2025, a 13% ¹⁹ decrease in subscription fees from S$263,536 ²⁰ to S$230,374 ²¹, and a 25% ²² decrease in installation fees from S$559,265 ²³ to S$419,839 ²⁴. Campaign fees also decreased significantly to S$5,400 ²⁵ in 2025 from S$300,000 ²⁶ in 2024. Server costs decreased by 60% ²⁷ from S$73,463 ²⁸ to S$28,964 ²⁹, attributed to reduced streaming time and technological efficiency. Cost of sales decreased by 14% ³⁰ from S$886,730 ³¹ to S$765,619 ³². The company shifted from a gross profit of S$962,779 ³³ in 2024 to a gross loss of S$(8,460) ³⁴ in 2025, mainly due to the sharp revenue decline against relatively fixed platform infrastructure and developer costs. Other income increased by 105% ³⁵ to S$132,808 ³⁶ in 2025, driven by a S$73,571 ³⁷ increase in interest income from higher cash balances, partially offset by a S$4,000 ³⁸ decrease in government grants and a net exchange loss of S$252,000 ³⁹. Marketing expenses decreased by 31% ⁴⁰ to S$169,102 ⁴¹, while administrative expenses increased by 5% ⁴² to S$6,582,895 ⁴³ due to share option grants and professional fees related to the Nasdaq listing.

During the reported period, BeLive Holdings established two wholly-owned subsidiaries: BeLive New Media Ltd on June 26, 2025, and BeLive AI Studios Pte. Ltd. on July 7, 2025. BeLive AI Studios commenced operations during the financial year ended December 31, 2025, focusing on new and creative production content and formats. The company also entered into a strategic partnership with Insight Lab, Inc. in 2025, a data strategy firm, to enhance real-time analytics, AI, and personalized viewer engagement. Additionally, BeLive AI Studios entered into a Memorandum of Understanding with NewUnivers Inc. and ChopChop Media Systems PTE Ltd. on December 4, 2025, to discuss collaboration on co-development and co-production of microdramas and integration of workflow technology. The company also explored a digital asset treasury strategy but deemed it too risky and will not adopt it at the current time. On December 18, 2025, BeLive Holdings received ISO/IEC 27001:2022 certification for its interactive live-streaming and video-commerce platforms.

BeLive Holdings plans to expand its business and strengthen its market position by enhancing and expanding its current solution offerings, adapting to changing market conditions and customer requirements, advancing its video and live streaming technologies, and selectively pursuing strategic alliances. The company intends to develop and integrate new functionalities and features in its solutions to address evolving customer needs, aiming to retain existing customers, attract new ones, increase user engagement, and provide a better overall user experience.

A major growth area for BeLive Holdings is the expansion of its solution offerings and industry coverage. The company believes there are significant opportunities to expand customer penetration beyond retail and e-commerce marketplaces to sectors such as broadcasting, media and advertising, real estate, education, and finance. This expansion is predicated on the company's ability to adapt to changing market conditions and customer requirements in the developing live streaming and video market.

Another key growth vector involves advancing video and live streaming technologies. BeLive Holdings plans to continue investing in research and development to enhance its technological capabilities in areas such as personalized recommendation, content and data analytics, and sentiment analytics. These efforts are expected to improve user experience and engagement, ensure high video quality, lower latency, faster upload speed, and transmission stability under various network conditions through ongoing updates to video compression and live streaming technologies. Improvements to machine learning, computer vision, and computer graphics capabilities are also expected to provide new content creation tools, encouraging content creation and interaction on customer platforms. The company will also scale up and enhance its network infrastructure to support the growing amount of data generated and stored.

Operationally, BeLive Holdings is focusing on differentiation through module-based pricing to address intensified pricing pressure from increased competition in its primary markets. This strategic shift is expected to yield positive long-term results. The company is also taking proactive steps to accelerate the development and introduction of several innovative solutions designed to better align with customer demand and drive stronger customer engagement in the coming periods. The reduction in server costs by approximately S$44,000 ⁴⁴ or 60% ⁴⁵ in 2025 was partly attributable to technological efficiency, as the company optimized its servers and infrastructure to reduce operational costs for SaaS customers, indicating a focus on cost management.

In terms of capital allocation, BeLive Holdings intends to continue to invest significant resources in its infrastructure, research and development, and other areas to enhance existing solutions and introduce new ones. The company expects to fund its working capital and other liquidity requirements from cash generated from operations, loans from banking facilities, and the net proceeds from its Initial Public Offering. For the year ended December 31, 2025, capital expenditures were approximately S$74,142 ⁴⁶, primarily for renovation and addition of furniture, fittings, and computers. The company may also seek additional capital through equity or debt financing for future growth, new investments, acquisitions, or capital expenditures.

Management has explicitly flagged several structural headwinds and execution risks. The company has a history of operating losses, with net losses of S$6,696,000 ⁴⁷, S$5,508,000 ⁴⁸, and S$2,094,000 ⁴⁹ for the financial years ended December 31, 2025, 2024, and 2023, respectively, which may cast doubt on its ability to continue as a going concern. A shareholder's financial support of S$737,951 ⁵⁰ during 2025 is expected to end by July 1, 2026, and the company may struggle to generate sufficient revenue or obtain alternative financing thereafter. Significant customer concentration, with customers contributing over 10% of total revenue accounting for approximately 59% ⁵¹, 79% ⁵², and 63% ⁵³ in 2025, 2024, and 2023 respectively, poses a risk if these customers reduce their business or default. The company also faces intense competition from well-established companies and new market entrants, which could lead to pricing pressure and loss of market share.

Geographic, regulatory, and macro factors identified as constraints include volatile, negative, or uncertain economic and political conditions in significant markets, which could cause clients to reduce or defer spending. The company is subject to evolving data protection laws globally, such as GDPR, which may impose additional compliance costs. In Vietnam, regulations on data protection and information security are evolving, with Decree No. 13/2023 imposing significant obligations on entities processing personal data, including potential data storage requirements within Vietnam and impact assessments for data transfers outside the country. Current Singapore regulations prohibit the Singapore subsidiary from paying dividends out of accumulated losses, which were approximately S$14,129,000 ⁵⁴ as of December 31, 2025, restricting cash transfers to the holding company.

BeLive Holdings faces material risks including a history of operating losses, with a net loss of S$6,695,581 ⁵⁵ for the year ended December 31, 2025, raising significant doubt about its ability to continue as a going concern, especially as a shareholder's financial support of S$737,951 ⁵⁶ is set to end by July 1, 2026. The company has significant customer concentration, with major customers contributing approximately 59% ⁵⁷ of total revenue in 2025, making it vulnerable to the loss or reduction of business from these clients. Intense competition in the e-commerce solutions market, particularly from larger, well-resourced companies, poses a threat to sales, renewals, and pricing power. Operational risks include the potential for undetected programming errors in live commerce and shoppable short videos, which could harm user experience and market acceptance, and the failure of computer software and hardware systems, which could disrupt operations. Cybersecurity threats, privacy breaches, and other malicious activities are significant, with the company currently not maintaining cybersecurity insurance, and any incidents could lead to substantial liability and reputational damage. The company's reliance on third-party data centers makes it vulnerable to service disruptions, power outages, or other issues, and failure to manage data center infrastructure capacity could lead to service outages for existing customers and delays for new ones. Furthermore, the company's success depends on its ability to continuously innovate and adapt to rapidly changing technology and evolving industry standards, with any failure potentially impairing revenue growth. Regulatory risks include increasing compliance costs due to evolving data protection laws globally, such as GDPR, and specific data storage and transfer regulations in Vietnam.

Management's message to shareholders emphasizes a commitment to innovation, strategic expansion, and operational efficiency despite recent financial challenges. They acknowledge the net loss of approximately S$6,696,000 ⁵⁸ for the year ended December 31, 2025, and the decrease in net revenue by 59% ⁵⁹ from 2024, attributing it to intensified pricing pressure and a shift in customer demand. However, management views this revenue decrease as not a long-term trend, highlighting proactive steps to accelerate the development and introduction of innovative solutions. Key strategic priorities include expanding and enhancing current solution offerings, adapting to changing market conditions and customer requirements, advancing video and live streaming technologies, and selectively pursuing strategic alliances. They believe that by combining scalable technology and user experience expertise with strategic partnerships, they can create new value and strengthen the company's position in building a scalable, data-driven media and commerce ecosystem.