BeLive Holdings Annual Report: A Simple Breakdown

I’ve put together this guide to help you understand how BeLive Holdings performed this year. My goal is to cut through the corporate jargon so you can decide if this company belongs in your portfolio.

1. What does this company do?

Based in Singapore, BeLive Holdings builds the "digital plumbing" for live video. They provide software that lets retailers and brands add live-streaming features directly to their own websites and apps.

They operate through three main areas:

• BeLive Technology: Their core business, providing tools for live shopping and real-time audience engagement.
• BeLive Media: A service team that manages content strategy and production for their clients.
• BeLive AI Studios: Their newest venture, using AI to automate video editing, translation, and interactive avatars.

2. Financial performance: The "Red Flag"

The most important takeaway is that the company is losing money, and those losses are growing.

For the year ending December 31, 2025, the company lost about S$6.7 million. This deficit is growing because they are spending heavily on AI research and technical infrastructure. Their history shows a clear trend of burning through cash:

• 2023: S$2.1 million loss
• 2024: S$5.5 million loss
• 2025: S$6.7 million loss

They are spending aggressively to grow, but their sales aren't yet covering the costs of cloud hosting, engineering talent, and marketing.

3. Financial health and the "Going Concern" warning

The company is in a fragile state. They issued a "going concern" warning, which is a formal way of saying they might run out of cash to operate. They are currently staying afloat thanks to a shareholder loan of about S$737,951.

This loan is a temporary fix. It must be repaid by July 1, 2026. After that, they must either make enough profit to support themselves or find new ways to borrow or raise money. Without more revenue or new funding, the company faces a real risk of running out of money.

4. Key risks for investors

• "Big Fish" Dependency: The company relies on a small group of clients. In 2025, just a few customers provided 59% of their total revenue. Losing even one of these clients would be a massive blow to their income.
• The Profitability Gap: There is no guarantee they will ever turn a profit. Their new AI projects are proving more expensive than expected, and they haven't yet seen a return on those investments.
• Tech & Reputation Risks: Because they handle significant user data, a security breach could destroy their reputation. Additionally, any technical bugs in their software could cause clients to leave, as these tools are critical to the clients' own sales.
• Economic Sensitivity: If the economy slows, clients often cut marketing budgets first. Since BeLive’s services are often seen as "add-ons," they are highly vulnerable to these budget cuts.

The Bottom Line

BeLive is in a "growth at all costs" phase, but that strategy is burning through cash. For an investor, this is a high-risk situation. You are betting that they can launch their AI tools, land new business to move away from their "big fish" clients, and reach profitability before their financial support runs out in mid-2026.

Investor Checklist: Before considering an investment, ask yourself if you are comfortable with a company that has a firm deadline to reach profitability. If you prefer stable, cash-flow-positive businesses, this may not be the right fit for your current strategy.