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KPIsSections18
Income flow
| Revenue — GREEN | S$757,159 | -59.1% YoY |
|---|---|---|
| Gross margin — GREEN | -1.1% | |
| Net income — GREEN | -S$6.7M | -21.6% YoY |
| Net margin — GREEN | -884.3% |
Red flags4 red1 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -884.3%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -479.4%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
RED
Cash runway ~0.0 years
cash_runway_lowAt current burn rate, cash covers less than 2 years — may require near-term financing.
ORANGE
Accumulated deficit / equity 391%
accumulated_deficit_highAccumulated deficit exceeds equity book value — balance sheet technically impaired.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| EPS (diluted) | $-0.66 | GREEN |
| Gross Margin | -1.1% | GREEN |
| Net Income | -S$6.7M | GREEN |
| Net Margin | -884.3% | GREEN |
| Revenue | S$757,159 | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Broad Liquidity | S$0 | GREEN |
| Cash | S$0 | GREEN |
| Total Assets | S$9.3M | GREEN |
| Total Equity | S$8.8M | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Cash Conversion (CFO/Rev) | -4.79 | GREEN |
| Free Cash Flow | -S$3.7M | GREEN |
| Operating CF | -S$3.6M | GREEN |
Sections in this filing
Operating and Financial Review
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS The following discussion and analysis of our consolidated financial condition and results of operations for the years ended December 31, 2023, 2024, and 2025 should be read in conjunction with the information included under “Item 4. Information on the Company” and our consolidated financial statements and the accompanying notes included elsewhere in this Annual Report, which were prepared in accordance with IFRS, as issued by the IASB, and presented in Singapore dollars (S$), the Group’s functional currency. The discussion and analysis below are based on comparisons between our historical financial data for different periods and include certain forward-looking statements about our business, operations, and financial performance. These forward-looking statements are subject to risks, uncertainties, assumptions, and other factors described in “Risk Factors.” Our actual results may differ materially from those expressed in, or implied by, those forward-looking statements. Overview The Company (NASDAQ: BLIV) is a business-to-business (“B2B”) provider of live and video streaming infrastructure and content solutions. Our Group’s history began in 2014 when we launched a social streaming mobile application with a focus on empowering users to share their lives while interacting with their audience in real time. Recognizing significant potential in e-commerce, we redirected our focus in 2018 towards B2B, providing live commerce and shoppable short video streaming solutions (“BeLive Solutions”) to international retail companies and e-commerce marketplaces. In 2025, we expanded our solution to content production and distribution to the media and entertainment industry. Our BeLive Solutions enable customers to leverage interactive and immersive live and video commerce to enhance their online businesses, allowing them to curate unique video content that can be aired in real time while being simultaneously recorded for instant replay. We categorize our BeLive Solutions into (i) an enterprise-grade BeLive White Label Solution, customized to meet a customer’s unique requirements and integrated into their existing internal systems; and (ii) a cloud-based software-as-a-service solution (“BeLive SaaS Solution”) for customers seeking quick and cost-effective live commerce and shoppable short video capabilities without the need