SBC Medical Group Holdings Inc

Listed Company

SBCWWCIK 0001930313NasdaqEmerging GrowthServices-Offices & Clinics Of Doctors Of MedicineDelawareFY ends Dec 31

Period

FY 2025

Revenue

$173.61M

Net Income

$50.99M

Total Assets

$380.45M

Equity

$248.28M

Shares Out

102.58M

Op. Cash Flow

$24.67M

Business

SBC Medical Group Holdings Inc is a management company that owns, operates and provides comprehensive management services to cosmetic treatment centers, primarily in Japan. It offers services including advertising and marketing, staff recruitment and training, booking and payment tools, procurement and resale of medical equipment and cosmetics, clinic construction and design, licensing of medical technologies and trademarks, IT solutions and loyalty program management. The company operates as a single reporting segment through multiple subsidiaries, a majority-owned entity and a VIE. Its clinics and franchise network serve markets in Japan, with additional operations and clinics in Vietnam, Singapore and the United States, delivering services via franchise agreements and directly operated locations.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenues, net	174	205	194
Cost of revenues (including cost of revenues from related parties of $13,657,565 and $8,472,202 for the years ended December 31, 2025 and 2024, respectively)	46	49	56
Gross profit	127	156	137
Selling, general and administrative expenses (including selling, general and administrative expenses from related parties of $751,096 and nil for the years ended December 31, 2025 and 2024, respectively)	60	58	66
Stock-based compensation	0	13	—
Impairment loss on intangible asset	0	15	—
Total operating expenses	60	86	67
Income from operations	67	70	71
Interest income	198,315	19,943	86,748
Interest expense	−160,583	−28,300	−45,292
Foreign currency exchange gain, net	2	895,711	—
Other income (including other income from related parties of $3,069 and $2,673,077 for the years ended December 31, 2025 and 2024, respectively)	5	4	4
Other expenses	−1	−5	−745,519
Gain on redemption of life insurance policies	9	0	—
Gain on disposal of subsidiary	0	4	—
Total other income	15	3	3
Income before income taxes	82	73	74
Effective tax rate	31	27	35
Net income	51	47	39
Less: net income attributable to non-controlling interests	59,410	75,617	−809,430
Net income attributable to SBC Medical Group Holdings Incorporated	51	47	39
Foreign currency translation adjustment	−3	−17	−13
Total comprehensive income	48	30	26
Less: comprehensive income attributable to non-controlling interests	225,731	117,830	−948,896
Comprehensive income attributable to SBC Medical Group Holdings Incorporated	48	30	27
Net income per share attributable to SBC Medical Group Holdings Incorporated - Basic	0.5	0.48	0.42
Net income per share attributable to SBC Medical Group Holdings Incorporated - Diluted	0.5	0.48	0.42
Weighted average shares outstanding - Basic	103	97	94
Weighted average shares outstanding - Diluted	103	97	94

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-11-30	FY 2024 2024-09-30	FY 2023 2023-12-31
Cash and cash equivalents	164	125	—	—	103
Inventories	3	1	—	—	3
Short-term investments - related parties	319,193	0	—	—	—
Finance lease receivables, current - related parties	13	6	—	—	6
Income tax recoverable	1	0	—	—	—
Customer loans receivable, current	9	10	—	—	8
Prepaid expenses and other current assets	12	11	—	—	—
Total current assets	231	184	—	—	166
Property and equipment, net	8	9	—	—	14
Intangible assets, net	48	2	—	—	20
Equity method investments	20	0	—	—	—
Goodwill, net	15	5	3	—	4
Finance lease receivables, non-current - related parties	14	8	—	—	3
Operating lease right-of-use assets	8	5	—	—	6
Finance lease right-of-use assets	450,874	0	—	—	—
Deferred tax assets	4	10	—	—	—
Customer loans receivable, non-current	5	5	—	—	6
Long-term prepayments	393,270	2	—	—	4
Other assets	7	16	—	—	15
Total non-current assets	149	82	—	—	93
Total assets	380	266	—	—	259
Bank and other borrowings, current	9	96,824	—	—	156,217
Notes payables, current - related parties	0	26,255	—	—	3
Income tax payable	9	19	—	—	9
Operating lease liabilities, current	4	4	—	—	4
Finance lease liabilities, current	132,946	0	—	—	—
Accrued liabilities and other current liabilities	12	8	—	—	21
Total current liabilities	61	61	—	—	92
Bank and other borrowings, non-current	34	7	—	—	1
Notes payables, non-current - related parties	0	5,334	—	—	12
Deferred tax liabilities	16	926,023	—	—	6
Operating lease liabilities, non-current	4	1	—	—	2
Finance lease liabilities, non- current portion	116,527	0	—	—	—
Other liabilities	2	1	—	—	1
Total non-current liabilities	56	10	—	—	23
Total liabilities	117	71	—	—	115
Commitments and contingencies (Note 22)	—	—	—	—	—
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024)	0	0	—	—	—
Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,881,251 and 103,020,816 shares issued, 102,576,943 and 102,750,816 shares outstanding as of December 31, 2025 and 2024, respectively)	10,388	10,302	—	—	9,419
Additional paid in capital	73	63	—	8	37
Treasury stock (at cost, 1,304,308 and 270,000 shares as of December 31, 2025 and 2024, respectively)	−8	−3	—	—	—
Retained earnings	240	189	—	—	143
Accumulated other comprehensive loss	−57	−54	—	—	−38
Total SBC Medical Group Holdings Incorporated stockholders equity	248	195	—	—	142
Non-controlling interests	15	−86,999	—	—	2
Total stockholders' equity	263	195	—	—	144
Total liabilities and stockholders equity	380	266	—	—	259

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation and amortization expense	3	4	12
Non-cash lease expense	5	4	3
Provision for (reversal of) credit losses	302,949	−402,196	370,754
Impairment loss on intangible asset	0	15	—
Impairment loss on long-term investments	133,513	529,596	—
Fair value change of long-term investments	−247,514	3	—
Loss (gain) on disposal of property and equipment and intangible assets	−3	511,947	—
Gain on previously held equity interest	−815,328	0	—
Deferred income taxes	5	−14	4
Inventories	−170,174	1	−2
Finance lease receivables - related parties	−13	−6	17
Customer loans receivable	16	18	413,867
Prepaid expenses and other current assets	332,264	−2	4
Long-term prepayments	318,470	2	−4
Other assets	−195,846	−2	−1
Accounts payable	3	−10	12
Accounts payable - related parties	−8,571	682,320	—
Notes payables - related parties	−14	−35	−23,816
Income tax payable	−12	11	13
Operating lease liabilities	−5	−4	−3
Accrued liabilities and other current liabilities	3	−12	4
Other liabilities	10,972	40,215	4,759
NET CASH PROVIDED BY OPERATING ACTIVITIES	25	21	51
Purchase of property and equipment	−1	−3	−9
Purchase of convertible note	0	−2	−1
Prepayments for property and equipment	−968,848	−843,740	−981,567
Advances to related parties	0	−622,804	−2
Payments made on behalf of related parties	−2	−6	—
Purchase of short-term investments-related parties	−334,173	0	−2
Purchase of long-term investments	−654,070	−331,496	—
Purchase of cryptocurrencies	−424,250	0	—
Proceeds from disposal of cryptocurrencies	457,828	0	—
Purchase of equity method investments	−20	0	—
Cash paid for acquisition of subsidiaries, net of cash acquired	−23	−4	722,551
Long-term loans to others	−14,514	−172,411	−926,020
Repayments from related parties	2	7	2
Repayments from others	83,677	176,109	581,274
Proceeds from redemption of life insurance policies	18	0	4
Disposal of subsidiaries, net of cash disposed of	0	−832,416	—
Proceeds from disposal of property and equipment	7	0	8
NET CASH USED IN INVESTING ACTIVITIES	−21	−10	2
Borrowings from bank and others	35	7	—
Borrowings from related parties	15,000	5	12
Proceeds from reverse recapitalization, net of transaction costs	0	12	—
Proceeds from exercise of stock warrants	0	31,374	—
Repayments of bank and other borrowings	−1	−119,017	—
Repayments of finance lease liabilities	−331,365	0	—
Repayments to related parties	−145,917	−739,414	−8
Repurchase of common stock	−5	0	—
Deemed contribution in connection with price modification on disposal of property and equipment	10	0	—
Net cash used in financing activities	38	23	6
Effect of exchange rate changes	−3	−11	−7
NET CHANGE IN CASH AND CASH EQUIVALENTS	39	22	51
Cash paid for interest expense	160,583	28,300	45,292
Cash paid for income taxes, net	37	30	18
Property and equipment transferred from long-term prepayments	1	597,602	8
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	1	0	2
Finance lease right-of-use assets obtained in exchange for finance lease liabilities	612,466	0	—
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications	5	3	2
Payables to related parties in connection with loan services provided	14	21	—
Issuance of common stock as incentive shares	86	0	—
Issuance of common stock from conversion of convertible note	0	3	—
Deemed contribution in connection with disposal of subsidiaries	0	1	—

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