SBC Medical Group Holdings Announces Second Quarter 2025 Financial Results
SBC Medical Group Holdings Incorporated (NASDAQ: SBC, “SBC Medical” or the “Company”), a global owner, operator and provider of management services and products to cosmetic treatment centers, today announced its financial results for the second quarter of fiscal year 2025 (three months ended June 30, 2025) and for the first half of fiscal year 2025 (six months ended June 30, 2025).
Second Quarter 2025 Highlights
- Total revenues were $43 million, representing an 18% year-over-year decrease.
- Income from operations was $15 million, representing a 47% year-over-year decrease.
- Net Income attributable to SBC Medical Group was $2.5 million, representing an 87% year-over-year decrease.
- Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.02 for the three months ended June 30, 2025, compared to $0.20 in the same period of 2024.
- EBITDA1, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $15 million, representing a 46% year-over-year decrease. EBITDA margin1 was 35% for the second quarter of 2025, compared to 53% for second quarter of 2024.
- Return on equity, which is defined as net income attributable to the Company divided by the average of shareholder’s equity as of June 30, 2025, was 4% representing a year-over-year decrease of 44 percentage points.
- Number of Franchise Locations2 was 259 as of June 30, 2025, representing an increase of 36 locations from June 30, 2024.
- Number of customers3 in the last twelve months ended June 30, 2025, was 6.31 million, representing a 14% year-over-year increase.
- Repeat rate for customers4 who visited franchisee’s clinics twice or more was 72%.
- Total revenues were $91 million, representing a 16% year-over-year decrease.
- Income from operations was $39 million, representing a 25% year-over-year decrease.
- Net Income attributable to SBC Medical Group was $24 million, representing a 36% year-over-year decrease.
- Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.23 for the six months ended June 30, 2025, compared to $0.40 in the same period of 2024.
- EBITDA1, which is calculated by adding depreciation and amortization expense and impairment loss to income from operations was $40 million, representing a 25% year-over-year decrease. EBITDA margin1 was 44% for the first half of 2025, compared to 50% for first half of 2024.
Yoshiyuki Aikawa, Chairman and Chief Executive Officer of SBC Medical, said, “ As anticipated and signaled in our prior guidance, Q2 2025 reflected strategic shifts aimed to position SBC Medical for long-term competitiveness and scalability. Total revenue declined 18% year-over-year to $43 million, primarily due to the completed discontinuation of our staffing business, targeted divestitures to streamline our operations, and revision of fee structure. We are executing our strategic plan with precision, as evidenced by our network of 259 Franchise Locations as of June 30, 2025 and 6.31 million visits over the last twelve months, demonstrating a scale that is unmatched in Japan. Our high repeat rate underscores the strength of our Shonan Beauty Clinic brand. Japan’s consumer discretionary market faces challenges, including restrained growth due to trade restrictions and cautious consumer spending. Despite these headwinds, we are successfully advancing key initiatives, including the acquisition of MB career lounge to enhance our management support services and the joining of JUN CLINIC to our network, which boasts a high average spend per customer. Looking ahead, we remain confident in our strategic roadmap, focused on optimizing our franchise model, capturing growth opportunities, transitioning to higher-margin models, and delivering lasting value to our shareholders.”
Second Quarter 2025 Financial Results
Total revenues were $43 million, a decrease of 18% year-over-year, primarily due to a revised fee structure for franchising services implemented starting from April 2025, the discontinuation staffing services business, and divestiture of SNA and Kijimadaira, partially offset by growth in procurement, rental services, and other revenue streams.
Net income attributable to SBC Medical Group for the three months ended June 30, 2025 was $2.5 million, compared to $18.5 million in the same period of 2024. The decrease was largely attributed to unfavorable changes in other income and expenses, primarily due to higher foreign exchange losses.
EBITDA1 was $15 million, a decrease of 46% year-over-year, primarily due to lower revenue following the termination of the staffing services business, the deconsolidation of SNA and Kijimadaira, and revision of fee structure.
Conference Call
The Company will hold a conference call on Wednesday, August 13, 2025 at 8:30 am Eastern Time (or Wednesday, August 13, 2025 at 9:30 pm Japan Time) to discuss the financial results and take questions live.
Please register in advance of the conference using the link provided below.
https://edge.media-server.com/mmc/p/ukc9sp9j/lan/en/
It will automatically direct you to the registration page of “SBC Q2 2025 Financial Results Presentation.”. Please follow the steps to enter your registration details, then click “Submit.”. Upon registration, you will be able to access the dedicated Conference Call viewing site. In addition to viewing the conference call, this site provides access to information about the speakers as well as past investor relations materials.
Starting 10 minutes before the conference call begins, you will be able to view the earnings presentation materials on the site. The materials will also be available for download.
A replay of the conference call will be accessible until August 13, 2026.
Additionally, the earnings release, accompanying slides, and an archived webcast of this conference call will be available at the Company’s Investor Relations website at https://ir.sbc-holdings.com/
About SBC Medical
SBC Medical, headquartered in Irvine, California and Tokyo, Japan, owns and provides management services and products to cosmetic treatment centers. The Company is primarily focused on providing comprehensive management services to franchise clinics, including but not limited to advertising and marketing needs across various platforms (such as social media networks), staff management (such as recruitment and training), booking reservations for franchise clinic customers, assistance with franchise employee housing rentals and facility rentals, construction and design of franchise clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to franchise clinics for resale to clinic customers, licensure of the use of patent-pending and non-patented medical technologies, trademark and brand use, IT software solutions (including but not limited to remote medical consultations), management of the franchise clinic’s customer rewards program (customer loyalty point program), and payment tools for the franchise clinics.
For more information, visit https://sbc-holdings.com/
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s financial performance; growth in revenue and earnings; business prospects and opportunities; and capital deployment plans and liquidity. In some cases, forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on management’s current expectations and are not guarantees of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading “Risk Factors” and elsewhere in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.
1 EBITDA and EBITDA Margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.” |
2 The figures take into accounts of the franchising of SBC brand clinics, Rize Clinic, Gorilla Clinic, AHH, JUN CLINIC |
3 The number of customers takes into account customers of SBC brand clinics, Rize Clinic and Gorilla Clinic, AHH Clinic but does not take account of customers of JUN CLINIC,but excluding free counseling. The applicable periods are from July 1, 2024, to June 30, 2025 |
4 The figures include franchising of SBC brand clinics, Rize Clinic, and Gorilla Clinic, but does not take account of customers of AHH clinics and JUN CLINIC excluding free counseling. The percentage of customers who visited our franchisee’s clinics twice or more. |
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS
June 30, 2025 | December 31, 2024 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 152,740,882 | $ | 125,044,092 | ||||
Accounts receivable | 2,350,368 | 1,413,433 | ||||||
Accounts receivable – related parties | 48,920,843 | 28,846,680 | ||||||
Inventories | 1,705,237 | 1,494,891 | ||||||
Finance lease receivables, current – related parties | 9,128,931 | 5,992,585 | ||||||
Customer loans receivable, current | 10,552,623 | 10,382,537 | ||||||
Prepaid expenses and other current assets | 14,051,746 | 11,276,802 | ||||||
Other receivables – related parties | 1,891,408 | — | ||||||
Total current assets | 241,342,038 | 184,451,020 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 8,058,016 | 8,771,902 | ||||||
Intangible assets, net | 1,584,543 | 1,590,052 | ||||||
Long-term investments, net | 3,593,087 | 3,049,972 | ||||||
Goodwill, net | 5,011,511 | 4,613,784 | ||||||
Cryptocurrencies | 535,882 | — | ||||||
Finance lease receivables, non-current – related parties | 13,197,979 | 8,397,582 | ||||||
Operating lease right-of-use assets | 4,583,393 | 5,267,056 | ||||||
Finance lease right-of-use assets | 516,932 | — | ||||||
Deferred tax assets | 2,343,302 | 9,798,071 | ||||||
Customer loans receivable, non-current | 5,934,636 | 5,023,551 | ||||||
Long-term prepayments | 1,755,292 | 1,745,801 | ||||||
Long-term investments in MCs – related parties | 19,381,422 | 17,820,910 | ||||||
Other assets | 7,461,224 | 15,553,453 | ||||||
Total non-current assets | 73,957,219 | 81,632,134 | ||||||
Total assets | $ | 315,299,257 | $ | 266,083,154 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 16,290,206 | $ | 13,875,179 | ||||
Accounts payable – related parties | 3,245,989 | 659,044 | ||||||
Current portion of long-term loans | 69,420 | 96,824 | ||||||
Notes and other payables, current – related parties | 3,272,048 | 26,255 | ||||||
Advances from customers | 512,123 | 820,898 | ||||||
Advances from customers – related parties | 10,333,007 | 11,739,533 | ||||||
Income tax payable | 14,133,163 | 18,705,851 | ||||||
Operating lease liabilities, current | 3,623,871 | 4,341,522 | ||||||
Finance lease liabilities, current | 161,340 | — | ||||||
Accrued liabilities and other current liabilities | 6,229,797 | 8,103,194 | ||||||
Due to related party | 2,810,647 | 2,823,590 | ||||||
Total current liabilities | 60,681,611 | 61,191,890 | ||||||
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED BALANCE SHEETS — (Continued)
June 30, 2025 | December 31, 2024 | |||||||
Non-current liabilities: | ||||||||
Long-term loans | 7,031,506 | 6,502,682 | ||||||
Notes and other payables, non-current – related parties | — | 5,334 | ||||||
Deferred tax liabilities | 353,517 | 926,023 | ||||||
Operating lease liabilities, non-current | 1,208,516 | 1,241,526 | ||||||
Finance lease liabilities, non-current | 164,721 | — | ||||||
Other liabilities | 1,206,815 | 1,193,541 | ||||||
Total non-current liabilities | 9,965,075 | 9,869,106 | ||||||
Total liabilities | 70,646,686 | 71,060,996 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of June 30, 2025 and December 31, 2024) | — | — | ||||||
Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,881,251 and 103,020,816 shares issued, 103,098,442 and 102,750,816 shares outstanding as of June 30, 2025 and December 31, 2024, respectively) | 10,388 | 10,302 | ||||||
Additional paid-in capital | 72,196,114 | 62,513,923 | ||||||
Treasury stock (at cost, 782,809 and 270,000 shares as of June 30, 2025 and December 31, 2024, respectively) | (5,115,262 | ) | (2,700,000 | ) | ||||
Retained earnings | 213,423,693 | 189,463,007 | ||||||
Accumulated other comprehensive loss | (35,922,942 | ) | (54,178,075 | ) | ||||
Total SBC Medical Group Holdings Incorporated stockholders’ equity | 244,591,991 | 195,109,157 | ||||||
Non-controlling interests | 60,580 | (86,999 | ) | |||||
Total stockholders’ equity | 244,652,571 | 195,022,158 | ||||||
Total liabilities and stockholders’ equity | $ | 315,299,257 | $ | 266,083,154 | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
For the Three Months Ended
| For the Six Months Ended
| |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues, net – related parties | $ | 38,944,898 | $ | 51,039,038 | $ | 84,202,043 | $ | 101,509,245 | ||||||||
Revenues, net | 4,413,949 | 2,063,042 | 6,485,505 | 6,400,877 | ||||||||||||
Total revenues, net | 43,358,847 | 53,102,080 | 90,687,548 | 107,910,122 | ||||||||||||
Cost of revenues (including cost of revenues from related parties of $4,669,602 and $3,616,103 for the three months ended June 30, 2025 and 2024, and $8,126,530 and $5,413,462 for the six months ended June 30, 2025 and 2024, respectively) | 13,348,270 | 13,682,405 | 22,943,887 | 28,971,072 | ||||||||||||
Gross profit | 30,010,577 | 39,419,675 | 67,743,661 | 78,939,050 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expenses (including selling, general and administrative expenses from related parties of $415,767 and nil for the three months ended June 30, 2025 and 2024, and $415,767 and nil for the six months ended June 30, 2025 and 2024, respectively) | 15,456,385 | 12,129,115 | 28,987,395 | 27,187,605 | ||||||||||||
Total operating expenses | 15,456,385 | 12,129,115 | 28,987,395 | 27,187,605 | ||||||||||||
Income from operations | 14,554,192 | 27,290,560 | 38,756,266 | 51,751,445 | ||||||||||||
Other income (expenses): | ||||||||||||||||
Interest income | 22,882 | 11,644 | 78,215 | 29,333 | ||||||||||||
Interest expense | (49,651 | ) | (7,424 | ) | (55,858 | ) | (10,432 | ) | ||||||||
Other income | 33,771 | 306,291 | 185,099 | 655,972 | ||||||||||||
Other expenses | (1,132,465 | ) | (514,636 | ) | (2,829,724 | ) | (1,951,292 | ) | ||||||||
Gain on redemption of life insurance policies | — | — | 8,746,138 | — | ||||||||||||
Change in fair value of cryptocurrencies | 111,632 | — | 111,632 | — | ||||||||||||
Gain on disposal of subsidiary | — | — | — | 3,813,609 | ||||||||||||
Total other income (expenses) | (1,013,831 | ) | (204,125 | ) | 6,235,502 | 2,537,190 | ||||||||||
Income before income taxes | 13,540,361 | 27,086,435 | 44,991,768 | 54,288,635 | ||||||||||||
Income tax expense | 11,100,509 | 8,529,110 | 21,059,966 | 16,981,094 | ||||||||||||
Net income | 2,439,852 | 18,557,325 | 23,931,802 | 37,307,541 | ||||||||||||
Less: net income (loss) attributable to non-controlling interests | (18,388 | ) | 72,917 | (28,884 | ) | 65,381 | ||||||||||
Net income attributable to SBC Medical Group Holdings Incorporated | $ | 2,458,240 | $ | 18,484,408 | $ | 23,960,686 | $ | 37,242,160 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | $ | 8,623,269 | $ | (9,046,549 | ) | $ | 18,431,596 | $ | (19,240,401 | ) | ||||||
Total comprehensive income | 11,063,121 | 9,510,776 | 42,363,398 | 18,067,140 | ||||||||||||
Less: comprehensive income (loss) attributable to non-controlling interests | 184,411 | 22,000 | 147,579 | (70,000 | ) | |||||||||||
Comprehensive income attributable to SBC Medical Group Holdings Incorporated | $ | 10,878,710 | $ | 9,488,776 | $ | 42,215,819 | $ | 18,137,140 | ||||||||
Net income per share attributable to SBC Medical Group Holdings Incorporated* | ||||||||||||||||
Basic and diluted | $ | 0.02 | $ | 0.20 | $ | 0.23 | $ | 0.40 | ||||||||
Weighted average shares outstanding* | ||||||||||||||||
Basic and diluted | 103,507,249 | 94,192,433 | 103,392,580 | 94,192,433 | ||||||||||||
* | Retrospectively restated for effect of reverse recapitalization on September 17, 2024. |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 23,931,802 | $ | 37,307,541 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization expense | 1,264,405 | 1,849,422 | ||||||
Non-cash lease expense | 2,185,744 | 1,923,890 | ||||||
Provision for credit losses | 283,752 | 62,804 | ||||||
Fair value change of long-term investments | 384,523 | 1,045,557 | ||||||
Gain on disposal of subsidiary | — | (3,813,609 | ) | |||||
Gain on redemption of life insurance policies | (8,746,138 | ) | — | |||||
Gain on disposal of property and equipment | (10,804 | ) | (902 | ) | ||||
Change in fair value of cryptocurrencies | (111,632 | ) | — | |||||
Deferred income taxes | 7,452,983 | (3,322,728 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (789,577 | ) | (1,423,412 | ) | ||||
Accounts receivable – related parties | (17,039,113 | ) | 5,843,499 | |||||
Inventories | (717,972 | ) | 561,921 | |||||
Finance lease receivables – related parties | (6,482,967 | ) | (1,759,556 | ) | ||||
Customer loans receivable | 8,081,703 | 7,521,267 | ||||||
Prepaid expenses and other current assets | (1,349,225 | ) | (1,488,347 | ) | ||||
Long-term prepayments | 211,988 | (41,412 | ) | |||||
Other assets | 85,907 | (1,007,431 | ) | |||||
Accounts payable | 1,165,217 | (8,960,556 | ) | |||||
Accounts payable – related parties | 2,455,865 | — | ||||||
Notes and other payables – related parties | (5,031,570 | ) | (5,101,368 | ) | ||||
Advances from customers | (369,616 | ) | (755,977 | ) | ||||
Advances from customers – related parties | (2,363,891 | ) | (4,663,233 | ) | ||||
Income tax payable | (6,030,526 | ) | 5,462,133 | |||||
Operating lease liabilities | (2,275,398 | ) | (1,998,196 | ) | ||||
Accrued liabilities and other current liabilities | (2,508,035 | ) | (4,444,172 | ) | ||||
Other liabilities | (88,593 | ) | 77,625 | |||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (6,411,168 | ) | 22,874,760 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of property and equipment | (560,431 | ) | (1,565,333 | ) | ||||
Purchase of convertible note | — | (1,700,000 | ) | |||||
Prepayments for property and equipment | (705,351 | ) | — | |||||
Advances to related parties | — | (617,804 | ) | |||||
Payments made on behalf of related parties | (1,836,541 | ) | (5,245,990 | ) | ||||
Purchase of long-term investments | (652,555 | ) | — | |||||
Purchase of cryptocurrencies | (424,250 | ) | — | |||||
Long-term loans to others | (13,134 | ) | (62,489 | ) | ||||
Repayments from related parties | 70,000 | 555,000 | ||||||
Repayments from others | 56,307 | 44,748 | ||||||
Proceeds from redemption of life insurance policies | 17,735,717 | — | ||||||
Disposal of subsidiary, net of cash disposed of | — | (815,819 | ) | |||||
Proceeds from disposal of property and equipment | 1,728,236 | 1,971 | ||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 15,397,998 | (9,405,716 | ) | |||||
SBC MEDICAL GROUP HOLDINGS INCORPORATED
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
For the Six Months Ended
| ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Borrowings from related parties | 15,000 | — | ||||||
Repayments of long-term loans | (74,256 | ) | (59,217 | ) | ||||
Repayments of finance lease liabilities | (278,097 | ) | — | |||||
Repayments to related parties | (27,943 | ) | (50,124 | ) | ||||
Repurchase of common stock | (2,415,262 | ) | — | |||||
Deemed contribution in connection with price modification on disposal of property and equipment | 9,682,277 | — | ||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 6,901,719 | (109,341 | ) | |||||
Effect of exchange rate changes | 11,808,241 | (12,679,865 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 27,696,790 | 679,838 | ||||||
CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD | 125,044,092 | 103,022,932 | ||||||
CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD | $ | 152,740,882 | $ | 103,702,770 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Cash paid for interest expense | $ | 55,858 | $ | 10,432 | ||||
Cash paid for income taxes, net | $ | 19,637,454 | $ | 16,191,178 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
Property and equipment transferred from long-term prepayments | $ | 246,188 | $ | — | ||||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 104,437 | $ | — | ||||
Finance lease right-of-use assets obtained in exchange for finance lease liabilities | $ | 612,466 | $ | — | ||||
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications | $ | 1,160,680 | $ | 1,376,034 | ||||
Payables to related parties in connection with loan services provided | $ | 8,175,342 | $ | 16,085,387 | ||||
Issuance of common stock as incentive shares | $ | 86 | $ | — | ||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
SBC MEDICAL GROUP HOLDINGS INCORPORATED
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Three Months Ended
| For the Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Total revenues, net | $ | 43,358,847 | $ | 53,102,080 | $ | 90,687,548 | 107,910,122 | |||||||||
Income from operations | 14,554,192 | 27,290,560 | 38,756,266 | 51,751,445 | ||||||||||||
Depreciation and amortization expense | 636,101 | 830,945 | 1,264,405 | 1,849,422 | ||||||||||||
EBITDA | 15,190,293 | 28,121,505 | 40,020,671 | 53,600,867 | ||||||||||||
EBITDA margin | 35 | % | 53 | % | 44 | % | 50 | % | ||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250813939975/en/
Contacts
In Asia:
SBC Medical Group Holdings Incorporated
Hikaru Fukui / Head of Investor Relations
E-mail: ir@sbc-holdings.com
In the US:
ICR LLC
Bill Zima / Managing Partner
Email: bill.zima@icrinc.com
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MSCI Forges Strategic Collaboration with PNC Bank to Expand Personalized Wealth Management13.8.2025 15:00:00 EEST | Press release
MSCI Inc. (NYSE: MSCI) and PNC Bank have entered into a strategic collaboration to provide financial advisors of PNC with access to MSCI Wealth Manager – a fully integrated digital platform with robust analytics, portfolio management tools, institutional-grade research and solutions to help advisors create more personalized experiences for end-investors. From high-net-worth and emerging-affluent individuals to large, sophisticated institutional investors, asset and wealth managers are increasingly asked to create customized portfolios that reflect their end-clients’ unique financial goals, risk tolerance and values. MSCI Wealth Manager was designed to support advisors’ efforts to provide tailored financial advice to a wider range of clients by unifying portfolio construction, model management, analytics and client proposal generation within a single solution. MSCI Wealth Manager connects advisors and investment teams through a unified ecosystem built on MSCI’s multi-asset class (MAC) r
Quaise Energy to Showcase Breakthrough Superhot Geothermal Technology at Live Demonstrations13.8.2025 15:00:00 EEST | Press release
Quaise Energy, a leading developer of utility-scale superhot geothermal energy, today announced a series of live public demonstrations at its field site in central Texas. Attendees will watch the company’s proprietary millimeter wave drilling technology in action, an innovation that could make it possible to generate firm, utility-scale electricity nearly anywhere on Earth. Demonstrations begin on September 4, 2025 and will take place every two weeks through November 20, 2025. Demonstration Schedule: Flagship Demo: Sept. 4, 2–4 pm Central Time Additional Demos: Sept. 18, Oct. 2, 16, 30, and Nov. 13, and 20 At each event, visitors will: Watch live drilling as Quaise’s millimeter wave system uses a gyrotron to deliver high-frequency microwaves downhole to ablate rock without a drill bit or mechanical downhole hardware; Via live downhole camera, examine the record-breaking 100-meter deep borehole drilled entirely with a millimeter wave beam; Tour the rig, view equipment and waveguide up c
IFF Launches POWERFRESH ® ACE 2000, a Bread Fresh-Keeping Solution That ‘Aces’ the Shelf-Life Test13.8.2025 14:00:00 EEST | Press release
IFF (NYSE: IFF) — a global leader in flavors, fragrances, food ingredients, health and biosciences — announces the launch of POWERFRESH® ACE 2000 to the U.S. market. This next-generation fresh-keeping enzyme solution is designed to help industrial bakeries deliver bread with improved softness, resilience and cohesiveness throughout shelf life — meeting specific consumer demands while improving operational efficiency. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250813276418/en/ “Developed by IFF’s biosciences experts, this advancement underscores our commitment to helping bakeries deliver exceptional value and maintain a competitive edge in the industry,” said Clementina Dellomonaco, senior vice president of food biosciences at IFF. “Whenever we enhance the consumer experience, we help our customers build stronger brand equity, drive repeat purchases and unlock long-term growth.” As ingredient prices rise and consumer expe
FPT Launches AI-First Platform FleziPT, Accelerating Global Enterprise Transformation13.8.2025 11:04:00 EEST | Press release
Global IT firm FPT officially announced the launch of its new artificial intelligence (AI) platform, FleziPT. Designed to deliver end-to-end, customized AI-powered transformation solutions, FleziPT empowers organizations to achieve exceptional speed, precision, and quality in their transformation journeys. This launch strengthens FPT’s position as an AI-first company with full-stack AI capabilities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250812864322/en/ FPT Launches AI-First Platform FleziPT, Accelerating Global Enterprise Transformation FleziPT is backed by the company’s AI-driven software development life cycle (SDLC), delivering intelligent solutions across key domains. It leverages an AI-augmented workforce, including 12,000 skilled software engineers proficient in AI and a million digital workers in the making globally. The AI Platform allows enterprises to embed AI agents throughout every phase of software dev
Xsolla’s Leading Web Shop Puts Mobile Developers Back in Control to Shift Revenue, Own Their Data, and Build Direct-to-Player Experiences That Scale13.8.2025 11:00:00 EEST | Press release
Xsolla, a global commerce company helping developers launch, grow and monetize their games, announces today significant updates to its leading Web Shop solution for mobile games, following major shifts in direct-to-consumer monetization. These new updates provide studios with a quick and seamless way to earn more substantial and long-term revenue, while retaining a larger share of every dollar that comes in. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250813375229/en/ (Graphic: Xsolla) With over 600 Web Shops launched globally, Xsolla’s partners demonstrate their effectiveness at scaling direct sales and creating lasting revenue streams outside traditional app store ecosystems. As developers face rising user acquisition costs and development expenses, varying regulations across regions, and high in-app fees, Xsolla Web Shop offers a strategic edge: a frictionless way to convert players into paying customers, retain them l
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