STBX
STBX
Starbox Group Holdings Ltd. Ordinary SharesIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2024 | $1.73M ▼ | $78.61M ▲ | $-87.9M ▼ | -5.09K% ▼ | $-58.66 ▼ | $-75.64M ▼ |
| Q2-2024 | $4.45M ▼ | $16.08M ▲ | $-13.4M ▼ | -301.31% ▼ | $-0.44 ▼ | $-10.77M ▼ |
| Q4-2023 | $7.76M ▲ | $4.35M ▲ | $783.74K ▼ | 10.09% ▼ | $0.01 ▼ | $4.21M ▲ |
| Q2-2023 | $3.98M ▼ | $1.99M ▲ | $1.36M ▼ | 34.32% ▼ | $0.03 ▼ | $2.23M ▼ |
| Q4-2022 | $4.27M | $1.2M | $2.35M | 54.93% | $0.06 | $3.12M |
What's going well?
R&D spending is high, which could mean the company is investing in future products. Interest costs are low, so debt isn't a major problem.
What's concerning?
Revenue collapsed, expenses skyrocketed, and losses ballooned. The company is burning cash at an unsustainable rate and margins have collapsed.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2024 | $1.2M ▲ | $120.94M ▼ | $11.35M ▲ | $69.84M ▼ |
| Q2-2024 | $604.03K ▼ | $150.14M ▼ | $11.27M ▼ | $87.82M ▼ |
| Q4-2023 | $2.52M ▲ | $153.03M ▲ | $11.97M ▲ | $89.79M ▲ |
| Q2-2023 | $864.39K ▼ | $39.74M ▲ | $1.47M ▼ | $38.27M ▲ |
| Q4-2022 | $17.78M | $25.04M | $2M | $23.05M |
What's financially strong about this company?
Debt is very low compared to the company's size, and there is still positive equity. Some customers are prepaying, which helps cash flow.
What are the financial risks or weaknesses?
Cash is very limited, most assets are intangible, and equity is falling quickly. Retained earnings are deeply negative, and payables are rising fast, signaling possible cash strain.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2024 | $-87.9M ▼ | $-272.07K ▲ | $-141.32K ▲ | $-186.96K ▼ | $0 ▲ | $-278.98K ▲ |
| Q2-2024 | $-13.4M ▼ | $-2.2M ▼ | $-303.37K ▼ | $265.24K ▼ | $-1.02M ▼ | $-2.23M ▼ |
| Q4-2023 | $783.74K ▼ | $620.75K ▲ | $1.12M ▲ | $302.58K ▼ | $-34.11K ▼ | $619.07K ▲ |
| Q2-2023 | $1.36M ▼ | $-12.15M ▼ | $-17.88M ▼ | $11.76M ▼ | $3.87M ▲ | $-12.16M ▼ |
| Q4-2022 | $2.35M | $-2.76M | $-504.5K | $18.86M | $2.09M | $-2.76M |
What's strong about this company's cash flow?
Cash burn improved sharply this quarter, mostly due to customers paying off what they owed. Capital spending is very low, so not much cash is needed for equipment.
What are the cash flow concerns?
The company has no cash left, is still burning cash, and is relying on one-time boosts from working capital. Heavy stock-based pay is causing big accounting losses and diluting shareholders.
Revenue by Products
| Product | Q3-2023 |
|---|---|
 Advertising | $0 ▲ |
 Software Development | $0 ▲ |
5-Year Trend Analysis
A comprehensive look at Starbox Group Holdings Ltd. Ordinary Shares's financial evolution and strategic trajectory over the past five years.
Key positives include an asset‑light, scalable digital model; an integrated ecosystem of rebates, advertising, payments, and agency services; and a clear strategic focus on AI‑powered marketing tools for smaller businesses in Southeast Asia. The company demonstrated that it could grow revenue rapidly and achieve high margins for a few years, and it has shown an ability to access capital markets and complete acquisitions to build out its platform. Its ecosystem and data‑driven approach, if nurtured, could provide a differentiated offering in specific local niches.
Major risks center on financial sustainability and competitive pressure. The sudden collapse in profitability, very large recent loss, and swing from net cash to net debt, combined with shrinking liquidity and negative free cash flow, all signal that the business currently lacks a stable financial footing. The reduction in goodwill and retained earnings underscores that past expansions have not yet translated into durable economic value. On the commercial side, heavy competition, evidence of declining advertiser and transaction activity, and listing‑related challenges (including a Nasdaq delisting determination for low share price) add to uncertainty. The cutback in reported R&D also raises concern about the company’s ability to keep its technology edge under financial stress.
The outlook is highly uncertain and skewed toward execution risk. Starbox has a coherent strategic story—AI‑enabled, ecosystem‑driven services for MSMEs in Southeast Asia—but the latest financial results suggest that the current scale and business mix are not yet sustainable. Future performance will hinge on whether management can restore revenue growth, rein in operating costs without undermining innovation, stabilize cash flows, and navigate listing and financing constraints. For now, the company appears to be in a turnaround or reset phase rather than on a smooth growth trajectory, and outcomes could range from successful stabilization and niche growth to prolonged strain or further contraction.
About Starbox Group Holdings Ltd. Ordinary Shares
https://www.starboxholdings.comStarbox Group Holdings Ltd., through its subsidiaries, provides digital advertising services to retail merchant advertisers through websites and mobile apps in Malaysia. It connects retail merchants with individual online and offline shoppers to facilitate transactions through cash rebate programs offered by retail merchants.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2024 | $1.73M ▼ | $78.61M ▲ | $-87.9M ▼ | -5.09K% ▼ | $-58.66 ▼ | $-75.64M ▼ |
| Q2-2024 | $4.45M ▼ | $16.08M ▲ | $-13.4M ▼ | -301.31% ▼ | $-0.44 ▼ | $-10.77M ▼ |
| Q4-2023 | $7.76M ▲ | $4.35M ▲ | $783.74K ▼ | 10.09% ▼ | $0.01 ▼ | $4.21M ▲ |
| Q2-2023 | $3.98M ▼ | $1.99M ▲ | $1.36M ▼ | 34.32% ▼ | $0.03 ▼ | $2.23M ▼ |
| Q4-2022 | $4.27M | $1.2M | $2.35M | 54.93% | $0.06 | $3.12M |
What's going well?
R&D spending is high, which could mean the company is investing in future products. Interest costs are low, so debt isn't a major problem.
What's concerning?
Revenue collapsed, expenses skyrocketed, and losses ballooned. The company is burning cash at an unsustainable rate and margins have collapsed.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2024 | $1.2M ▲ | $120.94M ▼ | $11.35M ▲ | $69.84M ▼ |
| Q2-2024 | $604.03K ▼ | $150.14M ▼ | $11.27M ▼ | $87.82M ▼ |
| Q4-2023 | $2.52M ▲ | $153.03M ▲ | $11.97M ▲ | $89.79M ▲ |
| Q2-2023 | $864.39K ▼ | $39.74M ▲ | $1.47M ▼ | $38.27M ▲ |
| Q4-2022 | $17.78M | $25.04M | $2M | $23.05M |
What's financially strong about this company?
Debt is very low compared to the company's size, and there is still positive equity. Some customers are prepaying, which helps cash flow.
What are the financial risks or weaknesses?
Cash is very limited, most assets are intangible, and equity is falling quickly. Retained earnings are deeply negative, and payables are rising fast, signaling possible cash strain.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2024 | $-87.9M ▼ | $-272.07K ▲ | $-141.32K ▲ | $-186.96K ▼ | $0 ▲ | $-278.98K ▲ |
| Q2-2024 | $-13.4M ▼ | $-2.2M ▼ | $-303.37K ▼ | $265.24K ▼ | $-1.02M ▼ | $-2.23M ▼ |
| Q4-2023 | $783.74K ▼ | $620.75K ▲ | $1.12M ▲ | $302.58K ▼ | $-34.11K ▼ | $619.07K ▲ |
| Q2-2023 | $1.36M ▼ | $-12.15M ▼ | $-17.88M ▼ | $11.76M ▼ | $3.87M ▲ | $-12.16M ▼ |
| Q4-2022 | $2.35M | $-2.76M | $-504.5K | $18.86M | $2.09M | $-2.76M |
What's strong about this company's cash flow?
Cash burn improved sharply this quarter, mostly due to customers paying off what they owed. Capital spending is very low, so not much cash is needed for equipment.
What are the cash flow concerns?
The company has no cash left, is still burning cash, and is relying on one-time boosts from working capital. Heavy stock-based pay is causing big accounting losses and diluting shareholders.
Revenue by Products
| Product | Q3-2023 |
|---|---|
| Advertising | $0 ▲ |
| Software Development | $0 ▲ |
5-Year Trend Analysis
A comprehensive look at Starbox Group Holdings Ltd. Ordinary Shares's financial evolution and strategic trajectory over the past five years.
Key positives include an asset‑light, scalable digital model; an integrated ecosystem of rebates, advertising, payments, and agency services; and a clear strategic focus on AI‑powered marketing tools for smaller businesses in Southeast Asia. The company demonstrated that it could grow revenue rapidly and achieve high margins for a few years, and it has shown an ability to access capital markets and complete acquisitions to build out its platform. Its ecosystem and data‑driven approach, if nurtured, could provide a differentiated offering in specific local niches.
Major risks center on financial sustainability and competitive pressure. The sudden collapse in profitability, very large recent loss, and swing from net cash to net debt, combined with shrinking liquidity and negative free cash flow, all signal that the business currently lacks a stable financial footing. The reduction in goodwill and retained earnings underscores that past expansions have not yet translated into durable economic value. On the commercial side, heavy competition, evidence of declining advertiser and transaction activity, and listing‑related challenges (including a Nasdaq delisting determination for low share price) add to uncertainty. The cutback in reported R&D also raises concern about the company’s ability to keep its technology edge under financial stress.
The outlook is highly uncertain and skewed toward execution risk. Starbox has a coherent strategic story—AI‑enabled, ecosystem‑driven services for MSMEs in Southeast Asia—but the latest financial results suggest that the current scale and business mix are not yet sustainable. Future performance will hinge on whether management can restore revenue growth, rein in operating costs without undermining innovation, stabilize cash flows, and navigate listing and financing constraints. For now, the company appears to be in a turnaround or reset phase rather than on a smooth growth trajectory, and outcomes could range from successful stabilization and niche growth to prolonged strain or further contraction.
CEO
Choon Wooi Lee
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2025-04-15 | Reverse | 1:14 |
| 2025-03-03 | Reverse | 1:10 |