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of Contents](#toc_page)\n\n \n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from __________ to __________\n\nCommission File Number: 001-41462\n\nSBC Medical Group Holdings Incorporated\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\nDelaware\n\n88-1192288\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification Number)\n\n \n\n200 Spectrum Center Dr., STE 300\n\nIrvine, California\n\n92618\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n \n\n949-593-0250\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, $0.0001 par value per share\n\n \n\nSBC\n\n \n\nThe Nasdaq Stock Market LLC\n\nRedeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share\n\n \n\nSBCWW\n\n \n\nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 6, 2026, the registrant had 102,846,943 shares of common stock outstanding, after deducting 1,034,308 shares of treasury stock. An additional 270,000 shares are held by a wholly-owned subsidiary; such shares are outstanding but are not entitled to vote pursuant to Section 160(c) of the Delaware General Corporation Law and are presented as treasury stock in the consolidated balance sheet pursuant to ASC 810-10-45-5.\n\n \n\n \n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nWebsite and Social Media Disclosure\n\nSBC Medical Group Holdings Incorporated uses its website (https://sbc-holdings.com/en) to distribute company information and makes available free of charge a variety of information for investors, including our filings with the Securities and Exchange Commission (“SEC”), as soon as reasonably practicable after electronically filing that material with, or furnishing it, to the SEC. The information that we post on our website may be deemed material. Accordingly, investors should monitor our website, in addition to following our press releases, filings with the SEC, and public conference calls and webcasts. In addition, investors may opt in to automatically receive email alerts and other information about us when enrolling their email address by visiting the “Email Alerts” section under the “Resources” tab on our website. We do not incorporate the information contained on, or accessible through, our website or related social media channels into this Quarterly Report on Form 10-Q (“Quarterly Report”).\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis Quarterly Report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, regarding, among other things, the plans, strategies and prospects, both business and financial, of the Company. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations.\n\nForward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” or similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:\n\n•\nfuture financial performance of the Company;\n\n•\nchanges in the market and level of demand for our products and services;\n\n•\nthe expansion plans and opportunities of the Company;\n\n•\npolitical, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy;\n\n•\nthe impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;\n\n•\nthe ability of the Company to access additional capital;\n\n•\nthe ability of the Company to maintain the listing of the Company’s common stock on Nasdaq;\n\n•\npublic securities’ potential liquidity and trading;\n\n•\nthe impact from the outcome of any known and unknown litigation;\n\n•\nthe ability of the Company to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses;\n\n•\nexpectations regarding future expenditures of the Company;\n\n•\nthe future mix of revenue and effect on gross margins of the Company;\n\n•\nthe attraction and retention of qualified directors, officers, employees and key personnel of the Company;\n\n•\nthe ability to protect and enhance the Company’s corporate reputation and brand;\n\n•\nexpectations concerning the relationships and actions of the Company and its affiliates with third parties;\n\n•\nthe impact from future regulatory, judicial, and legislative changes in the Company’s industry;\n\n•\nthe ability to locate and acquire complementary products or product candidates and integrate those into the Company’s business;\n\n•\nfuture arrangements with, or investments in, other entities or associations;\n\n \n\n[Table of Contents](#toc_page)\n\n \n\n•\nintense competition and competitive pressures from other companies in the industries in which the Company operates; and\n\n•\nother factors detailed under “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 27, 2026 (the “Annual Report”).\n\nThese forward-looking statements are based on information available as of the date of this Quarterly Report, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements.\n\nNew risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on the business of the Company, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the actual results or performance of the Company may be materially different from those expressed or implied by these forward-looking statements. These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this Quarterly Report are more fully described elsewhere in this Quarterly Report and in the Annual Report, particularly in “Part I, Item 1A. Risk Factors” of the Annual Report.\n\n \n\n[Table of Contents](#toc_page)\n\n \n\nSBC Medical Group Holdings Incorporated\n\nFORM 10-Q FOR THE QUARTER ENDED\n\nMarch 31, 2026\n\nTable of Contents\n\n \n\n \n\n \n\nPage\n\n \n\n \n\n \n\n[PART I - FINANCIAL INFORMATION](#part_i_financial_information)\n\nF-1"}