South East Melbourne's NBL season is at risk of slipping away after a 87-85 loss to the Brisbane Bullets that stretched the Phoenix's winless start to five games.

For all the optimism signalled by their off-season recruitment drive, the Phoenix are the only side yet to taste victory this campaign now the Bullets are off the mark.

There was plenty to play for on the home floor on Saturday as star Phoenix recruit Nathan Sobey met Brisbane for the first time since an acrimonious exit in the off-season.

But lapses in intensity once again cost the Phoenix, who face a tough task to turn things around as Melbourne United and Illawarra await before the month is out.

Despite the loss, coach Mike Kelly felt his side was showing progress.

"As I was coming into this game tonight, win or lose, I just wanted to play how we trained, and I think for the most part we did that," he said.

"Guys are frustrated and there wasn't a lot of smiling at practice this last week, but I like that. I want the guys to come in motivated and chippy and that's how we were.

"I think we definitely made strides defensively this week ... Offensively I thought at times we were stagnant, and at times the ball moved really well and we got great shots,"

Championship-winning guard Derrick Walton Jr helped the Phoenix lead by as many 12 points in the second quarter and then kept them in the game late

The American scored nine of his 19 points in a tense final quarter.

But with the chance to force overtime from an inbound play in the final 10 seconds, Walton could not shoot over Josh Bannan to level the scores and Brisbane held on.

The Phoenix were also left to rue inviting their visitors back into the game either side of half-time, with big man Tyrell Harrison (21 points, 17 rebounds) sparking a 17-5 run to begin the third quarter.

Harrison was crucial to the Bullets' domination of the offensive rebound count, his 12 for that stat equalling the record for most in an NBL game during the 40-minute era.

Bullets recruit James Batemon had the best game of his short NBL career, hitting back-to-back threes as Brisbane chipped away at the Phoenix's lead late in the second half.

Batemon (20 points) finished with six triples from nine attempts, his last to restore a seven-point buffer as the Phoenix chased the lead late.

Sobey (five points, three rebounds, three assists) was benched for his grudge match against the Bullets and had another tough night shooting the ball.

The Olympic bronze medallist landed only one of his seven attempts from the field - a corner three just before half-time.

Bullets coach Justin Schueller was pleased his side managed to remain calm after losing its first three games of the season.

"There were a couple of times we got our heads cloudy, but we moved on and helped each other move on. That's the biggest change in us," he said.