Sadot Completes TradeOS Integration After Zero-Revenue Quarter
The agri-food supply-chain company booked $35.2 million of net income, or $109.16 a share, after a $15.2 million loss in the prior quarter.
Sadot Group Inc. (SDOT), a global provider of agri-food and commodity supply chain solutions, reported zero revenue for the second quarter ended June 30, 2026, compared with $246.6 million a year earlier, and zero gross profit versus $11.0 million in the prior-year period.
The collapse in reported sales coincided with a swing to profitability on the net-income line. Net income was $35.2 million, or $109.16 a share, after a net loss attributable to Sadot Group of $15.2 million, or $17.42 a share, in the third quarter ended September 30, 2025. Adjusted EBITDA was a loss of $3.3 million, versus negative EBITDA of $14.3 million in that prior quarter. The company defined Adjusted EBITDA as net income before interest, taxes and depreciation, further adjusted to exclude a gain on deconsolidation.
Cash and cash equivalents were $0.1 million as of June 30, 2026. Recurring losses, negative working capital, a stockholders’ deficit and defaults under certain outstanding indebtedness raise substantial doubt about the company’s ability to continue as a going concern within one year after the financial statements were issued. The company expects to raise additional capital and to continue to restructure, convert or settle outstanding obligations, and any such transactions are expected to be substantially dilutive to existing stockholders.
On June 2, 2026, Sadot acquired the TradeOS commodity trading and risk management platform and related intellectual property. As restructured by Amendment No. 2 to the purchase agreement, the deal was an acquisition of specified assets that did not include employees, customers, receivables or assumed liabilities and did not constitute the acquisition of a business for purposes of Rule 11-01(d) of Regulation S-X. Since closing, the company has deployed the platform across its commodity trading operations and begun onboarding counterparties.
In July 2026, which falls in the third fiscal quarter, Sadot completed the first commercial transactions executed on TradeOS, generating approximately $1,000,000 of gross revenue. That amount is not included in the second-quarter results, is preliminary, is subject to quarter-end closing and auditor review, and is not material to expected results for the three months ending September 30, 2026. The platform has generated only nominal revenue to date, and there can be no assurance of broader adoption or that TradeOS will contribute materially to revenue or results of operations.
Chief Executive Officer Haggai Ravid said the priority since the June closing has been to put TradeOS to work inside trading operations, and that the platform is now deployed across the company’s desks and processed its first commercial transactions in July. He said the company remains focused on strengthening the balance sheet, resolving outstanding obligations and satisfying continued Nasdaq listing requirements, and that it has significant work ahead on each of those fronts.
On May 5, 2026, Nasdaq notified Sadot that it no longer satisfied the minimum stockholders’ equity requirement in Listing Rule 5550(b)(1). The company submitted a plan to regain compliance. On August 3, 2026, Nasdaq said the Staff had determined that the company complied with the rule, conditioned on evidencing stockholders’ equity compliance upon filing the periodic report for the period ending September 30, 2026. If it does not evidence compliance then, it may be subject to delisting and would have the right to request a hearing before a Nasdaq Hearings Panel.
A year earlier, in the third quarter of 2025, then-CEO Chagay Ravid said Sadot LLC had encountered significant issues collecting on certain receivables, limiting commodity-based credit trades, and that the company began cost-cutting and sought to monetize assets including a restaurant operating unit. A new board named in October 2025 was to review whether the agri-food supply chain remained a strategic focus. The latest results leave the company with no reported second-quarter revenue, a going-concern warning, and a listing-status determination that still depends on the September 30, 2026 periodic report.