Forafric Global (AFRI) Q4 2025 earnings summary

Executive summary

• Revenues for 2025 were $176.5 million, down 35.6% year-over-year, primarily due to decreased crushed volume in Morocco from lack of working capital financing.

• Net loss for 2025 was $13.8 million, compared to a net loss of $23.4 million in 2024.

• The company faces substantial doubt about its ability to continue as a going concern, with an accumulated deficit of $154.6 million as of December 31, 2025.

• Management is pursuing additional financing, cost reductions, and asset sales to address liquidity concerns.

Financial highlights

• Gross profit for 2025 was $18.4 million, down 32.7% from $27.3 million in 2024.

• Selling, general, and administrative expenses decreased 37.4% to $22.0 million in 2025.

• Cash and cash equivalents increased to $14.3 million at year-end 2025, up from $12.2 million in 2024.

• The company completed asset sales totaling $27 million in 2025 and early 2026 to strengthen the balance sheet.

Outlook and guidance

• The company is focusing on its core Morocco and soft wheat business, divesting non-core assets and logistics activities.

• Strategic expansion into defense, food security, and energy infrastructure is planned, but remains at an early stage and subject to regulatory and execution risks.