Sadot Group (SDOT) Q2 2026 earnings summary

Executive summary

• No commodity sales revenue was generated in Q2 2026, compared to $114.3M in Q2 2025, reflecting a significant operational curtailment and the divestiture of the food services segment in late 2025.

• The company recorded a net income of $40.1M for Q2 2026, primarily due to a $42.4M gain on the deconsolidation of Sadot Latam LLC.

• The business is undergoing a strategic transformation, acquiring technology assets and shifting focus toward AI-powered, technology-enabled commodities operations.

• Completed integration of the TradeOS commodity trading and risk management platform across trading operations following its June 2026 acquisition.

• First commercial transactions on TradeOS executed in July 2026, generating approximately $1 million in gross revenue (not included in Q2 results).

Financial highlights

• Q2 2026 revenue: $0.0M (Q2 2025: $114.3M or $246.6M); six months ended June 30, 2026: $0.0M (2025: $246.5M).

• Gross profit for Q2 2026: $0.0M (Q2 2025: $5.0M or $11.0M); six months: $0.0M (2025: $11.0M).

• Net income for Q2 2026: $40.1M (Q2 2025: $0.3M); six months: $35.2M (2025: $1.1M); Q2 2026 net income per diluted share: $109.16.

• EBITDA for Q2 2026: $42.1M (Q2 2025: $1.6M); six months: $39.1M (2025: $4.2M).

• Adjusted EBITDA for Q2 2026: $(1.3)M or $(3.3)M (Q2 2025: $2.2M); six months: $(3.8)M (2025: $5.2M).

• Working capital deficit as of June 30, 2026: $13.6M (Dec 31, 2025: $54.8M).

• Cash as of June 30, 2026: $0.12M or $0.1M.

Outlook and guidance

• Management highlights substantial doubt about the ability to continue as a going concern due to ongoing defaults on debt and negative working capital.

• The company is seeking additional capital through public market financings and strategic alternatives, including a $100M convertible note facility and equity purchase agreement initiated in July 2026.

• Management expects TradeOS may contribute to revenue if adoption widens, but current revenue impact is nominal.

• No specific revenue or earnings guidance provided for Q3 2026; July revenue is preliminary and not material.