GlobalTech Corporation

What they do

GlobalTech Corporation (OTCQB: GLTK) describes itself as a publicly-traded technology platform company focused on building and scaling AI and Big Data businesses within real operating environments across telecommunications, retail commerce, financial, enterprise, and sports technology. It owns 51% of 123 Investments Limited, a UK company that operates the Moda in Pelle footwear business, and 55% of WorldCALL Telecom Limited, a publicly traded Pakistani telecom company. It also owns Worldcall Services (Private) Limited, which facilitates channel placement and ancillary services for WorldCALL Public.

Revenue drivers

• Moda in Pelle footwear retail (123 Investments Limited, 51%-owned) — Sells footwear through retail stores, department-store concessions, wholesale relationships, television and internet shopping channels, and e-commerce; reported approximately $5.2 million of revenue in Q2 2026 and $10.4 million in the first half of 2026, and is included in Globaltech's consolidated results but not in the comparable 2025 periods.
• WorldCALL Telecom Limited (55%-owned) and Worldcall Services (Private) Limited — WorldCALL Public is a publicly traded Pakistani telecom company formed in 2001; Worldcall Private, incorporated in Pakistan in 2009, facilitates channel placement and ancillary services for WorldCALL Public. Segment-level revenue for these entities is not broken out in the excerpts provided.
• Other income items — Q2 2026 net income included approximately $5.2 million of other income, comprising an approximately $2.9 million non-cash gain on the disposal of two 123 Investments subsidiaries and approximately $1.8 million of dividend income.

Recent performance

Second-quarter 2026 net revenue was $11.1 million, up 98% from $5.6 million in Q2 2025, and first-half 2026 net revenue was $21.5 million, up 116% from $10.0 million. Q2 2026 consolidated net income was approximately $0.5 million versus a net loss of approximately $1.1 million in the prior-year quarter, with net income attributable to Globaltech common shareholders of approximately $0.2 million. Q2 2026 operating loss was approximately $3.8 million versus approximately $1.0 million a year earlier. First-half 2026 consolidated net loss was approximately $3.5 million versus approximately $2.2 million in the prior-year period. Reported annual revenue was $638,677 in 2025 and $0.00 in 2024, with annual net losses of $2.9 million in 2024 and $3.1 million in 2025.

Strategy

The December 2025 acquisition of 51% of 123 Investments Limited added a UK premium retail business that management describes as real-world infrastructure to build, test and scale technology, AI and data-driven solutions. Management states it is focused on improving Moda in Pelle through digital growth, customer engagement, disciplined inventory management, selective retail opportunities and capital-efficient international expansion. The company also says it is expanding its broadband and technology offerings and managing costs. On May 14, 2026, 123 Investments sold MIP Trading 1975 Limited and MIP Employees 1975 Limited for nominal consideration, simplifying the retail structure and producing an approximately $2.9 million substantially non-cash gain. Stockholders approved a discretionary reverse split of one-for-two to one-for-ten on December 29, 2025, and the stock is temporarily trading as GLTKD after a 1-for-3 reverse split.

Risks

• Significant losses and negative equity — Globaltech reported a first-half 2026 consolidated net loss of approximately $3.5 million, a Q2 2026 operating loss of approximately $3.8 million, and shareholder equity of negative $20.7 million at June 30, 2026.
• Thin cash position — Cash and equivalents were $796,306 at June 30, 2026 against total liabilities of $60.0 million.
• Reliance on non-operating income — Q2 2026 net income of approximately $0.5 million included approximately $5.2 million of other income, including a $2.9 million non-cash disposal gain and $1.8 million of dividend income.
• Controlled company and concentration — 58.56% of issued and outstanding shares are beneficially owned by Babar Ali Syed, and results depend on 51%-owned 123 Investments Limited and 55%-owned WorldCALL Public, whose Moda in Pelle unit recorded a loss of approximately $0.6 million in the first half of 2026.

Outlook

Management said the addition of 123 Investments Limited created a larger, more diversified operating platform and that the broader opportunity is to keep building real operating businesses that support its AI, Big Data and technology strategy. It said it remains focused on disciplined execution, improving Moda in Pelle, expanding broadband and technology offerings, managing costs and building more consistent recurring operating performance. The company characterized 123 Investments' approximately $0.6 million first-half 2026 loss as temporary and seasonal, and said it is focused on improving trading performance through the seasonal cycle.