Graf Global Corp.

What they do

Graf Global Corp. is a Cayman Islands exempted company incorporated on November 17, 2021, solely for the purpose of completing a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It has not engaged in any operations nor generated any revenue to date, and its activities have been limited to organizational tasks, preparing for its initial public offering, and searching for a target company. As of the latest balance sheet, it holds assets primarily in a trust account funded by IPO proceeds.

Revenue drivers

• Interest income on trust account — The company earns non-operating income from interest on cash and marketable securities held in the trust account. For the three months ended March 31, 2026, this interest income was $2,131,533.

Recent performance

For the three months ended March 31, 2026, the company reported net income of $2,100,488, consisting of interest income of $2,131,533 offset by general and administrative expenses of $31,045. For the comparable period in 2025, net income was $2,170,157 on interest income of $2,443,306 and operating costs of $273,149. Annual net income was $5.2M in 2024 and $8.0M in 2025. Operating cash flow was negative in both 2024 ($-912,010) and 2025 ($-393,929). As of June 30, 2026, total assets were $91.4M, total liabilities $13.0M, and shareholder equity was $-12.9M.

Strategy

The company intends to complete an initial business combination using cash from its IPO proceeds, private placement warrant proceeds, and potentially additional share or debt financing. Management has reviewed and continues to review opportunities but has not identified a target. The company may pursue an acquisition in any industry or geographic location. It plans to continue incurring significant costs in the pursuit of a business combination.

Risks

• No assurance of completing a business combination — The company has a 24-month completion window and may not complete a business combination, leading to liquidation.
• Negative shareholder equity — As of June 30, 2026, shareholder equity was $-12.9M, indicating financial strain.
• Limited liquidity — Cash and equivalents were only $21,149 as of June 30, 2026, which may not cover ongoing expenses.
• Potential non-compliance with exchange rules — The company received a notice from NYSE American for late filing of its annual report, which was cured but highlights regulatory risk.

Outlook

Management expects to continue incurring significant costs while searching for a target business. There is no assurance that a business combination will be completed. The company will likely need to complete a combination or face liquidation if the timeline expires.