Sadot Group Inc.

What they do

Sadot Group transformed from a U.S. restaurant business into a global Agri-Foods supply-chain company in late 2022. Its sole operating unit, Sadot LLC, was engaged in farming, commodity trading, and shipping of food and feed (soybean meal, wheat, corn) via dry bulk cargo ships. As of December 31, 2025, the company has exited its remaining international operations (Brazil, Canada, UAE), closed its Zambia farm due to a legal judgment, and ended its consultancy with Aggia. The company is currently assessing potential business opportunities in the supply chain.

Revenue drivers

• Agri-Foods commodity trading — This was the primary revenue source, involving trading of soybean meal, wheat, and corn, but trading activities have been halted or suspended due to operational issues.
• Shipping and logistics — The company arranged dry bulk cargo shipping for food and feed products, but logistics bottlenecks and disruptions have impaired this activity.
• Farming operations in Zambia — A roughly 5,000-acre farm producing wheat, soy, corn, avocado, and mango, but it has been impaired by $11.8 million and closed due to a default judgment.

Recent performance

Annual revenue fell from $700.9M in 2024 to $246.9M in 2025, a drastic decline. Net income swung from a profit of $4.0M in 2024 to a loss of $93.4M in 2025. Operating cash flow was negative at -$8.7M in 2025. As of March 31, 2026, the company had total assets of $2.4M, total liabilities of $60.8M, and shareholder equity of -$61.1M, with only $679,000 cash on hand.

Strategy

Management is assessing potential business opportunities in the supply chain before deciding on a replacement for Aggia. The company has exited non-cash-generative international operations and discontinued activities in several countries. It has entered into a settlement and mutual release with Aggia, terminating the 2022 services agreement. The company is focused on improving liquidity and addressing its going concern issues.

Risks

• Going concern risk — With negative equity of -$61.1M and only $679,000 cash, the company's ability to continue is in substantial doubt.
• Operational disruptions — Supply chain delays, logistical bottlenecks, and farming inefficiencies have halted or suspended trading activities.
• Legal and regulatory risks — Zambia farm operations were closed due to a legal proceeding and default judgment; the company faces difficulties in enforcing agreements in foreign jurisdictions.
• Commodity and weather exposure — Adverse weather, geopolitical tensions, and fluctuating commodity prices have negatively impacted results and may continue.

Outlook

Management expects input cost inflation to continue into 2026 and notes weaker GDP growth in the U.S. The company faces ongoing risks from weather, pandemics, and political events that could disrupt its business. The company is focused on assessing new supply-chain opportunities but has not provided specific guidance.