Sadot Group Inc.

Sadot Agri-Foods revenue was $114.4 million in Q2 2025, down $58.9 million, or 34%, versus Q2 2024. Gross profit margin was 4.4% versus 3.3% a year ago, an improvement of 100 basis points. Net income attributable to Sadot Group was $0.4 million, EBITDA was $1.7 million, and basic and diluted EPS were positive at $0.07 per share. SG&A was $2.8 million, up $1.1 million year over year. On the balance sheet, cash was $0.4 million, working capital surplus was $24.2 million, and accounts receivable were $44.1 million. Management did not provide next-quarter or full-year numeric guidance; instead, it said the lower revenue reflected a selective focus on more favorable-margin trades, the restaurant divestiture remains a priority, and the company is evaluating additional opportunities in farming, trading, processing, shipping, distribution, and carbon projects.

Chagay Ravid framed the quarter as evidence that Sadot has completed a major business transformation from a restaurant-only concept into an emerging global food supply chain company. His tone was upbeat and strategic, emphasizing five consecutive profitable quarters, the company’s ability to stay profitable during a ramp-up period, and a future centered on AI, digitization, M&A, margin improvement, and expansion into adjacent verticals. He also said the company is still working to divest the restaurant business and is refocusing the team to close that transaction.

Paul Sansom focused on the quarter’s profitability, margin progress, and liquidity. He cited $114.4 million of revenue, $0.4 million of net income, $1.7 million of EBITDA, 4.4% gross margin, and $2.8 million of SG&A, noting the higher SG&A partly reflected a reclassification of expenses from cost of goods sold. He also pointed to a $0.4 million cash balance, a $24.2 million working capital surplus, $44.1 million of accounts receivable, and the July 23 carbon-project investment in which approximately $13.4 million of receivables was assigned for a 37.5% equity stake.

The main shareholder questions were about the restaurant sale, the recent $2.5 million capital raise, tariffs, and board/management changes. Management said the restaurant divestiture is moving slowly but is now in final-stage negotiations and due diligence with several potential buyers, and that the $2.5 million raise was a straight equity, non-toxic deal without warrants because of receivable-collection delays and the delayed restaurant sale. On tariffs, management said exposure is limited because only a small percentage of trades involve the U.S. and transactions can be shifted globally. On leadership changes, they said the evolving business requires different skill sets in food supply chain, finance, and technology.