$246.6 million. That was Sadot Group Inc.'s (Nasdaq: SDOT) reported revenue for the second quarter of 2025, per the company's August 14, 2026 8-K. Q2 2026 came in at $0.0 million, while SDOT simultaneously reported $35.2 million in net income and a going-concern disclosure that raises substantial doubt about its ability to continue operations within one year of the filing date.
| Metric | Q2 2026 (reported) | Q2 2025 (reported) |
|---|---|---|
| Revenue | $0.0M | $246.6M |
| Gross profit | $0.0M | $11.0M |
| Net income | $35.2M | n/a |
| Adj. EBITDA | ($3.3M) | n/a |
| Cash | $0.1M | n/a |
The $35.2 million reported net income ($109.16 per diluted share) sits $38.5 million above the $3.3 million adjusted EBITDA loss. The press release does not explain the gap; the Form 10-Q, filed the same day, carries the detail. Gross profit matched revenue: zero, down from $11.0 million a year earlier. The company's disclosures cite recurring losses, negative working capital, a stockholders' deficit, and defaults on outstanding debt. Management plans to raise additional capital and to restructure, convert, or settle outstanding obligations. Those transactions, the company said, are expected to be substantially dilutive to existing stockholders.
Nasdaq: conditional compliance
On May 5, 2026, Sadot received a deficiency letter from the Listing Qualifications Department of The Nasdaq Capital Market for failing to meet the minimum stockholders' equity requirement under Rule 5550(b)(1). The company submitted a compliance plan. On August 3, 2026, Nasdaq staff determined the company had satisfied the rule. That clearance is conditional: SDOT must demonstrate compliance again when it files its quarterly report for the period ending September 30, 2026. Failure at that filing opens the door to delisting proceedings. The company has said it cannot guarantee it will clear that bar.
TradeOS: acquired, deployed, first revenue
Sadot acquired the TradeOS commodity trading and risk management platform on June 2, 2026, along with related intellectual property. Amendment No. 2 to the purchase agreement restructured the deal as an asset acquisition only: no employees, customers, receivables, or assumed liabilities transferred. The company has since deployed the platform across its trading operations. In July 2026, SDOT executed its first commercial transactions on TradeOS, generating approximately $1.0 million in gross revenue. July falls in Q3, so that figure does not appear in the Q2 results. The company called the amount preliminary and said it is not material to expected Q3 results, offering no further third-quarter guidance.
Chief Executive Haggai Ravid said the company's near-term priorities are the balance sheet, outstanding obligations, and Nasdaq listing compliance, alongside the TradeOS integration. Management said it believes the platform may contribute to revenue as counterparty adoption widens over coming quarters. The company labeled that statement forward-looking and said there is no assurance the platform will contribute materially to revenue. Cash and cash equivalents as of June 30, 2026: $0.1 million.