from Sadot Group Inc.
Sadot Group Inc. Reports Fourth Quarter and Full Year 2024 Results
Q4 Net Income increases to $0.7 million and EBITDA rises to $2.2 million
Company delivers FY 2024 Net Income of $4.0 million while reaching $8.9 million of EBITDA
BURLESON, TX / ACCESS Newswire / March 11, 2025 / Sadot Group Inc. (NASDAQ:SDOT) (the "Sadot Group" or the "Company"), an emerging player in the global food supply chain sector, today announced that it disclosed its full year results for the period ending December 31, 2024. Chief Executive Officer, Catia Jorge and Chief Financial Officer, Jennifer Black will host a conference call at 11:00 am Eastern Daylight Time on March 12, 2025, to discuss the results. All interested parties are invited to join this call. The full year financial statements ended December 31, 2024, are available on the "Investors" section of the Company's website (www.sadotgroupinc.com/sec-filings) and can also be found on www.sec.gov.
Financial highlights for the fourth quarter ended December 31, 2024:
Net income of $0.7 million, compared to a $1.9 million loss in the prior year period
EBITDA of $2.2 million versus a loss of $2.0 million in the prior year period
Consolidated revenue of $216.2 million
Financial highlights for the year ended December 31, 2024:
Net income of $4.0 million, a significant improvement from the $7.8 million loss in the prior year
EBITDA of $8.9 million compared to a loss of $6.2 million in the prior year
Consolidated revenue of $700.9 million
Dilutive EPS of $0.86 compared to a diluted EPS loss of $2.24 in 2023
The Company reported a significant financial turnaround, marking its first-ever yearly positive net income, a milestone that underscores its strategic pivot into the global food supply chain sector.
"We believe our financial and operational performance in 2024 is a clear indication that our strategy is working," said Catia Jorge, Chief Executive Officer of Sadot Group. "We are committed to continuing our growth trajectory and exploring new opportunities with the goal of further enhancing our value proposition and market position."
Strategic and Operational Highlights - Full Year 2024
Company reported its first ever full year positive net income in the history of the company, further cementing the strategy to evolve into the global food supply chain sector
Catia Jorge was appointed CEO to lead Sadot Group's next phase of growth, bringing extensive agri-commodity experience from Cargill and Olam, a proven track record in global supply chain management, and strong leadership with strategic vision
Continued expansion of the senior leadership team by adding Claudio Torres, an industry leader from Monsanto and Syngenta Seeds to the Board of Directors
Launched Sadot Canada operations
Completed 144 transactions of over 1.7 million metric tons of agri-commodities throughout 33 different countries during 2024
Converted or closed all company owned and operated locations into franchise owned locations, resulting in operational savings as well as better positioning the restaurants for divestiture. Continuing due diligence with multiple parties for Pokémoto and Muscle Maker Grill
Entered pet food ingredient market
"We are incredibly proud of Sadot Group's achievements in 2024, highlighted by our transition to positive net income and significant improvements across key financial metrics," said Catia Jorge, Chief Executive Officer of Sadot Group "Our team's dedication and strategic focus have positioned us for sustainable growth in the global food supply chain sector. As we move into 2025, we are excited to build on this momentum, driving further efficiencies and expanding our market presence striving for delivering continued value for our shareholders."
Webcast Details:
Date: March 12, 2025
Time: 11:00 AM EDT / 8:00 AM PDT
To register, please use the link below:
https://www.webcaster4.com/Webcast/Page/3084/52157
All numbers disclosed are the amounts attributable to Sadot Group Inc. and exclude the portion related to the non-controlling interests. All share-based numbers are split adjusted.
About Sadot Group Inc.
Sadot Group Inc. has rapidly established itself as an emerging player in the global food supply chain. Sadot Group provides innovative and sustainable supply chain solutions that address the world's growing food security challenges.
Sadot Group currently operates within key verticals of the global food supply chain including global agri-commodity origination and trading operations for food/feed products such as soybean meal, wheat and corn, and farm operations producing grains and tree crops in Southern Africa.
Sadot Group connects producers and consumers across the globe, sourcing agri-commodity products from producing geographies such as the Americas, Africa and the Black Sea and delivering to markets in Southeast Asia, China and the Middle East/North Africa region.
Sadot Group is headquartered in Burleson, Texas with subsidiary operations throughout the United States, Brazil, Canada, Colombia, India, Israel, Singapore, Ukraine, United Arab Emirates and Zambia. For more information, please visit www.sadotgroupinc.com.
Sadot Group, Inc.
Consolidated Balance Sheets
December 31, 2024 | December 31, 2023 | |||||||
$'000 | $'000 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | 1,786 | 1,354 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $0.1 million and $0.2 million as of December 31, 2024 and 2023, respectively | 18,014 | 52,920 | ||||||
Inventory | 717 | 2,561 | ||||||
Assets held for sale | 5,196 | - | ||||||
Other current assets | 126,966 | 56,016 | ||||||
Total current assets | 152,679 | 112,851 | ||||||
Property and equipment, net | 11,820 | 12,883 | ||||||
Goodwill | - | 1,798 | ||||||
Intangible assets, net | - | 2,833 | ||||||
Other non-current assets | 155 | 47,726 | ||||||
Total assets | 164,654 | 178,091 | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | 28,019 | 50,167 | ||||||
Notes payable, current, net of discount of $0.9 million and $0.2 million as of December 31, 2024 and 2023, respectively | 7,390 | 6,531 | ||||||
Deferred revenue, current | 2,251 | 1,229 | ||||||
Liabilities held for sale | 2,333 | - | ||||||
Other current liabilities | 92,177 | 46,655 | ||||||
Total current liabilities | 132,170 | 104,582 | ||||||
Notes payable, non-current | - | 622 | ||||||
Deferred revenue, non-current | - | 1,555 | ||||||
Other non-current liabilities | 111 | 47,075 | ||||||
Total liabilities | 132,281 | 153,834 | ||||||
Equity: | ||||||||
Common stock, $0.0001 par value, 20,000,000 shares authorized, 5,225,147 and 4,046,472 shares issued and outstanding as of December 31, 2024, and 2023, respectively | 1 | - | ||||||
Additional paid-in capital | 112,406 | 107,992 | ||||||
Accumulated deficit | (83,187 | ) | (87,179 | ) | ||||
Accumulated other comprehensive income / (loss) | (27 | ) | 8 | |||||
Total Sadot Group Inc. shareholders' equity | 29,193 | 20,821 | ||||||
Non-controlling interest | 3,180 | 3,436 | ||||||
Total equity | 32,373 | 24,257 | ||||||
Total liabilities and equity | 164,654 | 178,091 | ||||||
Sadot Group, Inc.
Consolidated Statement of Operations and Other Comprehensive Income / (Loss)
For the Years Ended December 31, | ||||||||
2024 | 2023 | |||||||
$'000 | $'000 | |||||||
Commodity sales | 700,937 | 717,506 | ||||||
Cost of goods sold | (695,821 | ) | (707,871 | ) | ||||
Gross profit | 5,116 | 9,635 | ||||||
Depreciation and amortization expenses | (259 | ) | (1,143 | ) | ||||
Pre-opening expenses | - | (336 | ) | |||||
Stock-based expenses | (6,662 | ) | (6,192 | ) | ||||
Sales, general and administrative expenses | (9,659 | ) | (8,968 | ) | ||||
Loss from continuing operations | (11,464 | ) | (7,004 | ) | ||||
Other income | - | 308 | ||||||
Interest expense, net | (4,649 | ) | (468 | ) | ||||
Change in fair value of stock-based compensation | 4,116 | 1,339 | ||||||
Warrant modification expense | - | (958 | ) | |||||
Gain on fair value remeasurement | 17,111 | 1,491 | ||||||
Gain on sale of trading securities | 518 | - | ||||||
Income / (loss) for continuing operations before income tax | 5,632 | (5,292 | ) | |||||
Income tax (expense) benefit | (3 | ) | 15 | |||||
Net income / (loss) for continuing operations | 5,629 | (5,277 | ) | |||||
Discontinued Operations: | ||||||||
Loss from discontinued operations, net of income taxes | (1,893 | ) | (2,765 | ) | ||||
Net loss for discontinued operations | (1,893 | ) | (2,765 | ) | ||||
Net income / (loss) | 3,736 | (8,042 | ) | |||||
Net loss attributable to non-controlling interest | 256 | 218 | ||||||
Net income / (loss) attributable to Sadot Group Inc. | 3,992 | (7,824 | ) | |||||
Net income / (loss) from continuing operations per share attributable to Sadot Group Inc.: | ||||||||
Basic | 1.28 | (1.45 | ) | |||||
Diluted | 1.26 | (1.45 | ) | |||||