On November 14, Sadot Group, a rising star in the global food supply chain sector, revealed its third-quarter (Q3) financial results ending September 30, 2023. However, the market response was unfavorable, with the stock of Sadot Group experiencing a notable decline today.
At the time of this publication, Sadot Group Inc stock (SDOT) has witnessed a decline.
Sadot Group Inc
Current Price: $0.48
Change : -0.23
Change (%): (-32.46%)
Volume: 1.0M
Source: Tomorrow Events Market Data
Sadot Group Q3 2023 Results – Financial Highlights
The company disclosed Q3 2023 consolidated revenue of $182 million, marking a substantial increase from $3 million reported in the same period in 2022.
Non-GAAP adjusted EBITDA from operations for Q3 2023 was a loss of $841 thousand, in contrast to a $1.4 million adjusted EBITDA loss in the third quarter of 2022.
Year-to-date adjusted EBITA for Q3 2023 stands at a positive $2.8 million profit, a remarkable turnaround from the negative $4.1 million loss in 2022, reflecting a positive swing of $6.9 million compared to the previous year.
The net loss for Q3 2023 amounted to $5.3 million, a significant increase from the net loss of approximately $1.9 million reported for Q3 2022.
As of September 30, 2023, Sadot Group Inc. reported a cash balance of $2.4 million and a working capital surplus of $9.0 million.
Total assets for Q3 2023 experienced growth, reaching $90.7 million, reflecting an increase of $18.3 million.
Operating Results and Impairment:
As of September 30, 2023, Sadot Group maintained a cash balance of $2.4 million and a working capital surplus of $9.0 million. Notably, total assets increased by $18.3 million to $90.7 million during the third quarter, despite recognizing impairment of goodwill and intangible assets amounting to $1.6 million. This impairment resulted from the optimization of the food service division.
Outlook for Sadot Group:
Despite the current market response, Sadot Group remains steadfast in its commitment to enhancing shareholder value, securing sustainable growth, and optimizing returns for stakeholders through strategic decision-making. The company has undertaken essential, one-time financial adjustments deemed crucial for paving the way toward future success. Sadot Group expresses confidence in the decisions made today, foreseeing potential future benefits and eagerly anticipates sharing ongoing progress and significant milestones with stakeholders.
