# EDGAR Filing Document

**Accession Number:** 0001701756
**File Stem:** 0001701756-25-000223
**Filing Date:** 2025-11
**Character Count:** 23055
**Document Hash:** 0709a6de3a95ec6b2b83db7114667715
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001701756-25-000223.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001701756-25-000223

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251119

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sadot Group Inc.
- **CENTRAL INDEX KEY:** 0001701756
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 472555533
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39223
- **FILM NUMBER:** 251499905

**BUSINESS ADDRESS:**
- **STREET 1:** 295 E. RENFRO STREET
- **STREET 2:** SUITE 209
- **CITY:** BURLESON
- **STATE:** TX
- **ZIP:** 76028
- **BUSINESS PHONE:** 682-708-8250

**MAIL ADDRESS:**
- **STREET 1:** 295 E. RENFRO STREET
- **STREET 2:** SUITE 209
- **CITY:** BURLESON
- **STATE:** TX
- **ZIP:** 76028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Muscle Maker, Inc.
- **DATE OF NAME CHANGE:** 20170322

?xml version='1.0' encoding='ASCII'? sdot-20251119

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): November 19, 2025

Commission File Number 001-39223

**SADOT GROUP INC.**

(Exact name of small business issuer as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **47-2555533** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

**295 E. Renfro Street, Suite 209, Burleson, Texas 76028**

(Address of principal executive offices)

**(832) 604-9568**

(Issuer's telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.0001 par value | SDOT | The Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On November 19, 2025, Sadot Group Inc. (the "Company") issued a press release regarding its financial results for the period ended September 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits**

(d)Index of Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated November 19, 2025](ex-991earningsrelease93025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **SADOT GROUP INC.** | **SADOT GROUP INC.** |
|  | By: | */s/ Chagay Ravid* |
|  | Name: | Chagay Ravid |
|  | Title: | Chief Executive Officer |
| Date: November 19, 2025 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![newlogo_finala.jpg](newlogo_finala.jpg)

**Sadot Group, Inc. Reports Third Quarter 2025 Results**

**BURLESON, Texas, November 19, 2025 (ACCESSWIRE) -** Sadot Group Inc. (Nasdaq: SDOT) ("Sadot Group", "Sadot" or the "Company"), today announced its financial results for the third quarter ended September 30, 2025. The quarterly financial statements for the three and nine months ended September 30, 2025, 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.

**Third Quarter 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated revenues of $0.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to Sadot Group Inc. of $(15.2) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative EBITDA of $(14.3) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dilutive EPS loss of $(17.42)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Working capital deficit of $1.5 million

**Strategic and Operational Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chagay Ravid joined as CEO on May 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paul Sansom joined as CFO on August 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strategic investment in an Indonesian carbon project. Company acquired a 37.5% equity stake in the Special Development Group (SDG), which is a local Indonesian entity holding full project rights in formal partnership with 11 indigenous coastal communities across the Riau archipelago in Indonesia. The project focuses on the restoration and long-term protection of peatland and mangrove ecosystems. SDG has advised that this carbon project initiative is expected to generate between 1.1 and 1.2 million high-integrity carbon credits in its first issuance cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Company regained compliance with the Nasdaq bid price requirement on October 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Board of Directors named on October 29, 2025.

**Overall**

Chagay Ravid, Sadot's CEO, described Q3 as follows, "In Q3, 2025, Sadot Group's largest operating unit, Sadot LLC, encountered significant issues with collecting on certain receivables. This limited Sadot's ability to enter into commodity-based credit trades." Chagay further stated, "the Company began implementing cost cutting measures across the board, concurrently with its aim to monetize assets including that of the restaurant operating unit."

Sadot Group established a new Board of Directors on October 29, 2025 to review the core business model. The new Board of Directors, given the geo-political risks as well as climate risks the Company is facing in certain countries, will consider whether the agri-food supply chain is a strategic initiative it wishes to focus on, or whether it will consider other proposals. The credit facilities and financing commitments will provide the Board the opportunity to review the current business model.

All numbers disclosed in this report are the amounts attributable to Sadot Group Inc. and exclude the portion related to the non-controlling interests. All share based numbers are reverse split adjusted.

------

**About Sadot Group Inc.**

Sadot Group is headquartered in Burleson, Texas with subsidiary operations throughout the world. For more information, please visit www.sadotgroupinc.com.

------

**Sadot Group, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **$'000** | **$'000** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;**Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 581 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $2.3 million and $0.1 million as of September 30, 2025 and December 31, 2024, respectively | 29054 | 18014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 154 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 5016 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 12864 | 126966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 47669 | 152679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 11743 | 11820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 13551 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 72963 | 164654 |
| **LIABILITIES AND EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 35432 | 28019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, current, net of discount of $0.6 million and $0.9 million as of September 30, 2025 and December 31, 2024, respectively | 11540 | 7390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current |  | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale | 2142 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 26 | 92177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 49140 | 132170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, non-current | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 92 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 49279 | 132281 |
| &nbsp;&nbsp;&nbsp;**Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 2,000,000 shares authorized, 1,041,281 and 522,514 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 117931 | 112406 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (97121) | (83187) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (85) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Sadot Group Inc. shareholders' equity | 20726 | 29193 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | 2958 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 23684 | 32373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | 72963 | 164654 |

---

------

**Sadot Group, Inc.**

**Condensed Consolidated Statement of Operations and Other Comprehensive Income/ (Loss)**

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **$'000** | **$'000** | **$'000** | **$'000** |
| &nbsp;&nbsp;&nbsp;Commodity sales | 272 | 200906 | 246778 | 480706 |
| &nbsp;&nbsp;&nbsp;Other revenues | 17 |  | 69 |  |
| &nbsp;&nbsp;&nbsp;Cost of goods sold | (6630) | (193247) | (242189) | (464448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit / (loss)** | **(6341)** | **7659** | **4658** | **16258** |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | (22) | (49) | (76) | (232) |
| &nbsp;&nbsp;&nbsp;Stock-based expenses | (584) | (1713) | (2431) | (4430) |
| &nbsp;&nbsp;&nbsp;Sales, general and administrative expenses | (7388) | (3424) | (13240) | (6518) |
| **Income / (loss) from operations** | **(14335)** | **2473** | **(11089)** | **5078** |
| &nbsp;&nbsp;&nbsp;Other income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (887) | (1712) | (3665) | (2948) |
| &nbsp;&nbsp;&nbsp;Change in fair value of stock-based compensation |  | 1001 | 778 | 2691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  | (192) |  |
| **Income / (loss) for continuing operations before income tax** | **(15222)** | **1762** | **(14168)** | **4821** |
| &nbsp;&nbsp;&nbsp;Income tax expense | (2) | (3) | (2) | (9) |
| **Net income / (loss) for continuing operations** | **(15224)** | **1759** | **(14170)** | **4812** |
| ***Discontinued Operations:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income / (loss) for discontinued operations, net of income tax | (38) | (665) | 14 | (1713) |
| **Net income / (loss) for discontinued operations** | **(38)** | **(665)** | **14** | **(1713)** |
| &nbsp;&nbsp;&nbsp;Net income / (loss) | (15262) | 1094 | (14156) | 3099 |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interest | 73 | 69 | 294 | 169 |
| **Net income / (loss) attributable to Sadot Group Inc.** | **(15189)** | **1163** | **(13862)** | **3268** |
| **Net income/ (loss) from continuing operations per share attributable to Sadot Group Inc.:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | (17.38) | 3.89 | (21.04) | 11.23 |
| &nbsp;&nbsp;&nbsp;Diluted | (17.38) | 3.65 | (21.04) | 10.58 |
| **Net income/ (loss) from discontinued operations per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | (0.04) | (1.42) | 0.02 | (3.86) |
| &nbsp;&nbsp;&nbsp;Diluted | (0.04) | (1.33) | 0.02 | (3.64) |
| **Weighted-average # of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 871759 | 469335 | 659565 | 443607 |
| &nbsp;&nbsp;&nbsp;Diluted | 871759 | 501134 | 659565 | 470796 |

---

------

**Sadot Group, Inc.**

**Condensed Consolidated Statement of Operations and Other Comprehensive Income/ (Loss) (Continued)**

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **$'000** | **$'000** | **$'000** | **$'000** |
| &nbsp;&nbsp;&nbsp;Net income / (loss) | (15262) | 1094 | (14156) | 3099 |
| **Other comprehensive income / (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange translation adjustment | (1) | (4) | (58) | (1) |
| &nbsp;&nbsp;&nbsp;Unrealized loss |  | (1) |  | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other comprehensive loss** | **(1)** | (5) | **(58)** | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income / (loss)** | **(15263)** | **1089** | **(14214)** | **2911** |
| &nbsp;&nbsp;&nbsp;Comprehensive loss attributable to non-controlling interest | 73 | 69 | 294 | 169 |
| **Total comprehensive income / (loss) attributable to Sadot Group Inc.** | **(15190)** | **1158** | **(13920)** | **3080** |

---

------

**Sadot Group, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| | **$'000** | **$'000** |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | (14156) | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjustments to reconcile net income / (loss) to net cash (used in) / provided by operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 76 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 1730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based expenses | 2431 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of stock-based compensation | (778) | (2691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 5355 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Changes in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (16394) | 13507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 563 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 113996 | (58770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (13413) | 46323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 7574 | (9682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities |  | 47714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | (92154) | (46048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating right to use assets and lease liabilities, net |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (2251) | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 6927 | (1748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by / (used in) operating activities** | **(7229)** | **1351** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities - discontinued operations** | **(11)** | **(573)** |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal of property and equipment |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | **—** | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by investing activities - discontinued operations** | **—** | **1017** |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 12062 | 4125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 2425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of notes payable | (8394) | (6197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by / (used in) financing activities** | **6093** | **(2072)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities - discontinued operations** | **—** | **(113)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translation adjustment | (58) | (1) |
| **Net Decrease in Cash** | (1205) | (392) |
| Cash – beginning of period | 1786 | 1354 |
| Cash – end of period | **581** | **962** |

---

------

***Reconciliations of EBITDA and Other Non-GAAP Measures***

EBITDA and EBITDA Margin are non-GAAP measures. The Company defines EBITDA as Net loss, adjusted for depreciation, amortization, interest income / (expense), and income taxes. The Company believes that EBITDA and EBITDA Margin, (collectively, the "Non-GAAP Measures") are useful metrics for investors to understand and evaluate its operating results and ongoing profitability because they permit investors to evaluate its recurring profitability from its ongoing operating activities.

EBITDA and EBITDA Margin, have certain limitations, and you should not consider them in isolation or as a substitute for analysis of its results of operations as reported under U.S. GAAP. The Company cautions investors that amounts presented in accordance with its definitions of any of the Non-GAAP Measures may not be comparable to similar measures disclosed by other issuers, because some issuers calculate certain of the Non-GAAP Measures differently or not at all, limiting their usefulness as direct comparative measures.

The following table presents a reconciliation of EBITDA from the most comparable U.S. GAAP measure, Net loss, and the calculations of the Net loss margin and EBITDA Margin for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **$'000** | **$'000** | **$'000** | **$'000** |
| **Net income / (loss)** | (15262) | 1094 | (14156) | 3099 |
| *Adjustments to EBITDA:* |  |  |  |  |
| Depreciation and amortization expenses | 22 | 49 | 76 | 232 |
| Interest expense, net | 887 | 1712 | 3665 | 2948 |
| Income tax expense | 2 | 3 | 2 | 9 |
| **EBITDA** | **(14351)** | **2858** | **(10413)** | **6288** |
| EBITDA attributable to non-controlling interest | 73 | 69 | 294 | 169 |
| **EBITDA attributable to Sadot Group Inc.** | (14278) | 2927 | (10119) | 6457 |
| **Gross profit / (loss)** | (6341) | 7659 | 4658 | 16258 |
| **Gross profit / (loss) attributable to Sadot Group Inc.** | (6268) | 7728 | 4952 | 16427 |
| Net income/ (loss) margin attributable to Sadot Group Inc. | (5281.0)% | 0.5% | (5.7)% | 0.6% |
| EBITDA margin attributable to Sadot Group Inc. | (4940.5)% | 1.5% | (4.1)% | 1.3% |

---

------

***Forward-Looking Statements***

*This press release may include "forward-looking statements" pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products, or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as "should", "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes." Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Sadot Group, Inc., does not undertake any duty to update any forward-looking statements except as may be required by law.*

**Investor Relations:**

Email - <u>IR@sadotco.com</u>

<br>