• Like a developing Archer Daniels Midland (ADM) for global food supply.
• A mini-Bunge (BGE) that combines farming and global food trading.

• Agri-commodity Trading: Sourcing and trading of food/feed products like soybean meal, wheat, and corn.
• Farm Production: Producing grains and tree crops in Southern Africa.
• Food Service Operations: Providing food services across the United States.

Sadot Group Inc. (SDOT) primarily sells to other companies (B2B) rather than individual consumers. Given its core operations in agri-commodity sourcing, trading, and farming, its major customers are typically businesses involved in the global food and feed supply chain.

The categories of customer companies that Sadot serves include:

• Food Processors: Companies that purchase raw agricultural commodities (like wheat, corn, and soybeans) to process them into finished food products for human consumption (e.g., flour, oils, starches, baked goods, packaged foods).
• Animal Feed Manufacturers: Businesses that acquire grains and protein meals (such as soybean meal) to formulate and produce various types of feed for livestock, poultry, and aquaculture.
• Other Commodity Traders and Distributors: Companies involved in the wholesale buying, selling, and distribution of agricultural commodities on a national or international scale, facilitating the movement of goods from producers to end-users.
• Importers and Exporters: Businesses that facilitate the international trade of agricultural products, purchasing from suppliers like Sadot to meet demand in various countries.

Due to the nature of commodity trading and the global scale of operations, Sadot typically engages with a diverse range of buyers across these categories, and specific major customer names are generally not disclosed publicly.

Chagay Ravid, Chief Executive Officer

Mr. Ravid has over three decades of experience in global finance, investment banking, and strategic advisory roles. From December 2022 to December 2024, he served as the Chief Financial Officer of Seamless Group Inc. (NASDAQ: CURR), where he was instrumental in preparing SEC filings and managing a de-SPAC transaction. Prior to that, Mr. Ravid was the CEO of Cukierman & Company Investment House Ltd., a leading Israeli cross-border advisory firm, from 2006 to 2022. During his tenure, he led strategic M&A transactions and capital raises totaling over $5 billion. A notable investment by Cukierman's private equity fund was in Mobileye in 2010, which was subsequently acquired by Intel for $15 billion in 2017. He also held executive and partnership roles at MBI in Tel Aviv and Twin Triangle Financial in Los Angeles.

Paul Sansom, Chief Financial Officer

Mr. Sansom was appointed Chief Financial Officer of Sadot Group Inc. on August 1, 2025. He previously served on Sadot Group's Board of Directors and Audit Committee. Mr. Sansom possesses extensive experience in finance and operations across multiple sectors.

David Hanna, Executive Vice President - General Manager, Sadot Canada

Mr. Hanna brings over two decades of management expertise in the global agri-food and commodity industry. He previously held the role of Executive Vice President and Chief Financial Officer at BroadGrain Commodities, where he played a significant role in transforming the company into a major global agri-food player. His experience includes M&A, public and private equity, and debt financing, having been involved in transactions valued at over $1 billion.

Jaime Rueda, Vice President - Head of Feed Ingredients, Sadot Canada

Mr. Rueda has over 30 years of comprehensive experience managing global grain and specialty crop divisions. He has an extensive background in animal feed, pet food ingredients, and food production, having held prominent roles at Fortune 500 companies such as CHS, Inc. and Seaboard Corp. Mr. Rueda also founded successful animal nutrition companies, including Escala Nutrition.

1. Financial Instability and Liquidity Issues: Sadot Group faces significant financial vulnerability due to its reliance on external funding, increasing debt, and susceptibility to financial market shifts. The company has reported a major revenue collapse, operating losses, and liquidity strain, attributed to insufficient working capital and delays in collecting receivables. Its debt-to-equity ratio has increased, and its Basic EPS is deeply negative, indicating weak financial performance and persistent negative operating and free cash flow.

2. Market Volatility in Agri-Commodities: As a company involved in agri-commodity sourcing and trading, Sadot Group is highly exposed to market volatility. Fluctuations in commodity prices, driven by factors such as weather, geopolitical events, and transport costs, can significantly impact its financial performance. Recent examples include an 8% rise in global food prices in 2024 impacting profitability and a slowdown in China's wheat imports that negatively affected Sadot's revenues.

3. Intense Competition in Target Sectors: Sadot Group operates in highly competitive markets, including sustainable agriculture and supply chain solutions. The booming nature of these sectors attracts numerous competitors, which can put pressure on Sadot's ability to secure investments and maintain its market position.

The following are clear emerging threats to Sadot (SDOT):

• **Emergence of Alternative Proteins and Cultivated Meat:** The rapid development and increasing consumer adoption of plant-based proteins, lab-grown meats, and other alternative food sources pose a clear emerging threat to Sadot's agri-commodity business. As these alternatives scale, they could reduce global demand for traditional feed products (like soybean meal and corn) and potentially some food grains, impacting Sadot's core sourcing, trading, and farming operations.
• **Accelerating and Unpredictable Impacts of Climate Change on Agriculture:** While weather risks are inherent to agriculture, the intensifying frequency, severity, and unpredictability of extreme weather events (e.g., prolonged droughts, floods, heatwaves) due to climate change represent a clear and escalating systemic threat. These events can severely disrupt crop production in Sadot's farming regions and global supply chains, affecting commodity availability, pricing stability, and the reliability of its trading operations.
• **Rapid Expansion of Ghost Kitchens and Virtual Restaurant Brands:** For Sadot's food service operations, the significant and ongoing growth of ghost kitchens and virtual restaurant brands represents a clear emerging threat. These asset-light, digitally focused models offer lower overheads and greater agility, enabling intense competition and potentially siphoning market share from traditional brick-and-mortar food service establishments.

Sadot Group Inc. (SDOT) operates within addressable markets spanning global agri-commodity trading, Southern African farm operations, and U.S. food service. The estimated market sizes for its main products and services are as follows:

• Global Agri-commodity Sourcing and Trading:
  • Soybean Meal: The global soybean meal market was estimated at approximately USD 120.34 billion in 2023 and is projected to reach USD 162.91 billion by 2030. Other estimates for 2024 vary, with some sources reporting around USD 94.1 billion, projected to grow to USD 148.6 billion by 2033, and others at USD 117.42 billion, anticipated to reach USD 169.89 billion by 2032.
  • Wheat: The global wheat market size was estimated at USD 195.99 billion in 2023 and is projected to reach USD 270.88 billion by 2030. Another estimate for 2025 puts the market at USD 185.92 billion, expanding to USD 248.32 billion by 2031.
  • Corn: The global corn market size was estimated at USD 297.27 billion in 2023 and is projected to reach USD 377.27 billion by 2030. Another valuation for 2023 was USD 297.99 billion, with a projection to reach USD 410.02 billion by 2032.
• Farm Operations (Southern Africa):
  • Grains (South Africa): The South Africa grain market size was estimated at USD 8.37 billion in 2024 and is expected to reach USD 11.74 billion by 2029. Another source valued the South Africa grain market at USD 9.2 billion in 2025, with a projection to reach USD 12.57 billion by 2031.
  • Tree Crops (Southern Africa): null
• Food Service Operations (United States):
  • U.S. Food Service: The U.S. Food Service Market was valued at USD 1.02 Trillion in 2024 and is expected to reach USD 1.53 Trillion by 2030. Other estimates for the U.S. food service market include a value of USD 825 billion in 2023, and USD 1,202.65 billion in 2024, projected to grow to USD 2,066.21 billion by 2032.

1. Expansion of Agri-Commodity Trading Operations and Geographic Reach: Sadot Group expects to drive revenue growth through the continued expansion of its global trading network and a focus on specialty crops. The company demonstrated strong growth in Q1 2025, specifically driven by its global trading network and focus on specialty crops. This also includes geographic expansion, as evidenced by new operations in Korea and Canada.
2. Focus on Higher-Margin Trades and Margin Optimization: Sadot Group is strategically prioritizing higher-margin trades to enhance profitability and revenue. The company's gross profit improved in Q2 2025 due to a focus on higher-margin specialty items and an increased percentage of trades from its Canadian subsidiary, which generally have greater margins. Margin optimization is also identified as a key strategic pillar.
3. Strategic Investments in Technology and Data-Driven Trading: The company anticipates revenue growth through continued investment in artificial intelligence (AI) and data-driven technologies to enhance its trading capabilities. Sadot's CEO emphasized a commitment to technology-driven strategies, including building or partnering with platforms that provide algorithmic pricing and predictive supply and demand modeling.
4. Diversification into New Verticals and Sustainable Initiatives: Sadot Group aims to achieve sustainable growth through vertical expansion and new strategic initiatives. The company's strategic pillars include vertical expansion and sustainable growth. An example of such diversification is the strategic investment in a carbon project in Indonesia, which could open new revenue streams.

Share Issuance

• In February 2026, Sadot Group issued 300,000 common shares as incentive shares to purchasers of 8% unsecured original issue discount debentures.
• In February 2026, the company issued 10,000 shares of newly designated Series A Preferred Stock for an aggregate purchase price of $145,244, which initially carried super-voting rights and prompted a Nasdaq compliance issue.
• In September 2025, Sadot Group implemented a 1-for-10 reverse stock split to increase its per-share bid price for Nasdaq compliance, which reduced the number of outstanding common shares and authorized shares.

Inbound Investments

• In February 2026, Sadot Group received $1,000,000 in funding from accredited investors through 8% unsecured original issue discount debentures.
• In March 2026, the company received $145,244 in funding from Stanley Hills LLC through the issuance of Series A Preferred Stock.

Outbound Investments

• In Q2 2025, Sadot Group made a strategic investment of $13.4 million in an Indonesian carbon project.

Capital Expenditures

• Capital expenditures for fiscal year 2024 amounted to $37,000.
• In Q3 2025, capital expenditures were reported as $0, representing a 100% decrease from the prior quarter.
• The company's primary focus for capital expenditures includes enhancing global operations, expanding its platform in various regions, and improving efficiency through technology and productivity enhancements.