$AFRIW
Forafric Global PLC
CIK:0001903870|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities: | |||
| Net loss | $ (13,790) | $ (23,355) | $ (12,508) |
| Less: Income (loss) from discontinued operations, net of tax | 1,685 | 22 | (43) |
| Loss from continuing operations | (12,105) | (23,333) | (12,551) |
| Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations: | |||
| Depreciation of property, plant and equipment | 4,793 | 4,338 | 4,494 |
| Amortization of intangible assets | 464 | 352 | 259 |
| Amortization of right-of-use assets | 1,316 | 1,353 | 1,059 |
| Bad debt expense | 696 | 895 | 87 |
| Impairment of goodwill | 1,020 | ||
| Impairment of other assets | 4,962 | ||
| Change in fair value of derivatives and contingent consideration | 222 | (1,442) | (25) |
| Non-cash accretion of interest expense | 1 | 65 | 129 |
| Share-based compensation | 396 | 522 | 169 |
| Deferred income taxes | (314) | (581) | (1,286) |
| Gain on sale of subsidiary | (6,603) | ||
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 3,745 | 8,852 | (1,845) |
| Other receivables | 2,584 | 11,539 | 26,658 |
| Prepaid expenses and other current assets | 6,365 | 8,065 | 8,059 |
| Inventories | 596 | 10,129 | 1,656 |
| Other assets, noncurrent | (43) | 1,143 | (1,632) |
| Accounts payable | 3,513 | (10,942) | 8,950 |
| Lease liabilities | (763) | (695) | (581) |
| Other payables and liabilities | (4,922) | 7,035 | (310) |
| Net cash provided by operating activities from continuing operations | 961 | 22,257 | 33,290 |
| Net cash (used in) provided by operating activities from discontinued operations | (605) | 1,209 | 36 |
| Net cash provided by operating activities | 356 | 23,466 | 33,326 |
| Cash flows from investing activities: | |||
| Cash proceeds from sale of subsidiary, net of cash disposed | 8,286 | ||
| Acquisition of businesses and assets, net of cash acquired | (37) | ||
| Purchases of property, plant, and equipment | (517) | (1,776) | (9,485) |
| Sales of property, plant, and equipment | 7 | 47 | |
| Additions to intangible assets | (451) | (283) | (319) |
| Net cash provided by (used in) investing activities from continuing operations | 7,318 | (2,052) | (9,794) |
| Net cash used in investing activities from discontinued operations | (43) | (9) | (43) |
| Net cash provided by (used in) investing activities | 7,275 | (2,061) | (9,837) |
| Cash flows from financing activities: | |||
| Proceeds from exercise of warrants | 1 | ||
| Cash proceeds from transactions with an entity under common control | 9,860 | ||
| Loans from related parties | 568 | 5,640 | |
| Borrowings on working capital facilities, net | (7,984) | 7,349 | (1,803) |
| Borrowings on lines of credit – Wheat inventories | 5,553 | 50,385 | 59,604 |
| Repayments on lines of credit – Wheat inventories | (11,628) | (86,349) | (77,781) |
| Borrowings on loans | 862 | 3,733 | |
| Repayments on loans | (3,058) | (8,678) | (5,149) |
| Net cash used in financing activities from continuing operations | (6,689) | (30,791) | (21,395) |
| Net cash provided by (used in) financing activities from discontinuing operations | 571 | (2,397) | 213 |
| Net cash used in financing activities | (6,118) | (33,188) | (21,182) |
| Effect of exchange rate changes on cash and cash equivalents | 565 | (7) | (3,113) |
| Net increase (decrease) in cash and cash equivalents | 2,078 | (11,790) | (806) |
| Cash and cash equivalents, beginning of year | 12,231 | 24,021 | 24,827 |
| Cash and cash equivalents, end of year | 14,309 | 12,231 | 24,021 |
| Non-cash activities: | |||
| Extinguishment of related party loan in connection with transactions with an entity under common control | 5,726 | ||
| Debt assumed by purchaser in sale of subsidiary | 962 | ||
| Non-cash acquisition of non-controlling interest | 1,482 | ||
| Shares repurchased and retired | 30 | ||
| Supplemental cash flow disclosures: | |||
| Interest paid | 13,236 | 13,079 | 15,750 |
| Net income taxes paid | $ 1,102 | $ 2,232 | $ 1,987 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 14,309 | $ 12,231 |
| Accounts receivable, net | 13,963 | 17,977 |
| Inventories | 14,078 | 15,224 |
| Prepaid expenses and other current assets | 9,242 | 11,480 |
| Assets held for sale, current | 12,300 | 13,873 |
| Total current assets | 68,182 | 77,385 |
| Property, plant, and equipment, net | 107,747 | 101,645 |
| Right-of-use assets | 16,327 | 16,183 |
| Goodwill | 46,559 | 42,886 |
| Intangible assets, net | 5,157 | 4,404 |
| Other assets, noncurrent | 2,962 | 3,575 |
| Total assets | 246,934 | 246,078 |
| Current liabilities: | ||
| Lines of credit – working capital | 49,989 | 52,126 |
| Lines of credit – wheat inventories | 80,828 | 88,378 |
| Accounts payable | 41,164 | 35,308 |
| Accrued expenses | 23,734 | 22,594 |
| Contract liabilities | 1,941 | 2,215 |
| Current portion of long-term debt | 8,766 | 4,635 |
| Other liabilities, current | 688 | 440 |
| Liabilities held-for-sale, current | 481 | 1,574 |
| Total current liabilities | 207,591 | 207,270 |
| Long-term debt | 17,628 | 13,116 |
| Deferred tax liabilities, net | 10,276 | 9,569 |
| Other liabilities, noncurrent | 2,607 | 3,092 |
| Total liabilities | 240,277 | 240,762 |
| Commitments and contingencies (Note 18) | ||
| Preferred shares; $0.001 par value; 1,000,000 authorized, — and — issued and outstanding, at December 31, 2025 and 2024, respectively | ||
| Ordinary shares, $0.001 par value; 100,000,000 authorized; 26,917,597 and 26,901,592 issued and outstanding, at December 31, 2025 and 2024, respectively | 27 | 27 |
| Additional paid-in capital | 152,041 | 143,649 |
| Accumulated deficit | (154,569) | (139,679) |
| Accumulated other comprehensive loss | (6,188) | (5,670) |
| Non-controlling interest | 15,346 | 6,989 |
| Total Stockholders’ equity | 6,657 | 5,316 |
| Total liabilities and Stockholders’ equity | 246,934 | 246,078 |
| Related Party [Member] | ||
| Current assets: | ||
| Other receivables | 949 | 1,195 |
| Current liabilities: | ||
| Loan from related party | 2,175 | 7,715 |
| Nonrelated Party [Member] | ||
| Current assets: | ||
| Other receivables | $ 3,341 | $ 5,405 |