The company remains in a pre-revenue state, with recurring administrative expenses reaching $560.5K in 2025Q4, resulting in a persistent operating loss.
| Sales/Revenue | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 1.83M | 531.28K | 3.15K | 133.84K | 717.54K | 282.89K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 1.83M | 531.28K | 3.15K | 133.84K | 617.19K | 282.89K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - |
| Operating Income | -1.83M | -531.28K | -3.15K | -133.84K | -718K | -283K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | -243.54% | - | 97.65% | 81.36% | -153.71% | - |
| EBITDA | -1.83M | 5.23M | -3.15K | -133.84K | -12.84M | 8.86M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -134.87% | - | 97.65% | 98.96% | -244.9% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | -12.13M | 9.15M |
| EBIT | -1.83M | 5.23M | -3.15K | -133.84K | -718K | 8.86M |
| Net Interest Income | 9.84M | 5.76M | 0 | 0 | 0 | 0 |
| Interest Income | 9.84M | 5.76M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 4.57M |
| Other Income/Expense | - | - | - | - | - | - |
| Pretax Income | 8.02M | 5.23M | -3.15K | -133.84K | -12.84M | 4.29M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 1.08M | 214.66K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -8.4% | 5% |
| Net Income | 8.02M | 5.23M | -3.15K | -133.84K | -13.92M | 4.08M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | 53.23% | - | 97.65% | 99.04% | -441.58% | - |
| Net Income (Continuing) | 8.02M | 5.23M | -3.15K | -133.84K | -13.92M | 4.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.28 | 0.44 | -0.00 | -0.03 | -0.46 | 0.13 |
| EPS Growth % | -36.36% | - | 97.76% | 94.17% | -453.85% | - |
| EPS (Basic) | 0.28 | 0.44 | -0.00 | -0.03 | -0.46 | 0.13 |
| Diluted Shares Outstanding | 28.75M | 11.78M | 5M | 5M | 30.47M | 30.3M |
| Basic Shares Outstanding | 28.75M | 11.78M | 5M | 5M | 30.47M | 30.3M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Failure to consummate merger
As reported in recent financial filings, GRAF's quarterly SG&A expenses have climbed to $560.5K by 2025Q4, reflecting the persistent overhead costs required to maintain public listing status while the entity remains in a pre-revenue state without any operational income to offset these recurring cash outflows.
The upward trend in SG&A suggests that the cost of maintaining the shell vehicle is accelerating, which places increasing pressure on the sponsor to finalize a business combination. Investors should monitor whether these rising administrative costs will eventually necessitate additional sponsor loans or capital injections to prevent liquidity exhaustion.
Based on the company's income statements, GRAF has reported positive net income figures, such as the $1.8M recorded in 2025Q4, despite generating zero revenue, which indicates that these earnings are driven by non-operating items rather than core business performance or sustainable operational profitability.
The disconnect between consistent operating losses and positive net income suggests that accounting adjustments, likely related to warrant liability revaluations, are significantly distorting the bottom line. Analysts should disregard these non-cash gains when assessing the true economic health of the entity, as they provide no insight into the sponsor's ability to generate value.
According to historical income statement data, GRAF continues to operate with no revenue and negative operating income, with the 2025Q4 operating loss of $560.5K highlighting the structural inability of the shell to achieve any form of operating leverage prior to a successful business combination.
The absence of revenue means that every dollar spent on SG&A directly increases the operating deficit, leaving no room for efficiency gains. This structure implies that the entity is entirely dependent on external financing or sponsor support, as there is no internal mechanism to scale operations or improve margins.
As indicated by the reported cash balance of $699, the company's liquidity position appears critically low, raising significant questions regarding its ability to fund ongoing administrative requirements or successfully navigate the complex and costly process of identifying and closing a viable merger target in the current market.
The extremely low cash balance may suggest that the entity is nearing a point of financial distress, which could force management into a suboptimal deal to avoid liquidation. Investors should be wary of the potential for significant dilution or unfavorable terms if the sponsor is forced to secure emergency capital to keep the vehicle operational.
Quick answers to the most common questions about buying GRAF stock.
Graf Global Corp. (GRAF) is profitable, generating $8.0M in net income for the fiscal year ending 2025.