Forafric Global is the Gibraltar-incorporated, Nasdaq-listed food company whose one real asset - a leading Moroccan wheat-milling business with nine plants and the MayMouna and Tria brands - just ceased to be a consolidated income statement. On August 5, 2026, the company closed the transfer of a 68% controlling interest in Forafric Maroc to Cap Holding, a Moroccan industrial group, in exchange for a capital injection, a large reduction of Forafric Maroc's debt, and two years of funding. Control of the core revenue engine has passed to a partner; what remains is a much smaller holding company redirecting itself toward defense, energy, and food-security ventures that do not yet exist on the income statement. The report that captures the final full consolidation of the milling business is the annual report for the year ended December 31, 2025.
The fiscal 2025 financials describe a company in contraction. Revenue fell 35.6% to $176.5 million, primarily because financing constraints cut the volume of wheat crushed. Gross profit came to $18.4 million at a roughly 10.4% margin, and after $14.3 million of interest expense and a $5.6 million loss in the "all other" segment, the company lost $13.8 million for the year, $14.9 million attributable to the parent. Its auditor, UHY, attached a going-concern paragraph: recurring losses, an accumulated deficit of $154.6 million, and cash projections indicating insufficient liquidity over the next twelve months. The market prices the tiny residual equity - total stockholders' equity was just $6.7 million, and the parent's own attributable book value was negative - at around $286 million at the current $10.64 share price. That is a valuation resting entirely on the credibility of a pivot that has yet to produce a dollar of the new revenue it promises.