Graf Global Corp. reported its financial results for the second quarter of 2026, revealing a net loss of $507,053 for the three months ending June 30, 2026, compared to a net income of $2,296,567 for the same period in 2025. The company’s revenue primarily consists of interest income from cash held in its Trust Account, which amounted to $2,132,285 in the latest quarter, down from $2,489,888 a year earlier. For the first half of 2026, Graf Global recorded a net income of $1,593,435, a significant decrease from $4,466,724 in the prior year, driven by increased general and administrative expenses totaling $1,972,396, compared to $466,470 in the first half of 2025.
The company experienced substantial changes in its financial position compared to the previous fiscal period. As of June 30, 2026, total assets decreased to $91.4 million from $245.7 million at the end of 2025, primarily due to a reduction in cash held in the Trust Account, which fell from $245.6 million to $91.4 million. This decline was attributed to the redemption of approximately 14.6 million Class A Ordinary Shares, which left the company with a working capital deficit of $3.14 million as of the end of the second quarter.
Strategically, Graf Global has made significant moves, including entering into a business combination agreement with BIG3 HoldCo LLC on June 12, 2026. This agreement outlines a merger process that includes a re-domiciliation to Delaware and the merging of Graf Global with BIG3. Additionally, the company extended its deadline to complete a business combination from June 27, 2026, to September 27, 2026, with the possibility of further extensions. The company also engaged in non-redemption agreements with certain shareholders to incentivize them not to redeem their shares during the upcoming vote on the business combination.
Operationally, Graf Global's total liabilities increased to $12.96 million as of June 30, 2026, from $11.08 million at the end of 2025. The company’s employee headcount remained stable, and it continues to focus on identifying potential acquisition targets. The company has not yet commenced operations and does not expect to generate operating revenues until after completing its initial business combination. The management has expressed concerns regarding liquidity, indicating that additional capital may be necessary to meet working capital needs and complete the business combination.
Looking ahead, Graf Global's management remains focused on executing the proposed business combination with BIG3. However, they acknowledge the uncertainty surrounding the completion of this transaction and the potential need for additional financing. If the business combination is not consummated by the end of the extended period, the company may face mandatory liquidation. The management's outlook emphasizes the importance of successfully completing the business combination to ensure the company's continued operations and financial stability.
About Graf Global Corp.
Graf Global Corp. is a Cayman Islands-incorporated blank check company (SPAC) focused on identifying and completing a merger, acquisition, or similar business combination across industries and geographies. It leverages extensive management experience, global networks, and strategic criteria to target industry-leading, financially stable businesses with growth potential. The company offers flexibility in structuring deals, aims to maximize shareholder value, and operates with a focus on efficient capital use and strategic fit.
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