Above Food projects $30 million profit, eliminates debt in restructuring

Above Food Ingredients Inc. (NASDAQ: ABVE) announced it expects to generate more than $30 million in profit for the fiscal year ending January 31, 2026, following a comprehensive restructuring program that eliminated all corporate debt.

The Regina, Saskatchewan-based agricultural technology company said its audit is progressing toward completion with a targeted filing of its Form 20-F by December 12, 2025. The company appointed a new auditor with expertise in digital asset tokenization and stablecoin infrastructure.

Above Food reported that while the fiscal year ended January 31, 2025 will reflect a restructuring-related loss, the debt elimination and restructuring have positioned the company for profitability. The restructuring was conducted in collaboration with Palm Global, with which Above Food is pursuing a merger.

The companies' senior executive teams have been working together on operational frameworks and technical integration. Recent strategic meetings were held in the UAE to advance the merger process.

"Above Food has reached yet another major milestone in its journey. With the successful elimination of corporate debt and the expected delivery of more than $30 million in profit for the fiscal year ending January 31, 2026, we have demonstrated the strength of our restructuring," said Lionel Kambeitz, chief executive officer and executive chairman.

The company said it expects to announce additional merger milestones in the near future. Above Food has not applied for the additional 180-day extension available under Nasdaq rules for its Form 20-F filing.

Information in this article is based on a company press release statement.

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