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Above Food Ingredients reports debt elimination, merger progress $30 mn profit forecast for FY 2026
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Tuesday, 02 December, 2025, 12 : 00 PM [IST]
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Regina, Canada
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In a significant corporate milestone, Above Food Ingredients Inc. has announced that it has fully eliminated its corporate debt and is now positioned to deliver over US $30 million in profit for the fiscal year ending January 31, 2026.
According to the company’s latest update, the debt-free balance sheet is the outcome of a year-long restructuring program undertaken in collaboration with its merger partner, Palm Global Technologies Ltd.. The leadership described this achievement as a turning point — setting the company on a strong path toward sustainable profitability and long-term value creation.
On July 7, 2025, Above Food and Palm Global executed a definitive business combination agreement, paving the way for a strategic reverse takeover. Under this arrangement, both companies will combine operations through a statutory plan of arrangement, which received unanimous board approval from both entities.
Post-merger alignment is now accelerating. Senior leadership teams from Above Food and Palm Global recently held high-level meetings in the UAE, marking a step up in operational integration. These engagements have strengthened ties, streamlined operational frameworks, and fast-tracked technical and strategic integration between the two firms.
As part of its recapitalisation and restructuring efforts, Above Food has also appointed a new auditor with specialized expertise in digital-asset tokenisation and stablecoin infrastructure. This audit is advancing toward completion, and the company expects to file its Form 20-F by December 12, 2025 an important compliance milestone. The company has not sought the additional 180-day extension available under Nasdaq rules.
Looking ahead, Above Food says it will continue to share updates on further merger milestones and strategic developments. Management remains confident that the combined platform leveraging Palm Global’s global partnerships and Above Food’s agritech capabilities will generate value for shareholders and support expansion into new markets.
With debt cleared, a robust profitability forecast, and a high-stakes merger underway, Above Food Ingredients is aiming for a transformative rebound potentially redefining its trajectory in agritech, food and fintech sectors.
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