Graf Global Corp. filed its Form 10-Q for the quarter ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 13, 2026, disclosing financial results for the three and nine months ended September 30, 2026.

Key Highlights

  • Trust Account balance: Cash held in Trust Account stood at $92,195,648 as of September 30, 2026, down from $245,609,352 at December 31, 2025.
  • Shares subject to possible redemption: 8,409,633 Class A ordinary shares remained subject to possible redemption at approximately $10.96 per share as of September 30, 2026.
  • Net loss for Q3 2026: The company reported a net loss of $5,255 for the three months ended September 30, 2026, compared to net income of $1,748,701 in the same period of 2025.
  • Nine-month net income: Net income for the nine months ended September 30, 2026 was $1,588,180, versus $6,215,425 for the same period in 2025.
  • Accrued expenses: Accrued expenses rose to $3,538,000 as of September 30, 2026, compared to $1,269,613 at December 31, 2025.
  • Class B to Class A conversion: 5,749,999 Class B ordinary shares were converted to Class A non-redeemable shares during the nine-month period, leaving 1 Class B share outstanding.
  • Shell company status: The registrant indicated it is a shell company as defined in Rule 12b-2 of the Exchange Act.

Graf Global Corp. Q3 2026 Financial Position and Operating Results

According to the filing, Graf Global Corp. (NYSE American:TONT) reported total assets of $92,275,618 as of September 30, 2026, compared to $245,725,603 at December 31, 2025. The company disclosed that the substantial decline reflects a reduction in cash held in the Trust Account, which fell from $245,609,352 to $92,195,648 over the same period, consistent with Class A ordinary share redemptions reducing the shares subject to possible redemption from 23,000,000 to 8,409,633.

For the three months ended September 30, 2026, the filing disclosed general and administrative expenses of $817,609 and interest earned on cash held in the Trust Account of $812,354, resulting in a net loss of $5,255. For the nine-month period, general and administrative expenses totaled $2,790,005, and the company also recognized non-redemption agreements expense of $697,987. Interest earned on the Trust Account for the nine months was $5,076,172, producing net income of $1,588,180 for that period.

The filing reported total liabilities of $13,838,000 as of September 30, 2026, including a $9,800,000 deferred underwriting fee and $500,000 in promissory notes owed to a related party. Total shareholders' deficit widened to $(13,758,030) from $(10,968,025) at December 31, 2025, with accumulated deficit reaching $(13,758,605). As of November 12, 2026, there were 14,159,632 Class A ordinary shares and 1 Class B ordinary share issued and outstanding, according to the filing.

What Was Disclosed

Graf Global Corp. filed its quarterly report covering the period ended September 30, 2026, disclosing a significant decline in Trust Account assets, reduced shares subject to redemption, a narrow Q3 net loss, and widening shareholders' deficit relative to year-end 2025.