RENO, Nev., Aug. 28, 2026 (GLOBE NEWSWIRE) -- Globaltech Corporation (OTCQB: GLTK) ("Globaltech" or the "Company"), a publicly-traded technology platform company focused on building and scaling AI and Big Data businesses within real operating environments across telecommunications, retail commerce, financial, enterprise, and sports technology, today discussed its financial results for the three and six months ended June 30, 2026.

The Company's common stock is temporarily trading under the symbol "GLTKD" following the effectiveness of its previously announced 1-for-3 reverse stock split. The trading symbol is expected to revert to "GLTK" following a period of 20 trading days.

Results include 123 Investments Limited, which operates the Moda in Pelle footwear business. Globaltech acquired a 51% interest in 123 Investments Limited on December 15, 2025 and its results were not included in the comparable 2025 periods.

Second-Quarter and First-Half Highlights

   -- Second-quarter net revenue increased 98% to $11.1 million, compared with 
      $5.6 million for the second quarter of 2025. 
 
   -- Net revenue for the first six months increased 116% to $21.5 million, 
      compared with $10.0 million in the prior-year period. 
 
   -- 123 Investments Limited reported retail footwear revenue of approximately 
      $5.2 million for the second quarter and $10.4 million for the first six 
      months of 2026. 
 
   -- Globaltech reported second-quarter consolidated net income of 
      approximately $0.5 million, compared with a consolidated net loss of 
      approximately $1.1 million in the prior-year quarter. Net income 
      attributable to Globaltech common shareholders was approximately $0.2 
      million. 
 
   -- Second-quarter operating loss was approximately $3.8 million, compared 
      with approximately $1.0 million in the prior-year quarter. 
 
   -- For the first six months of 2026, consolidated net loss was approximately 
      $3.5 million, compared with approximately $2.2 million in the prior-year 
      period. 

Building a Larger Technology and Operating Platform

The December 2025 acquisition of 123 Investments Limited added an established UK premium retail business to Globaltech's operating platform, expanding the real-world infrastructure through which the Company can build, test and scale technology, AI and data-driven solutions.

Moda in Pelle sells products through retail stores, department-store concessions, wholesale relationships, television and internet shopping channels, and its e-commerce platform. Management is focused on digital growth, customer engagement, disciplined inventory management, selective retail opportunities and capital-efficient international expansion.

123 Investments Limited recorded a loss of approximately $0.6 million for the first six months of 2026, which the Company believes is temporary and seasonal. Management remains focused on improving trading performance as the business moves through its seasonal cycle.

"The addition of 123 Investments Limited has created a larger and more diversified operating platform for Globaltech," said Dan Green, Chief Executive Officer of Globaltech. "Our reported revenue nearly doubled during the second quarter, year-over-year, but we believe the broader opportunity is to continue building real operating businesses that can support and accelerate our AI, Big Data and technology strategy. We remain focused on disciplined execution, improving Moda in Pelle, expanding our broadband and technology offerings, managing costs and building more consistent recurring operating performance."

Accounting Items Affecting the Quarter

Globaltech's second-quarter net income included approximately $5.2 million of other income, including an approximately $2.9 million gain from the disposal of two 123 Investments Limited subsidiaries and approximately $1.8 million of dividend income.

On May 14, 2026, 123 Investments Limited sold MIP Trading 1975 Limited and MIP Employees 1975 Limited for nominal consideration. The transaction simplified the retail business's operating structure and transferred entities carrying net liabilities to the purchaser, resulting in a substantially non-cash accounting gain of approximately $2.9 million despite nominal cash proceeds. The transaction did not represent the disposal of a major line of business or a significant strategic change, and that 123 Investments Limited retained the resources and infrastructure required to continue its footwear operations.

First-half results also included approximately $2.8 million of non-cash share-based consultancy expense related to 1,392,000 common shares issued for advisory services, including services related to the Company's planned uplisting. Consultancy expense is the primary reason the first-half net loss increased from the prior-year period.

"Several accounting and non-operating items affected comparability during the second quarter and first half of the year," said Muhammad Azhar Saeed, Chief Financial Officer of Globaltech. "We remain focused on clear disclosure, disciplined cost and cash management, and improving recurring operating performance."

Operating Priorities

Globaltech's operating strategy is centered on strengthening its revenue-generating businesses while using those operating environments to support the development and commercialization of AI, Big Data and software opportunities. For the remainder of 2026, Globaltech intends to focus on:

   -- Maintaining and expanding international voice-termination operations 
      while continuing broadband and fiber-to-the-home network development 
      using existing infrastructure and equipment; 
 
   -- Advancing and commercializing AI, Big Data and software solutions across 
      the Company's operating businesses and technology subsidiaries; 
 
   -- Improving the operating performance, digital reach and customer 
      engagement of 123 Investments Limited and Moda in Pelle; and 
 
   -- Managing costs, working capital and capital allocation while continuing 
      to work toward a planned Nasdaq Capital Market listing, subject to market 
      conditions, financing requirements and satisfaction of applicable listing 
      standards. 

Capital Markets Update

   -- Globaltech's previously announced 1-for-3 reverse stock split has become 
      effective. The Company's common stock is temporarily trading under the 
      symbol "GLTKD" and is expected to revert to its customary "GLTK" symbol 
      following a period of 20 trading days. 
 
   -- The reverse stock split forms part of the Company's broader 
      capital-markets initiatives as Globaltech continues to work toward a 
      planned Nasdaq Capital Market listing, subject to market conditions, 
      financing requirements and satisfaction of applicable listing standards. 

Balance Sheet and Liquidity

As of June 30, 2026, Globaltech reported approximately $0.8 million of cash and cash equivalents and approximately $2.8 million of restricted cash.

The Company reported approximately $8.7 million of principal debt, including approximately $4.15 million of Term Finance Certificates that were in default (the Company is in discussions with TFC holders for rescheduling). Approximately $4.74 million of debt repayments are required during the following 12 months.

Selected Financial Results

Unaudited; amounts in U.S. dollars

 
                                             Six Months     Six Months 
Financial                                  Ended June 30,   Ended June 30, 
measure          Q2 2026       Q2 2025          2026        2025 
Net revenue    $11,115,971   $ 5,628,068   $21,540,981      $ 9,969,788 
Operating 
 loss          $(3,845,265)  $  (957,947)  $(7,092,366)     $(1,901,619) 
Other income, 
 net           $ 5,186,995   $   267,564   $ 5,270,582      $   486,502 
Net income 
 (loss)        $   534,403   $(1,121,670)  $(3,494,922)     $(2,246,875) 
Income (loss) 
 attributable 
 to 
 Globaltech 
 common 
 shareholders  $   215,178   $  (619,163)  $(1,904,988)     $(1,240,276) 
Basic and 
 diluted 
 earnings 
 (loss) per 
 common 
 share         $     0.001   $    (0.004)  $    (0.013)     $    (0.009) 
 
 

The full Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and related financial statements are available through the SEC and in the Investor section of Globaltech's website at www.globaltechcorporation.com/investor.

About Globaltech Corporation

Globaltech Corporation (OTCQB: GLTKD) expected to revert to GLTK following the temporary post-reverse split trading period) is a publicly-traded technology platform company building AI and data companies inside real operating infrastructure. The Company combines revenue-generating businesses with AI and data platforms across telecommunications, retail commerce, financial technology, enterprise software, e-commerce and sports technology. Through its Center of Excellence, Globaltech seeks to identify, validate and scale technology opportunities using real customer environments, infrastructure and operating workflows. For more information, please visit www.globaltechcorporation.com.

Forward-Looking Statements