Polibeli Group Ltd (PLBL) reported unaudited results for the six months ended June 30, 2026 showing a sharp contraction in its core trading business but a swing to GAAP profitability driven by a derivative revaluation. Revenues fell 34.62% to US$10.80 million, while cost of revenues declined 36.04% to US$9.86 million, lifting gross margin to 8.71% from 6.69%. Loss from operations narrowed 13.53% to US$3.55 million, but the company booked a US$5.40 million gain on the fair value change of its Optional Early Termination (OET) derivative liability, resulting in net income of US$0.47 million versus a US$3.55 million loss a year earlier. On a Non-GAAP basis, excluding this derivative gain, the company recorded a larger loss of US$4.93 million. As of June 30, 2026, cash and cash equivalents were US$1.66 million with a small net cash outflow, and total liabilities of US$60.83 million outweighed assets, leaving shareholders’ deficit at US$(43.82) million. Management identified conditions raising substantial doubt about continuing as a going concern but believes substantial doubt is alleviated by up to US$28.47 million of available financial support from related-party Xinyun Logistics and other financing arrangements.
Polibeli Group Ltd entered into Amendment No. 1 to its OTC Prepaid Share Forward Agreement with Harraden Circle Investors, LP and related funds on July 31, 2026. The arrangement is tied to Polibeli’s August 7, 2025 business combination with Chenghe Acquisition II Co., after which Polibeli’s Class A ordinary shares began trading on the Nasdaq Global Market under the symbol PLBL.
The amendment extends the maturity to the earlier of 24 months after the business combination closing or a Seller-selected Valuation Date. Seller may purchase up to 3,000,000 Relevant Shares and up to 100,000 additional Committed Shares. Polibeli, as Counterparty, prepays an amount equal to the redemption price per share from the trust account. On any optional early termination date, Seller pays Polibeli the then-current Reset Price multiplied by the terminated shares; the Reset Price starts at the redemption price and may be adjusted only downward to the lowest daily VWAP over the prior 10 trading days. At maturity, Seller returns the Relevant Shares to Polibeli and keeps an amount equal to the number of those shares multiplied by the redemption price.
Polibeli Group Ltd has entered into a non-binding Memorandum of Understanding with PT Grosirone Prima Nusantara to establish a preliminary cooperation framework for evaluating a potential artificial intelligence data center project in Indonesia. The contemplated project, if pursued, may involve planned power capacity of up to approximately 10MW, including an initial phase of approximately 2MW to 5MW. The parties intend to assess existing colocation facilities, power supply, cooling, network connectivity, commercial feasibility and related factors.
The MOU is intended solely to facilitate preliminary evaluation and information exchange and, apart from customary provisions such as confidentiality and compliance, does not obligate either party to proceed with any investment, financing, equipment procurement, data center lease or other transaction. Any future project would remain subject to satisfactory due diligence, internal approvals, financing availability, regulatory approvals and execution of definitive agreements, and there is expressly no assurance that the proposed project will proceed.