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The revenue nearly doubled. The stock trades at less than a fifth of what investors paid at the IPO.
Uni-Fuels Holdings reported $197 million in revenue for the six months ended June 30, 2026, against about $115 million a year earlier — growth of roughly 72%. Net income was $1.4 million, according to an unaudited 6-K filed with the SEC on September 9. In the same period a year earlier the company was barely profitable; the first-half 2026 result is a meaningful step up in scale.
Shares closed 24.97% higher at $0.7196, on dollar volume of about $72 million, after the results were filed. The company listed on Nasdaq at $4 per share in January 2025.
For a Class A shareholder, the half-year numbers offer the clearest sign yet that the business is working. The open question — which the filing does not answer — is what it takes for that operating progress to close the distance between the current share price and the listing price.
The day before the results appeared, shareholders met and voted to change the rules for passing decisions by written resolution. Written resolutions let a company act without convening a formal meeting. Under the previous rules, every eligible shareholder had to sign; a single holder could block anything put to a written vote. The new standard requires only a majority of votes.
The voting structure gives that change its weight. Each Class A share carries one vote; each Class B share carries 100. There are 9,815,000 Class A shares — all of them in the public float — and about 22.65 million Class B shares, which were not offered in the IPO. With 100 votes apiece, the Class B shares control the overwhelming majority of eligible votes. Under the new majority standard, whoever holds those shares can pass any written resolution without Class A holder agreement. Previously, any single Class A holder could veto one. That right is now gone.
Shareholders also voted to add an exclusive Cayman Islands jurisdiction clause for certain legal disputes, concentrating any challenge to company decisions in its place of incorporation. The filing gives no reason for either governance change.
A Class A holder who bought at the IPO has watched the stock fall to less than a fifth of the entry price. The half-year results show the underlying business growing fast. Now that holder also has no veto over the next decision the company wants to pass without a meeting.