Executive Summary
IGC reported QQ3 2025 results with modest revenue on a small base but meaningful profitability headwinds and a tight liquidity position. Revenue came in at $0.257 million, up 25.98% year-over-year but down 37.62% quarter-over-quarter, while gross profit was $0.104 million for a gross margin of ~40.5%. Operating losses persisted at $1.878 million and EBITDA deteriorated to a negative $1.721 million, translating into a net loss of $1.829 million and an EPS of -$0.0236. Management commentary is not available in the provided transcript data, limiting qualitative insights from the earnings call; accordingly, the synthesis below emphasizes quantitative signals and the implications for investors.
The cash flow profile remains challenged: operating cash flow was -$1.317 million, capex was negligible at -$0.027 million, yielding free cash flow of -$1.344 million for the period. The company closed the quarter with cash and equivalents of $0.470 million and total debt of $0.270 million, resulting in a net debt position of -$0.200 million. The balance sheet shows total assets of $9.078 million, total liabilities of $2.819 million, and shareholders’ equity of $6.259 million, with a current ratio of 1.15 and a quick ratio of 0.61, signaling modest liquidity cushions but limited near-term liquidity runway.
From a business model perspective, R&D outlays of $0.852 million dwarf the quarterly revenue, underscoring a heavy investment cadence in life sciences initiatives relative to a small revenue base. The company reports elongated working capital dynamics (Days Sales Outstanding ~32.2; Days Inventory Outstanding ~843; Days Payables Outstanding ~491), implying a bloated working capital cycle and tight cash conversion. While the balance sheet remains relatively low-leverage, the lack of operating profitability and negative operating cash flow indicate that near-term value creation hinges on achieving revenue scale, improving efficiency, or securing additional financing to fund ongoing investment. Investors should monitor trajectory toward sustainable profitability, cash burn rate, and any strategic announcements around monetization or partnerships in IGC’s Infrastructure and Life Sciences segments.
Key Performance Indicators
QoQ: -37.62% | YoY:25.98%
QoQ: -47.47% | YoY:-21.80%
Key Insights
Revenue: $0.257M; YoY +25.98%; QoQ -37.62%
Gross Profit: $0.104M; Gross Margin ~40.47%
Operating Income: -$1.878M; YoY +37.36% (improvement in loss magnitude but still negative)
EBITDA: -$1.721M; EBITDA Margin: -6.70x representational
Net Income: -$1.829M; Net Margin: -7.12%
EPS: -$0.0236; Diluted EPS: -$0.0236
Cash Flow from Operations: -$1.317M; Free Cash Flow: -$1.344M; Capital Expenditures: -$0.027M
Cash and Cash Equivalents: $0.470M; Total Debt: $0.270M; Net Debt: -$0.200M
Balance Sheet: To...
Financial Highlights
Revenue: $0.257M; YoY +25.98%; QoQ -37.62%
Gross Profit: $0.104M; Gross Margin ~40.47%
Operating Income: -$1.878M; YoY +37.36% (improvement in loss magnitude but still negative)
EBITDA: -$1.721M; EBITDA Margin: -6.70x representational
Net Income: -$1.829M; Net Margin: -7.12%
EPS: -$0.0236; Diluted EPS: -$0.0236
Cash Flow from Operations: -$1.317M; Free Cash Flow: -$1.344M; Capital Expenditures: -$0.027M
Cash and Cash Equivalents: $0.470M; Total Debt: $0.270M; Net Debt: -$0.200M
Balance Sheet: Total Assets $9.078M; Total Liabilities $2.819M; Shareholders’ Equity $6.259M
Liquidity Ratios: Current ~1.15; Quick ~0.61; Cash ~0.18
Valuation Metrics (per share and multiples): P/S ~101.50x; P/B ~4.17x; P/E negative; Enterprise Value multiples negative due to net cash position
Efficiency Ratios: Asset Turnover 0.028; Inventory Turnover 0.107; CCC ~875 days (DIO ~843, DPO ~491)
Earnings Metrics (YoY/QoQ): Revenue YoY +25.98%; Gross Profit YoY -21.80%; Operating Income YoY +37.36%; Net Income YoY +67.28%; EPS YoY +73.09%; QoQ declines across most lines
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
257.00K |
25.98% |
-37.62% |
| Gross Profit |
104.00K |
-21.80% |
-47.47% |
| Operating Income |
-1.88M |
37.36% |
-6.70% |
| Net Income |
-1.83M |
67.28% |
-6.52% |
| EPS |
-0.02 |
73.09% |
-4.42% |
Key Financial Ratios
operatingProfitMargin
-731%
operatingCashFlowPerShare
$-0.02
freeCashFlowPerShare
$-0.02
Management Commentary
Transcript data for QQ3 2025 is not provided in the input. No management quotes or call-specific insights are available to cite. As a result, qualitative themes from the earnings call (strategy, operations, market conditions) could not be synthesized from the transcript within this dataset. If a separate transcript becomes available, the highlights can be aligned to themes such as growth initiatives, cost controls, capital allocation, and market developments.
Forward Guidance
No formal forward guidance was provided in the supplied materials for QQ3 2025. The absence of explicit targets or assumptions means investors should rely on the quarterly metrics and any future management commentary for guidance. In the interim, key factors to monitor include:
- Revenue progression: sustainable top-line growth from Infrastructure and Life Sciences segments to move the company toward profitability.
- Cost discipline: progress in reducing the percentage of revenue consumed by R&D and SG&A relative to a rising revenue base.
- Cash runway: achievement of cash burn stabilization or reduction and potential need for external financing, given negative free cash flow.
- Working capital: normalization of DIO and DPO to shorten the cash conversion cycle and improve liquidity.
- Balance sheet discipline: maintain low-latent leverage while funding ongoing capex and R&D investments.
- Strategic monetization: any announcements on monetizing assets, licensing, partnerships, or divestitures that could unlock value.