International Media (IMAQR) Q3 2025 Earnings Report

Executive Summary: International Media Acquisition Corp (IMAQR) continues to operate as a blank-check SPAC in the Financial Services sector, with QQ3 2025 results reflecting minimal operating activity and a fragile liquidity position. The quarter shows an operating loss of $0.20 million (EBITDA = -$0.20 million) driven by G&A of $0.15 million and other expenses of $0.05 million, yielding net income of -$0.16 million and basic earnings per share of -$0.0213. Revenue remains nil and gross profit is not reported, consistent with a shell-and-merger vehicle rather than an actively operating business. A non-operating income line of $0.077 million partially offset the operating loss, but the company still reports a negative pre-tax result of -$0.121 million and a tax expense of $0.0395 million, resulting in a net loss for the quarter.

The balance sheet paints a stressed liquidity and capitalization picture: total assets of approximately $12.0 million versus total liabilities of about $23.6 million, yielding negative stockholders’ equity of roughly -$11.6 million. Short-term debt stands at $4.37 million, and the current ratio is reported at 0.0018, signaling severe liquidity constraints absent new financing or a confirmed business combination. Operating cash flow is negative at about $0.44 million, while financing activities show notable inflows/outflows that may reflect SPAC-specific funding dynamics rather than ongoing operating profitability. The data contain some anomalous entries (e.g., extremely large “other non-cash items”) that appear inconsistent with the reported quarterly figures and should be reconciled against the 10-Q to confirm accuracy.

Overall, the key investment considerations hinge on the status of any potential business combination, the trust/financing structure, and the liquidity runway available to pursue a credible merger. In the absence of reported revenue and a clear earnings trajectory, investors should evaluate IMAQR primarily as a vehicle for potential value realization through a future acquisition rather than as a standalone operating company with visible near-term earnings growth.