EPS of $-0.02 increased by 62.2% from previous year
Net income of -160.07K
"No earnings call transcript available in the provided data." - N/A
IMAQR QQ3 2025 Results Analysis: International Media Acquisition Corp (IMAQR) – SPAC Shell in Transition with Limited Operating Activity and Balance Sheet Strain
Executive Summary
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.
Key Metrics (QQ3 2025):
- Revenue: Not reported (N/A)
- Gross Profit: N/A
- Operating Income: -$197,668; QoQ: +2.61%, YoY: +72.98%
- Net Income: -$160,073; QoQ: +6.01%, YoY: +66.44%
- EPS (Basic/Diluted): -$0.0213; QoQ: +5.75%, YoY: +62.23%
- Weighted Average Shares: 7,514,975
- EBITDA: -$197,668
- Total Other Income/Expenses: $77,135
- Income Before Tax: -$120,533
- Income Tax Expense: $39,540
- Cash Flow (Operating): -$441,469
- Free Cash Flow: -$441,469
- Dividends Paid: -$46,320,404,733 (data anomaly likely; verify with 10-Q)
- Net Cash Provided by (Used in) Financing Activities: $440,572,545
- Net Cash Used in Operating Activities: -$441,469
- Cash at Beginning of Period: $185,483
- Cash at End of Period: not stated
- Total Assets: $12,002,703
- Total Liabilities: $23,564,566
- Total Stockholders’ Equity: -$11,561,863
- Short-Term Debt: $4,366,768
- Net Debt: $4,366,768
- Current Ratio: 0.0018; Quick Ratio: 0.0018
- Debt/Equity: Not meaningful with negative equity
- Price-to-Book: -7.23; Price-to-Earnings: -130.51; Dividend Yield: 554.29 (these ratios are not meaningful for a SPAC shell in pre-merger state)
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-197.67K
72.98%
2.61%
Net Income
-160.07K
66.44%
6.01%
EPS
-0.02
62.23%
5.75%
Key Financial Ratios
currentRatio
0
returnOnAssets
-1.33%
returnOnEquity
1.38%
debtEquityRatio
-0.38
operatingCashFlowPerShare
$-0.06
freeCashFlowPerShare
$-0.06
dividendPayoutRatio
-28937000%
priceToBookRatio
-7.23
priceEarningsRatio
-130.51
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript Highlights: No earnings call transcript is provided in the supplied data. As a result, there are no management quotes to group by themes (strategy, operations, market conditions). If management commentary exists in an accompanying press release or subsequent filing, it should be incorporated to enrich the transcript highlights section. Investment considerations should await a formal earnings call or investor presentation for actionable quotes and management tone.
No earnings call transcript available in the provided data.
— N/A
No earnings call transcript available in the provided data.
— N/A
Forward Guidance
Forward Guidance: The dataset contains no explicit guidance from management for QQ4 2025 or beyond. Given IMAQR’s shell/SPAC profile, forward-looking projections typically hinge on securing a target and completing a business combination within the contractual timeline and any extension provisions. Absent a validated target, expected revenue, and a credible earnings path remain indeterminate. Monitoring points include: (1) status and timing of potential merger target and negotiations, (2) updates to the SPAC trust and financing arrangements, (3) any extension of the merger deadline, and (4) regulatory or shareholder approvals. Investors should treat any forward-looking statements as contingent on a successful business combination and refinance availability, with substantial execution risk and liquidity considerations.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
IMAQR Focus
0.00%
0.00%
1.38%
-130.51%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Investment outlook remains highly conditional and skewed toward the outcome of a successful business combination. In the near term, IMAQR exhibits no revenue and continuing negative profitability, with a fragile balance sheet and liquidity constraints. The key determinant is the ability to consummate a compelling merger within the trust or via extensions, accompanied by regulatory approvals and sponsor support. If a high-quality target is secured, upside could materialize through post-merger earnings growth and potential synergies; otherwise, the stock faces continued decline in the absence of operating cash flow. Given the current data quality concerns and lack of explicit forward guidance, the recommended stance is cautious, pending confirmation of a viable target and more robust financing arrangements. Investors should monitor merger announcements, trust balance, and any extensions or amendments to the merger timeline, as well as future disclosures from the company and its sponsors.
Key Investment Factors
Growth Potential
Growth depends entirely on consummating a credible business combination with a high-quality target in Financial Services. Absent a merger, near-term revenue and earnings visibility remain nil; potential upside exists if the target expands scale and synergies are realized post-merger.
Profitability Risk
Key risks include inability to complete a merger, execution risk in identifying and integrating a target, liquidity risk given negative equity and operating losses, potential dilution, and reliance on SPAC trust dynamics and external financing. Data quality concerns (anomalous items in cash flow and non-cash items) warrant confirmation via the latest 10-Q/8-K.
Financial Position
Balance sheet shows total assets of $12.0M against liabilities of $23.6M and negative equity of -$11.56M. Short-term debt of $4.37M creates near-term liquidity pressure. The company has limited operating cash flow and depends on financing activities, which may be unsustainable without a validated business combination.
SWOT Analysis
Strengths
Access to capital via SPAC structure and potential to complete a business combination in the Financial Services space.
Position as a listed shell with established NASDAQ listing and regulatory framework.
Existing asset base and reported liquidity lines that, if redirected toward a viable target, could support a future merger.
Weaknesses
No reported revenue or gross profit; persistent operating losses (EBITDA -$0.20M in QQ3 2025).
Negative stockholders’ equity and a highly leveraged balance sheet with short-term debt of $4.37M.
Severe liquidity constraints indicated by a current ratio of 0.0018 and reliance on financing activity for cash flow.
Data anomalies (e.g., extremely large “other non-cash items” and questionable cash flow figures) raise reliability concerns.
Opportunities
Successful identification and completion of a high-quality M&A target could unlock value in a SPAC structure.
Strategic partnerships or sponsor support could extend the merger timeline and improve funding flexibility.
Threats
Regulatory scrutiny of SPAC mergers and trust arrangements.
Market volatility impacting ability to attract or secure a credible target.
Dilution risk and potential value destruction if the merger fails or is unfavorable to shareholders.
International Media Acquisition Corp (IMAQR) QQ4 2024 Results – SPAC Shell in Financial Services: Minimal Revenue, Leverage Challenges, and Merger-D...