EPS of $-0.02 decreased by 151.5% from previous year
Net income of -154.87K
"N/A" - N/A
International Media Acquisition Corp (IMAQW) QQ1 2025 Results Analysis — Shell SPAC with Minimal Revenue, Deteriorating Balance Sheet Yet Visible De-SPAC optionality
Executive Summary
IMAQW reports QQ1 2025 results with no revenue disclosed. The quarter shows a negative net income of -$154,867 and an EBITDA of -$270,890, accompanied by a substantial cash burn of -$431,597 from operating activities. The balance sheet remains structurally weak, featuring only $247 in cash and cash equivalents, total liabilities of $14.89 million, and negative stockholders’ equity of -$3.22 million, highlighting liquidity and solvency risks typical of a shell SPAC awaiting a de-SPAC transaction. Despite the cash burn and negative equity, management commentary (where available) and the quarterly progression point to QoQ operating loss improvement (Q1 2025 vs prior quarter) but still an absence of realized revenue or profit drivers. The company’s strategic value hinges on identifying and closing a viable business combination; without a de-SPAC, downside risks remain substantial. Investors should monitor target pipeline development, financing arrangements, and regulatory approvals as primary drivers of any potential re-rating or capital needs.
Key Performance Indicators
Operating Income
-270.89K
QoQ: 43.22% | YoY:-328.09%
Net Income
-154.87K
QoQ: 41.76% | YoY:-148.00%
EPS
-0.02
QoQ: N/A | YoY:-151.50%
Revenue Trend
Margin Analysis
Key Insights
Revenue: not disclosed (null) — no top-line data available for QQ1 2025. - Operating Income: YoY -328.09%, QoQ +43.22% (negative to more negative but QoQ improvement) - Net Income: YoY -148.00%, QoQ +41.76% (negative but QoQ approach to break-even) - EPS: YoY -151.50%, QoQ N/A. - Cash flow from operations: -$431,597; free cash flow: -$431,597. - Cash and cash equivalents: $247 at period end. - Total assets: $11.6649 million; Total liabilities: $14.8854 million; Negative stockholders’ equity: -$3.2205 million. - Net debt: $4.0178 million. - Current ratio: 0.0107; Quick ratio: 0.0107; Cash ratio: 0.0000363. - No revenue, no gross profit reported; operating expenses of $270,890 largely driven by G&A and misc. - Four-quarter history shows continued losses with intermittent non-operating income; prior quarters display similar scale of negative net income with varying operating expenses.
Financial Highlights
- Revenue: not disclosed (null) — no top-line data available for QQ1 2025. - Operating Income: YoY -328.09%, QoQ +43.22% (negative to more negative but QoQ improvement) - Net Income: YoY -148.00%, QoQ +41.76% (negative but QoQ approach to break-even) - EPS: YoY -151.50%, QoQ N/A. - Cash flow from operations: -$431,597; free cash flow: -$431,597. - Cash and cash equivalents: $247 at period end. - Total assets: $11.6649 million; Total liabilities: $14.8854 million; Negative stockholders’ equity: -$3.2205 million. - Net debt: $4.0178 million. - Current ratio: 0.0107; Quick ratio: 0.0107; Cash ratio: 0.0000363. - No revenue, no gross profit reported; operating expenses of $270,890 largely driven by G&A and misc. - Four-quarter history shows continued losses with intermittent non-operating income; prior quarters display similar scale of negative net income with varying operating expenses.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-270.89K
-328.09%
43.22%
Net Income
-154.87K
-148.00%
41.76%
EPS
-0.02
-151.50%
N/A
Key Financial Ratios
currentRatio
0.01
returnOnAssets
-1.33%
returnOnEquity
4.81%
debtEquityRatio
-1.25
Net Income vs. Revenue
Expense Breakdown
Management Commentary
No earnings call transcript is available in the provided data. Consequently, no management quotes or thematic highlights can be drawn from an earnings call. If a transcript becomes available, highlights should cover: strategy (target pipeline and de-SPAC timeline), operations (cost control measures, use of proceeds), market conditions affecting SPACs, and near-term financing plans.
N/A
— N/A
N/A
— N/A
Forward Guidance
No explicit guidance is provided in the supplied data. Given the SPAC structure, the forward-looking analysis centers on de-SPAC execution likelihood, target identification progress, and financing certainty. Investors should monitor: (1) progress toward identifying a viable merger target, (2) financing commitments or capital raises required to fund a de-SPAC transaction, (3) regulatory approvals and shareholder approvals if a deal is announced, (4) any material changes to the SPAC’s trust or proceeds, and (5) updates to the sponsor’s timeline for completing a business combination. The achievability of a successful de-SPAC hinges on access to a credible target and the ability to secure necessary financing; without these, the current cash burn and negative equity pose sustained risk.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
IMAQW Focus
0.00%
0.00%
4.81%
0.00%
IMAQR
0.00%
0.00%
4.81%
-139.65%
IMAQ
0.00%
0.00%
4.81%
-139.65%
TMKRW
0.00%
0.00%
59.50%
-58.70%
BRLIW
75.70%
-9.32%
21.10%
-6.79%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given the absence of revenue and fragile liquidity, the investment case hinges entirely on the successful identification and closing of a business combination. In the near term, downside risk is substantial due to continued cash burn and negative equity. A potential de-SPAC could re-rate the stock if a high-quality target secures financing and regulatory approvals; however, without clarity on target quality and deal terms, the probability-weighted investment thesis remains highly uncertain. Key factors to monitor include progress in target identification, capital raising milestones, and any announced transaction terms. Until such developments materialize, investors should treat the stock as a highly speculative vehicle with asymmetric risk/reward.”} } } the above is a raw JSON with the requested structure. If you want refinements or more explicit sectioning within any narrative block, I can adjust the language accordingly. The transcript data provided does not include actual management quotes; as a result, transcript-based insights and quotes could not be sourced. The analysis reflects that reality and grounds conclusions in the disclosed financials and balance sheet. If you can provide the earnings call transcript or a link to management commentary, I can augment the transcript highlights, quotes, and theme-based analysis accordingly.} }{{
Key Investment Factors
Growth Potential
Growth is contingent on a successful de-SPAC transaction. If a high-quality target is identified and a transaction closes with favorable terms and financing, the company could unlock significant upside through value realization in the combined entity. Absent a deal, growth potential remains largely theoretical given the lack of current operations and revenue.
Profitability Risk
Key risks include continued no-revenue operation, rapid depletion of the minimal cash balance, ongoing negative equity, and dependence on external financing for any de-SPAC transaction. Regulatory and shareholder approval risks, as well as market volatility impacting SPAC activity, are material threats. Dilution risk persists if additional equity is raised to fund a merger.
Financial Position
Financial position is fragile: cash and cash equivalents of $247, negative equity of -$3.22 million, total liabilities of $14.89 million, and net debt of $4.02 million. Liquidity ratios are severely depressed (current ratio 0.0107), indicating an inability to meet short-term obligations without external financing. The balance sheet suggests the company is in a prepurchase/de-SPAC stage requiring a successful merger to stabilize equity value.
SWOT Analysis
Strengths
Nasdaq Capital Market listing provides visibility and liquidity access for future de-SPAC activities.
Sponsor and corporate structure may facilitate a potential merger or asset acquisition trajectory once a target is identified.
Weaknesses
No disclosed revenue or gross margin; persistent net losses.
Extreme liquidity constraints: cash of $247 and current ratio of 0.0107.
Negative stockholders’ equity and a sizable current and non-current liability burden.
Reliance on external financing to fund a de-SPAC transaction; high dilution risk.
Opportunities
Potential de-SPAC with a high-quality strategic target in Financial Services or adjacent sectors.
Market environment favorable to SPACs could support a timely deal if a credible target is found and financing secured.
Threats
Extended target search timeline leading to prolonged cash burn or potential dissolution.
Financing risk and market volatility affecting de-SPAC viability.
Regulatory and shareholder approval risk in any proposed merger.