Executive Summary
International Media Acquisition Corp (IMAQW) reports a negative but relatively small quarterly bottom line for QQ1 2026, with no revenue recorded in the quarter. Operating loss stands at $140,043 and net income at $(120,079), driven by ongoing G&A expenses of $113,843 and other operating costs. The company’s balance sheet shows material liquidity and leverage pressures: cash and cash equivalents of $161,374 versus short-term debt of $5,163,883 and total liabilities of $15,200,657, resulting in negative stockholders’ equity of $(11,604,806). A substantial portion of assets is in long-term investments ($3,421,588), which may provide optionality but do not address near-term cash burn. Despite negative earnings, reported YoY and QoQ improvements in operating income (YoY +70.65%, QoQ +29.15%) and net income (YoY +54.84%, QoQ +24.98%) suggest some margin stabilization in a difficult SPAC environment; however, the earnings trajectory remains highly contingent on completing a de-SPAC with a suitable target and securing additional capital if needed. Absent a timely and value-enhancing business combination, IMAQW faces persistent liquidity risk and structural deficits that could threaten continuity or necessitate strategic restructuring.
Key Performance Indicators
Key Insights
Revenue: Not reported in QQ1 2026 (N/A). YoY and QoQ metrics for revenue are not available.
Operating Income: $(140,043); YoY change +70.65%; QoQ change +29.15%. This reflects ongoing cost structure while top-line remains absent, implying limited operating leverage and heavy fixed costs typical of shell/SPAC structures.
Net Income: $(120,079); YoY change +54.84%; QoQ change +24.98%. The improvement is modest in absolute terms and remains deeply negative, underscoring a lack of revenue-genera...
Financial Highlights
Revenue: Not reported in QQ1 2026 (N/A). YoY and QoQ metrics for revenue are not available.
Operating Income: $(140,043); YoY change +70.65%; QoQ change +29.15%. This reflects ongoing cost structure while top-line remains absent, implying limited operating leverage and heavy fixed costs typical of shell/SPAC structures.
Net Income: $(120,079); YoY change +54.84%; QoQ change +24.98%. The improvement is modest in absolute terms and remains deeply negative, underscoring a lack of revenue-generation momentum.
EPS: $(0.02); YoY not available; QoQ +6.10%. The positive QoQ delta is a small step toward alignment with cash burn but remains negative in annual performance.
Other notable items: Total Other Income/Expenses Net = $22,511 (+). Earnings per share reflect a diluted basis of 6,863,594 shares outstanding.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-140.04K |
70.65% |
29.15% |
| Net Income |
-120.08K |
54.84% |
24.98% |
| EPS |
-0.02 |
N/A |
6.10% |
Management Commentary
No earnings call transcript content was provided in the data set. As a result, there are no themes or management quotes to distill into strategy, operations, or market-condition insights. Investors should expect management commentary to address de-SPAC timing, target diligence, and capital strategy in future disclosures.
No earnings call transcript content provided.
— N/A
No earnings call transcript content provided.
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Forward Guidance
There is no explicit forward guidance included in the QQ1 2026 filing. Given the SPAC morphology, guidance typically centers on progress toward a business combination, capital-raising plans, and sanctions/timeline for completing a de-SPAC. In the absence of stated targets, the forward outlook hinges on:
- Likelihood and timing of a merger with a qualifying target in the media/advertising or related sectors;
- Ability to secure additional funding or redeeming shareholders’ capital to meet near-term liquidity needs;
- Market conditions for SPAC financings and the target's strategic fit.
Assuming a de-SPAC occurs within the next 12–24 months, investors would monitor the quality of the target, the structure of the new operating company, and the post-merger balance sheet; otherwise, liquidity risk and potential capital deterioration remain elevated.
Key factors to monitor: redemption rate dynamics, remaining trust/cash balance, any announced financing plans, and progress on target screening and due diligence.