Executive Summary
IQ2 2025 for International Media Acquisition Corp (IMAQW) presents a challenging liquidity and profitability profile typical of a SPAC operating as a shell company seeking a business combination. The quarter shows no reported revenue, an operating loss of $202,957, and a net loss of $170,303 ($0.0226 per share). Operating cash flow was negative at $109,142, while financing activities generated $168,895, resulting in a net cash change of -$247 (with starting cash of $247). The balance sheet reveals total assets of $11.849 million against total liabilities of $15.240 million and negative stockholders’ equity of -$3.390 million, signaling meaningful leverage and limited remaining cushion for near-term liquidity needs. Enduring concerns about liquidity, external financing discretion, and the absence of revenue underscore a high-risk, high-uncertainty investment profile until a value-creating business combination is executed. Management commentary, if provided, would be critical to reassessing the runway and strategic direction; however, no earnings transcript was available in the provided data to date.
Key Performance Indicators
Key Insights
Revenue: N/A (no revenue reported this quarter).
Operating Income: -$202,957; YoY +66.44%, QoQ +25.08% (note: BASE is negative; absolute dollar losses persist).
Net Income: -$170,303; YoY +56.80%, QoQ -9.97% (same caveat on negative base).
EPS: -$0.0226; YoY +51.40%, QoQ -9.71%.
Operating Cash Flow: -$109,142; Free Cash Flow: -$109,142.
Cash from Financing Activities: +$168,895; Net Change in Cash: -$247; Cash at Beginning: $247; Cash at End: Not disclosed.
Balance Sheet: Total Assets $11,849,08...
Financial Highlights
Revenue: N/A (no revenue reported this quarter).
Operating Income: -$202,957; YoY +66.44%, QoQ +25.08% (note: BASE is negative; absolute dollar losses persist).
Net Income: -$170,303; YoY +56.80%, QoQ -9.97% (same caveat on negative base).
EPS: -$0.0226; YoY +51.40%, QoQ -9.71%.
Operating Cash Flow: -$109,142; Free Cash Flow: -$109,142.
Cash from Financing Activities: +$168,895; Net Change in Cash: -$247; Cash at Beginning: $247; Cash at End: Not disclosed.
Balance Sheet: Total Assets $11,849,083; Total Liabilities $15,239,879; Total Stockholders’ Equity -$3,390,796.
Liquidity/Ratios: Current Ratio 0.00677; Quick Ratio 0.00677; Debt $4,186,927; Net Debt $4,186,927; Enterprise Value Negative; Price/Book Negative; Leverage high relative to equity; Governance/Transparency signals limited by lack of revenue.
Earnings Power/Valuation: Enterprise Value Multiple -20.63; Price/Book -24.09; Price/Earnings Negative; SPAC nature makes traditional valuation metrics less informative.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-202.96K |
66.44% |
25.08% |
| Net Income |
-170.30K |
56.80% |
-9.97% |
| EPS |
-0.02 |
51.40% |
-9.71% |
Management Commentary
No earnings call transcript available in the provided data. Consequently, there are no management quotes or thematic highlights to extract from an earnings call for QQ2 2025. If a transcript becomes available, the highlights should be organized by themes (strategy, operations, market conditions) with context and implications included.
Forward Guidance
Management did not provide explicit numeric targets in the supplied data. Given the SPAC structure, forward guidance for IMAQW typically hinges on securing a qualified business combination and extending liquidity runway until close. Potential catalysts include announcement of due diligence on a high-quality target, financing arrangements to bridge into a merger, and favorable market conditions for SPACs. In the absence of targeted guidance, investors should monitor: (1) progress toward identifying and negotiating a merger target in Financial Services or related sectors, (2) redemption rates and new equity financing to bolster liquidity, (3) any interim regulatory or sponsor actions that could affect timing, and (4) changes in market sentiment toward shell companies and SPAC mergers. The achievability of any near-term guidance remains highly contingent on deal flow and capital markets timing.