International Media (IMAQ) Q3 2025 Earnings Report

- IMAQ remains a non-operating SPAC shell in QQ3 2025, reporting a Q3 fiscal period with no reported revenue and a modest operating deficit driven by fixed G&A and other expenses. The quarter shows an operating loss of 197,668 USD and a net loss of 160,073 USD, with EPS of -0.0213. The business model continues to hinge on completing a merger or other business combination in the media & entertainment space, rather than generating organic revenue today.
- Balance sheet and liquidity metrics underscore meaningful risk: total assets of 12.0 million USD vs total liabilities of 23.56 million USD yield a negative stockholders’ equity of -11.56 million USD. Liquidity is severely constrained (current ratio ~0.0018; quick ratio ~0.0018), and there is limited cash on hand. The company relies on financing activity to fund investments, evidenced by net cash provided by financing activities of 440.57 million USD, offset by substantial investing outflows and a negative operating cash flow (−441,469 USD for the period).
- The near-term investment thesis remains contingent on a successful business combination with a credible media/entertainment target. Absent a closing transaction, IMAQ faces elevated redemption risk, further capital-raising pressure, and potential erosion of investor value given the negative equity base and limited operating runway. The lack of a management-call transcript in the provided data constrains the qualitative read-through, so the outlook is anchored on the stated corporate profile and the disclosed financials.