International Media
IMAQ
$10.20 -0.29%
Exchange: OTC | Sector: Financial Services | Industry: Shell Companies
Q4 2024
Published: Aug 8, 2024

Earnings Highlights

  • Net income of -265.92K
  • "N/A" - N/A

International Media Acquisition Corp (IMAQ) QQ4 2024 Results — SPAC Shell Profile: Minimal Revenue, Elevated Leverage, and Constrained Liquidity in a Media/Sector Context

Executive Summary

IMAQ entered QQ4 2024 with effectively no operating business and no reported revenue. The quarter shows a negative EBITDA of $477,077, driven entirely by operating expenses that equaled the stated line item “otherExpenses” of $477,077 and a $0 revenue base. Total other income of $290,633 partially offset the operating loss, but the bottom line remained a net loss of $265,919 after taxes. QoQ, operating income improved to -$477,077 from -$731,550 in the prior quarter, yielding a 34.8% QoQ improvement, while net income improved 44.2% QoQ to -$265,919. YoY, operating income deteriorated by about 501.7% and net income declined by roughly 182.4%, underscoring the absence of meaningful operating momentum in the period and the dependence on one-off or non-operating items for any marginal improvement. From a cash-flow perspective, operating cash flow was deeply negative at -$659,435, with recast working capital effects of -$217,567 and an outflow of -$268,086 from accounts payable. The company reported a substantial non-cash/financing-related activity: net investing inflows of $10.842 million (likely non-operational or one-time items) and financing outflows of $10.183 million, resulting in a net cash decrease of only $133 in the period. Cash at period-end stood at $1,044. Balance sheet strength is a primary concern: total assets of $11.39 million versus total liabilities of $14.46 million yield negative stockholders’ equity of $-3.07 million. The current ratio and quick ratio both sit near zero (0.0047), signaling extreme liquidity risk for ongoing operations. Short-term debt of $3.51 million dominates current liabilities of $6.38 million, with non-current liabilities totaling $8.08 million, underscoring a highly levered, shell-structure profile typical of blank-check vehicles. Given the company’s stated strategic objective to effect a business combination in the media/entertainment sector, the QQ4 2024 results highlight the inherent risk/reward profile of IMAQ: the vehicle remains a financing and deal-arbitrage instrument rather than a revenue-generating business. Absent a tangible, sponsor-backed target and a close-to-market transaction, the investment thesis remains highly dependent on governance, capital-raising capacity, and successful due diligence into a value-accretive target. Management-specific commentary is not available in the provided transcript data, limiting the ability to quote directly; as such, investors should closely monitor any forthcoming earnings calls or regulatory disclosures for updates on target pipeline, financing plans, and any material deviations from the base-case SPAC-like path.

Key Performance Indicators

Operating Income

-477.08K
QoQ: 34.79% | YoY:-501.71%

Net Income

-265.92K
QoQ: 44.24% | YoY:-182.43%

Revenue Trend

Margin Analysis

Key Insights

Revenue: not reported (null) for QQ4 2024; no cost of revenue reported. EBITDA: -$477,077; Operating Income: -$477,077; Net Income: -$265,919. QoQ (vs prior quarter): Operating Income improved by 34.79%; Net Income improved by 44.24%. YoY comparisons are not directly arithmetic due to the SPAC/quarterly reporting context, but the stated YoY changes are: Operating Income YoY -501.71%; Net Income YoY -182.43%. Key cash flow metrics: Operating cash flow -$659,435; Free cash flow -$659,435; Net cha...

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2026 0.00 -0.02 +0.0% View
Q3 2025 0.00 -0.02 +0.0% View
Q2 2025 0.00 -0.02 +0.0% View
Q1 2025 0.00 -0.02 +0.0% View
Q4 2024 0.00 0.00 +0.0% View