International Media (IMAQU) Q1 2025 Earnings Report

IMAQU, a shell company pursuing a business combination in the media and entertainment sector, reported a QQ1 2025 period characterized by negative earnings and a precarious liquidity position. Operating losses persisted (-$270,890 EBITDA; -$270,890 operating income) as the company incurred a modest level of G&A expense ($220,890) and other expenses ($50,000). Net income came in at -$154,867 and earnings per share were -$0.0206, reflecting the SPAC’s lack of operating revenue and ongoing costs associated with the de-SPAC lifecycle.

Cash flow remained distressful, with -$431,597 generated from operating activities, and only $510,800 raised via financing activities to fund the burn, leaving end-of-period cash at $247. The balance sheet shows a leveraged and fragile financial position: total liabilities of $14.885 million versus total assets of $11.647 million, and negative stockholders’ equity of -$3.220 million. Short-term debt stood at $4.018 million, and net debt was approximately $4.018 million. Given the absence of reported revenue and the need to complete a successful merger or strategic reorganization, investors should monitor deal progress, sponsor support, and the potential for redemptions that could materially impact liquidity and equity value.

Overall, the QQ1 2025 results underscore the typical risk profile of a SPAC in the pre-deal phase: value realization hinges on identifying a compelling target, achieving a favorable de-SPAC outcome, and managing dilution and redemption risk in a capital-constrained environment.