Integrated Ventures Inc (INTV) reported QQ4 2023 results that show a modest revenue uptick on a year-over-year basis but a continuation of deep profitability challenges and liquidity stress. Revenue for QQ4 2023 totaled $1.496 million, up 304% year over year vs. the prior-year Q4, driven by continued mining activity and related services. However, gross profit was negative by $0.907 million, yielding a gross margin of -60.6%. The company posted an operating loss of $22.113 million and a net loss of $22.143 million for the quarter, structure largely driven by oversized operating expenses and non-cash items, most notably stock-based compensation of $14.75 million in the period, along with depreciation/amortization of $1.306 million. EBITDA was deeply negative at $(20.814) million, and the EBITDA margin stood at about -13.91%. The balance sheet reflects material liquidity and solvency risks, including cash and cash equivalents of $0.258 million, total current liabilities of $2.975 million against meager current assets of $0.265 million, and negative shareholders’ equity of approximately $(0.510) million. Net debt stood at roughly $(0.242) million on a $0.5 million gross debt load, signaling a fragile liquidity position. CFO was negative at $(1.193) million, and free cash flow was $(1.161) million for the quarter, underscoring continued cash burn.
Notably, later-quarter data incorporated into the four-quarter view shows some early signs of operational improvement in 2024, with the EBITDA turning positive in 2024-Q2 to $0.415 million on revenue of $1.728 million and a net loss narrowing to approximately $(0.562) million. While this indicates some leverage from cost structure changes or one-off items, it remains insufficient to declare a sustainable earnings trajectory absent further cost discipline, scalable revenue growth, or favorable commodity/macro conditions. The lack of management-provided forward guidance in the data limits visibility, so investors must weigh the historical cash burn and negative equity against any emerging operational signals and potential financing options.