IGC posted a revenue increase in QQ4 2024, with revenue of 0.295 million, up 77.7% year over year and 44.6% quarter over quarter. Despite the top-line improvement, the company continued to generate meaningful losses, recording an EBITDA of -2.006 million and a net income of -2.885 million (EPS -0.0436). The gross margin was a solid 57.97%, driven by a lean cost of revenue base (124k) relative to revenue, but operating expenses remained outsized due to R&D and SG&A investments (855k and 1.486 million respectively), resulting in an operating loss of -2.17 million and a negative net margin of -9.78%. Free cash flow was negative at -0.851 million, and operating cash flow was -0.526 million, pointing to ongoing cash burn despite a limited capex outlay of -0.325 million.
From a balance sheet perspective, IGC carried cash of 1.198 million against total debt of about 0.345 million and net debt of -0.853 million, with total assets of 9.902 million and total stockholders’ equity of 7.321 million. Liquidity metrics show a current ratio of 1.58, a quick ratio of 0.93, and a cash ratio of 0.51, indicating modest near-term liquidity but a fragile earnings trajectory. The company’s valuation signals remain elevated relative to its revenue base (price-to-sales ~106.8x) and book value (~4.3x), underscoring the high-risk, high-variance profile of a microcap with limited scale.
Management commentary for QQ4 2024 is not reflected in the available transcript data; no earnings-call quotes were provided in the supplied materials. Given the current dataset, the near-term path hinges on continued monetization of R&D investments, potential product-line commercialization in life sciences and CBD-based offerings, and any future contract wins in infrastructure-related activities. Investors should monitor cash burn dynamics, any new revenue catalysts, and potential dilution risks if further financing is pursued.