Executive Summary
IMAQ reported a QQ1 2025 net loss of $154,867 with an operating loss of $270,890 and an EBITDA of -$270,890. Revenue was not disclosed in the period, reflecting the company’s ongoing shell status. Cash burn from operations was substantial at $431,597, and the firm ended the period with minimal cash of $247. The balance sheet shows total assets of $11.66 million against liabilities of $14.89 million, yielding negative shareholders’ equity of $-3.22 million. Liquidity metrics are acutely strained: current ratio of 0.0107 and cash ratio near zero, underscoring near-term funding risk. Financing activities contributed $510,800 to liquidity, while net debt stood at $4.02 million. Year-over-year metrics indicate a meaningful deterioration in operating income (-328.1% YoY) and net income (-148% YoY), although QoQ signs point to some stabilization in earnings as costs remain elevated while the company pursues a potential business combination. The investment thesis remains highly contingent on a successful de-SPAC transaction and incremental outside financing; without a credible target and capital runway, the stock remains highly speculative.
Key Performance Indicators
QoQ: 43.22% | YoY:-328.09%
QoQ: 41.76% | YoY:-148.00%
Key Insights
Revenue: Not disclosed for QQ1 2025 (no reported revenue in the period). Gross Profit: Not reported. Operating Income: -$270,890; YoY change -328.09%; QoQ change +43.22%. Net Income: -$154,867; YoY change -148.00%; QoQ change +41.76%. EBITDA: -$270,890. EPS/Diluted: -$0.0206; YoY change -151.50%; Weighted Average Shares: 7,522,430. Cash Flow from Operations: -$431,597; Free Cash Flow: -$431,597. Net cash provided by financing activities: +$510,800. Cash at end of period: $247. Total assets: $11,...
Financial Highlights
Revenue: Not disclosed for QQ1 2025 (no reported revenue in the period). Gross Profit: Not reported. Operating Income: -$270,890; YoY change -328.09%; QoQ change +43.22%. Net Income: -$154,867; YoY change -148.00%; QoQ change +41.76%. EBITDA: -$270,890. EPS/Diluted: -$0.0206; YoY change -151.50%; Weighted Average Shares: 7,522,430. Cash Flow from Operations: -$431,597; Free Cash Flow: -$431,597. Net cash provided by financing activities: +$510,800. Cash at end of period: $247. Total assets: $11,664,869; Total liabilities: $14,885,362; Shareholders’ equity: -$3,220,493. Debt: $4,018,032; Net debt: $4,017,785. Current ratio: 0.0107; Quick ratio: 0.0107; Cash ratio: 0.0000363. Key profitability ratios are negative given the shell-operating construct; YoY and QoQ metrics reflect the absence of realized revenue and ongoing de-SPAC expenses.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-270.89K |
-328.09% |
43.22% |
| Net Income |
-154.87K |
-148.00% |
41.76% |
| EPS |
-0.02 |
-151.50% |
N/A |
Key Financial Ratios
operatingCashFlowPerShare
$-0.06
freeCashFlowPerShare
$-0.06
priceEarningsRatio
-139.65
Management Commentary
Note: The dataset provides no earnings-call transcript for QQ1 2025. As a result, management commentary and theme-based insights from the call are not available in the provided material. Summary analysis below relies on disclosed financials and sector context rather than direct quotes.
Transcript not provided
— N/A
Transcript not provided
— N/A
Forward Guidance
No management guidance is disclosed in the provided materials. Given the SPAC/shell structure, forward-looking commentary from peers often centers on the status of identifying a qualifying business combination, timing, fund-raising plans, and regulatory considerations. Absent explicit guidance from IMAQ, the forward outlook hinges on securing a credible media/entertainment target and additional funding arrangements to support a de-SPAC transaction. Our assessment: until a transaction is announced and financed, visibility remains low with material execution risk and potential further dilution.