Executive Summary
IMAQ remains a pure-play SPAC shell with no operating revenue in QQ1 2026. Reported results show a negative operating income of $-140,043 and a net loss of $-120,079 for the quarter, translating to an EPS of $-0.02. Administrative and other operating costs dominated the expense mix (G&A $113,843; other expenses $26,200), underscoring the typical cash burn profile of pre-merger SPACs. The company carries a modest cash balance of $161k but faces a substantial balance-sheet gap: total liabilities of $15.20 million versus total assets of $3.60 million and negative stockholders’ equity of $-11.60 million, with net debt of approximately $5.00 million.
Key Performance Indicators
Key Insights
Revenue: null; Gross Profit: null; Operating Income: -$140,043; Net Income: -$120,079; EPS: -$0.02; Weighted Avg Shares: 6,863,594. Liquidity and leverage indicators: cash and cash equivalents $161,374; total current assets $174,263; total current liabilities $7,119,578; total debt $5,163,883; net debt $5,002,509. Liquidity health is extremely weak with a current ratio near 0.02x and a quick ratio similarly depressed. Equity is negative at -$11,604,806, implying a fragile capital structure. YoY ...
Financial Highlights
Revenue: null; Gross Profit: null; Operating Income: -$140,043; Net Income: -$120,079; EPS: -$0.02; Weighted Avg Shares: 6,863,594. Liquidity and leverage indicators: cash and cash equivalents $161,374; total current assets $174,263; total current liabilities $7,119,578; total debt $5,163,883; net debt $5,002,509. Liquidity health is extremely weak with a current ratio near 0.02x and a quick ratio similarly depressed. Equity is negative at -$11,604,806, implying a fragile capital structure. YoY and QoQ metrics shown in the incomeMetrics section indicate positive percentage changes for operating income (YoY 70.65%, QoQ 29.15%) and net income (YoY 54.84%, QoQ 24.98%), but these figures accompany still-negative absolute earnings and zero topline revenue, limiting interpretability as structural improvements.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-140.04K |
70.65% |
29.15% |
| Net Income |
-120.08K |
54.84% |
24.98% |
| EPS |
-0.02 |
N/A |
6.10% |
Management Commentary
No earnings transcript data provided in the input. Consequently, there are no management quotes or theme-based highlights available from an earnings call for QQ1 2026. In the absence of transcript insights, the analysis relies on the disclosed financials and the SPAC governance context (pre-merger costs, lack of revenue, and reliance on securing a business combination).
Forward Guidance
Management did not issue explicit forward guidance in the QQ1 2026 materials. As a SPAC, the core forward-looking variable is the ability to identify and complete a merger with a media/entertainment target that delivers meaningful value creation. Investor-facing catalysts would include announced targets, updated deal terms, and capital commitments or trust fund dynamics. Given the current liquidity constraints (cash $161k against current liabilities of ~$7.12 million and negative equity), near-term guidance would realistically center on progress toward a viable merger, potential equity or debt financing arrangements, and the anticipated closing timeline. The achievability of any guidance hinges on securing a high-quality target with compelling strategic fit and favorable financing terms.