The company exhibits a structural margin deficit, evidenced by a gross margin that reached a low of -59.3% in 2025Q4, reflecting an inability to cover direct costs.
| Sales/Revenue | 39K | 32K | 2.33M | 0 | 50K | 50K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | -98.63% | - | -100% | 0% | - | - | - | - | - |
| Cost of Goods Sold | 719K | 424K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 1325% | - | - | - | - | - | - | - | - |
| Gross Profit | -680K | -392K | 2.33M | 0 | 50K | 50K | 0 | 0 | 0 | 0 |
| Gross Margin % | -1743.59% | -1225% | 100% | - | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | -116.82% | - | -100% | 0% | - | - | - | - | - |
| Operating Expenses | 3.92M | 3.88M | 1.78M | 4.03M | 3.45M | 3.45M | 1.14M | 680.02K | 68.85K | 176.23K |
| OpEx % of Revenue | - | 12118.75% | 76.33% | - | 6908% | 6908% | - | - | - | - |
| Selling, General & Admin | 3.15M | 1.98M | 1.02M | 1.1M | 1.05M | 1.05M | 487.38K | 237.72K | 68.85K | 176.23K |
| SG&A % of Revenue | - | 6175% | 43.65% | - | 2094% | 2094% | - | - | - | - |
| Research & Development | 283K | 340K | 91.77K | 1.69M | 1.23M | 1.23M | 653.63K | 442.3K | 0 | 0 |
| R&D % of Revenue | - | 1062.5% | 3.94% | - | 2452% | 2452% | - | - | - | - |
| Other Operating Expenses | 480K | 1.56M | 670.05K | 1.24M | 1.18M | 1.18M | 0 | 0 | 0 | 0 |
| Operating Income | -4.59M | -4.27M | 551.66K | -4.03M | -3.4M | -3.4M | -1.14M | -680.02K | -33.86K | 63.95K |
| Operating Margin % | -11782.05% | -13343.75% | 23.67% | - | -6808% | -6808% | - | - | - | - |
| Operating Income Growth % | - | -874.02% | - | -18.33% | 0% | -198.33% | -67.79% | -1908.28% | -152.95% | - |
| EBITDA | -3.45M | -3.13M | 895.13K | -2.91M | -2.29M | -2.29M | 0 | 0 | 138K | 225.09K |
| EBITDA Margin % | -8841.03% | -9765.63% | 38.4% | - | -4582% | -4582% | - | - | - | - |
| EBITDA Growth % | - | -449.11% | - | -26.93% | 0% | - | - | -100% | -38.69% | - |
| D&A (Non-Cash Add-back) | 1.15M | 1.15M | 343.46K | 1.12M | 1.11M | 1.11M | 1.14M | 680.02K | 171.86K | 161.14K |
| EBIT | -14.94M | -13.66M | -1.88M | -3.96M | -7.41M | -7.41M | -1.14M | -680.02K | 0 | 0 |
| Net Interest Income | -508K | -780K | -163.26K | -431K | -438K | -438K | 0 | 562 | 5.73K | 8.12K |
| Interest Income | 14K | 13K | 5.69K | 13K | 24K | 24K | 0 | 562 | 5.73K | 8.12K |
| Interest Expense | 522K | 793K | 168.95K | 444K | 462K | 462K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -10.86M | -10.18M | -2.6M | -379K | -4.47M | -4.47M | 0 | -169.21K | -34.99K | -240.18K |
| Pretax Income | -15.46M | -14.45M | -2.05M | -4.41M | -7.88M | -7.88M | -1.14M | -849.24K | -98.11K | -408.29K |
| Pretax Margin % | -39630.77% | -45156.25% | -88.01% | - | -15752% | -15752% | - | - | - | - |
| Income Tax | -2.58M | -2.58M | 0 | 0 | -621K | -621K | -104.34K | 0 | 0 | 0 |
| Effective Tax Rate % | 16.72% | 17.85% | 0% | 0% | 7.88% | 7.88% | 9.14% | 0% | 0% | 0% |
| Net Income | -12.86M | -11.84M | -2.05M | -4.34M | -7.05M | -7.05M | -760.07K | -590.08K | -98.11K | -408.29K |
| Net Margin % | -32969.23% | -36993.75% | -88.01% | - | -14102% | -14102% | - | - | - | - |
| Net Income Growth % | - | -477.02% | - | 38.51% | 0% | -827.68% | -28.81% | -501.45% | 75.97% | - |
| Net Income (Continuing) | -12.87M | -11.87M | -2.05M | -4.41M | -7.25M | -7.25M | -1.04M | -849.24K | -98.11K | -408.29K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.25M | 2.95M | 2.98M | 3.04M | 3.11M | 3.31M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -0.38 | -0.01 | -0.01 | -0.61 | -0.61 | -0.01 | -0.01 | -0.01 | -0.04 |
| EPS Growth % | - | -3700% | - | 98.36% | 0% | -5548.15% | -8% | 0% | 75% | - |
| EPS (Basic) | - | -0.38 | -0.01 | -0.01 | -0.61 | -0.61 | -0.01 | -0.01 | -0.01 | -0.04 |
| Diluted Shares Outstanding | 107.79M | 31.55M | 41.75M | 191.3M | 11.5M | 60.25M | 70.5K | 11.83M | 9.81M | 10.21M |
| Basic Shares Outstanding | 107.79M | 31.55M | 41.75M | 191.3M | 11.5M | 11.5M | 70.5K | 11.83M | 9.81M | 10.21M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As reported in recent financial filings, Impact BioMedical's revenue has effectively evaporated, with quarterly figures frequently hitting zero and TTM revenue totaling a nominal $32,000, indicating that the company has failed to establish a repeatable or scalable commercial model for its diverse intellectual property portfolio.
The absence of consistent top-line growth suggests that the company's licensing efforts for its Linebacker and Laetose platforms have not yet reached market validation. Investors should monitor whether these sporadic revenue events are genuine commercial milestones or merely non-recurring, related-party transactions that mask a lack of underlying business activity.
Based on the provided income statement data, the company's gross margin has frequently fluctuated in negative territory, reaching as low as -59.3% in 2025Q4, which highlights a fundamental inability to cover the direct costs associated with maintaining its laboratory and patent-related operations at current revenue levels.
These extreme negative margins imply that the cost of maintaining the company's IP infrastructure far outweighs any income generated from its speculative segments. Without a pivot to a high-margin royalty model, the current cost structure appears unsustainable and suggests that the firm is operating as a distressed shell rather than a commercial entity.
According to historical income statements, the company consistently records operating losses, such as the $2.3 million loss in 2026Q1, demonstrating that SG&A and R&D expenditures are not scaling with revenue, but rather functioning as fixed costs that continue to erode the firm's limited capital base.
The lack of operating leverage indicates that management has not successfully optimized its overhead to align with its current pre-revenue status. The persistent reliance on high SG&A relative to negligible income suggests that the company may be prioritizing administrative survival over the efficient development of its clinical pipeline.
As evidenced by the erratic net income swings, including a $5.2 million gain in 2025Q4 followed by a $14.3 million loss in 2025Q2, the company's bottom line is heavily influenced by non-operating items rather than core business performance, rendering traditional EPS metrics largely meaningless for valuation purposes.
These significant fluctuations suggest that reported net income is likely distorted by accounting adjustments or non-recurring items rather than sustainable operational improvements. Investors should be wary of these anomalies, as they appear to obscure the reality of a company struggling to maintain its going-concern status.
While some may argue that the company's diverse patent portfolio holds hidden value, the financial data suggests that the firm's $3,000 cash balance and lack of revenue create an existential risk that likely precludes the company from reaching the commercialization phase without significant, dilutive capital raises.
The short-seller perspective would focus on the high probability that the company's assets are either encumbered or insufficient to attract a strategic buyer. The current financial trajectory warrants extreme caution, as the company appears to be running out of the runway required to prove the efficacy of its proprietary compounds.
Quick answers to the most common questions about buying IBO stock.
For fiscal year 2025, Impact BioMedical Inc. (IBO) reported total revenue of $0.0M.
Impact BioMedical Inc. (IBO) reported a net loss of $11.8M for the fiscal year ending 2025.
Impact BioMedical Inc. (IBO) reported an operating income of $-4.3M, resulting in an operating profit margin of -13343.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Impact BioMedical Inc. (IBO) generated $-0.4M in gross profit for the year, representing a gross profit margin of -1225.0%. This demonstrates the company's core pricing power and production efficiency.