Revenue plummeted to $6.3 million in 2026Q1, while gross margins compressed to 16.3%, reflecting significant challenges in managing landed costs for premium flower.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 |
|---|
| Sales/Revenue | 44.12M | 54.73M | 54.03M | 48.8M | 54.34M | 34.05M | 15.89M | 9.07M | 5.2M | 4.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -18.99% | 1.3% | 10.71% | -10.18% | 59.56% | 114.3% | 75.12% | 74.6% | 18.3% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 36.87M | 45.05M | 45.58M | 38.96M | 45.17M | 27.72M | 5.42M | 5.14M | 999K | 1.59M | 0 | 514 | 5.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 82.3% | 84.36% | 79.83% | 83.14% | 81.4% | 34.12% | 56.7% | 19.22% | 36.19% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 7.25M | 9.69M | 8.45M | 9.85M | 9.16M | 6.33M | 10.47M | 3.93M | 4.2M | 2.8M | 0 | -514 | -5.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 16.43% | 17.7% | 15.64% | 20.17% | 16.86% | 18.6% | 65.88% | 43.3% | 80.78% | 63.81% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 14.61% | -14.17% | 7.47% | 44.67% | -39.5% | 166.43% | -6.41% | 49.77% | - | 100% | 90.84% | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 15.79M | 21.27M | 18.68M | 22.64M | 39.95M | 29.37M | 18.71M | 14.2M | 2.74M | 1.81M | 15.25K | 44.47K | 221.17K | 218.96K | 302.5K | 522.29K | 675.73K | 1.32M | 1.55M | 367.12K | 351.13K | 350.49K | 424.86K | 409.32K |
| OpEx % of Revenue | - | 38.87% | 34.58% | 46.39% | 73.53% | 86.24% | 117.77% | 156.54% | 52.8% | 41.18% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 12.74M | 12.94M | 13.28M | 19.03M | 28.91M | 28.09M | 18.71M | 10.34M | 3.03M | 124.91K | 15.25K | 43.96K | 221.17K | 213.99K | 288.9K | 506.38K | 655.07K | 1.31M | 1.4M | 356.9K | 348.85K | 347.96K | 420.9K | 405.36K |
| SG&A % of Revenue | - | 23.64% | 24.58% | 39% | 53.2% | 82.5% | 117.77% | 113.94% | 58.3% | 2.84% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 136K | 233K | 83K | 0 | 0 | 0 | 0 | 0 | 1.12K | 1.36K | 3.64K | 0 | 139.43K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 0.86% | 2.57% | 1.6% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 975.34K | 8.34M | 5.41M | 3.61M | 11.05M | 1.27M | -136K | 3.63M | -369K | 1.68M | 0 | 514 | 0 | 4.97K | 12.48K | 14.56K | 17.02K | 12.61K | 14.57K | 10.22K | 2.29K | 2.52K | 3.96K | 3.96K |
| Operating Income | -8.54M | -11.59M | -10.23M | -12.79M | -30.79M | -23.04M | -8.24M | -10.28M | 3.08M | -125K | -15.25K | -44.47K | -227K | -218.96K | -303K | -522.29K | -675.73K | -1.32M | -1.55M | -367K | -543K | -777K | -424.86K | -991K |
| Operating Margin % | -19.36% | -21.17% | -18.94% | -26.21% | -56.67% | -67.64% | -51.89% | -113.24% | 59.32% | -2.85% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -13.22% | 20% | 58.46% | -33.67% | -179.38% | 19.76% | -433.28% | 2566.4% | -719.67% | 65.71% | 80.41% | -3.67% | 27.74% | 41.99% | 22.71% | 48.82% | 14.77% | -322.07% | 32.41% | 30.12% | -82.88% | 57.13% | - |
| EBITDA | -6.92M | -9.63M | -8.05M | -9.8M | -23.46M | -17.31M | -7.32M | -9.67M | 3.26M | -44K | 7.57K | -43.96K | -221.39K | -208.8K | -283.12K | -507.73K | -658.71K | -1.31M | -1.53M | -356.78K | -540.71K | -774.48K | -420.9K | -987.04K |
| EBITDA Margin % | -15.68% | -17.6% | -14.9% | -20.07% | -43.18% | -50.82% | -46.04% | -106.61% | 62.79% | -1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 49.79% | -19.64% | 17.82% | 58.24% | -35.56% | -136.58% | 24.38% | -396.48% | 7515.91% | -681.55% | 117.21% | 80.15% | -6.03% | 26.25% | 44.24% | 22.92% | 49.62% | 14.78% | -330.05% | 34.02% | 30.18% | -84.01% | 57.36% | - |
| D&A (Non-Cash Add-back) | 1.63M | 1.96M | 2.18M | 3M | 7.33M | 5.73M | 930K | 601K | 180K | 81K | 22.82K | 514 | 5.61K | 10.16K | 19.88K | 14.56K | 17.02K | 12.61K | 14.65K | 10.22K | 2.29K | 2.52K | 3.96K | 3.96K |
| EBIT | -6.66M | -8.9M | -8.33M | -5.79M | -24.09M | 509K | -7.97M | -6.62M | 3.08M | -125K | -15.25K | -45.11K | -79.61K | -241.1K | -10.04M | -519.77K | -669.18K | -1.32M | -1.41M | -762K | -611K | -347K | -376.43K | -402K |
| Net Interest Income | -608.28K | -2.76M | -2.56M | 3.33M | 4.73M | 22.87M | -20.23M | 2.95M | -84K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.87M | 0 | 1.91M | 7.01M | 6.7M | 23.54M | 277K | 3.65M | 84K | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.05K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.48M | 2.76M | 4.47M | 3.67M | 1.97M | 673K | 20.5M | 707K | 0 | 0 | 500 | 500 | 441 | 22.13K | 19.48M | 1.73K | 7.04K | 3.05K | 16.64K | 384.28K | 267.99K | 913.05K | -419.65K | 1.11M |
| Other Income/Expense | -2.87M | -71K | -2.56M | 3.33M | 4.73M | 22.87M | -20.23M | 2.95M | 285K | -26K | -500 | -1.14K | 146.74K | -22.13K | -9.74M | -941 | 6.54K | -3.96K | 118.26K | -384K | -258K | -59.11K | 419.65K | 53.52K |
| Pretax Income | -11.41M | -11.66M | -12.79M | -9.46M | -26.06M | -164K | -28.47M | -7.33M | 3.37M | -125K | -15.75K | -45.61K | -80.05K | -241.09K | -10.04M | -523.23K | 0 | -1.33M | -1.43M | -751K | -811K | -837K | -5.21K | -938K |
| Pretax Margin % | -25.86% | -21.3% | -23.68% | -19.38% | -47.96% | -0.48% | -179.18% | -80.77% | 64.81% | -2.85% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 89.41K | 92K | -1.02M | 771K | -1.14M | 500K | 262K | 90K | 741K | 241K | 0 | 0 | 0 | 0 | 14.81M | -4.25K | -13.59K | 906 | -152K | 395.28K | 452.15K | 913.05K | 0 | -273K |
| Effective Tax Rate % | -0.78% | -0.79% | 8% | -8.15% | 4.37% | -304.88% | -0.92% | -1.23% | 22% | -192.8% | 0% | 0% | 0% | 0% | -147.48% | 0.81% | - | -0.07% | 10.62% | -52.63% | -55.75% | -109.09% | 0% | 29.1% |
| Net Income | -11.09M | -11.32M | -10.59M | -9.5M | -188.89M | -17.76M | -28.7M | -7.29M | 1.68M | 538K | -15.75K | -45.61K | -37.69K | -228.34K | -5.37M | -519.77K | -669.18K | -1.32M | -1.41M | -762K | -611K | -837K | -5.21K | -666K |
| Net Margin % | -25.15% | -20.68% | -19.59% | -19.46% | -347.64% | -52.16% | -180.6% | -80.36% | 32.38% | 12.25% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -136.72% | -6.93% | -11.44% | 94.97% | -963.39% | 38.1% | -293.55% | -533.27% | 212.83% | 3515.87% | 65.47% | -21.03% | 83.5% | 95.75% | -933.91% | 22.33% | 49.46% | 6.36% | -85.56% | -24.71% | 27% | -15952.93% | 99.22% | - |
| Net Income (Continuing) | -11.5M | -11.75M | -11.77M | -10.23M | -24.92M | -664K | -28.73M | -7.42M | 2.63M | 0 | -15.75K | -45.61K | -80.05K | -241.09K | 0 | -519.77K | 0 | -1.32M | -1.41M | -762K | -611K | 0 | -5.21K | -666K |
| Discontinued Operations | 0 | 0 | 0 | 0 | -166.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -72.95K | -2.76M | -2.1M | -769K | 1.15M | 3.71M | 1.51M | 1.45M | 1.43M | -11.81M | -11.81M | -11.81M | -11.81M | -3.51M | -3.5M | 775.25K | 775.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.87 | -2.67 | -4.51 | -4.45 | -161.88 | -3.00 | -7.45 | -13.80 | 0.60 | -2.32 | -0.30 | -0.88 | -0.73 | -4.68 | -124.24 | -12.26 | -16.37 | -38.89 | -50.53 | -38.74 | -41.77 | -72.61 | -0.53 | -76.31 |
| EPS Growth % | -18.02% | 40.8% | -1.35% | 97.25% | -5296% | 59.73% | 46.01% | -2400% | 125.86% | -673.33% | 65.91% | -20.55% | 84.4% | 96.23% | -913.38% | 25.11% | 57.91% | 23.04% | -30.43% | 7.25% | 42.47% | -13600% | 99.31% | - |
| EPS (Basic) | - | -2.67 | -4.51 | -4.45 | -76.80 | -5.71 | -7.45 | -2.28 | 0.60 | -2.32 | -0.30 | -0.88 | -0.73 | -4.68 | -124.24 | -12.26 | -16.37 | -38.89 | -50.53 | -38.74 | -41.77 | -72.61 | -0.53 | -76.31 |
| Diluted Shares Outstanding | 5.93M | 4.24M | 2.35M | 2.14M | 1.15M | 5.92M | 3.86M | 3.72M | 2.82M | 53.98K | 51.65K | 51.65K | 51.65K | 48.76K | 43.25K | 42.39K | 40.87K | 34.05K | 27.99K | 19.68K | 14.64K | 11.52K | 9.82K | 8.73K |
| Basic Shares Outstanding | 5.93M | 4.24M | 2.35M | 2.14M | 2.46M | 3.11M | 3.86M | 3.2M | 2.82M | 53.98K | 51.65K | 51.65K | 51.65K | 48.76K | 43.25K | 42.39K | 40.87K | 34.05K | 27.99K | 19.68K | 14.64K | 11.52K | 9.82K | 8.73K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and Regulatory Exposure
As reported in recent financial filings, IMCC's revenue experienced a sharp decline to $6.3 million in 2026Q1, representing a 49.4% year-over-year contraction that underscores the volatility inherent in the company's transition away from Canadian operations toward a concentrated focus on the Israeli and German medical markets.
The significant drop in top-line performance suggests that the company's strategic pivot has yet to stabilize its revenue base. Investors should monitor whether this contraction reflects a permanent loss of market share or merely the expected outcome of exiting lower-margin recreational segments.
Based on the company's latest income statement, gross margins have struggled to maintain consistency, fluctuating from a peak of 27.6% in 2025Q1 down to 16.3% in 2026Q1, which highlights the difficulty of managing high landed costs for imported premium flower in a competitive retail environment.
The inability to sustain gross margins above 20% suggests that the company lacks significant pricing power in its primary markets. This margin profile appears highly sensitive to the cost of third-party supply and logistics, which may continue to pressure profitability until a more efficient procurement model is established.
According to historical income statement data, IMCC has failed to achieve meaningful operating leverage, as SG&A expenses frequently outpace gross profit, resulting in an operating margin of -19.3% in 2026Q1 that indicates an inability to scale the business model efficiently relative to its current revenue base.
The persistent gap between gross profit and operating expenses suggests that the company's fixed cost structure remains too heavy for its current scale. Without a substantial increase in revenue or a drastic reduction in overhead, the company may continue to face significant challenges in achieving operational break-even.
Financial statements indicate that with a net loss of $1.7 million in 2026Q1 and limited cash reserves, the company faces a precarious liquidity position that may necessitate further dilutive financing or asset divestitures to sustain operations, as evidenced by the ongoing trend of negative net margins.
Short-term survival appears to be the primary concern, as the current burn rate relative to cash on hand leaves little room for operational error. Investors should remain cautious regarding the company's ability to navigate potential supply chain disruptions or further regulatory headwinds in its core Israeli market.
Quick answers to the most common questions about buying IMCC stock.
For fiscal year 2025, IM Cannabis Corp. (IMCC) reported total revenue of $54.7M.
IM Cannabis Corp. (IMCC) reported a net loss of $11.3M for the fiscal year ending 2025.
IM Cannabis Corp. (IMCC) reported an operating income of $-11.6M, resulting in an operating profit margin of -21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
IM Cannabis Corp. (IMCC) generated $9.7M in gross profit for the year, representing a gross profit margin of 17.7%. This demonstrates the company's core pricing power and production efficiency.