Despite a 446.9% revenue spike in 2025Q4, the company maintains a nominal gross margin range of 0.4% to 1.0%, indicating a failure to achieve necessary economies of scale.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Jul'12 | Jul'11 |
|---|
| Sales/Revenue | 29.28M | 10.3M | 1.93M | 1.76M | 3.11M | 1.93M | 1.4M | 1.79M | 1.39M | 1.63M | 455.49K | 115.02K | 71.76K | 122.23K | 0 | 0 |
| Revenue Growth % | 9309.58% | 433.48% | 9.8% | -43.46% | 61.38% | 37.31% | -21.77% | 29.13% | -14.7% | 257.51% | 296% | 60.28% | -41.29% | - | - | - |
| Cost of Goods Sold | 29.05M | 10.17M | 1.9M | 1.97M | 3.22M | 2.01M | 1.64M | 1.5M | 1.32M | 1.32M | 408.15K | 72.07K | 59.01K | 155.25K | 89.55K | 0 |
| COGS % of Revenue | - | 98.78% | 98.33% | 111.99% | 103.55% | 104.16% | 117.03% | 83.55% | 95.16% | 81.01% | 89.61% | 62.66% | 82.22% | 127.02% | - | - |
| Gross Profit | 193.24K | 125.84K | 32.17K | -210.82K | -110.41K | -80.09K | -238.95K | 295.12K | 67.22K | 309.18K | 47.34K | 42.95K | 12.76K | -33.02K | -89.55K | 0 |
| Gross Margin % | 0.66% | 1.22% | 1.67% | -11.99% | -3.55% | -4.16% | -17.03% | 16.45% | 4.84% | 18.99% | 10.39% | 37.34% | 17.78% | -27.02% | - | - |
| Gross Profit Growth % | - | 291.19% | 115.26% | -90.93% | -37.86% | 66.48% | -180.97% | 339.05% | -78.26% | 553.09% | 10.22% | 236.68% | 138.63% | 63.13% | - | - |
| Operating Expenses | 3.74M | 5.32M | 10.9M | 8.17M | 11.29M | 17.92M | 9.09M | 12.4M | 3.69M | 2.08M | 1.33M | 1.51M | 3.15M | 1.07M | 195.51K | 8K |
| OpEx % of Revenue | - | 51.7% | 564.43% | 464.98% | 363.19% | 930.17% | 648.13% | 691.31% | 265.32% | 127.53% | 291% | 1313.5% | 4384.2% | 871.89% | - | - |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 10.62M | 17.08M | 0 | 12.4M | 3.67M | 2.06M | 0 | 0 | 0 | 0 | 0 | 8K |
| SG&A % of Revenue | - | - | - | - | 341.47% | 886.55% | - | 691.21% | 264.01% | 126.37% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.82K | 18.17K | 18.91K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.1% | 1.31% | 1.16% | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 5.32M | 10.9M | 8.17M | 675.13K | 840.39K | 9.09M | 0 | 0 | 0 | 1.33M | 1.51M | 3.15M | 1.07M | 195.51K | 0 |
| Operating Income | -6.22M | -5.2M | -10.86M | -8.39M | -11.4M | -18M | -9.33M | -12.1M | -3.62M | -1.77M | -1.28M | -1.47M | -3.13M | -1.1M | -285.06K | 0 |
| Operating Margin % | -21.26% | -50.48% | -562.77% | -476.97% | -366.74% | -934.33% | -665.16% | -674.86% | -260.48% | -108.54% | -280.6% | -1276.16% | -4366.42% | -898.91% | - | - |
| Operating Income Growth % | - | 52.15% | -29.55% | 26.46% | 36.66% | -92.88% | 22.89% | -234.56% | -104.7% | -38.29% | 12.93% | 53.15% | -185.18% | -285.45% | - | - |
| EBITDA | -6.16M | -5.12M | -10.67M | -8.17M | -11.02M | -17.66M | -8.92M | -11.65M | -3.45M | -1.68M | -1.24M | -1.45M | -3.13M | -1.1M | -284.93K | -8K |
| EBITDA Margin % | -21.03% | -49.69% | -552.89% | -464.77% | -354.53% | -916.44% | -636.05% | -649.64% | -248.72% | -103.17% | -271.4% | -1256.9% | -4361.89% | -898.43% | - | - |
| EBITDA Growth % | 26.86% | 52.06% | -30.62% | 25.88% | 37.57% | -97.84% | 23.41% | -237.28% | -105.62% | -35.91% | 14.49% | 53.81% | -185.04% | -285.41% | -3461.68% | - |
| D&A (Non-Cash Add-back) | 67.13K | 81.46K | 190.55K | 214.49K | 379.47K | 344.67K | 408.49K | 452.21K | 163.32K | 87.39K | 41.92K | 22.15K | 3.25K | 587 | 124 | 0 |
| EBIT | -23.04M | -4.3M | -12.17M | -8.39M | -11.4M | -18.54M | -9.5M | -12.21M | -3.57M | -1.77M | -1.27M | -1.47M | -3.13M | -1.1M | -285.06K | -8K |
| Net Interest Income | 0 | 0 | -7.58K | 15.22K | -6.32K | -14.39K | -21.24K | -5.27K | -2.47K | -6.98K | -3.38K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 15.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 7.58K | 0 | 6.32K | 14.39K | 21.24K | 5.27K | 2.47K | 6.98K | 3.38K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -31.64M | 314.97K | -1.32M | 103.36K | -395.19K | -550.75K | -191.1K | -110.77K | 48.38K | -8.71K | 2.83K | -1.49K | -2.3K | 770 | 0 | 0 |
| Pretax Income | -37.87M | -4.88M | -12.18M | -8.28M | -11.8M | -18.55M | -9.52M | -12.21M | -3.57M | -1.78M | -1.28M | -1.47M | -3.14M | -1.1M | -285.06K | 0 |
| Pretax Margin % | -129.32% | -47.42% | -630.93% | -471.09% | -379.45% | -962.91% | -678.78% | -681.03% | -257% | -109.08% | -279.98% | -1277.45% | -4369.62% | -898.28% | - | - |
| Income Tax | 3.1K | 3.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0.06% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - |
| Net Income | -37.86M | -4.88M | -8.97M | -8.75M | -11.8M | -18.55M | -9.48M | -12.19M | -3.58M | -1.77M | -1.28M | -1.47M | -3.14M | -1.1M | -285.06K | -8K |
| Net Margin % | -129.3% | -47.42% | -464.84% | -497.7% | -379.45% | -962.91% | -675.42% | -679.53% | -257.54% | -108.52% | -279.98% | -1277.45% | -4369.62% | -898.28% | - | - |
| Net Income Growth % | -573.71% | 45.58% | -2.55% | 25.84% | 36.41% | -95.76% | 22.24% | -240.72% | -102.43% | -38.57% | 13.21% | 53.14% | -185.59% | -285.18% | -3463.22% | - |
| Net Income (Continuing) | -37.87M | -4.88M | -12.18M | -8.28M | -11.8M | -18.55M | -9.52M | -12.21M | -3.57M | -1.78M | -1.28M | -1.47M | -3.14M | -1.1M | -285.06K | -8K |
| Discontinued Operations | 0 | 0 | 3.21M | -467.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 818.16K | 872.34K | 0 | 0 | 0 | 0 | 0 | 102.9K | 93.13K | 92.86K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.21 | -2.80 | -3.98 | -11.95 | -21.32 | -39.55 | -23.80 | -30.80 | -10.05 | -5.25 | -4.20 | -5.25 | -10.50 | -3.15 | -4.83 | -0.21 |
| EPS Growth % | -6.47% | 29.65% | 66.69% | 43.95% | 46.09% | -66.18% | 22.73% | -206.47% | -91.43% | -25% | 20% | 50% | -233.33% | 34.78% | -2200% | - |
| EPS (Basic) | - | -2.80 | -3.98 | -11.95 | -21.32 | -39.55 | -23.80 | -30.80 | -10.05 | -5.25 | -4.20 | -5.25 | -10.50 | -3.15 | -4.83 | -0.21 |
| Diluted Shares Outstanding | 31.39M | 1.74M | 2.15M | 732.42K | 553.32K | 468.95K | 396.22K | 396.22K | 353.08K | 306.05K | 292.88K | 285.75K | 286.87K | 332.53K | 59.05K | 38.09K |
| Basic Shares Outstanding | 31.39M | 1.74M | 2.15M | 732.42K | 553.32K | 468.95K | 396.22K | 396.22K | 353.08K | 306.05K | 292.88K | 285.75K | 286.87K | 332.53K | 59.05K | 38.09K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and margin insolvency
According to recent financial filings, IMG achieved a 446.9% revenue surge in 2025Q4, yet this rapid top-line expansion appears disconnected from unit profitability, as the company continues to struggle with maintaining positive margins while scaling its specialized pour-over coffee co-packing operations across international and domestic markets.
The dramatic revenue growth suggests successful business development in securing new co-packing contracts, but the lack of corresponding margin improvement implies these gains may be driven by low-margin, high-volume processing agreements. Investors should monitor whether this trajectory represents a sustainable market capture or merely a temporary surge in transactional volume that fails to cover fixed overhead.
As reported in quarterly statements, IMG's gross margin has compressed to a nominal 0.4% to 1.0% range in recent periods, indicating that the company's specialized manufacturing infrastructure has not yet provided the pricing power necessary to offset the high variable costs of raw coffee and packaging materials.
The near-zero gross margin suggests that the company is effectively acting as a pass-through entity for its clients rather than a value-added manufacturer. This structural weakness implies that any volatility in commodity prices or shipping costs could immediately push the company into a gross loss position, further straining its already limited liquidity.
Based on the income statement data, IMG's operating losses have persisted despite significant revenue growth, with operating margins remaining deeply negative at -41.2% in 2026Q2, suggesting that the company has failed to achieve the necessary economies of scale to leverage its specialized production lines effectively.
The inability to scale operating income alongside revenue indicates that the cost of maintaining the Vista facility and associated nitrogen-flushing equipment is currently outpacing the revenue generated by these assets. This lack of operating leverage warrants further investigation into whether the current business model can ever reach a break-even point without a fundamental shift in contract pricing or product mix.
While the company reports rapid revenue growth, the combination of a 1.22% gross margin and a cash balance of only $137,372 suggests that the current business model may be fundamentally unsustainable without immediate and significant external capital injections to cover ongoing operating losses and working capital requirements.
Short-sellers would likely focus on the disconnect between the company's aggressive top-line growth and its inability to generate positive cash flow, viewing the current trajectory as a potential precursor to a dilutive financing event. The reliance on low-margin co-packing contracts appears to leave the company with no buffer to absorb operational disruptions or shifts in client demand.
Quick answers to the most common questions about buying IMG stock.
For fiscal year 2025, CIMG Inc. (IMG) reported total revenue of $10.3M.
CIMG Inc. (IMG) reported a net loss of $4.9M for the fiscal year ending 2025.
CIMG Inc. (IMG) reported an operating income of $-5.2M, resulting in an operating profit margin of -50.5%. This margin reflects the operational efficiency of the business before interest and taxes.
CIMG Inc. (IMG) generated $0.1M in gross profit for the year, representing a gross profit margin of 1.2%. This demonstrates the company's core pricing power and production efficiency.