The company's financial leverage has increased, with the debt-to-equity ratio rising from near-zero in 2024Q1 to 0.24 by 2026Q1, while retained earnings deficits have deepened to -$25.9M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 12.37M | 11.47M | 11.24M | 14.77M | 15.41M | 22.03M | 5.89M | 3.73M | 7.27M | 4.99M | 6.34M | 2.61M | 2.22M | 2.15M | 6.27M | 9.9M | 3.52M | 2.46M | 1.92M | 591.95K | 215.84K | 81.73K | 3.15K |
| Cash & Short-Term Investments | 6.72M | 6.63M | 10.59M | 13.57M | 14.74M | 21.64M | 5.59M | 3.43M | 6.56M | 4.14M | 4.16M | 2.13M | 1.14M | 927.35K | 5.36M | 8.88M | 3.02M | 1.9M | 1.53M | 318.14K | 215.79K | 81.67K | 3.15K |
| Cash Only | 6.72M | 6.63M | 10.59M | 13.57M | 14.74M | 21.64M | 5.59M | 3.43M | 6.56M | 4.14M | 4.16M | 2.13M | 1.14M | 927.35K | 5.36M | 2.4M | 3.02M | 1.9M | 1.53M | 318.14K | 215.79K | 81.67K | 3.15K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.16M | 1.6M | 114.21K | 114.21K | 122.3K | 153.45K | 71.41K | 130.69K | 421.28K | 619.94K | 1.13M | 372.4K | 869.89K | 617.63K | 607.31K | 927.94K | 425.04K | 337.35K | 386.51K | 248.9K | 52 | 61 | 0 |
| Days Sales Outstanding | 32.14 | 24.73 | 37.96 | 43.33 | 4.06 | 4.22 | 2.03 | 3.12 | 7.56 | 9.11 | 19.67 | 11.31 | 23.42 | 17.88 | 11.52 | 17.68 | 23.26 | 38.83 | 46.84 | 213.98 | 206.3 | 131.75 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.49M | 3.24M | 535.35K | 1.08M | 543.2K | 0 | 0 | 0 | 19.05K | 0 | 0 | 0 | 115.1K | 490.31K | 105K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 17.17M | 14.57M | 4.63M | 9.12M | 10.03M | 6.85M | 7.7M | 8.49M | 17.17M | 17.78M | 21.18M | 948.15K | 976.64K | 793.03K | 714.26K | 736.79K | 107.69K | 120.07K | 50.05K | 17.85K | 21.44K | 28.59K | 36.69K |
| Property, Plant & Equipment | 4.7M | 1.69M | 74.49K | 77K | 159.18K | 309.09K | 324.74K | 1.31M | 810.33K | 622.71K | 793.3K | 387.62K | 563.12K | 522.46K | 548.55K | 578.46K | 89.51K | 86.63K | 31.3K | 16.64K | 0 | 0 | 0 |
| Fixed Asset Turnover | 9.18x | 13.97x | 14.74x | 12.49x | 69.04x | 42.94x | 39.52x | 11.71x | 25.09x | 39.89x | 26.46x | 31.01x | 24.08x | 24.14x | 35.09x | 33.11x | 74.50x | 36.60x | 96.23x | 25.51x | - | - | - |
| Goodwill | 4.56M | 4.56M | 0 | 0 | 6.33M | 6.33M | 6.33M | 6.33M | 13.09M | 13.09M | 14.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.36M | 7.72M | 1.88M | 2.7M | 3.53M | 196.54K | 381.21K | 627.89K | 884.22K | 3.92M | 5.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.44K | 28.59K | 36.69K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 649.14K | 0 | 0 | 0 | 0 | 200K | 200K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 552.79K | 602.69K | 2.68M | 6.34M | 13.94K | 21.2K | 13.94K | 235.1K | 2.39M | 149.54K | 480.04K | 360.53K | 213.52K | 170.57K | 165.72K | 158.32K | 18.18K | 33.44K | 18.75K | 1.21K | 0 | 0 | 0 |
| Total Assets | 29.53M | 26.04M | 15.87M | 23.89M | 25.43M | 28.88M | 13.59M | 12.22M | 24.43M | 22.76M | 27.52M | 3.56M | 3.19M | 2.94M | 6.99M | 10.64M | 3.63M | 2.58M | 1.97M | 609.8K | 237.28K | 110.31K | 39.84K |
| Asset Turnover | 0.87x | 0.91x | 0.07x | 0.04x | 0.43x | 0.46x | 0.94x | 1.25x | 0.83x | 1.09x | 0.76x | 3.38x | 4.25x | 4.28x | 2.75x | 1.80x | 1.84x | 1.23x | 1.53x | 0.70x | 0.00x | 0.00x | 0.00x |
| Asset Growth % | 117.31% | 64.06% | -33.55% | -6.07% | -11.95% | 112.55% | 11.21% | -49.99% | 7.33% | -17.29% | 673% | 11.5% | 8.51% | -57.89% | -34.32% | 193.46% | 40.74% | 31.02% | 222.45% | 156.99% | 115.09% | 176.93% | - |
| Total Current Liabilities | 8.19M | 7.32M | 3.54M | 3.14M | 3.66M | 3.67M | 3.59M | 3.45M | 9.16M | 5.33M | 4.97M | 2.94M | 4.5M | 3.66M | 3.56M | 5.03M | 2.96M | 900.77K | 408.7K | 123.11K | 23.64K | 19.83K | 64.82K |
| Accounts Payable | 2.25M | 1.6M | 380.3K | 99.31K | 1.01M | 1.33M | 742.14K | 1.01M | 2.84M | 2.37M | 1.67M | 1.07M | 1.07M | 861.73K | 799.18K | 1.03M | 497.3K | 552.81K | 354.62K | 26.13K | 856 | 3K | 2.14K |
| Days Payables Outstanding | 58.52 | 51.96 | 528.01 | 127.23 | 131.03 | 178.81 | 105.28 | 115.88 | 287.33 | 178.26 | 121.23 | 228.49 | 210.74 | 62.46 | 65.01 | 144.97 | 114.79 | 141.74 | 135.06 | - | - | - | - |
| Short-Term Debt | 465.66K | 756.59K | 0 | 0 | 0 | 0 | 338.79K | 0 | 0 | 0 | 0 | 0 | 400K | 0 | 0 | 0 | 45.49K | 45.49K | 35.35K | 35.35K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 15.88M | 3.88M | 555.04K | 544.44K | 2.26M | 1.92M | 2.06M | 1.83M | 4.85M | 2.55M | 2.83M | 1.51M | 1.97M | 2.13M | 2.52M | 3.14M | 1.94M | 281.05K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 828.5K | 1.08M | 2.02M | 2.36M | 85K | 0 | 0 | 0 | 617.41K | 0 | 0 | 176.41K | 371.39K | 536.96K | 69.7K | 0 | 0 | 0 | 0 | 45.59K | 10.14K | 10.14K | 60.85K |
| Current Ratio | 1.51x | 1.57x | 3.17x | 4.70x | 4.21x | 6.00x | 1.64x | 1.08x | 0.79x | 0.93x | 1.28x | 0.89x | 0.49x | 0.59x | 1.76x | 1.97x | 1.19x | 2.73x | 4.69x | 4.81x | 9.13x | 4.12x | 0.05x |
| Quick Ratio | 1.51x | 1.57x | 3.17x | 4.70x | 4.21x | 6.00x | 1.64x | 1.08x | 0.79x | 0.93x | 1.28x | 0.89x | 0.49x | 0.59x | 1.76x | 1.97x | 1.19x | 2.73x | 4.69x | 4.81x | 9.13x | 4.12x | 0.05x |
| Cash Conversion Cycle | -26.38 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.87M | 536.8K | 429.05K | 614.04K | 793.91K | 159.18K | 167.71K | 583.08K | 117.63K | 0 | 1.71M | 2.29M | 172.48K | 152.61K | 1.66M | 998.64K | 0 | 0 | 33.38K | 55.26K | 85.35K | 92.65K | 0 |
| Long-Term Debt | 3.75M | 387.91K | 0 | 0 | 0 | 0 | 167.71K | 0 | 0 | 0 | 0 | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 33.38K | 10.14K | 85.35K | 92.65K | 0 |
| Capital Lease Obligations | 1.28M | 0 | 0 | 0 | 77K | 159.18K | 0 | 583.08K | 117.63K | 0 | 0 | 75.56K | 149.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.03M | 148.9K | 429.05K | 614.04K | 716.9K | 0 | 0 | 0 | 0 | 0 | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 261.29K | 573.02K | 23.43K | 152.61K | 1.62M | 937K | 0 | 0 | 0 | 45.13K | 0 | 0 | 0 |
| Total Liabilities | 12.07M | 7.85M | 3.97M | 3.75M | 4.46M | 3.83M | 3.75M | 4.03M | 9.28M | 5.33M | 6.68M | 5.22M | 4.68M | 3.81M | 5.23M | 6.03M | 2.96M | 900.77K | 442.07K | 178.37K | 108.99K | 112.48K | 64.82K |
| Total Debt | 4.22M | 1.14M | 74.49K | 77K | 159.18K | 239.49K | 575.47K | 761.55K | 232.42K | 0 | 0 | 1.71M | 549.05K | 0 | 0 | 0 | 45.49K | 45.49K | 68.72K | 45.49K | 85.35K | 92.65K | 0 |
| Net Debt | -2.5M | -5.49M | -10.51M | -13.49M | -14.58M | -21.4M | -5.01M | -2.67M | -6.32M | -4.14M | -4.16M | -419.12K | -589.33K | -927.35K | -5.36M | -2.4M | -2.97M | -1.85M | -1.46M | -272.66K | -130.44K | 10.98K | -3.15K |
| Debt / Equity | 0.24x | 0.06x | 0.01x | 0.00x | 0.01x | 0.01x | 0.06x | 0.09x | 0.02x | - | - | - | - | - | - | - | 0.07x | 0.03x | 0.05x | 0.11x | 0.67x | - | - |
| Debt / EBITDA | -3.66x | - | - | - | - | 0.25x | 0.30x | - | 0.36x | - | - | - | - | - | - | - | - | - | 0.07x | - | - | - | - |
| Net Debt / EBITDA | 2.18x | - | - | - | - | -22.18x | -2.61x | - | -9.77x | - | - | - | - | - | - | - | - | - | -1.54x | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | -29.05x | -0.91x | -56.44x | - | - | -1515.28x | -308.34x | -9.54x | 154.54x | -270.30x | -98.21x | -18.12x | -12.68x |
| Total Equity | 17.47M | 18.19M | 11.9M | 20.13M | 20.97M | 25.05M | 9.84M | 8.19M | 15.15M | 17.43M | 20.84M | -1.66M | -1.48M | -869.06K | 1.76M | 4.61M | 664.7K | 1.68M | 1.52M | 431.43K | 128.29K | -2.17K | -24.98K |
| Equity Growth % | 49.57% | 52.83% | -40.9% | -4% | -16.27% | 154.71% | 20.15% | -45.98% | -13.06% | -16.37% | 1353.35% | -12.25% | -70.48% | -149.35% | -61.81% | 593.65% | -60.33% | 9.92% | 253.3% | 236.29% | 6022.9% | 91.33% | - |
| Book Value per Share | 1.34 | 4.56 | 1.29 | 2.18 | 2.18 | 3.21 | 1.43 | 1.19 | 2.25 | 2.70 | 3.74 | -1.47 | -1.32 | -0.78 | 1.60 | 4.29 | 0.70 | 1.81 | 1.57 | 0.52 | 0.18 | -0.00 | -0.04 |
| Total Shareholders' Equity | 17.47M | 18.19M | 11.9M | 20.13M | 20.97M | 25.05M | 9.84M | 8.19M | 15.15M | 17.43M | 20.84M | -1.66M | -1.48M | -869.06K | 1.76M | 4.61M | 664.7K | 1.68M | 1.52M | 431.43K | 128.29K | -2.17K | -24.98K |
| Common Stock | 9.88K | 9.88K | 9.88K | 9.86K | 9.86K | 9.86K | 6.92K | 6.88K | 6.87K | 6.88K | 6.71K | 39.69K | 39.18K | 39.13K | 38.83K | 38.58K | 33.21K | 32.63K | 32.1K | 10.33K | 9.01K | 8.23K | 7.3K |
| Retained Earnings | -25.93M | -25.27M | -23.31M | -14.88M | -13.82M | -10.4M | -11.73M | -13.1M | -4.72M | -923.07K | 4.97M | -14.68M | -13.38M | -11.72M | -7.72M | -3.68M | -2.09M | -924.5K | -822.58K | -1.62M | -704.54K | -117.76K | -24.98K |
| Treasury Stock | 0 | -1.5M | -1.2M | -1.2M | -1.19M | -194.2K | -10.86K | -2.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.89K | -5.25K | -123.46K | -7.3K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operational cash burn
As reported in financial statements, IPM's total assets grew to $29.5M by 2026Q1, yet this expansion is accompanied by a persistent accumulation of retained earnings deficits, which reached -$25.9M, signaling that the company's growth trajectory is not currently translating into a strengthening of its underlying equity base.
The increase in total assets appears largely driven by inorganic activity rather than organic value creation, as evidenced by the widening gap between asset growth and profitability. Investors should monitor whether this asset expansion is merely a precursor to further impairment risks given the company's inability to generate consistent positive net income.
Based on recent SEC filings, IPM's cash reserves have declined from $13.6M in 2023Q4 to $6.7M in 2026Q1, representing a significant contraction in the company's liquidity buffer that may limit its operational flexibility as it continues to navigate a period of negative operating margins.
The current ratio of 1.51 suggests a superficial level of liquidity, but the rapid burn rate indicates that this buffer is being consumed to fund ongoing operational deficits. Without a clear path to self-sustaining cash flow, the company may face increasing pressure to seek external financing, which could lead to shareholder dilution.
According to the provided balance sheet data, IPM's debt-to-equity ratio climbed from near-zero levels in 2024Q1 to 0.24 by 2026Q1, reflecting a shift toward debt financing that warrants caution given the company's lack of consistent profitability and its reliance on cash reserves to cover operational shortfalls.
While a 0.24 debt-to-equity ratio remains relatively low in absolute terms, the trend is concerning when viewed alongside the company's persistent negative operating margins. This increase in leverage appears to be a necessity-driven move to support operations rather than a strategic deployment of capital for growth.
Analysis of the balance sheet reveals that goodwill and net PPE have become increasingly significant components of the asset base, with goodwill reaching $4.6M and PPE rising to $4.7M as of 2026Q1, which may mask the underlying volatility and potential for future impairment charges.
The reliance on intangible assets and capitalized equipment in a software-centric business model suggests that the company's book value may be overstated if these assets fail to generate the expected economic returns. Investors should be wary of the potential for non-cash write-downs that could further erode the company's equity position.
Quick answers to the most common questions about buying IPM stock.
As of 2025, Intelligent Protection Management Corp. (IPM) had total assets of $26.0M including $11.5M in current assets.
Intelligent Protection Management Corp. (IPM) carries total debt of $1.1M, offset by $6.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Intelligent Protection Management Corp. (IPM) has total shareholders' equity (book value) of $18.2M ($4.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Intelligent Protection Management Corp. (IPM) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.