The company's financial stability is severely compromised by a negative equity position of -$5.0 million and a persistent debt load ranging between $13.5 million and $18.0 million over the last ten quarters.
| 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 |
|---|
| Total Current Assets | 15.11M | 22.74M | 23.36M | 24.27M | 32.67M | 81.18M | 27.14M | 24.29M | 37K | 9.14K | 275 | 275 | 9.94K | 3.98K | 30.03K | 237.32K | 397.56K | 2.55M | 634.03K | 346.77K | 1.08M | 557.18K | 495.42K | 746.3K |
| Cash & Short-Term Investments | 1.15M | 2.73M | 863K | 1.81M | 2.45M | 13.9M | 8.88M | 13.93M | 37K | 4.03K | 170 | 170 | 5.74K | 382 | 9.84K | 226.34K | 345.09K | 2.53M | 606.77K | 321.28K | 1.07M | 546.11K | 470.76K | 721.77K |
| Cash Only | 1.15M | 2.73M | 863K | 1.81M | 2.45M | 13.9M | 8.88M | 13.93M | 37K | 4.03K | 170 | 170 | 5.74K | 382 | 9.84K | 226.34K | 345.09K | 2.53M | 606.77K | 321.28K | 1.07M | 357.11K | 245.76K | 721.77K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 189K | 225K | 0 |
| Accounts Receivable | 7.16M | 12.98M | 16.68M | 11.33M | 10.52M | 31.18M | 5.72M | 2.06M | 12.42K | 5.12K | 105 | 105 | 1.47K | 869 | 16.72K | 3.03K | 6.32K | 7.38K | 16.47K | 3.81K | 3.23K | 2.75K | 19.15K | 6.44K |
| Days Sales Outstanding | 108.25 | 86.54 | 112.67 | 84.74 | 70.66 | 334.25 | 131.34 | 82.86 | 0.87 | 0.43 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 2M | 4.27M | 3.21M | 9.98M | 16.59M | 31.08M | 8.45M | 5.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.6K | 3.7K | 509 | 3.08K |
| Days Inventory Outstanding | 49.36 | 34.58 | 25.75 | 93.47 | 134.01 | 409.22 | 568.71 | 388.34 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.79M | 582K | 64K | 0 | 0 | 1K | 235K | 0 | -12.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4K | 925 | 4.49K | 11.92K |
| Total Non-Current Assets | 8.58M | 8.99M | 15.82M | 24.55M | 28M | 203.08M | 10.97M | 6.6M | 0 | 0 | 0 | 0 | 6.16K | 24.75K | 62.13K | 9.47M | 9.05M | 6.72M | 5.77M | 2.5M | 590.92K | 545.13K | 652.9K | 135.62K |
| Property, Plant & Equipment | 3.93M | 4.11M | 4.18M | 6.37M | 7.15M | 48.43M | 6.47M | 4.42M | 0 | 0 | 0 | 0 | 6.16K | 24.75K | 62.13K | 9.47M | 1.86M | 1.04M | 23.04K | 54.33K | 384.57K | 15.66K | 55.58K | 35.43K |
| Fixed Asset Turnover | 10.61x | 13.31x | 12.92x | 7.67x | 7.60x | 0.70x | 2.46x | 2.06x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 2.06M | 1.89M | 6.68M | 10.1M | 9.77M | 121.3M | 304K | 298K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 771.46K | 1.22M | 3.33M | 5.8M | 7.91M | 30.89M | 1.09M | 889K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 7.01M | 1.78M | 1.63M | 2.29M | 2.41M | 2.43M | 2.34M | 912K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 186.06K | 186.06K | 620.38K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 14K | 0 | 0 | -4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 5.49M | 5.13M | 2.45M | 206.34K | 529.46K | 597.33K | 100.19K |
| Total Assets | 23.68M | 31.74M | 39.19M | 48.81M | 60.68M | 287.39M | 38.12M | 30.89M | 37K | 9.14K | 276 | 276 | 16.1K | 28.73K | 92.16K | 9.71M | 9.45M | 9.27M | 6.41M | 2.85M | 1.67M | 1.1M | 1.15M | 881.92K |
| Asset Turnover | 1.25x | 1.72x | 1.38x | 1.00x | 0.90x | 0.12x | 0.42x | 0.29x | 140.45x | 480.48x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -64.87% | -19.02% | -19.72% | -19.55% | -78.89% | 653.98% | 23.38% | 83390.53% | 304.71% | 3212.68% | 0% | -98.29% | -43.96% | -68.83% | -99.05% | 2.78% | 1.93% | 44.61% | 124.93% | 70.18% | 51.89% | -4.01% | 30.21% | - |
| Total Current Liabilities | 27.7M | 34.01M | 34.92M | 32.85M | 33.82M | 51.23M | 6.27M | 2.61M | 251.65K | 465.99K | 432.15K | 416.4K | 386.61K | 321.74K | 250.51K | 269.3K | 73.68K | 248.93K | 51.83K | 460.11K | 227.75K | 283.04K | 44.08K | 108.94K |
| Accounts Payable | 8.2M | 12.05M | 11.16M | 9.22M | 15.31M | 13.99M | 2.6M | 992K | 238.91K | 245.18K | 145.42K | 140.17K | 0 | 77.99K | 104.28K | 20.2K | 0 | 0 | 51.83K | 460.11K | 227.75K | 172.73K | 104.67K | 58.94K |
| Days Payables Outstanding | 97.92 | 97.68 | 89.36 | 86.41 | 123.72 | 184.2 | 175.36 | 70.38 | 87.29 | 56.28 | - | 99.54K | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 14.14M | 14.96M | 17.11M | 12.12M | 9.25M | 9.5M | 0 | 0 | 0 | 0 | 6.44K | 5.94K | 5K | 29K | 30K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 209K | 209K | 492K | 787K | 31K | 137K | 741K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.36M | 1.02M | 1.88M | 3.74M | 7.35M | 8.27M | 1.21M | 1.23M | 0 | 0 | 0 | 0 | 381.61K | 0 | 0 | 0 | 0 | 248.93K | 0 | 0 | 0 | 110.31K | 0 | 50K |
| Current Ratio | 0.55x | 0.67x | 0.67x | 0.74x | 0.97x | 1.58x | 4.33x | 9.31x | 0.15x | 0.02x | 0.00x | 0.00x | 0.03x | 0.01x | 0.12x | 0.88x | 5.40x | 10.23x | 12.23x | 0.75x | 4.76x | 1.97x | 11.24x | 6.85x |
| Quick Ratio | 0.47x | 0.54x | 0.58x | 0.44x | 0.48x | 0.98x | 2.98x | 7.21x | 0.15x | 0.02x | 0.00x | 0.00x | 0.03x | 0.01x | 0.12x | 0.88x | 5.40x | 10.23x | 12.23x | 0.75x | 4.74x | 1.96x | 11.23x | 6.82x |
| Cash Conversion Cycle | 59.69 | 23.45 | 49.06 | 91.79 | 80.95 | 559.27 | 524.69 | 400.83 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.1M | 1.34M | 1.12M | 2.31M | 3.06M | 31.22M | 19.24M | 2.18M | 0 | 451K | 151.86K | 146.11K | 0 | 106.99K | 114.47K | 201.79K | 0 | 0 | 0 | 160.85K | 6.69K | 99.61K | 44.08K | 40.76K |
| Long-Term Debt | 784.45K | 936K | 466K | 394K | 399K | 392K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 306.98K | 54K | 171K | 815K | 1.07M | 17.82M | 823K | 891K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.08M | 355K | 487K | 963K | 1.33M | 6.59M | 1.5M | 826K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 133K | 254K | 6.41M | 16.91M | 459K | 0 | 451K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 28.8M | 35.35M | 36.04M | 35.11M | 36.88M | 82.44M | 25.51M | 4.79M | 251.65K | 465.99K | 432.15K | 416.4K | 386.61K | 321.74K | 250.51K | 269.3K | 73.68K | 248.93K | 51.83K | 460.11K | 227.75K | 283.04K | 130.68K | 108.94K |
| Total Debt | 14.95M | 16.27M | 18.01M | 13.78M | 11.53M | 29.27M | 990K | 1.05M | 0 | 0 | 6.44K | 5.94K | 5K | 29K | 30K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 13.8M | 13.54M | 17.15M | 11.97M | 9.09M | 15.37M | -7.89M | -12.88M | -37K | -4.03K | 6.27K | 5.77K | -740 | 28.62K | 20.16K | -26.34K | -345.09K | -2.53M | -606.77K | -321.28K | -1.07M | -357.11K | -245.76K | -721.77K |
| Debt / Equity | -2.92x | - | 5.73x | 1.01x | 0.48x | 0.14x | 0.08x | 0.04x | - | - | - | - | - | - | - | 0.02x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -2.16x | - | - | - | - | - | - | - | - | - | 0.85x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.99x | - | - | - | - | - | - | - | -0.01x | - | 0.83x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1.91x | -3.23x | -1.86x | -1.58x | -12.22x | 0.76x | -0.39x | -9.37x | - | - | -30.50x | -90.22x | -180.53x | -10.89x | -0.52x | -300.62x | -94.99x | -434.28x | -84.96x | -1.98x | -2.28x | -0.38x | -0.90x | -0.36x |
| Total Equity | -5.12M | -3.62M | 3.15M | 13.7M | 23.8M | 204.94M | 12.61M | 26.11M | -214.65K | -456.84K | -431.87K | -416.12K | -370.51K | -293.01K | -158.34K | 9.44M | 9.37M | 9.02M | 6.36M | 2.39M | 1.45M | 819.27K | 1.02M | 772.97K |
| Equity Growth % | -499.98% | -214.91% | -77.04% | -42.43% | -88.39% | 1525.26% | -51.7% | 12263.69% | 53.02% | -5.78% | -3.78% | -12.31% | -26.45% | -85.05% | -101.68% | 0.71% | 3.93% | 41.87% | 166.07% | 65.16% | 76.56% | -19.49% | 31.65% | - |
| Book Value per Share | -0.86 | -0.85 | 1.34 | 6.41 | 20.71 | 34.62 | 3.27 | 7.02 | -0.08 | -8.46 | -8.36 | -8.06 | -7.17 | -6.01 | -3.66 | 222.69 | 229.32 | 264.89 | 227.13 | 121.40 | 98.83 | 71.10 | 103.62 | 88.54 |
| Total Shareholders' Equity | -5.05M | -858K | 5.24M | 14.47M | 22.65M | 201.24M | 11.1M | 24.66M | 10.18M | 11.35M | 11.38M | 11.39M | 11.44M | 3.21M | 3.34M | 8.66M | 8.6M | 9.02M | 6.36M | 2.39M | 1.45M | 819.27K | 1.02M | 772.97K |
| Common Stock | 270.71M | 270.52M | 265M | 253.88M | 245.78M | 237.68M | 37.04M | 25.95M | 45K | 26.33M | 26.23M | 26.23M | 26.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -272.19M | -270.21M | -258.94M | -249.15M | -238.91M | -50.74M | -33M | -4.27M | -17.22M | -17.11M | -16.99M | -16.97M | -16.93M | -25.15M | -24.91M | -19.54M | -18.78M | -18.03M | -16.98M | -15.2M | -14.36M | -13.72M | -12.87M | -12.87M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -660K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.57M | -3.81M | -1.26M | 95K | 16.45M | 2.61M | 1.23M | 309K | 43K | 2.14M | 2.14M | 2.14M | 2.14M | 2.14M | 2.1M | 2.1M | 0 | 0 | 0 | 0 | 885.5K | 349.75K | 324.32K | 93.18K |
| 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 |
Liquidity and Solvency Risk
As reported in recent financial filings, IMCC's equity position has deteriorated into negative territory, reaching -$5.0 million in 2026Q1, a stark reversal from the $14.5 million reported in 2023Q4, which highlights the persistent erosion of shareholder value driven by cumulative net losses and operational restructuring.
The consistent decline in equity suggests that the company's business model has failed to generate sufficient returns to cover its capital base. This trajectory implies that the firm is increasingly reliant on external financing or asset liquidation to maintain its operations, which warrants significant caution from investors regarding long-term viability.
Based on the company's reported figures, total debt has remained stubbornly elevated between $13.5 million and $18.0 million over the last ten quarters, creating a heavy interest burden that further pressures the firm's already strained cash position and limits its financial flexibility during periods of operational volatility.
The persistence of this debt load, despite the company's shrinking asset base, suggests that leverage is a necessity for survival rather than a strategic tool for growth. Investors should monitor the maturity profile of these obligations, as the current cash-to-debt ratio indicates a high risk of refinancing difficulty.
According to quarterly balance sheet data, the current ratio has consistently hovered below 1.0, reaching a precarious 0.55 in 2026Q1, which indicates that the company lacks sufficient liquid assets to cover its short-term liabilities without immediate and potentially dilutive capital injections or further operational cost-cutting measures.
This liquidity profile suggests that the company is operating with virtually no margin for error, leaving it highly vulnerable to even minor supply chain disruptions or regulatory delays. The inability to maintain a current ratio above unity implies that the firm is effectively living quarter-to-quarter, which significantly elevates the risk of a liquidity crisis.
As indicated by the company's balance sheet, goodwill has declined from $10.1 million in 2023Q4 to $2.1 million in 2026Q1, suggesting that past acquisitions have failed to deliver expected synergies and that further write-downs may be necessary if the current operational performance does not improve significantly.
The rapid reduction in intangible assets reflects a necessary but painful recognition that previous growth strategies were overvalued. This trend implies that the remaining goodwill on the balance sheet may still be subject to further impairment, which would continue to suppress the company's reported equity and overall book value.
Quick answers to the most common questions about buying IMCC stock.
As of 2025, IM Cannabis Corp. (IMCC) had total assets of $31.7M including $22.7M in current assets.
IM Cannabis Corp. (IMCC) carries total debt of $16.3M, offset by $2.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IM Cannabis Corp. (IMCC) has total shareholders' equity (book value) of $-0.9M ($-0.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IM Cannabis Corp. (IMCC) reported a current ratio of 0.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.