IPM

IPM is not the growth story its headline suggests. The +2,049.9% FY2025 revenue jump to $23.6M is a merger artifact, not organic momentum: the filing is explicit that FY2024 ($1.10M revenue) 'relates to the Company prior to the Transactions' — the old Paltalk/Camfrog/Tinychat consumer-app shell — while FY2025 reflects the newly consolidated managed-IT-security / private-cloud / disaster-recovery services business. The five-year revenue trail ($13.3M → $11.0M → $962K → $1.10M → $23.6M) confirms this is a company that gutted one business and bolted on another, so there is essentially no clean, comparable operating history to underwrite. Treat FY2025 as year one of a new entity.

On that basis the operating picture is still red: operating income of -$4.72M (operating margin -20.0%) and a net loss of -$1.96M (the smaller net loss vs. operating loss implies a non-operating gain, not underlying profitability). ROE is -10.8% and the accumulated deficit widened to -$25.3M. The one genuine positive in the cash flow is +$1.08M of operating cash flow, but cash still fell 47.1% to $5.60M, and current liabilities more than doubled (+106.5%) to $7.32M — liquidity is adequate (current assets $11.5M) but tightening, and R&D of just $216K signals this is a services reseller/MSP, not a differentiated software franchise despite the 'eight patents' and 20-year-history framing.