IMAC Holdings Reports $1,500 Revenue and $2.2 Million Net Loss in Q1 2025

IMAC Holdings, Inc. reported its financial results for the first quarter of 2025, revealing a net revenue of $1,500, a significant increase from zero revenue in the same period last year. However, the company also recorded a net loss of $2.2 million, which includes a loss of $2.2 million from continuing operations and a minor gain from discontinued operations. This marks a substantial increase in net loss compared to the $448,899 loss reported in the first quarter of 2024. The company's operating expenses surged to $2.1 million, up from $408,630 in the prior year, primarily driven by increased salaries, legal fees, and professional consulting costs.

The financial position of IMAC Holdings has deteriorated, with total current assets dropping to $287,643 as of March 31, 2025, down from $684,341 at the end of 2024. Current liabilities increased to $8.8 million, up from $7.2 million, largely due to a rise in accounts payable and notes payable. The company’s accumulated deficit has now reached $67.2 million, reflecting ongoing challenges in achieving profitability. The company’s cash reserves also fell significantly, ending the quarter with $30,880 compared to $504,189 at the end of the previous fiscal year.

Strategically, IMAC Holdings has made notable changes, including the acquisition of laboratory capabilities from Theralink Technologies, which enhances its ability to conduct clinical testing for oncology treatments. The company has also expanded its authorized shares of common stock from 60 million to 120 million, a move approved by shareholders on March 26, 2025. This increase may provide the company with more flexibility in raising capital to support its operations and growth initiatives.

Operationally, IMAC Holdings has transitioned to focus solely on precision medicine in cancer treatment, having discontinued its previous patient care operations. The company is currently located in a single geographic area, the United States, and is working to establish its market presence in the oncology sector. The company’s management has indicated that it will need to secure additional financing to support its growth and operational needs, as it faces substantial doubt regarding its ability to continue as a going concern without further capital.

Looking ahead, IMAC Holdings anticipates that its future success will depend on its ability to attract skilled personnel and secure additional financing. The company acknowledges the impact of inflation on its operational costs and recognizes the need for ongoing improvements in its financial reporting and internal controls. Management has expressed a commitment to addressing these challenges while pursuing opportunities for growth in the precision medicine market.