CIMG Inc.

Early-stage Maca-products venture posting hyper-growth on near-zero gross margin and deep losses.

Strengths

• Triple-digit revenue growth (+433%, 100th pct) as it commercializes new product lines
• Some equity cushion keeps ROE/ROA losses mid-pack relative to sector (50th–58th pct)

Risks

• ~1% gross margin (18th pct) with net margin -47% and OCF margin -171% (11th pct) — model not yet economic
• Severe customer/supplier concentration in Maca Series, weak liquidity (quick ratio 0.19), China exposure

Notable findings

• Going concern● Our independent auditor’s report for the fiscal year ended September 30, 2025 includes an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern, and
• Auditor changeRecent 8-K item 4.01 8-K ↗
• Net lossNet loss (net margin -47.4%)
• Weak liquidityCurrent ratio 0.62 (<1)
• Buying back stockNet buyback — share count -56%/yr over 2y
• Revenue declineRevenue -79.6% YoY