Intelligent Living Application Group Inc.
ILAG · Partitions, Shelvg, Lockers, & of fice & Store Fixtures · EDGAR filings ↗
Grade
F39Going-concern China lockset maker with collapsing revenue and deeply negative returns.
Strengths
- Adequate current ratio 1.97 (54th pct) and modest leverage (D/E 0.32)
- Headline net-income-growth 95th pct is an artifact of loss math, not real improvement
Risks
- Explicit going-concern doubt with cash runway ~1.1 quarters (17th pct) and only $0.6M cash (6th pct)
- Operating and net margins near -430%, gross margin 2.9% (6th pct), revenue -40% (6th pct)
- Tariff exposure, no business insurance, China/HFCAA delisting and internal-control risks
Notable findings
- Net lossNet loss (net margin -430.6%)
- Cash burnNegative free cash flow (-2.5M)
- Revenue declineRevenue -40.1% YoY
Key metrics
Gross margin
2.9%
Operating margin
-430.7%
Net margin
-430.6%
Return on equity
-398.4%
Return on assets
-228.1%
ROIC
-237.6%
Revenue growth (QoQ)
-40.1%
Debt / equity
0.3×
Current ratio
2.0×
Free cash flow
-$2M
EBITDA
-$19M
Tangible book value
$5M
Cash & investments
$646K
Cash runway
1q
Stock comp / revenue
31.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001493152-26-018930 ↗ |
| 20-F | 2025-04-28 | 2024-12-31 | 0001641172-25-006445 ↗ |
| 20-F | 2024-04-30 | 2023-12-31 | 0001493152-24-017261 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001410578-23-000841 ↗ |