IPMHIGH SIGNALOPERATIONAL10-K

IPM completed a transformational business pivot by acquiring Newtek Technology Solutions and divesting its consumer-focused Paltalk/Camfrog applications to become an enterprise IT services company.

This represents a complete strategic transformation from a consumer software company to an enterprise IT services provider, fundamentally changing IPM's business model, revenue streams, and market positioning. The dramatic increase in revenue and shift to positive operating cash flow suggests the new business model may be more financially viable than the previous consumer-focused operations.

Comparing 2026-03-17 vs 2025-03-24View on EDGAR →
FINANCIAL ANALYSIS

The acquisition drove explosive revenue growth of over 2000% to $23.6M while dramatically reducing R&D expenses by 96%, reflecting the shift from software development to IT services. Despite the revenue surge, the company maintained significant losses of $2.0M (though improved from $8.4M), while successfully turning operating cash flow positive at $1.1M and substantially growing both assets (64%) and equity (53%). The financial profile now reflects a services-based business with higher receivables and liabilities, but improved operational efficiency and cash generation.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+5445.5%
$7K→$400K

Share repurchases increased 5445.5% — management returning capital, signals confidence in intrinsic value.

Revenue
P&L
+2049.9%
$1.1M→$23.6M

Strong top-line growth of 2049.9% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+1625.6%
$93K→$1.6M

Receivables surged 1625.6% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Operating Cash Flow
Cash Flow
+135.7%
-$3.0M→$1.1M

Operating cash flow surged 135.7% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+106.5%
$3.5M→$7.3M

Current liabilities surged 106.5% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+97.7%
$4.0M→$7.9M

Liabilities grew 97.7% — significant increase in debt or obligations, assess impact on financial flexibility.

R&D Expense
P&L
-95.6%
$4.9M→$216K

R&D spending cut 95.6% — could signal cost discipline or concerning reduction in innovation investment.

Net Income
P&L
+76.8%
-$8.4M→-$2.0M

Net income grew 76.8% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+64.1%
$15.9M→$26.0M

Asset base grew 64.1% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+52.8%
$11.9M→$18.2M

Equity base grew 52.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-17
PRIOR — 2025-03-24
ADDED
As of March 13, 2026, the registrant had 9,085,729 * shares of common stock outstanding.
Form 10-K Summary 37 Signatures 38 Unless the context otherwise indicates, references to IPM, we, our, us and the Company refer to Intelligent Protection Management Corp.
BUSINESS Company Overview We provide a comprehensive range of IT-related services, including managed IT security services, secure private cloud hosting, managed backup and disaster recovery, professional services, procurement services, web hosting, and other related services including consulting and implementing technology solutions for large enterprise and commercial clients across the United States as well as small-and-medium sized businesses.
We also offer and support our ManyCam software, which is a live streaming software and virtual camera that allows users to deliver professional live videos on streaming platforms, video conferencing apps and distance learning tools.
On January 2, 2025 (the Closing Date ), we completed (i) the acquisition of Newtek Technology Solutions, Inc., a New York corporation ( NTS ), and such acquisition, the Acquisition ), and (ii) the sale of our telecommunications services provider, Vumber , as well as our Paltalk and Camfrog applications and certain assets and liabilities related to such services provider and applications (such sale, the Divestiture, and, together with the Acquisition, the Transactions ).
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REMOVED
As of March 14, 2025, the registrant had 9,236,987 * shares of common stock outstanding.
EXPLANATORY NOTE On January 2, 2025 (the Closing Date ), Intelligent Protection Management Corp.
(f/k/a Paltalk, Inc.) (the Company ) completed the acquisition of Newtek Technology Solutions, Inc., a New York corporation ( NTS ), pursuant to that certain Agreement and Plan of Merger (the Acquisition Agreement ), by and among the Company, PALT Merger Sub 1, Inc., a New York corporation and a direct and wholly owned subsidiary of the Company ( First Merger Sub ), PALT Merger Sub 2, LLC, a Delaware limited liability company and a direct and wholly owned subsidiary of the Company ( Second Merger Sub ), NTS and NewtekOne, Inc., a Maryland corporation and the sole stockholder of NTS.
Following the closing of the Acquisition (the Acquisition Closing ), the Company changed its name from Paltalk, Inc.
On the Closing Date and prior to the Acquisition Closing, the Company completed the sale to Meteor Mobile Holdings, Inc., a Delaware corporation ( Meteor Mobile ), of its telecommunications services provider, Vumber , as well as its Paltalk and Camfrog applications and certain assets and liabilities related to such services provider and applications (such sale, the Divestiture, and, together with the Acquisition, the Transactions ) pursuant to that certain Asset Purchase Agreement, by and among the Company, its wholly owned subsidiaries Paltalk Holdings, Inc.
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