Producer of electro-optical & electronics solutions to defence industry.
IMCO enters 2026 with strong defense demand, backlog-backed visibility, and a better gross margin, but the real story has not yet turned into cash, so the next execution test is working capital and liquidity rather than growth alone.
IMCO's backlog gives 2026 real visibility, but not automatic comfort. Almost all of it sits in the defense division, every shekel beyond 2026 depends on that division alone, and execution is already consuming inventory, receivables, and contract assets before full revenue conver…
IMCO has slightly reduced its direct dependence on the Ministry of Defense, but it is still far from real diversification because concentration has shifted to a second defense anchor while civilian activity has weakened.
IMCO ended 2025 with acceptable operating and net profit, but almost no operating cash flow and a very small cash balance. Inventory, receivables, dividends, and broader reliance on bank credit explain why reported earnings are still not turning into free cash.
