Zion Oil Financials

ZNOGW

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Zion Oil (ZNOGW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 25 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ZNOGW FY2025 2026-04-22

ZNOGW’s operating model currently depends on repeated equity funding to cover a persistent cash burn while keeping debt light.

Cash climbed to $8.3M in FY2025 even as operations used -$8.0M, so stronger liquidity did not come from the business itself. Because financing added $21.2M while shares outstanding nearly tripled since FY2021, balance-sheet improvement is really equity-funded runway, not self-financed recovery.

The gap between net loss and operating cash burn is small in recent years—FY2025 posted -$7.6M net income and -$8.0M operating cash flow—so reported losses mostly mirror actual cash use. That matters because the business cannot lean on accounting adjustments to reduce its funding need.

The balance sheet is conservative from a creditor’s perspective: FY2025 liabilities were only $3.9M against equity of $42.4M, and the current ratio reached 5.1x. That means the main financing pressure is not debt service; it is the need to keep replacing consumed cash with new capital raises.

Financial Health Signals

Financial health score pending refresh

We are recalculating Zion Oil's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

Zion Oil passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.05x

For every $1 of reported earnings, Zion Oil generates $1.05 in operating cash flow (-$8.0M OCF vs -$7.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$7.0M

YoY-6.9%

Zion Oil's EBITDA was -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.9% from the prior year.

Net Income

-$7.6M

YoY-3.9%

Zion Oil reported -$7.6M in net income in fiscal year 2025. This represents a decrease of 3.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$8.3M

YoY+265.9%

5Y CAGR-6.6%

10Y CAGR+11.2%

Zion Oil held $8.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.16B

YoY+19.8%

5Y CAGR+37.3%

10Y CAGR+40.6%

Zion Oil had 1.16B shares outstanding in fiscal year 2025. This represents an increase of 19.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-18.0%

YoY+7.9pp

5Y CAGR+2.0pp

10Y CAGR+65.7pp

Zion Oil's ROE was -18.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

ZNOGW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	$11.3M+41.2%	$8.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.9M+6.4%	$4.6M-10.6%	$5.2M-16.8%	$6.2M-17.8%	$7.6M+77.0%	$4.3M
Operating Income	-$7.7M-5.3%	-$7.3M+7.7%	-$8.0M+85.5%	-$55.0M-405.0%	-$10.9M-74.0%	-$6.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$61K
Income Tax	$0	$0	$0	N/A	N/A	N/A
Net Income	-$7.6M-3.9%	-$7.3M+7.7%	-$8.0M+85.6%	-$55.1M-413.7%	-$10.7M-53.2%	-$7.0M
EPS (Diluted)	N/A	N/A	$-0.01+88.3%	$-0.12-200.0%	$-0.04	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	$0	$0	$0	$0	$0	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.5M	N/A	$1.1M+1.5%	$1.1M0.0%	$1.1M	N/A	$1.1M-4.8%	$1.2M
Operating Income	-$2.1M	N/A	-$1.7M+15.2%	-$2.0M-17.4%	-$1.7M	N/A	-$1.8M+14.8%	-$2.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$2.1M+10.3%	-$2.3M-35.1%	-$1.7M+10.0%	-$1.9M-14.1%	-$1.7M+4.1%	-$1.7M+2.5%	-$1.8M+12.8%	-$2.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	$0.00	$0.00

ZNOGW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$46.3M+45.6%	$31.8M+26.3%	$25.2M-8.5%	$27.5M-56.6%	$63.4M+45.8%	$43.5M
Current Assets	$11.5M+193.4%	$3.9M+71.5%	$2.3M-50.3%	$4.6M-46.7%	$8.6M-55.4%	$19.4M
Cash & Equivalents	$8.3M+265.9%	$2.3M+269.4%	$615K-64.6%	$1.7M-63.0%	$4.7M-60.0%	$11.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.9M+12.9%	$3.4M+7.9%	$3.2M-28.4%	$4.4M-27.1%	$6.1M-27.9%	$8.4M
Current Liabilities	$2.3M+1.3%	$2.2M-15.6%	$2.6M-33.1%	$3.9M-26.1%	$5.3M-29.6%	$7.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$42.4M+49.5%	$28.4M+28.9%	$22.0M-4.7%	$23.1M-59.7%	$57.4M+63.4%	$35.1M
Retained Earnings	-$301.5M-2.6%	-$293.9M-2.6%	-$286.6M-2.9%	-$278.6M-24.6%	-$223.5M-5.0%	-$212.8M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$52.6M+13.6%	$46.3M+3.5%	$44.7M+4.6%	$42.7M+18.8%	$36.0M+13.1%	$31.8M+6.5%	$29.9M+3.7%	$28.8M
Current Assets	$13.9M+20.3%	$11.5M-3.7%	$12.0M+16.6%	$10.3M+38.0%	$7.4M+89.3%	$3.9M+62.6%	$2.4M-46.2%	$4.5M
Cash & Equivalents	$10.7M+28.7%	$8.3M-19.9%	$10.4M+20.5%	$8.6M+70.1%	$5.1M+122.6%	$2.3M+191.7%	$779K-68.3%	$2.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.1M+7.6%	$3.9M+27.1%	$3.0M-26.8%	$4.1M+29.2%	$3.2M-6.2%	$3.4M+4.7%	$3.3M-11.3%	$3.7M
Current Liabilities	$2.5M+12.8%	$2.3M+26.4%	$1.8M-39.6%	$3.0M+44.3%	$2.0M-8.0%	$2.2M+7.1%	$2.1M-16.6%	$2.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$48.4M+14.2%	$42.4M+1.8%	$41.7M+8.0%	$38.6M+17.8%	$32.8M+15.4%	$28.4M+6.7%	$26.6M+5.8%	$25.1M
Retained Earnings	-$303.6M-0.7%	-$301.5M-0.8%	-$299.2M-0.6%	-$297.5M-0.6%	-$295.6M-0.6%	-$293.9M-0.6%	-$292.2M-0.6%	-$290.4M

ZNOGW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$8.0M-27.4%	-$6.3M-22.5%	-$5.1M+10.0%	-$5.7M+1.9%	-$5.8M+41.4%	-$9.9M
Capital Expenditures	N/A	N/A	$1K-94.1%	$17K-63.0%	$46K-39.5%	$76K
Free Cash Flow	N/A	N/A	-$5.1M+10.3%	-$5.7M+2.4%	-$5.9M+41.4%	-$10.0M
Investing Cash Flow	-$6.6M-25.8%	-$5.3M-124.0%	-$2.4M+85.5%	-$16.3M+43.9%	-$29.0M-198.6%	-$9.7M
Financing Cash Flow	$21.2M+59.7%	$13.3M+120.8%	$6.0M-68.6%	$19.1M-26.8%	$26.1M-7.9%	$28.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$1.5M+56.5%	-$3.4M-131.0%	-$1.5M-115.2%	-$684K+72.2%	-$2.5M-59.2%	-$1.5M-31.9%	-$1.2M+25.6%	-$1.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	$16K-55.6%	$36K
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	-$1.2M+26.2%	-$1.6M
Investing Cash Flow	-$4.2M-235.9%	-$1.2M+12.1%	-$1.4M+55.5%	-$3.2M-298.4%	-$798K+9.8%	-$885K+74.8%	-$3.5M-528.5%	-$558K
Financing Cash Flow	$8.0M+163.9%	$3.0M-34.6%	$4.7M-37.3%	$7.4M+22.9%	$6.0M+54.2%	$3.9M+30.6%	$3.0M-14.5%	$3.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ZNOGW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	-96.6%-18.2pp	-78.4%
Net Margin	N/A	N/A	N/A	N/A	-95.2%-7.5pp	-87.7%
Return on Equity	-18.0%+7.9pp	-25.9%+10.3pp	-36.1%+202.3pp	-238.4%-219.7pp	-18.7%+1.2pp	-19.9%
Return on Assets	-16.5%+6.6pp	-23.1%+8.5pp	-31.6%+168.6pp	-200.2%-183.3pp	-16.9%-0.8pp	-16.1%
Current Ratio	5.11+3.3	1.76+0.9	0.87-0.3	1.17-0.5	1.62-0.9	2.56
Debt-to-Equity	0.09-0.0	0.12-0.0	0.14-0.0	0.19+0.1	0.11-0.1	0.24
FCF Margin	N/A	N/A	N/A	N/A	-52.0%+73.3pp	-125.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-4.3%+1.2pp	-5.5%-1.3pp	-4.1%+0.8pp	-5.0%+0.2pp	-5.1%+1.0pp	-6.2%+0.6pp	-6.7%+1.4pp	-8.2%
Return on Assets	-4.0%+1.1pp	-5.0%-1.2pp	-3.9%+0.6pp	-4.5%+0.2pp	-4.7%+0.8pp	-5.5%+0.5pp	-6.0%+1.1pp	-7.1%
Current Ratio	5.44+0.3	5.11-1.6	6.70+3.2	3.47-0.2	3.63+1.9	1.76+0.6	1.16-0.6	1.80
Debt-to-Equity	0.090.0	0.09+0.0	0.07-0.0	0.110.0	0.10-0.0	0.120.0	0.12-0.0	0.15
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Zion Oil profitable?

No, Zion Oil (ZNOGW) reported a net income of -$7.6M in fiscal year 2025.

What is Zion Oil's EBITDA?

Zion Oil (ZNOGW) had EBITDA of -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Zion Oil's return on equity (ROE)?

Zion Oil (ZNOGW) has a return on equity of -18.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Zion Oil's operating cash flow?

Zion Oil (ZNOGW) generated -$8.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Zion Oil's total assets?

Zion Oil (ZNOGW) had $46.3M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Zion Oil have outstanding?

Zion Oil (ZNOGW) had 1.16B shares outstanding as of fiscal year 2025.

What is Zion Oil's current ratio?

Zion Oil (ZNOGW) had a current ratio of 5.11 as of fiscal year 2025, which is generally considered healthy.

What is Zion Oil's debt-to-equity ratio?

Zion Oil (ZNOGW) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Zion Oil's return on assets (ROA)?

Zion Oil (ZNOGW) had a return on assets of -16.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Zion Oil's cash runway?

Based on fiscal year 2025 data, Zion Oil (ZNOGW) had $8.3M in cash against an annual operating cash burn of $8.0M. This gives an estimated cash runway of approximately 12 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Zion Oil's Piotroski F-Score?

Zion Oil (ZNOGW) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Zion Oil's earnings high quality?

Zion Oil (ZNOGW) has an earnings quality ratio of 1.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.