Zone Frontier Inc. (ZONE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q/A for Q3 FY2026, filed May 18, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZONE SEC filings page.
Zone Frontier Inc. (ZONE) reported $3.4M in revenue over the twelve months to Mar 31, 2026, up 80.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Sales expanded, but escalating overhead and external financing turned modest gross profit into deeper losses and weaker balance-sheet resilience.
Revenue reached$2.1M in FY2025 while gross margin eased to47.6% , so additional sales did not improve the unit economics. SG&A more than doubled while operating margin fell to-308.1% , showing the earnings damage came primarily after gross profit.
The near-match between operating cash flow of
Financing supplied
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zone Frontier Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zone Frontier Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 18/100.
Zone Frontier Inc.'s revenue surged 29.2% year-over-year to $2.1M, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Zone Frontier Inc. has elevated debt relative to equity (D/E of 4.78), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 12/100, reflecting increased financial risk.
Zone Frontier Inc.'s current ratio of 1.34 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Zone Frontier Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 3/100.
Zone Frontier Inc. posts a -459.9% return on equity (ROE), meaning it loses $460 for every $100 of shareholders' equity. This results in a returns score of 18/100. This is down from -61.1% the prior year.
Zone Frontier Inc. scores -1.53, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($33.8M) relative to total liabilities ($7.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zone Frontier Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Zone Frontier Inc. reported a net loss of $6.7M while operations used $2.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Zone Frontier Inc. reported an operating loss of $6.4M against $356K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Zone Frontier Inc. generated $544K in revenue in Q3 2026. This represents a decrease of 2.5% from the same quarter a year earlier. Against the prior quarter it is down 49.1%.
Zone Frontier Inc.'s EBITDA was -$18.9M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2694.9% from the same quarter a year earlier. Against the prior quarter it is up 8.4%.
Zone Frontier Inc. reported -$37.3M in net income in Q3 2026. This represents a decrease of 4504.3% from the same quarter a year earlier. Against the prior quarter it is up 64.3%.
Zone Frontier Inc. earned -$0.17 per diluted share (EPS) in Q3 2026. Against the prior quarter it is up 66.7%.
Cash & Balance Sheet
Zone Frontier Inc. recorded an outflow of $7.7M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents a decrease of 1218.9% from the same quarter a year earlier. Against the prior quarter it is down 127.2%.
Zone Frontier Inc. held $4.1M in cash as of Q3 2026; long-term debt is not reported for that period.
Not reported for Q3 2026.
Margins & Returns
Zone Frontier Inc.'s gross margin was -77.1% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 132.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 145.2 percentage points.
Zone Frontier Inc.'s ROE was -61.8% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 12.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 49.5 percentage points.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Zone Frontier Inc. invested $24K in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 141.3% from the same quarter a year earlier. Against the prior quarter it is up 342.8%.
Not reported for Q3 2026.
Not reported for Q3 2026.
ZONE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $544K-2.5% | $1.1M+315.5% | $905K+147.9% | $893K+26.3% | $558K+77.7% | $257K-0.4% | $365K+12.0% | $707K |
| Cost of Revenue | $963K+290.2% | $341K+74.9% | $368K+105.3% | $465K+32.2% | $247K+42.5% | $195K+48.2% | $179K+17.6% | $352K |
| Gross Profit | -$419K-234.8% | $727K+1073.0% | $536K+189.2% | $428K+20.4% | $311K+121.1% | $62K-51.0% | $185K+7.2% | $355K |
| SG&A Expenses | $18.4M+1800.1% | $21.3M+2240.8% | $8.6M+841.4% | $4.3M+282.5% | $968K+85.9% | $911K+184.5% | $916K+79.7% | $1.1M |
| Operating Income | -$19.0M-2547.9% | -$20.7M-2049.2% | -$8.2M-908.5% | -$3.9M-343.4% | -$717K-64.2% | -$964K-275.2% | -$817K-117.1% | -$877K |
| EBITDA | -$18.9M-2694.9% | -$20.7M-2135.2% | -$8.1M-948.6% | -$3.8M-354.1% | -$677K-70.1% | -$924K-323.3% | -$777K-130.1% | -$838K |
| Interest Expense | -$73K-178.4% | -$63K-252.9% | $133K+238.5% | $183K+79.7% | $93K+10.1% | $41K-53.3% | $39K-35.7% | $102K |
| Net Income | -$37.3M-4504.3% | -$104.4M-10283.8% | -$13.4M-1461.5% | -$4.1M-315.9% | -$809K-55.4% | -$1.0M-191.5% | -$856K-95.8% | -$979K |
| EPS (Basic) | -$0.17-70.0% | -$0.51-325.0% | -$0.49-390.0% | N/A | -$0.10 | -$0.12 | -$0.10 | N/A |
| EPS (Diluted) | -$0.17 | -$0.51 | -$0.49 | N/A | -$0.10 | -$0.12 | -$0.10 | N/A |
| Diluted Shares (Avg) | 216M | 204M | N/A | N/A | 8M | 8M | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Income Tax.
ZONE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $67.4M+955.3% | $101.1M+1550.1% | $185.7M+2621.8% | $8.5M+13.2% | $6.4M+1.8% | $6.1M | $6.8M | $7.5M+22.8% |
| Current Assets | $20.3M+775.7% | $10.4M+421.6% | $17.3M+562.1% | $3.8M+18.9% | $2.3M+19.1% | $2.0M | $2.6M | $3.2M+84.9% |
| Cash & Equivalents | $4.1M+408.6% | $5.4M+871.2% | $12.9M+967.0% | $1.5M-27.6% | $797K+1320.9% | $560K+1153.8% | $1.2M+1787.7% | $2.0M+412.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $781K+6.3% | $1.3M+87.6% | $1.4M+96.6% | $1.3M+100.5% | $735K-5.3% | $719K | $719K | $672K0.0% |
| Accounts Receivable | $364K-36.8% | $439K-0.1% | $387K-21.3% | $658K+40.7% | $576K+94.6% | $439K | $492K | $467K+100.1% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $2.2M0.0% | $2.2M0.0% | $2.2M0.0% | $2.2M0.0% | $2.2M0.0% | $2.2M | $2.2M | $2.2M0.0% |
| Total Liabilities | $7.1M+48.8% | $7.3M+85.9% | $13.2M+251.9% | $7.0M+86.9% | $4.7M-16.5% | $3.9M | $3.8M | $3.7M-13.9% |
| Current Liabilities | $6.9M+146.9% | $7.1M+278.4% | $13.0M+703.7% | $2.8M+89.1% | $2.8M-46.5% | $1.9M | $1.6M | $1.5M-61.9% |
| Non-Current Liabilities | $155K-92.0% | $196K-90.4% | $235K-89.1% | $4.2M+85.5% | $1.9M+330.1% | $2.0M | $2.1M | $2.2M+461.9% |
| Total Equity | $60.3M+3566.1% | $93.8M+4150.7% | $172.5M+5532.0% | $1.5M-60.8% | $1.6M+176.4% | $2.2M+105.9% | $3.1M+123.1% | $3.7M+114.0% |
| Retained Earnings | -$169.0M-1594.6% | -$131.8M-1337.6% | -$27.4M-235.9% | -$14.0M-92.3% | -$10.0M-57.7% | -$9.2M | -$8.2M | -$7.3M-45.4% |
Not reported in any period shown, so not listed: Long-Term Debt.
ZONE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.6M-1237.4% | -$3.4M-290.8% | -$3.8M-374.7% | -$103K+90.3% | -$572K-127.5% | -$863K-1262.8% | -$800K-159.4% | -$1.1M |
| Depreciation & Amortization | $62K+54.2% | $63K+57.9% | $90K+125.7% | $84K+114.7% | $40K+3.2% | $40K+3.3% | $40K+3.3% | $39K |
| Stock-Based Compensation | $760K+230.5% | $6.7M+4366.8% | $1.2M+540.2% | N/A | $230K | $149K | $182K+185.2% | N/A |
| Capital Expenditures | $24K+141.3% | $5K+105.2% | $12K+81.6% | $14K+63.0% | $10K+772.0% | $3K | $6K+536.9% | $8K |
| Free Cash Flow | -$7.7M-1218.9% | -$3.4M-290.2% | -$3.8M-372.4% | -$117K+89.1% | -$582K-130.4% | -$865K-1266.3% | -$806K-160.6% | -$1.1M |
| Investing Cash Flow | $18.3M+187444.1% | -$6.1M-234937.9% | -$142.5M-2204257.9% | -$595K-7072.6% | -$10K-772.0% | -$3K | -$6K-536.9% | -$8K |
| Financing Cash Flow | -$1.0M-225.0% | $4.0M | $157.8M | $1.4M-55.1% | $800K+203.2% | N/A | N/A | $3.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ZONE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q/A | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -77.1%-132.9pp | 68.0%+44.0pp | 59.3%+8.5pp | 47.9%-2.3pp | 55.8%+10.9pp | 24.1%-24.9pp | 50.8%-2.3pp | 50.3% |
| Operating Margin | -3490.9% | -1938.3% | -910.4% | -435.6% | -128.5% | -374.7% | -223.8% | -124.1% |
| Net Margin | -6854.0% | -9763.8% | -1477.6% | -456.1% | -145.1% | -390.6% | -234.6% | -138.5% |
| Return on Equity | -61.8%-12.6pp | -111.2%-65.7pp | -7.8%+20.2pp | -277.8%-251.6pp | -49.2%+38.3pp | -45.5%-13.4pp | -28.0%+3.9pp | -26.2% |
| Return on Assets | -55.3%-42.6pp | -103.2%-86.8pp | -7.2%+5.4pp | -48.1%-35.0pp | -12.7%-4.4pp | -16.4% | -12.6% | -13.1% |
| Current Ratio | 2.94+2.1x | 1.47+0.4x | 1.33-0.3x | 1.34-0.8x | 0.83+0.5x | 1.06 | 1.62 | 2.13+1.7x |
| Debt-to-Equity | 0.12-2.8x | 0.08-1.7x | 0.08-1.2x | 4.78+3.8x | 2.88-6.7x | 1.78 | 1.23 | 1.00-1.5x |
| Asset Turnover | 0.01-0.1x | 0.010.0x | 0.000.0x | 0.110.0x | 0.090.0x | 0.04 | 0.05 | 0.09 |
| FCF Margin | -1411.0% | -315.9% | -421.0% | -13.1% | -104.3% | -336.3% | -220.9% | -151.4% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Zone Frontier Inc. ZONE | FY2025 | $2.1M | -$6.7M | N/A | $33.8M | 29/100 |
| 374Water Inc. SCWO | FY2025 | $215K | -$21.0M | N/A | $57.4M | — |
| Fuel Tech, Inc. FTEK | FY2025 | $26.7M | -$2.3M | -8.7% | $54.0M | 52/100 |
| Rain Enhancement Technologies Holdco, Inc. RAIN | FY2025 | N/A | N/A | N/A | $8.6M | — |
| ClearSign Technologies Corporation CLIR | FY2025 | $5.2M | -$5.5M | N/A | $27.4M | 62/100 |
| LiqTech International, Inc. LIQT | FY2025 | $16.5M | -$8.5M | -51.7% | $23.5M | 30/100 |
Where Zone Frontier Inc. Ranks
Frequently Asked Questions
What is Zone Frontier Inc.'s annual revenue?
Zone Frontier Inc. (ZONE) reported $2.1M in total revenue for fiscal year 2025. This represents a 29.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zone Frontier Inc.'s revenue growing?
Zone Frontier Inc. (ZONE) revenue grew by 29.2% year-over-year, from $1.6M to $2.1M in fiscal year 2025.
Is Zone Frontier Inc. profitable?
No, Zone Frontier Inc. (ZONE) reported a net income of -$6.7M in fiscal year 2025.
What is Zone Frontier Inc.'s EBITDA?
Zone Frontier Inc. (ZONE) had EBITDA of -$6.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zone Frontier Inc.'s gross margin?
Zone Frontier Inc. (ZONE) had a gross margin of 47.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zone Frontier Inc.'s return on equity (ROE)?
Zone Frontier Inc. (ZONE) has a return on equity of -459.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zone Frontier Inc.'s free cash flow?
Zone Frontier Inc. (ZONE) recorded an outflow of $2.4M in free cash flow during fiscal year 2025. This represents a -52.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zone Frontier Inc.'s operating cash flow?
Zone Frontier Inc. (ZONE) recorded an outflow of $2.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Zone Frontier Inc.'s total assets?
Zone Frontier Inc. (ZONE) had $8.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zone Frontier Inc.'s capital expenditures?
Zone Frontier Inc. (ZONE) invested $32K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Zone Frontier Inc.'s current ratio?
Zone Frontier Inc. (ZONE) had a current ratio of 1.34 as of fiscal year 2025, which is considered adequate.
What is Zone Frontier Inc.'s debt-to-equity ratio?
Zone Frontier Inc. (ZONE) had a debt-to-equity ratio of 4.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zone Frontier Inc.'s return on assets (ROA)?
Zone Frontier Inc. (ZONE) had a return on assets of -79.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zone Frontier Inc.'s P/E ratio?
Zone Frontier Inc. (ZONE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $33.8M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Zone Frontier Inc.'s price-to-sales ratio?
Zone Frontier Inc. (ZONE) trades at 9.9x sales, its market capitalization divided by revenue of $3.4M revenue, trailing 12 months to March 31, 2026. The market capitalization is $33.8M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Zone Frontier Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Zone Frontier Inc. (ZONE) held $1.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $2.3M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Zone Frontier Inc.'s Altman Z-Score?
Zone Frontier Inc. (ZONE) has an Altman Z-Score of -1.53, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zone Frontier Inc.'s Piotroski F-Score?
Zone Frontier Inc. (ZONE) has a Piotroski F-Score of 2 out of 8 computable signals; 1 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 Zone Frontier Inc.'s earnings high quality?
Zone Frontier Inc. (ZONE) reported a net loss of $6.7M while operations used $2.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Can Zone Frontier Inc. cover its interest payments?
Zone Frontier Inc. (ZONE) reported an operating loss of $6.4M against $356K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Zone Frontier Inc.?
Zone Frontier Inc. (ZONE) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.