Zone Frontier (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 Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-K for FY2026, filed Sep 28, 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 for fiscal year 2026, up 64.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Revenue is growing, but costs and losses are expanding far faster, leaving financing activity—not operations behind the balance-sheet change.
In FY2026, revenue grew64.3% , yet SG&A reached$56.5M against$3.4M of revenue, making overhead the dominant cost burden. Capex was only$38K while gross margin was37.8% , so the operating strain reflects an outsized expense base and weaker gross economics rather than heavy reinvestment.
Operating cash flow and free cash flow were both about
FY2026 total assets rose
Financial Health Signals
Scored against emerging companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. 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. held $15.4M in cash, cash equivalents and investments at the end of fiscal year 2026, and its operations used $18.2M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Zone Frontier Inc. scores 32/100 among other emerging companies.
Zone Frontier Inc. had 509M shares outstanding at the end of fiscal year 2026. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Zone Frontier Inc. scores 2/100 among other emerging companies.
Not available for Zone Frontier Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
Zone Frontier Inc. reported revenue of $3.4M in fiscal year 2026, against $2.1M in fiscal year 2025. Revenue Progress ranks emerging companies on the three-year path of that line, and Zone Frontier Inc. scores 77/100 among other emerging companies.
Zone Frontier Inc.'s operations used $18.2M of cash in fiscal year 2026, against $2.3M used in fiscal year 2025. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Zone Frontier Inc. scores 2/100 among other emerging companies.
Zone Frontier Inc.'s cash, cash equivalents and investments came to $15.4M at the end of fiscal year 2026, against $995K of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Zone Frontier Inc. scores 99/100 among other emerging companies.
Zone Frontier Inc. scores 20.97, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $48.3M against total liabilities of $995K. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
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, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Zone Frontier Inc. reported a net loss of $174.2M while operations used $18.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Zone Frontier Inc. reported an operating loss of $58.0M against $140K 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 $889K in revenue in Q4 2026. This represents a decrease of 0.4% from the same quarter a year earlier. Against the prior quarter it is up 63.5%.
Zone Frontier Inc.'s EBITDA was -$10.0M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Zone Frontier Inc. reported a net loss of $19.2M in Q4 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q4 2026.
Cash & Balance Sheet
Zone Frontier Inc. recorded an outflow of $3.3M in free cash flow in Q4 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Zone Frontier Inc. held $15.4M in cash as of Q4 2026; no long-term debt figure is on record for that period.
Not reported for Q4 2026.
Margins & Returns
Zone Frontier Inc.'s gross margin was 49.9% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 127.0 percentage points.
Zone Frontier Inc.'s quarterly ROE was -37.2% in Q4 2026: one quarter's net income over shareholder equity, not annualized. This is up 240.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.6 percentage points.
Not shown for Q4 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q4 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 $3K in capex in Q4 2026, funding long-term assets and infrastructure. This represents a decrease of 76.7% from the same quarter a year earlier. Against the prior quarter it is down 86.7%.
Not reported for Q4 2026.
Not reported for Q4 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 | Q4'2610-K | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $889K-0.4% | $544K-2.5% | $1.1M+315.5% | $905K+147.9% | $893K+26.3% | $558K+77.7% | $257K-0.4% | $365K+12.0% |
| Cost of Revenue | $446K-4.1% | $963K+290.2% | $341K+74.9% | $368K+105.3% | $465K+32.2% | $247K+42.5% | $195K+48.2% | $179K+17.6% |
| Gross Profit | $443K+3.6% | -$419K-234.8% | $727K+1073.0% | $536K+189.2% | $428K+20.4% | $311K+121.1% | $62K-51.0% | $185K+7.2% |
| SG&A Expenses | $8.1M+90.0% | $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% |
| Operating Income | -$10.0Mn/m | -$19.0Mn/m | -$20.7Mn/m | -$8.2Mn/m | -$3.9Mn/m | -$717Kn/m | -$964Kn/m | -$817Kn/m |
| EBITDA | -$10.0Mn/m | -$18.9Mn/m | -$20.7Mn/m | -$8.1Mn/m | -$3.8Mn/m | -$677Kn/m | -$924Kn/m | -$777Kn/m |
| Interest Expense | -$138K-175.5% | -$73K-178.4% | -$63K-252.9% | $133K+238.5% | $183K+79.7% | $93K+10.1% | $41K-53.3% | $39K-35.7% |
| Net Income | -$19.2Mn/m | -$37.3Mn/m | -$104.4Mn/m | -$13.4Mn/m | -$4.1Mn/m | -$809Kn/m | -$1.0Mn/m | -$856Kn/m |
| EPS (Basic) | N/A | -$0.17 | -$0.51 | -$0.49 | N/A | -$0.10 | -$0.12 | -$0.10 |
| EPS (Diluted) | N/A | -$0.17 | -$0.51 | -$0.49 | N/A | -$0.10 | -$0.12 | -$0.10 |
| Diluted Shares (Avg) | N/A | 216M | 204M | N/A | N/A | 8M | 8M | 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 | Q4'2610-K | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $52.5M+520.2% | $67.4M+955.3% | $101.1M+1550.1% | $185.7M+2621.8% | $8.5M+13.2% | $6.4M+1.8% | $6.1M | $6.8M |
| Current Assets | $18.7M+390.0% | $20.3M+775.7% | $10.4M+421.6% | $17.3M+562.1% | $3.8M+18.9% | $2.3M+19.1% | $2.0M | $2.6M |
| Cash & Equivalents | $15.4M+956.5% | $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% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $909K-32.5% | $781K+6.3% | $1.3M+87.6% | $1.4M+96.6% | $1.3M+100.5% | $735K-5.3% | $719K | $719K |
| Accounts Receivable | $458K-30.3% | $364K-36.8% | $439K-0.1% | $387K-21.3% | $658K+40.7% | $576K+94.6% | $439K | $492K |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $0-100.0% | $2.2M0.0% | $2.2M0.0% | $2.2M0.0% | $2.2M0.0% | $2.2M0.0% | $2.2M | $2.2M |
| Total Liabilities | $995K-85.8% | $7.1M+48.8% | $7.3M+85.9% | $13.2M+251.9% | $7.0M+86.9% | $4.7M-16.5% | $3.9M | $3.8M |
| Current Liabilities | $881K-69.1% | $6.9M+146.9% | $7.1M+278.4% | $13.0M+703.7% | $2.8M+89.1% | $2.8M-46.5% | $1.9M | $1.6M |
| Non-Current Liabilities | $114K-97.3% | $155K-92.0% | $196K-90.4% | $235K-89.1% | $4.2M+85.5% | $1.9M+330.1% | $2.0M | $2.1M |
| Total Equity | $51.5M+3413.9% | $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% |
| Retained Earnings | -$188.2Mn/m | -$169.0Mn/m | -$131.8Mn/m | -$27.4Mn/m | -$14.0Mn/m | -$10.0Mn/m | -$9.2M | -$8.2M |
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 | Q4'2610-K | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.3Mn/m | -$7.6Mn/m | -$3.4Mn/m | -$3.8Mn/m | -$103Kn/m | -$572Kn/m | -$863K-1262.8% | -$800Kn/m |
| Depreciation & Amortization | $64K-24.3% | $62K+54.2% | $63K+57.9% | $90K+125.7% | $84K+114.7% | $40K+3.2% | $40K+3.3% | $40K+3.3% |
| Stock-Based Compensation | N/A | $760K+230.5% | $6.7M+4366.8% | $1.2M+540.2% | N/A | $230K | $149K | $182K+185.2% |
| Capital Expenditures | -$3K-76.7% | $24K+141.3% | $5K+105.2% | $12K+81.6% | $14K+63.0% | $10K+772.0% | $3Kn/m | $6K+536.9% |
| Free Cash Flow | -$3.3Mn/m | -$7.7Mn/m | -$3.4Mn/m | -$3.8Mn/m | -$117Kn/m | -$582Kn/m | -$865K-1266.3% | -$806Kn/m |
| Investing Cash Flow | $3Kn/m | $18.3Mn/m | -$6.1Mn/m | -$142.5Mn/m | -$595Kn/m | -$10Kn/m | -$3Kn/m | -$6Kn/m |
| Financing Cash Flow | $1.7M+22.3% | -$1.0M-225.0% | $4.0M | $157.8M | $1.4M-55.1% | $800K+203.2% | N/A | N/A |
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 | Q4'2610-K | Q3'2610-Q/A | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q/A | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.9%+1.9pp | -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 |
| Operating Margin | -1129.6% | -3490.9% | -1938.3% | -910.5% | -435.6% | -128.5% | -374.7% | -223.8% |
| Net Margin | -2155.7% | -6854.0% | -9763.8% | -1477.6% | -456.1% | -145.1% | -390.6% | -234.6% |
| Return on Equity | -37.2%+240.5pp | -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 |
| Return on Assets | -36.5%+11.6pp | -55.3%-42.6pp | -103.2%-86.8pp | -7.2%+5.4pp | -48.1%-35.0pp | -12.7%-4.4pp | -16.4% | -12.6% |
| Current Ratio | 21.24+19.9x | 2.94+2.1x | 1.47+0.4x | 1.33-0.3x | 1.34-0.8x | 0.83+0.5x | 1.06 | 1.62 |
| Liabilities-to-Equity | 0.02-4.8x | 0.12-2.8x | 0.08-1.7x | 0.08-1.2x | 4.78+3.8x | 2.88-6.7x | 1.78 | 1.23 |
| Asset Turnover | 0.02-0.1x | 0.01-0.1x | 0.010.0x | 0.000.0x | 0.110.0x | 0.090.0x | 0.04 | 0.05 |
| FCF Margin | -376.2% | -1411.0% | -315.9% | -421.0% | -13.1% | -104.3% | -336.3% | -220.9% |
Not reported in any period shown, so not listed: Debt-to-Equity.
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 | FY2026 | $3.4M | -$174.2M | N/A | $48.3M | 42/100 |
| 374Water Inc. SCWO | FY2025 | $215K | -$21.0M | N/A | $42.7M | — |
| Fuel Tech, Inc. FTEK | FY2025 | $26.7M | -$2.3M | -8.7% | $46.0M | 63/100 |
| Rain Enhancement Technologies Holdco, Inc. RAIN | FY2025 | N/A | N/A | N/A | $6.7M | — |
| ClearSign Technologies Corporation CLIR | FY2025 | $5.2M | -$5.5M | N/A | $17.0M | 63/100 |
| LiqTech International, Inc. LIQT | FY2025 | $16.5M | -$8.5M | -51.7% | $10.0M | 31/100 |
Where Zone Frontier Inc. Ranks
Frequently Asked Questions
What is Zone Frontier Inc.'s annual revenue?
Zone Frontier Inc. (ZONE) reported $3.4M in total revenue for fiscal year 2026. This represents a 64.3% 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 64.3% year-over-year, from $2.1M to $3.4M in fiscal year 2026.
Is Zone Frontier Inc. profitable?
No, Zone Frontier Inc. (ZONE) reported a net loss of $174.2M in fiscal year 2026.
What is Zone Frontier Inc.'s EBITDA?
Zone Frontier Inc. (ZONE) had EBITDA of -$57.7M in fiscal year 2026, 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 37.8% in fiscal year 2026, 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 -338.1% for fiscal year 2026, 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 $18.2M in free cash flow during fiscal year 2026. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 $18.2M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are Zone Frontier Inc.'s total assets?
Zone Frontier Inc. (ZONE) had $52.5M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Zone Frontier Inc.'s capital expenditures?
Zone Frontier Inc. (ZONE) invested $38K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Zone Frontier Inc.'s current ratio?
Zone Frontier Inc. (ZONE) had a current ratio of 21.24 as of fiscal year 2026, which is generally considered healthy.
What is Zone Frontier Inc.'s liabilities-to-equity ratio?
Zone Frontier Inc. (ZONE) had a liabilities-to-equity ratio of 0.02 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2026, because the filing data we hold for that year carries no long-term debt figure.
What is Zone Frontier Inc.'s return on assets (ROA)?
Zone Frontier Inc. (ZONE) had a return on assets of -331.7% for fiscal year 2026, 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 (FY2026). The market capitalization is $48.3M as of Oct 26, 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 14.2x sales, its market capitalization divided by $3.4M revenue, FY2026. The market capitalization is $48.3M as of Oct 26, 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 2026, Zone Frontier Inc. (ZONE) held $15.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $18.2M over that year. Dividing the one by the other, the reported balance equals about 10 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 20.97, placing it in the Safe Zone (low 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 $174.2M while operations used $18.2M 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 $58.0M against $140K 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 42 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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. For Zone Frontier Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.