ZeroStack Corp Financials
This page shows ZeroStack Corp (ZSTK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Debt-funded balance-sheet expansion is masking a business with vanishing gross profit and losses far larger than cash burn.
In FY2025, net loss reached$119.7M and operating loss hit$154.7M , yet free cash flow was only-$8.8M ; that gap is too large to come from ordinary cash expenses alone, so the income statement was likely dominated by non-cash charges. At the same time, assets rose to$130.2M from$26.2M and long-term debt moved from$0 to$50.8M , meaning the balance sheet expanded even while the operating engine still consumed cash.
The more structural issue is gross margin compression: after running at
Liquidity is thin rather than abundant: cash was
Financial Health Signals
Scored against emerging 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 ZeroStack Corp'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.
ZeroStack Corp scores -6.57, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.1M) relative to total liabilities ($59.7M). 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.
ZeroStack Corp passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, ZeroStack Corp generates $0.07 in operating cash flow (-$8.7M OCF vs -$119.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
ZeroStack Corp earns $-636.4 in operating income for every $1 of interest expense (-$154.7M vs $243K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
ZeroStack Corp generated $35.7M in revenue in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
ZeroStack Corp's EBITDA was -$154.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1788.8% from the prior year.
ZeroStack Corp reported -$119.7M in net income in fiscal year 2025. This represents a decrease of 652.7% from the prior year.
ZeroStack Corp earned $-43.49 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.1% from the prior year.
Cash & Balance Sheet
ZeroStack Corp generated -$8.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 70.4% from the prior year.
ZeroStack Corp held $5.6M in cash against $50.8M in long-term debt as of fiscal year 2025.
ZeroStack Corp had 1M shares outstanding in fiscal year 2025. This represents an increase of 118.8% from the prior year.
Margins & Returns
ZeroStack Corp's gross margin was 4.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
ZeroStack Corp's operating margin was -433.5% in fiscal year 2025, reflecting core business profitability. This is down 408.6 percentage points from the prior year.
ZeroStack Corp's net profit margin was -335.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 291.3 percentage points from the prior year.
ZeroStack Corp's ROE was -169.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 183.0 percentage points from the prior year.
Capital Allocation
ZeroStack Corp invested $127K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.2% from the prior year.
ZSTK Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.3M+70.5% | $4.3M-56.2% | $9.7M-34.1% | $14.8M+115.5% | $6.9M | N/A | $7.2M-53.8% | $15.7M |
| Cost of Revenue | $4.1M-34.7% | $6.3M-32.9% | $9.4M-21.3% | $12.0M+89.0% | $6.3M | N/A | $6.7M-46.1% | $12.5M |
| Gross Profit | $3.1M+253.4% | -$2.1M-712.2% | $335K-88.2% | $2.8M+429.0% | $535K | N/A | $495K-84.4% | $3.2M |
| R&D Expenses | N/A | N/A | N/A | $73K-35.4% | $113K | N/A | $118K+90.3% | $62K |
| SG&A Expenses | N/A | -$312K-166.0% | $473K-37.8% | $760K+61.7% | $470K | N/A | $409K-30.3% | $587K |
| Operating Income | -$62.7M+57.4% | -$147.2M-4407.1% | -$3.3M-27.3% | -$2.6M-58.5% | -$1.6M | N/A | -$2.1M+40.2% | -$3.5M |
| Interest Expense | $66K+148.2% | -$137K-124.6% | -$61K+36.5% | -$96K-288.2% | $51K | N/A | -$26K-115.1% | $172K |
| Income Tax | -$9K-1000.0% | $1K-94.4% | $18K+137.5% | -$48K-154.5% | $88K | N/A | -$66K-88.6% | -$35K |
| Net Income | -$36.7M+66.6% | -$109.9M-1550.4% | -$6.7M-176.1% | -$2.4M-218.2% | -$758K | N/A | -$3.8M-43.5% | -$2.6M |
| EPS (Diluted) | $-3.68 | N/A | $-9.05 | $-0.11+92.9% | $-1.54 | N/A | $-11.03-5152.4% | $-0.21 |
ZSTK Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $45.2M-65.3% | $130.2M+76.0% | $74.0M+226.5% | $22.7M+1.2% | $22.4M-14.6% | $26.2M-10.4% | $29.3M-2.7% | $30.1M |
| Current Assets | $11.2M+29.1% | $8.7M-51.8% | $18.1M+37.1% | $13.2M-0.2% | $13.2M-33.1% | $19.8M-7.2% | $21.3M-0.3% | $21.4M |
| Cash & Equivalents | $2.0M-64.7% | $5.6M-57.3% | $13.1M+790.6% | $1.5M-60.0% | $3.7M-29.6% | $5.2M+24.1% | $4.2M-31.3% | $6.1M |
| Inventory | $1.6M-15.0% | $1.9M-23.6% | $2.5M-48.3% | $4.8M+0.2% | $4.8M+114.0% | $2.2M-71.5% | $7.9M+16.5% | $6.7M |
| Accounts Receivable | $783K-2.0% | $799K-65.1% | $2.3M-55.0% | $5.1M+25.7% | $4.0M+158.4% | $1.6M-60.0% | $3.9M+19.5% | $3.3M |
| Goodwill | N/A | N/A | N/A | $4.7M+3.8% | $4.5M+125.6% | $2.0M-6.7% | $2.1M-6.2% | $2.3M |
| Total Liabilities | $8.4M-85.9% | $59.7M+556.1% | $9.1M-51.2% | $18.6M+5.7% | $17.6M-18.8% | $21.7M-9.9% | $24.1M+10.5% | $21.8M |
| Current Liabilities | $8.1M-6.1% | $8.6M-0.8% | $8.7M-37.0% | $13.8M+9.7% | $12.6M-33.1% | $18.8M-9.9% | $20.9M+13.6% | $18.4M |
| Long-Term Debt | $38K-99.9% | $50.8M+79223.4% | $64K-80.4% | $326K+18.5% | $275K | $0 | N/A | N/A |
| Total Equity | $36.8M-47.8% | $70.6M+8.7% | $64.9M+1513.7% | $4.0M-15.4% | $4.8M+5.5% | $4.5M+6.1% | $4.3M-41.9% | $7.3M |
| Retained Earnings | -$314.4M-13.2% | -$277.8M-65.5% | -$167.9M-4.1% | -$161.3M-1.5% | -$158.9M-0.5% | -$158.1M-4.0% | -$152.0M-2.5% | -$148.2M |
ZSTK Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M-21.7% | -$3.2M-3260.0% | $100K+103.4% | -$3.0M-11.0% | -$2.7M-97.7% | -$1.3M+35.3% | -$2.1M-685.3% | -$265K |
| Capital Expenditures | $0-100.0% | $29K+222.2% | $9K-86.2% | $65K+170.8% | $24K | $0-100.0% | $20K-23.1% | $26K |
| Free Cash Flow | -$3.8M-20.6% | -$3.2M-3604.4% | $91K+103.0% | -$3.0M-12.5% | -$2.7M-99.5% | -$1.3M+35.9% | -$2.1M-622.0% | -$291K |
| Investing Cash Flow | $0+100.0% | -$2.8M-25454.5% | -$11K+98.9% | -$1.0M-371.9% | $370K | $0-100.0% | $236K+329.1% | $55K |
| Financing Cash Flow | $571K+179.4% | -$719K-106.8% | $10.6M+598.1% | $1.5M | $0-100.0% | $3.4M+1416.3% | -$257K-105.6% | $4.6M |
| 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 |
ZSTK Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.3%+91.3pp | -48.1%-51.5pp | 3.4%-15.7pp | 19.1%+11.3pp | 7.8% | N/A | 6.8%-13.4pp | 20.2% |
| Operating Margin | -861.3%+2589.2pp | -3450.6%-3417.1pp | -33.5%-16.2pp | -17.3%+6.2pp | -23.6% | N/A | -29.2%-6.7pp | -22.6% |
| Net Margin | -504.0%+2072.3pp | -2576.3%-2507.9pp | -68.3%-52.0pp | -16.3%-5.3pp | -11.0% | N/A | -52.1%-35.4pp | -16.8% |
| Return on Equity | -99.6%+56.1pp | -155.8%-145.5pp | -10.3%+49.7pp | -60.0%-44.0pp | -15.9% | N/A | -88.8%-52.8pp | -36.0% |
| Return on Assets | -81.1%+3.3pp | -84.4%-75.4pp | -9.0%+1.6pp | -10.6%-7.3pp | -3.4% | N/A | -12.9%-4.1pp | -8.7% |
| Current Ratio | 1.39+0.4 | 1.01-1.1 | 2.08+1.1 | 0.96-0.1 | 1.050.0 | 1.05+0.0 | 1.02-0.1 | 1.16 |
| Debt-to-Equity | 0.00-0.7 | 0.72+0.7 | 0.00-0.1 | 0.08+0.0 | 0.06+0.1 | 0.00-5.7 | 5.67+2.7 | 2.98 |
| FCF Margin | -52.9%+21.9pp | -74.8%-75.7pp | 0.9%+21.3pp | -20.4%+18.7pp | -39.1% | N/A | -29.0%-27.2pp | -1.9% |
Frequently Asked Questions
What is ZeroStack Corp's annual revenue?
ZeroStack Corp (ZSTK) reported $35.7M in total revenue for fiscal year 2025. This represents a -0.5% 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 ZeroStack Corp's revenue growing?
ZeroStack Corp (ZSTK) revenue declined by 0.5% year-over-year, from $35.9M to $35.7M in fiscal year 2025.
Is ZeroStack Corp profitable?
No, ZeroStack Corp (ZSTK) reported a net income of -$119.7M in fiscal year 2025, with a net profit margin of -335.6%.
What is ZeroStack Corp's EBITDA?
ZeroStack Corp (ZSTK) had EBITDA of -$154.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does ZeroStack Corp have?
As of fiscal year 2025, ZeroStack Corp (ZSTK) had $5.6M in cash and equivalents against $50.8M in long-term debt.
What is ZeroStack Corp's gross margin?
ZeroStack Corp (ZSTK) had a gross margin of 4.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is ZeroStack Corp's operating margin?
ZeroStack Corp (ZSTK) had an operating margin of -433.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is ZeroStack Corp's net profit margin?
ZeroStack Corp (ZSTK) had a net profit margin of -335.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is ZeroStack Corp's return on equity (ROE)?
ZeroStack Corp (ZSTK) has a return on equity of -169.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is ZeroStack Corp's free cash flow?
ZeroStack Corp (ZSTK) generated -$8.8M in free cash flow during fiscal year 2025. This represents a -70.4% 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 ZeroStack Corp's operating cash flow?
ZeroStack Corp (ZSTK) generated -$8.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are ZeroStack Corp's total assets?
ZeroStack Corp (ZSTK) had $130.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are ZeroStack Corp's capital expenditures?
ZeroStack Corp (ZSTK) invested $127K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is ZeroStack Corp's current ratio?
ZeroStack Corp (ZSTK) had a current ratio of 1.01 as of fiscal year 2025, which is considered adequate.
What is ZeroStack Corp's debt-to-equity ratio?
ZeroStack Corp (ZSTK) had a debt-to-equity ratio of 0.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is ZeroStack Corp's return on assets (ROA)?
ZeroStack Corp (ZSTK) had a return on assets of -91.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is ZeroStack Corp's cash runway?
Based on fiscal year 2025 data, ZeroStack Corp (ZSTK) had $5.6M in cash against an annual operating cash burn of $8.7M. This gives an estimated cash runway of approximately 8 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 ZeroStack Corp's Altman Z-Score?
ZeroStack Corp (ZSTK) has an Altman Z-Score of -6.57, 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 ZeroStack Corp's Piotroski F-Score?
ZeroStack Corp (ZSTK) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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 ZeroStack Corp's earnings high quality?
ZeroStack Corp (ZSTK) has an earnings quality ratio of 0.07x, 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.
Can ZeroStack Corp cover its interest payments?
ZeroStack Corp (ZSTK) has an interest coverage ratio of -636.4x, meaning it can struggle to cover its interest obligations. 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 ZeroStack Corp?
ZeroStack Corp (ZSTK) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite 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. 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.