Here are the 10-K annual reports from ZW Data Action Technologies Inc. (CNET) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow CNET and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CNET filings page.
ZW Data Action Technologies Inc. reports a sharp revenue decline as it shifts its core business outside mainland China while narrowing losses. Total revenue fell to US$4.61 million for the year ended December 31, 2025, down from US$15.44 million in 2024, mainly due to winding down low‑margin search engine marketing in the PRC.
Net loss attributable to stockholders improved to US$1.77 million from US$3.76 million, helped by a focus on higher‑margin influencer and digital marketing services and blockchain-based SaaS offerings. Internet advertising and related services produced US$3.7 million of revenue, or 81% of the total, while blockchain-based SaaS contributed US$0.62 million and newly acquired IP licensing generated US$0.26 million.
The company highlights substantial risks tied to its China-centered structure, including reliance on variable interest entities, PRC regulatory uncertainty, historical PCAOB inspection limits on its Hong Kong auditor, and potential delisting under the HFCAA. It also discloses a Nasdaq minimum bid price deficiency notice received in March 2026, which could ultimately threaten its Nasdaq Capital Market listing if not cured.