ZSTK ZeroStack Corp.

Overview and Growth

In fiscal 2025, ZeroStack Corp. recorded revenue of $35.68M. At $35.68M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 0.5% below fiscal 2024 revenue of $35.87M, marking a top-line contraction. The company reported diluted EPS of -$43.49, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 2.75K links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 318.00 diluted shares in fiscal 2024, the current 2.75K base was 765.7% higher. Total assets stood at $130.24M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.27x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $1.65M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 4.6% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $154.65M operating loss before non-operating and tax effects. An operating margin of -433.5% reflected costs exceeding revenue-level gross profit by 433.5% of sales. Negative EBITDA totaled $154.63M, confirming that the earnings deficit remained before depreciation and amortization. The company reported a pretax loss of $115.35M, before the effect of income taxes. The pretax loss equaled 323.3% of revenue, measuring the pre-tax deficit against sales. Income tax expense totaled $59.00K, providing the reported tax component that separates pretax and after-tax earnings.

Liquidity and Capital Structure

The company held $130.24M of assets against $59.68M of liabilities and $70.55M of equity, revealing how the asset base was financed. The near-term balance sheet paired $8.72M of current assets with $8.63M of current liabilities at the reporting date. At 1.01x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $5.60M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 64.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $53.49M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.76x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 41.1%, comparing borrowing with the total asset balance. Equity equaled 54.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 45.8%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 4.3% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 396.6% from $26.23M in fiscal 2024, leaving current total assets higher year over year. Cash and equivalents were 7.1% higher than fiscal 2024 cash of $5.22M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $8.68M, showing that operations absorbed cash during the period. Capital spending of $127.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $8.80M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 24.7%. The cash deficit after capital spending represented 6.8% of the period-end asset base. Cash absorbed by operations increased from $5.03M in fiscal 2024 to $8.68M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.