What is Zerostack's operating income?

Zerostack's total operating income in 2025 was -$154.65 million, based on the following breakdown: Total Gross Profit: $1.65 million Total Operating Expenses: $156.30 million

Zerostack (ZSTK) Financials

$4.71 -1.18 (-20.03%)

As of 08/21/2026 04:00 PM Eastern

Annual Income Statements for Zerostack

This table shows Zerostack's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-1.53	-5.62	-52	-57	-16	-120
Consolidated Net Income / (Loss)	-14	-21	-53	-56	-16	-120
Net Income / (Loss) Continuing Operations	-1.53	-5.62	-47	-47	-9.35	-115
Total Pre-Tax Income	-14	-21	-48	-48	-9.32	-115
Total Operating Income	-1.48	-19	-47	-50	-8.93	-155
Total Gross Profit	0.07	2.43	13	18	2.20	1.65
Total Revenue	0.11	8.98	33	76	36	36
Operating Revenue	0.11	8.98	-	-	-	36
Total Cost of Revenue	0.04	6.87	20	58	34	34
Operating Cost of Revenue	0.04	6.87	20	58	34	34
Total Operating Expenses	14	21	60	68	11	156
Selling, General & Admin Expense	1.40	6.24	8.68	6.15	4.20	3.99
Depreciation Expense	-	0.50	2.14	2.34	0.03	0.02
Other Operating Expenses / (Income)	0.07	0.60	20	18	4.09	151
Impairment Charge	-	0.05	26	40	0.03	0.05
Other Special Charges / (Income)	-	1.34	3.40	1.59	2.78	1.21
Total Other Income / (Expense), net	-0.05	1.04	-0.89	2.06	-0.40	39
Interest & Investment Income	-	-	0.03	-0.09	-0.14	-0.20
Other Income / (Expense), net	-0.02	2.35	-0.92	2.15	-0.26	40
Income Tax Expense	0.00	-0.10	-1.41	-1.63	0.02	0.06
Net Income / (Loss) Discontinued Operations	-	-	-5.93	-9.68	-6.56	-4.32
Basic Earnings per Share	($0.47)	-	($13.68)	($7.75)	($50.02)	($43.49)
Weighted Average Basic Shares Outstanding	29.90K	43.95K	3.83M	7.36M	318K	2.75M
Diluted Earnings per Share	-	-	($13.68)	($7.75)	($50.02)	($43.49)
Weighted Average Diluted Shares Outstanding	29.90K	43.95K	3.83M	7.36M	318K	2.75M
Weighted Average Basic & Diluted Shares Outstanding	29.90K	43.95K	136.94M	8.98M	19.44M	2.43M

This table shows Zerostack's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-10	-3.35	-2.63	-3.77	-6.16	-0.76	-2.41	-6.66	-110	-37	-25
Consolidated Net Income / (Loss)	-9.01	-3.37	-2.66	-3.80	-6.08	-0.76	-2.41	-6.66	-110	-37	-25
Net Income / (Loss) Continuing Operations	-7.12	-3.37	-2.66	-2.33	-0.99	-0.34	-1.54	-3.63	-109	-37	-25
Total Pre-Tax Income	-7.50	-3.25	-2.69	-2.39	-0.99	-0.25	-1.53	-3.61	-109	-37	-24
Total Operating Income	-7.38	-2.49	-3.54	-2.12	-0.79	-1.62	-1.52	-3.27	-148	-63	-24
Total Gross Profit	3.49	3.85	3.17	0.50	-5.32	0.54	0.62	0.34	-4.40	3.15	1.62
Total Revenue	18	18	16	7.24	-5.09	6.87	9.71	9.75	-0.65	7.27	14
Total Cost of Revenue	14	14	13	6.74	0.23	6.33	9.09	9.41	3.75	4.13	12
Operating Cost of Revenue	14	14	13	6.74	0.23	6.33	9.09	9.41	3.75	4.13	12
Total Operating Expenses	11	6.34	6.71	2.61	-4.53	2.15	2.13	3.60	143	66	26
Selling, General & Admin Expense	1.62	0.90	1.73	0.92	0.65	0.53	0.63	0.92	0.56	0.65	1.02
Other Operating Expenses / (Income)	3.78	4.42	4.48	1.28	-6.09	1.40	1.33	2.14	142	62	23
Impairment Charge	4.57	0.90	0.16	0.00	-1.03	0.05	0.00	0.00	-	0.00	0.00
Other Special Charges / (Income)	0.60	0.01	0.01	0.41	2.35	0.17	0.17	0.54	1.49	2.77	1.61
Total Other Income / (Expense), net	-0.12	-0.76	0.85	-0.28	-0.21	1.37	-0.02	-0.34	39	26	-0.12
Interest & Investment Income	-0.03	-0.02	0.03	-0.03	-0.12	-0.02	-0.08	-0.06	0.01	-0.07	-0.09
Other Income / (Expense), net	-0.09	-0.74	0.82	-0.25	-0.09	1.39	0.06	-0.28	39	26	-0.03
Income Tax Expense	-0.38	0.13	-0.04	-0.07	-0.01	0.09	0.01	0.02	0.05	-0.01	0.26
Net Income / (Loss) Discontinued Operations	-1.89	-	-	-1.47	-	-0.42	-0.87	-3.03	-	0.00	0.00
Basic Earnings per Share	($1.37)	($0.38)	($0.21)	($11.03)	($19.36)	($1.54)	($4.27)	($9.05)	($39.93)	($3.68)	($2.47)
Weighted Average Basic Shares Outstanding	7.36M	8.92M	12.28M	342.00	318K	492K	565K	736K	2.75M	9.96M	9.96M
Diluted Earnings per Share	($1.37)	($0.38)	($0.21)	($11.03)	($19.36)	($1.54)	($4.27)	($9.05)	($39.93)	($3.68)	($2.47)
Weighted Average Diluted Shares Outstanding	7.36M	8.92M	12.28M	342.00	318K	492K	565K	736K	2.75M	9.96M	9.96M
Weighted Average Basic & Diluted Shares Outstanding	8.98M	12.82M	13.37M	13.37M	19.44M	22.57M	22.57M	741.26K	2.43M	2.43M	17.49M

This table details how cash moves in and out of Zerostack's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	39	22	-28	-4.55	1.67	0.37
Net Cash From Operating Activities	-8.42	-21	-16	-8.40	-5.03	-8.68
Net Cash From Continuing Operating Activities	-8.35	22	-16	-8.40	-5.03	-8.60
Net Income / (Loss) Continuing Operations	-14	21	-53	-56	-16	-120
Consolidated Net Income / (Loss)	-14	21	-53	-56	-16	-120
Depreciation Expense	0.11	0.50	2.63	2.48	0.77	0.58
Non-Cash Adjustments To Reconcile Net Income	6.67	3.77	30	49	7.22	146
Changes in Operating Assets and Liabilities, net	-0.80	-3.85	3.82	-3.35	2.89	-35
Net Cash From Investing Activities	-2.16	-15	-16	-0.23	0.20	-3.46
Net Cash From Continuing Investing Activities	13	-15	-16	-0.23	0.20	-3.46
Purchase of Property, Plant & Equipment	0.23	-3.98	-1.29	-0.16	-0.13	-0.13
Acquisitions	0.73	-8.09	-15	0.00	0.06	0.04
Other Investing Activities, net	12	0.03	0.00	-0.07	0.27	-3.37
Net Cash From Financing Activities	26	58	4.41	3.15	6.49	11
Net Cash From Continuing Financing Activities	34	58	4.41	3.15	6.49	11
Repayment of Debt	1.08	-0.30	-0.20	-0.19	-8.15	-2.37
Repurchase of Common Equity	-	-5.48	-0.78	-0.40	-1.27	-1.61
Issuance of Debt	-	0.00	0.20	1.00	8.41	2.80
Issuance of Common Equity	30	51	5.00	2.74	7.50	16
Other Financing Activities, net	3.08	13	0.19	0.00	0.00	-3.55
Effect of Exchange Rate Changes	-	-0.82	-0.76	0.93	0.00	1.16

This table details how cash moves in and out of Zerostack's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.41	-0.24	2.02	-1.92	1.81	-2.34	-2.21	12	-7.50	-3.32	0.66
Net Cash From Operating Activities	-1.13	-1.34	-0.27	-2.08	-1.35	-2.66	-2.89	0.10	-3.16	-3.85	1.37
Net Cash From Continuing Operating Activities	-1.13	-1.34	-0.27	-2.08	-1.35	-2.71	-2.84	0.96	-3.95	-3.85	1.37
Net Income / (Loss) Continuing Operations	-9.01	-3.37	-2.66	-3.80	-6.08	-0.76	-2.41	-6.66	-110	-37	-25
Consolidated Net Income / (Loss)	-9.01	-3.37	-2.66	-3.80	-6.08	-0.76	-2.41	-6.66	-110	-37	-25
Depreciation Expense	0.29	0.07	0.26	0.23	0.21	0.18	0.20	0.20	0.00	0.00	0.00
Non-Cash Adjustments To Reconcile Net Income	8.27	1.87	0.29	1.41	3.66	-0.95	0.73	3.32	143	58	25
Changes in Operating Assets and Liabilities, net	-0.69	0.09	1.84	0.09	0.86	-1.18	-1.35	4.10	-37	-25	0.91
Net Cash From Financing Activities	0.70	-1.19	4.56	-0.26	3.38	0.00	1.51	11	-0.72	0.57	-0.73
Net Cash From Continuing Financing Activities	0.70	1.19	2.18	-0.26	3.38	0.00	1.51	12	-2.52	0.57	-0.73
Repayment of Debt	-	-1.89	-1.97	-2.67	-1.62	-1.08	-1.26	-1.53	1.51	-1.15	-1.60
Issuance of Debt	0.96	3.08	1.32	2.41	1.60	1.08	1.68	1.55	-1.52	1.61	0.87

This table presents Zerostack's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	19	85	81	24	26	130
Total Current Assets	18	48	31	21	20	8.72
Cash & Equivalents	16	38	8.94	4.35	5.22	5.60
Restricted Cash	0.00	0.00	0.00	0.04	0.03	0.03
Accounts Receivable	0.92	5.32	8.69	7.10	5.81	0.80
Inventories, net	0.54	3.03	8.75	8.51	2.24	1.90
Prepaid Expenses	0.35	1.70	0.81	1.37	0.01	0.32
Other Current Assets	0.30	0.27	0.27	-	6.46	0.08
Plant, Property, & Equipment, net	0.41	3.75	1.22	0.85	0.08	0.13
Total Noncurrent Assets	1.41	34	49	1.42	6.38	121
Other Noncurrent Operating Assets	0.32	4.00	2.38	0.47	0.21	121
Total Liabilities & Shareholders' Equity	19	85	81	24	26	130
Total Liabilities	3.20	8.54	25	17	22	60
Total Current Liabilities	2.74	6.12	17	16	19	8.63
Short-Term Debt	-	0.02	1.09	3.03	2.73	2.72
Accounts Payable	1.81	2.42	7.83	5.11	3.57	2.33
Accrued Expenses	-	1.24	1.76	1.84	1.17	2.25
Current Deferred Revenue	-	-	-	-	-	0.00
Other Current Liabilities	-	2.45	6.16	6.30	4.37	1.33
Total Noncurrent Liabilities	7.79	2.42	7.13	0.94	2.89	51
Long-Term Debt	0.25	-	-	-	0.00	51
Noncurrent Deferred & Payable Income Tax Liabilities	0.14	1.51	1.71	0.00	0.00	0.01
Other Noncurrent Operating Liabilities	7.32	0.91	5.11	0.94	0.12	0.28
Total Equity & Noncontrolling Interests	9.85	77	56	6.40	4.51	71
Total Preferred & Common Equity	16	77	57	6.40	4.51	71
Total Common Equity	9.97	77	57	6.40	4.51	71
Common Stock	27	117	150	149	163	348
Retained Earnings	-17	-39	-91	-143	-158	-278
Accumulated Other Comprehensive Income / (Loss)	-	-1.11	-2.73	-0.14	-0.22	0.18

This table presents Zerostack's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	32	24	30	29	22	23	74	45	25
Total Current Assets	24	22	21	21	13	13	18	11	11
Cash & Equivalents	4.76	4.16	6.13	4.21	3.68	1.47	13	1.98	2.64
Restricted Cash	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.33	0.33
Accounts Receivable	6.88	7.28	7.42	8.16	4.05	5.09	2.29	0.78	0.93
Inventories, net	11	9.25	6.75	7.86	4.79	4.80	2.48	1.61	1.60
Prepaid Expenses	0.96	1.05	1.03	1.03	0.67	0.66	0.09	1.56	3.98
Other Current Assets	0.59	-	-	-	-	1.14	0.10	4.99	1.07
Plant, Property, & Equipment, net	0.90	0.79	0.81	0.52	0.35	0.41	0.15	0.12	0.12
Total Noncurrent Assets	6.84	1.72	7.92	7.48	8.82	9.06	56	34	15
Other Noncurrent Operating Assets	1.22	0.81	1.59	1.55	1.61	1.64	56	34	15
Total Liabilities & Shareholders' Equity	32	24	30	29	22	23	74	45	25
Total Liabilities	18	21	22	24	18	19	9.10	8.39	11
Total Current Liabilities	17	19	18	21	13	14	8.70	8.10	11
Short-Term Debt	1.12	4.78	3.24	3.39	2.83	3.50	2.70	3.12	2.38
Accounts Payable	6.71	5.01	4.62	6.65	3.87	3.81	2.96	2.48	2.18
Accrued Expenses	2.02	2.14	3.05	3.18	2.44	2.52	2.22	1.10	1.02
Current Deferred Revenue	-	-	-	-	-	-	-	-	4.14
Other Current Liabilities	6.37	7.39	7.48	7.68	3.46	3.98	0.82	1.41	1.39
Total Noncurrent Liabilities	1.90	1.82	3.43	3.20	5.05	4.84	0.40	0.29	0.26
Long-Term Debt	-	-	-	-	2.05	2.00	0.06	0.04	0.03
Noncurrent Deferred & Payable Income Tax Liabilities	0.48	-	1.03	0.97	0.87	0.88	0.03	0.00	0.00
Other Noncurrent Operating Liabilities	1.42	1.82	2.40	2.23	2.13	1.97	0.31	0.25	0.23
Total Equity & Noncontrolling Interests	13	3.14	8.27	5.19	4.76	4.02	65	37	14
Total Preferred & Common Equity	14	3.14	7.31	4.25	4.76	4.02	65	37	14
Total Common Equity	14	3.14	7.31	4.25	4.76	4.02	65	37	14
Common Stock	150	149	156	156	164	165	233	351	353
Retained Earnings	-134	-146	-148	-152	-159	-161	-168	-314	-339
Accumulated Other Comprehensive Income / (Loss)	-1.80	-0.11	-0.13	0.19	-0.20	0.25	0.20	0.19	0.20

This table displays calculated financial ratios and metrics derived from Zerostack's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	131,034,836.00	131,034,836.00	8,208,595.00	13,366,535.00	741,261.00
DEI Adjusted Shares Outstanding	0.00	167,993.00	167,993.00	210,477.00	342,732.00	741,261.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	-33.45	-312.01	-270.98	-46.41	-161.52
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	8,371.70%	271.95%	127.75%	-52.85%	-0.53%
EBITDA Growth	0.00%	-1,064.89%	-181.66%	-0.47%	81.59%	-1,261.17%
EBIT Growth	0.00%	-1,010.53%	-188.97%	-0.14%	80.95%	-1,153.70%
NOPAT Growth	0.00%	-1,183.99%	-148.49%	-6.63%	82.28%	-1,632.80%
Net Income Growth	0.00%	-49.02%	-146.38%	-7.06%	71.77%	-652.70%
EPS Growth	0.00%	0.00%	0.00%	43.35%	-545.42%	13.05%
Operating Cash Flow Growth	0.00%	-148.65%	23.90%	47.31%	40.07%	-72.42%
Free Cash Flow Firm Growth	0.00%	0.00%	40.74%	101.04%	-1,996.28%	-3,164.27%
Invested Capital Growth	0.00%	836.76%	3.32%	-87.59%	10.43%	2,025.65%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	12.03%	-39.14%	-35.00%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	5.94%	43.64%	-757.82%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	6.31%	41.81%	-714.08%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	11.09%	42.50%	-980.35%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	6.49%	15.56%	-652.79%
EPS Q/Q Growth	0.00%	0.00%	0.00%	9.88%	99.91%	-100.51%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-2.04%	-4.46%	-26.44%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-21.34%	-267.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-47.52%	28.66%	117.06%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	66.98%	27.00%	39.67%	23.32%	6.12%	4.62%
EBITDA Margin	-1,308.49%	-179.92%	-136.25%	-60.10%	-23.47%	-321.14%
Operating Margin	-1,396.23%	-211.61%	-141.38%	-66.19%	-24.89%	-433.49%
EBIT Margin	-1,415.09%	-185.50%	-144.12%	-63.37%	-25.61%	-322.77%
Profit (Net Income) Margin	-13,522.64%	-237.87%	-157.57%	-74.07%	-44.35%	-335.61%
Tax Burden Percent	100.00%	99.54%	109.40%	116.67%	170.60%	103.80%
Interest Burden Percent	955.60%	128.82%	99.94%	100.19%	101.51%	100.17%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-78.24%	-82.64%	-154.27%	-117.70%	-174.62%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-47.71%	-9.28%	92.20%	6,365.19%	-221.53%
Return on Net Nonoperating Assets (RNNOA)	0.00%	29.02%	3.71%	-25.13%	-173.80%	-144.40%
Return on Equity (ROE)	-145.46%	-49.22%	-78.93%	-179.40%	-291.50%	-319.02%
Cash Return on Invested Capital (CROIC)	0.00%	-147.38%	-85.91%	1.56%	-127.61%	-356.65%
Operating Return on Assets (OROA)	-7.71%	-31.75%	-57.83%	-92.16%	-36.85%	-147.19%
Return on Assets (ROA)	-73.69%	-40.71%	-63.23%	-107.72%	-63.82%	-153.05%
Return on Common Equity (ROCE)	-147.13%	-49.41%	-79.31%	-180.58%	-291.50%	-319.02%
Return on Equity Simple (ROE_SIMPLE)	-88.21%	-27.68%	-92.62%	-879.87%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.04	-13	-33	-35	-6.25	-108
NOPAT Margin	-977.36%	-148.13%	-98.96%	-46.34%	-17.42%	-303.44%
Net Nonoperating Expense Percent (NNEP)	-87.52%	-30.53%	-73.37%	-246.47%	-6,482.89%	46.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-373.78%	-86.28%	-87.27%
Cost of Revenue to Revenue	33.02%	76.51%	60.33%	76.68%	93.88%	95.38%
SG&A Expenses to Revenue	1,320.75%	69.50%	25.99%	8.09%	11.71%	11.19%
R&D to Revenue	73.58%	1.47%	1.16%	0.08%	0.00%	0.00%
Operating Expenses to Revenue	13,542.45%	238.62%	181.05%	89.51%	31.01%	438.11%
Earnings before Interest and Taxes (EBIT)	-1.50	-17	-48	-48	-9.19	-115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.39	-16	-46	-46	-8.42	-115
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	1.54	0.26	1.73	3.70	0.24
Price to Tangible Book Value (P/TBV)	1.88	2.50	0.95	2.03	3.70	0.24
Price to Revenue (P/Rev)	157.23	13.21	0.45	0.15	0.46	0.47
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.05	0.15	1.93	2.54	0.55
Enterprise Value to Revenue (EV/Rev)	12.83	9.00	0.18	0.13	0.39	1.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	27.22	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.03	0.00	0.02	0.47	0.61	0.76
Long-Term Debt to Equity	0.03	0.00	0.00	0.00	0.00	0.72
Financial Leverage	-1.54	-0.61	-0.40	-0.27	-0.03	0.65
Leverage Ratio	1.97	1.21	1.25	1.67	4.57	2.08
Compound Leverage Factor	18.86	1.56	1.25	1.67	4.64	2.09
Debt to Total Capital	3.23%	0.02%	1.89%	32.09%	37.72%	43.12%
Short-Term Debt to Total Capital	0.00%	0.02%	1.89%	32.09%	37.72%	2.19%
Long-Term Debt to Total Capital	3.23%	0.00%	0.00%	0.00%	0.00%	40.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-1.11%	-0.29%	-0.71%	0.00%	0.00%	0.00%
Common Equity to Total Capital	97.88%	100.27%	98.83%	67.91%	62.28%	56.88%
Debt to EBITDA	-0.24	0.00	-0.02	-0.07	-0.32	-0.47
Net Debt to EBITDA	10.95	2.33	0.19	0.03	0.30	-0.42
Long-Term Debt to EBITDA	-0.24	0.00	0.00	0.00	0.00	-0.44
Debt to NOPAT	-0.32	0.00	-0.03	-0.09	-0.44	-0.49
Net Debt to NOPAT	14.67	2.83	0.26	0.04	0.40	-0.44
Long-Term Debt to NOPAT	-0.32	0.00	0.00	0.00	0.00	-0.47
Altman Z-Score	2.55	7.76	-2.55	-11.32	-7.73	-5.46
Noncontrolling Interest Sharing Ratio	-1.15%	-0.39%	-0.48%	-0.65%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	6.43	7.84	1.79	1.31	1.05	1.01
Quick Ratio	6.00	7.02	1.01	0.70	0.59	0.74
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-58	-34	0.36	-6.77	-221
Operating Cash Flow to CapEx	0.00%	-525.71%	-1,231.45%	-5,150.92%	-3,755.22%	-6,831.50%
Free Cash Flow to Firm to Interest Expense	0.00	-44.50	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-280.70	-16.07	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-272.90	-19.13	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.01	0.17	0.40	1.45	1.44	0.46
Accounts Receivable Turnover	0.12	2.88	4.77	9.63	5.56	10.80
Inventory Turnover	0.06	3.85	3.42	6.76	6.27	16.45
Fixed Asset Turnover	0.26	4.32	13.45	73.68	77.30	341.40
Accounts Payable Turnover	0.02	3.25	3.93	9.01	7.76	11.53
Days Sales Outstanding (DSO)	3,174.81	126.94	76.56	37.88	65.70	33.80
Days Inventory Outstanding (DIO)	5,631.43	94.82	106.67	53.98	58.25	22.18
Days Payable Outstanding (DPO)	18,865.29	112.19	92.80	40.49	47.07	31.64
Cash Conversion Cycle (CCC)	-10,059.05	109.57	90.43	51.38	76.89	24.34
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	-5.34	39	41	5.05	5.57	118
Invested Capital Turnover	-0.02	0.53	0.84	3.33	6.76	0.58
Increase / (Decrease) in Invested Capital	0.00	45	1.31	-36	0.53	113
Enterprise Value (EV)	1.36	81	5.92	9.72	14	65
Market Capitalization	17	119	15	11	17	17
Book Value per Share	$333.33	$1,755.61	$0.87	$0.78	$0.34	$95.18
Tangible Book Value per Share	$296.91	$1,077.85	$0.24	$0.66	$0.34	$95.18
Total Capital	10	77	57	9.43	7.24	124
Total Debt	0.33	0.02	1.09	3.03	2.73	53
Total Long-Term Debt	0.33	0.00	0.00	0.00	0.00	51
Net Debt	-15	-38	-8.58	-1.36	-2.52	48
Capital Expenditures (CapEx)	-0.23	3.98	1.29	0.16	0.13	0.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.63	4.23	5.86	3.73	-1.59	-2.81
Debt-free Net Working Capital (DFNWC)	15	42	15	8.11	3.66	2.81
Net Working Capital (NWC)	15	42	14	5.08	0.93	0.09
Net Nonoperating Expense (NNE)	13	8.06	20	21	9.66	11
Net Nonoperating Obligations (NNO)	-15	-38	-16	-1.36	1.06	48
Total Depreciation and Amortization (D&A)	0.11	0.50	2.63	2.48	0.77	0.58
Debt-free, Cash-free Net Working Capital to Revenue	-596.23%	47.06%	17.54%	4.90%	-4.42%	-7.88%
Debt-free Net Working Capital to Revenue	14,048.11%	465.95%	44.29%	10.66%	10.21%	7.88%
Net Working Capital to Revenue	14,048.11%	465.75%	41.04%	6.68%	2.60%	0.25%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($7.75)	($1.30)	($43.49)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	6.85M	7.36M	12.27M	2.75M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($7.75)	($1.30)	($43.49)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	6.85M	7.36M	12.27M	2.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	6.85M	8.98M	19.44M	2.43M
Normalized Net Operating Profit after Tax (NOPAT)	-1.04	-12	-13	-6.48	-4.28	-107
Normalized NOPAT Margin	-977.36%	-137.29%	-37.80%	-8.52%	-11.93%	-300.98%
Pre Tax Income Margin	-13,522.64%	-238.96%	-144.03%	-63.49%	-26.00%	-323.33%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-50.00	-12.78	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-34.53	-10.21	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-42.20	-15.84	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-26.73	-13.27	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-25.63%	-1.47%	-0.70%	-7.97%	-1.34%

This table displays calculated financial ratios and metrics derived from Zerostack's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	8,208,595.00	8,984,836.00	12,816,535.00	13,366,535.00	13,366,535.00	19,435,642.00	22,568,653.00	22,568,653.00	741,261.00	2,430,808.00	2,430,471.00
DEI Adjusted Shares Outstanding	210,477.00	230,380.00	328,629.00	342,732.00	342,732.00	498,350.00	578,683.00	578,683.00	741,261.00	2,430,808.00	2,430,471.00
DEI Earnings Per Adjusted Shares Outstanding	-48.02	-14.53	-8.00	-11.01	-17.96	-1.52	-4.17	-11.51	-148.30	-15.08	-10.13
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	83.32%	-6.67%	-26.92%	-58.20%	-128.30%	-61.92%	-38.09%	34.68%	87.14%	5.94%	40.67%
EBITDA Growth	28.67%	-37.02%	93.38%	-337.51%	90.72%	98.48%	48.90%	-56.40%	-16,176.91%	-76,147.92%	-1,830.31%
EBIT Growth	30.26%	0.52%	92.87%	-497.65%	88.26%	92.87%	46.56%	-49.96%	-12,265.72%	-15,814.35%	-1,571.35%
NOPAT Growth	45.97%	-4.85%	91.17%	-152.09%	89.35%	34.85%	57.18%	-54.35%	-18,709.54%	-3,769.86%	-1,499.60%
Net Income Growth	30.26%	13.60%	94.04%	-438.68%	32.55%	77.53%	9.22%	-75.24%	-1,708.81%	-4,736.41%	-920.52%
EPS Growth	58.86%	34.48%	96.81%	-438.68%	-1,313.14%	-305.26%	-1,933.33%	17.95%	-106.25%	-138.96%	42.15%
Operating Cash Flow Growth	-17.45%	69.01%	92.34%	-501.74%	-19.01%	-98.58%	-989.81%	104.81%	-134.77%	-44.57%	147.54%
Free Cash Flow Firm Growth	0.00%	186.06%	107.15%	137.27%	-103.54%	-107.58%	-234.33%	-1,481.25%	-20,002.13%	-2,168.17%	-498.41%
Invested Capital Growth	-87.59%	-92.46%	-49.46%	-54.96%	10.43%	59.00%	49.54%	1,159.95%	2,025.65%	535.35%	65.66%
Revenue Q/Q Growth	3.80%	0.31%	-13.02%	-53.85%	-170.28%	234.97%	41.41%	-34.12%	-106.71%	1,212.23%	87.76%
EBITDA Q/Q Growth	-897.45%	56.16%	21.90%	13.01%	68.83%	92.80%	-2,518.75%	-54.31%	-3,143.71%	66.29%	33.70%
EBIT Q/Q Growth	-1,356.64%	56.88%	15.73%	12.92%	62.89%	73.80%	-531.30%	-50.08%	-2,960.06%	66.29%	33.70%
NOPAT Q/Q Growth	-779.58%	66.34%	-42.37%	40.19%	62.85%	-105.98%	6.42%	-27.28%	-4,426.73%	57.62%	61.32%
Net Income Q/Q Growth	-902.85%	62.54%	21.25%	-43.02%	-59.89%	87.52%	-218.21%	-176.08%	-1,550.44%	66.64%	32.86%
EPS Q/Q Growth	-956.25%	72.26%	44.74%	-43.02%	-75.52%	92.05%	-177.27%	-8,127.27%	-341.22%	90.78%	32.88%
Operating Cash Flow Q/Q Growth	-318.34%	-18.48%	80.22%	-685.28%	35.32%	-97.70%	-8.53%	103.46%	-3,260.00%	-21.74%	135.69%
Free Cash Flow Firm Q/Q Growth	398.38%	44.47%	-93.71%	37.53%	-128.31%	-209.64%	-11.44%	-1,080.26%	-311.98%	65.06%	70.60%
Invested Capital Q/Q Growth	-47.52%	-26.12%	43.68%	-19.14%	28.66%	6.37%	35.13%	581.27%	117.06%	-68.21%	-64.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.42%	21.37%	20.19%	6.84%	0.00%	7.79%	6.38%	3.44%	0.00%	43.25%	11.85%
EBITDA Margin	-39.97%	-17.47%	-15.69%	-29.57%	0.00%	-0.70%	-12.95%	-34.34%	0.00%	-503.15%	-177.65%
Operating Margin	-41.07%	-13.78%	-22.56%	-29.23%	0.00%	-23.58%	-15.60%	-33.50%	0.00%	-861.33%	-177.43%
EBIT Margin	-41.60%	-17.88%	-17.32%	-32.69%	0.00%	-3.35%	-14.96%	-36.40%	0.00%	-503.20%	-177.68%
Profit (Net Income) Margin	-50.11%	-18.71%	-16.94%	-52.50%	0.00%	-11.04%	-24.84%	-68.31%	0.00%	-503.99%	-180.22%
Tax Burden Percent	120.07%	103.94%	98.70%	158.86%	611.27%	299.60%	157.44%	184.51%	101.24%	99.98%	101.06%
Interest Burden Percent	100.33%	100.68%	99.08%	101.10%	113.21%	110.00%	105.51%	101.72%	99.99%	100.18%	100.37%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-95.73%	-27.14%	-136.63%	-172.98%	0.00%	-84.47%	-30.61%	-43.72%	0.00%	-998.51%	-467.45%
ROIC Less NNEP Spread (ROIC-NNEP)	-50.87%	64.07%	-122.48%	-66.75%	0.00%	-41.75%	-283.94%	34.22%	0.00%	-286.63%	-913.19%
Return on Net Nonoperating Assets (RNNOA)	13.87%	-4.05%	16.88%	15.92%	0.00%	-9.29%	-24.64%	-5.48%	0.00%	-13.95%	-175.72%
Return on Equity (ROE)	-81.86%	-31.19%	-119.75%	-157.06%	0.00%	-93.76%	-55.25%	-49.19%	0.00%	-1,012.46%	-643.17%
Cash Return on Invested Capital (CROIC)	1.56%	39.06%	-56.69%	-80.07%	-127.61%	-162.44%	-102.94%	-204.62%	-356.65%	-838.54%	-1,618.33%
Operating Return on Assets (OROA)	-60.50%	-26.40%	-39.48%	-63.28%	0.00%	-3.55%	-10.62%	-38.68%	0.00%	-537.33%	-297.29%
Return on Assets (ROA)	-72.88%	-27.62%	-38.61%	-101.63%	0.00%	-11.69%	-17.64%	-72.59%	0.00%	-538.16%	-301.54%
Return on Common Equity (ROCE)	-82.40%	-31.43%	-118.08%	-159.32%	0.00%	-93.76%	-50.92%	-48.54%	0.00%	-1,012.46%	-643.17%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1,778.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-5.17	-1.74	-2.48	-1.48	-0.55	-1.13	-1.06	-2.29	-103	-44	-17
NOPAT Margin	-28.75%	-9.65%	-15.79%	-20.46%	0.00%	-16.51%	-10.92%	-23.45%	0.00%	-602.93%	-124.20%
Net Nonoperating Expense Percent (NNEP)	-44.86%	-91.21%	-14.15%	-106.22%	-3,708.59%	-42.72%	253.33%	-77.94%	26.21%	-711.88%	445.74%
Return On Investment Capital (ROIC_SIMPLE)	-54.80%	-21.97%	-21.50%	-17.28%	-7.60%	-11.76%	-11.15%	-3.38%	-83.43%	-109.77%	-104.51%
Cost of Revenue to Revenue	80.58%	78.63%	79.81%	93.16%	0.00%	92.21%	93.62%	96.56%	0.00%	56.75%	88.15%
SG&A Expenses to Revenue	9.00%	4.96%	11.05%	12.72%	0.00%	7.78%	6.51%	9.42%	0.00%	8.98%	7.48%
R&D to Revenue	0.14%	0.26%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	60.49%	35.16%	42.75%	36.07%	0.00%	31.37%	21.98%	36.94%	0.00%	904.58%	189.28%
Earnings before Interest and Taxes (EBIT)	-7.48	-3.22	-2.72	-2.37	-0.88	-0.23	-1.45	-3.55	-109	-37	-24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7.19	-3.15	-2.46	-2.14	-0.67	-0.05	-1.26	-3.35	-109	-37	-24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.73	6.61	1.79	4.81	3.70	3.50	4.14	0.15	0.24	0.41	0.53
Price to Tangible Book Value (P/TBV)	2.03	9.31	13.27	0.00	3.70	0.00	0.00	0.15	0.24	0.41	0.53
Price to Revenue (P/Rev)	0.15	0.28	0.19	0.35	0.46	0.67	0.89	0.18	0.47	0.42	0.18
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.93	5.73	2.08	4.74	2.54	3.01	2.58	0.00	0.55	0.42	0.51
Enterprise Value to Revenue (EV/Rev)	0.13	0.29	0.16	0.35	0.39	0.72	1.10	0.00	1.81	0.44	0.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	27.22	2.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	1.52	0.39	0.65	0.61	1.03	1.36	0.04	0.76	0.09	0.17
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.43	0.50	0.00	0.72	0.00	0.00
Financial Leverage	-0.27	-0.06	-0.14	-0.24	-0.03	0.22	0.09	-0.16	0.65	0.05	0.19
Leverage Ratio	1.67	1.79	3.27	3.33	4.57	5.91	4.29	1.47	2.08	1.63	2.68
Compound Leverage Factor	1.67	1.80	3.24	3.36	5.17	6.50	4.53	1.50	2.08	1.63	2.69
Debt to Total Capital	32.09%	60.37%	28.17%	39.50%	37.72%	50.63%	57.71%	4.08%	43.12%	7.90%	14.87%
Short-Term Debt to Total Capital	32.09%	60.37%	28.17%	39.50%	37.72%	29.33%	36.75%	3.98%	2.19%	7.81%	14.66%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	21.29%	20.97%	0.09%	40.93%	0.10%	0.21%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	8.37%	10.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.91%	39.63%	63.46%	49.57%	62.28%	49.37%	42.29%	95.92%	56.88%	92.10%	85.13%
Debt to EBITDA	-0.07	-0.10	-0.27	-0.23	-0.32	-0.92	-1.34	-0.21	-0.47	-0.02	-0.01
Net Debt to EBITDA	0.03	-0.01	0.25	0.06	0.30	-0.22	-0.97	0.78	-0.42	-0.01	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.39	-0.49	0.00	-0.44	0.00	0.00
Debt to NOPAT	-0.09	-0.14	-0.33	-0.31	-0.44	-0.86	-1.30	-0.28	-0.49	-0.02	-0.01
Net Debt to NOPAT	0.04	-0.02	0.30	0.08	0.40	-0.21	-0.94	1.03	-0.44	-0.01	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.36	-0.47	-0.01	-0.47	0.00	0.00
Altman Z-Score	-5.63	-5.05	-4.42	-5.00	-6.68	-8.26	-8.84	-1.78	-5.29	-10.46	-20.08
Noncontrolling Interest Sharing Ratio	-0.65%	-0.78%	1.39%	-1.44%	0.00%	0.00%	7.84%	1.34%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.31	1.13	1.16	1.02	1.05	1.05	0.96	2.08	1.01	1.39	0.95
Quick Ratio	0.70	0.59	0.74	0.59	0.59	0.61	0.48	1.77	0.74	0.34	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	30	44	2.76	3.80	-1.08	-3.33	-3.71	-53	-216	-76	-22
Operating Cash Flow to CapEx	0.00%	-1,522.73%	-1,019.23%	-10,405.00%	0.00%	-11,087.50%	-4,443.08%	1,111.11%	-10,896.55%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.45	1.48	2.28	1.94	1.44	1.06	0.71	1.06	0.46	1.07	1.67
Accounts Receivable Turnover	9.63	8.58	8.82	7.84	5.56	4.36	2.99	10.51	10.80	14.94	13.31
Inventory Turnover	6.76	5.99	6.94	5.18	6.27	3.68	3.88	8.48	16.45	9.94	10.86
Fixed Asset Turnover	73.68	25.99	78.55	83.11	77.30	43.33	30.70	164.07	341.40	152.25	151.35
Accounts Payable Turnover	9.01	10.34	9.53	7.17	7.76	5.82	5.32	9.12	11.53	10.03	11.61
Days Sales Outstanding (DSO)	37.88	42.57	41.38	46.55	65.70	83.71	121.89	34.74	33.80	24.44	27.42
Days Inventory Outstanding (DIO)	53.98	60.97	52.59	70.43	58.25	99.21	94.10	43.04	22.18	36.72	33.61
Days Payable Outstanding (DPO)	40.49	35.31	38.29	50.88	47.07	62.70	68.67	40.02	31.64	36.40	31.44
Cash Conversion Cycle (CCC)	51.38	68.22	55.67	66.11	76.89	120.22	147.32	37.76	24.34	24.77	29.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5.05	3.73	5.36	4.33	5.57	5.93	8.01	55	118	38	13
Invested Capital Turnover	3.33	2.81	8.65	8.45	6.76	5.12	2.80	1.86	0.58	1.66	3.76
Increase / (Decrease) in Invested Capital	-36	-46	-5.24	-5.28	0.53	2.20	2.65	50	113	32	5.26
Enterprise Value (EV)	9.72	21	11	21	14	18	21	-0.37	65	16	6.74
Market Capitalization	11	21	13	20	17	17	17	9.99	17	15	7.29
Book Value per Share	$0.78	$0.35	$0.57	$0.32	$0.34	$0.24	$0.18	$2.88	$95.18	$15.14	$5.69
Tangible Book Value per Share	$0.66	$0.25	$0.08	($0.13)	$0.34	($0.13)	($0.15)	$2.88	$95.18	$15.14	$5.69
Total Capital	9.43	7.92	12	8.57	7.24	9.64	9.51	68	124	40	16
Total Debt	3.03	4.78	3.24	3.39	2.73	4.88	5.49	2.76	53	3.16	2.41
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	2.05	2.00	0.06	51	0.04	0.03
Net Debt	-1.36	0.59	-2.92	-0.86	-2.52	1.17	3.99	-10	48	0.85	-0.55
Capital Expenditures (CapEx)	-0.04	0.09	0.03	0.02	0.00	0.02	0.07	0.01	0.03	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.73	3.04	0.06	-0.46	-1.59	-0.26	1.38	-1.04	-2.81	3.96	-1.15
Debt-free Net Working Capital (DFNWC)	8.11	7.23	6.22	3.78	3.66	3.45	2.89	12	2.81	6.26	1.82
Net Working Capital (NWC)	5.08	2.45	2.98	0.40	0.93	0.63	-0.61	9.39	0.09	3.14	-0.56
Net Nonoperating Expense (NNE)	3.84	1.63	0.18	2.32	5.53	-0.38	1.35	4.37	6.41	-7.20	7.65
Net Nonoperating Obligations (NNO)	-1.36	0.59	-2.92	-0.86	1.06	1.17	3.99	-10	48	0.85	-0.55
Total Depreciation and Amortization (D&A)	0.29	0.07	0.26	0.23	0.21	0.18	0.20	0.20	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	4.90%	4.06%	0.09%	-0.78%	-4.42%	-1.04%	7.36%	-1.89%	-7.88%	10.97%	-2.86%
Debt-free Net Working Capital to Revenue	10.66%	9.67%	9.02%	6.42%	10.21%	13.98%	15.41%	22.03%	7.88%	17.36%	4.55%
Net Working Capital to Revenue	6.68%	3.27%	4.32%	0.67%	2.60%	2.54%	-3.26%	17.11%	0.25%	8.71%	-1.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.37)	($0.38)	($0.21)	($10.92)	($19.36)	($0.04)	($0.11)	($9.05)	($39.93)	($3.68)	($2.47)
Adjusted Weighted Average Basic Shares Outstanding	7.36M	8.92M	12.28M	342.39K	318K	19.06M	21.45M	736K	2.75M	9.96M	9.96M
Adjusted Diluted Earnings per Share	($1.37)	($0.38)	($0.21)	($10.92)	($19.36)	($0.04)	($0.11)	($9.05)	($39.93)	($3.68)	($2.47)
Adjusted Weighted Average Diluted Shares Outstanding	7.36M	8.92M	12.28M	342.39K	318K	19.06M	21.45M	736K	2.75M	9.96M	9.96M
Adjusted Basic & Diluted Earnings per Share	($1.37)	$0.00	$0.00	$0.00	($19.36)	$0.00	$0.00	$0.00	($39.93)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	8.98M	12.82M	13.37M	342.73K	19.44M	22.57M	22.57M	741.26K	2.43M	2.43M	17.49M
Normalized Net Operating Profit after Tax (NOPAT)	-1.56	-1.10	-2.36	-1.20	0.38	-0.98	-0.94	-1.91	-102	-42	-16
Normalized NOPAT Margin	-8.65%	-6.12%	-15.02%	-16.54%	0.00%	-14.28%	-9.68%	-19.57%	0.00%	-576.26%	-115.98%
Pre Tax Income Margin	-41.74%	-18.00%	-17.17%	-33.05%	0.00%	-3.68%	-15.78%	-37.02%	0.00%	-504.11%	-178.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.70%	0.00%	-5.58%	-2.47%	-7.97%	0.00%	-7.17%	-12.81%	-1.34%	0.00%	-0.87%

Financials Breakdown Chart

Key Financial Trends

Data-quality note: The supplied statements identify the company as ZeroStack Corp. (ticker: ZSTK), not Flora Growth (NASDAQ: FLGC). The analysis below therefore describes the provided data and should not be treated as an analysis of FLGC until the company identifiers are verified.

The latest quarter shows a sharp rebound in revenue, but profitability remains weak. Revenue increased to $13.7 million in Q2 2026 from $7.3 million in Q1 2026 and $9.7 million in Q2 2025. However, the company generated only $1.6 million of gross profit, representing an approximately 11.8% gross margin, down from 43.2% in Q1 2026.

Revenue momentum improved: Q2 2026 revenue was up approximately 88% sequentially and 41% year over year, reversing the steep decline seen from $18.0 million in Q1 2024 to $7.2 million in Q3 2024.
Operating cash flow turned positive: Cash flow from operating activities was $1.4 million in Q2 2026, compared with an outflow of $3.8 million in Q1 2026 and $2.9 million in Q2 2025.
Cash increased during the latest quarter: Cash and equivalents rose from $2.0 million at March 31, 2026, to $2.6 million at June 30, 2026. Including restricted cash, the company held approximately $3.0 million.
Debt declined modestly: Short-term debt fell to $2.4 million in Q2 2026 from $3.1 million in Q1 2026, while total liabilities increased only modestly to $11.4 million.
Cash flow benefited heavily from non-cash adjustments: Q2 operating cash flow included $25.1 million of non-cash adjustments against a $24.6 million net loss. This means the positive cash flow may not represent sustainable earnings-based cash generation.
Working capital was mixed: Accounts receivable increased to $927,000 and prepaid expenses surged to $4.0 million, while inventory remained relatively stable at $1.6 million. The rise in prepaid assets may tie up cash and requires additional disclosure.
The company remains deeply unprofitable: Q2 2026 net loss was $24.6 million, or $2.47 per basic share, although this was an improvement from the $36.7 million loss in Q1 2026.
Operating expenses overwhelmed gross profit: Total operating expenses were $25.9 million in Q2 2026, including $23.2 million of other operating expenses and $1.6 million of special charges. Operating loss was $24.2 million.
Profitability has deteriorated over the reported period: The company recorded a net profit of $1.1 million in Q3 2023 but reported losses in every subsequent quarter provided. The Q4 2025 revenue figure was negative $654,000, an unusual result that may reflect restatements or classification issues.
Liquidity remains tight: Current assets of $10.5 million were below current liabilities of $11.1 million, producing a current ratio of approximately 0.95. Cash of $2.6 million also provides limited coverage against ongoing losses and near-term obligations.

The balance sheet has contracted significantly. Total assets declined from $74.0 million in Q3 2025 to $25.2 million in Q2 2026, while total equity fell from $64.9 million to $13.8 million over the same period. Retained earnings remained sharply negative at $339.1 million, highlighting the company’s accumulated losses.

Overall, the latest statements show better revenue and operating cash flow, but the improvement is not yet supported by sustainable profitability. Retail investors should focus on whether revenue growth continues, whether gross margins recover, and whether unusually large non-cash adjustments and operating expenses decline. The ticker and company mismatch should also be resolved before using these figures to make an investment decision about FLGC.

08/22/26 08:01 AM ETAI Generated. May Contain Errors.

Zerostack Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Zerostack's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Zerostack's net income appears to be on an upward trend, with a most recent value of -$119.73 million in 2025, rising from -$14.33 million in 2020. The previous period was -$15.91 million in 2024. Check out Zerostack's forecast to explore projected trends and price targets.

Zerostack's total operating income in 2025 was -$154.65 million, based on the following breakdown:

Total Gross Profit: $1.65 million
Total Operating Expenses: $156.30 million

Over the last 5 years, Zerostack's total revenue changed from $106 thousand in 2020 to $35.68 million in 2025, a change of 33,556.6%.

Zerostack's total liabilities were at $59.68 million at the end of 2025, a 174.8% increase from 2024, and a 1,763.9% increase since 2020.

In the past 5 years, Zerostack's cash and equivalents has ranged from $4.35 million in 2023 to $37.61 million in 2021, and is currently $5.60 million as of their latest financial filing in 2025.

Over the last 5 years, Zerostack's book value per share changed from 333.33 in 2020 to 95.18 in 2025, a change of -71.4%.

Financial statements for NASDAQ:ZSTK last updated on 8/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Zerostack (ZSTK) Financials

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Zerostack (ZSTK) Financials

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