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ZeroStack (ZSTK) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 31, 2026 · ZeroStack (ZSTK) Q2 2026 earnings results →
Q2 2026 Revenue up 41% year over year to $13.7M · 180¢ of every $1 of revenue lost · operating margin -177.4%
ZeroStack made $13.7M in Q2 2026 (+41% Y/Y). Operating margin -177.4%, net loss $24.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 31, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $13.7M in Q2 2026, up 41% year over year and up 88% from the previous quarter.
Gross margin was 11.8%, up 5.5 points from Q2 2025. Operating costs exceeded revenue by $24.2M, an operating margin of -177.4%. Operating expenses grew 1111% against revenue growth of 41%. The quarter ended with a net loss of $24.6M, narrower than the previous quarter's $36.7M loss.
Operating cash flow was $1.4M. Non-cash charges added back $4K of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $24.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 31, 2026 | $13.7M | +41% | -177.4% | −$24.6M | $1.4M |
| Q1 2026 | 10-Q | May 4, 2026 | $7.3M | +6% | -861.3% | −$36.7M | −$3.8M |
| Q4 2025 | 10-K | Feb 27, 2026 | $9.4M | +22% | n/m | −$110M | −$3.2M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $9.7M | +35% | -33.5% | −$6.7M | $33K |
| Q2 2025 | 10-Q | Aug 1, 2025 | $14.8M | -6% | -17.3% | −$2.4M | −$2.9M |
| Q1 2025 | 10-Q | May 13, 2025 | $11.8M | -35% | -8.3% | −$758K | −$2.7M |
| Q4 2024 | 10-K | Mar 24, 2025 | $13.3M | -26% | -44.5% | −$6.1M | −$1.3M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About ZeroStack
ZeroStack Corp. (formerly Flora Growth Corp.) was incorporated as Flora Growth Corp. on March 13, 2019, under the laws of the Province of Ontario. On January 29, 2026, the Company changed its corporate name from "Flora Growth Corp." to "ZeroStack Corp." and changed its Nasdaq ticker from "FLGC" to "ZSTK". We are a decentralized AI treasury and AI-focused asset management company that is investing in the future of AI. Our first AI-oriented project is through strategic ownership in 0G Tokens (as defined below). The Company is a global pharmaceutical distributor through its wholly owned subsidiary Phatebo GmbH ("Phatebo").
In its own words, from its 10-K, filed Feb 27, 2026.
ZeroStack against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +41% against the peers' median +18%. Operating margin: -177.4% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZSTK ZeroStack | Q2 2026 | $13.7M | +41% | -177.4% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: ZeroStack 10-Q on SEC EDGAR · CIK 1790169 · Finance Services
More on ZSTK
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results