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ZeroStack cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4M in Q2 2026 · −$5.6M over twelve months

Operating cash flow$1.4M
Free cash flow+$1.4M
Cash conversion cycle0 days

Analysis

In Q2 2026, ZeroStack generated $1.4M of operating cash flow. That is $4.3M more than in Q2 2025 (−$3.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$5.6M; the largest uses were operating cash flow ($5.6M), other financing ($5.1M), other investing ($2.7M); besides operations, cash came from shares issued ($15.0M); the cash balance rose by $2.3M.

Operating cash flow was $1.4M against net income of −$24.6M. The largest differences: prepaid and other assets −$2.5M, stock-based pay +$1.6M, payables −$647K.

Its cash conversion cycle was 0 days (receivables 6 + inventory 12 − payables 18).

Free cash flow

ZeroStack: free cash flow by quarterZeroStack: free cash flow by quarter−$2.1MQ3 2024−$1.3MQ4 2024−$2.7MQ1 2025−$3.0MQ2 2025$24KQ3 2025−$3.2MQ4 2025−$3.8MQ1 2026$1.4MQ2 2026
Operating cash flow less capital spending.
ZeroStack: operating cash flow against capital spendingZeroStack: operating cash flow against capital spendingOperating cash flowCapital spending−$2.1M$20KQ3 2024−$1.3M$0Q4 2024−$2.7M$24KQ1 2025−$2.9M$65KQ2 2025$33K$9KQ3 2025−$3.2M$29KQ4 2025−$3.8M$0Q1 2026$1.4M$0Q2 2026
Latest (Q2 2026): Operating cash flow $1.4M, Capital spending $0.

Capital allocation, year by year

ZeroStack: where the cash came from (up) and went (down), by fiscal yearZeroStack: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$20.9MFY2021: Net borrowing −$302KFY2021: Shares issued $42.6MFY2021: Capital spending −$4.0MFY2021: Acquisitions −$8.1M$42.6MFY2021FY2022: Operating cash flow −$15.9MFY2022: Net borrowing $1KFY2022: Shares issued $5.0MFY2022: Capital spending −$1.3MFY2022: Acquisitions −$14.5MFY2022: Buybacks −$255K$5.0MFY2022FY2023: Operating cash flow −$8.4MFY2023: Net borrowing $808KFY2023: Shares issued $2.7MFY2023: Capital spending −$163K$3.5MFY2023FY2024: Operating cash flow −$5.0MFY2024: Net borrowing $259KFY2024: Shares issued $7.5MFY2024: Capital spending −$134KFY2024: Acquisitions $64K$7.8MFY2024FY2025: Operating cash flow −$8.7MFY2025: Net borrowing $435KFY2025: Shares issued $16.1MFY2025: Capital spending −$127KFY2025: Acquisitions $461K$17.0MFY2025
Over these 5 years operating cash flow totalled −$59.0M; the largest uses were operating cash flow ($59.0M) and acquisitions ($22.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.6M
Debt$2.4M
Net cash$227K
Due within a year$2.7M
Cash runway6 months

ZeroStack is burning cash: its operations consume cash, a free cash flow of −$5.6M a year at the current rate against $2.6M of cash and investments: a runway of about 6 months; $2.7M of debt also comes due within a year, which would need refinancing or new money before any new financing.

ZeroStack: debt maturities by year (FY2025)ZeroStack: debt maturities by year (FY2025)$2.7MYear 1$18KYear 2$19KYear 3$7KYear 4$50.7MAfter year 5
Principal due in each year as disclosed in the annual report, against $2.6M of cash and investments now.

Where the cash came from and went

ZeroStack: sources (+) and uses (−) of cash, Q2 2026ZeroStack: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$1.4MNet borrowing (+) / repaid (−)−$727KCash drawn (+) / kept (−)−$662KExchange rates$16K
ZeroStack: sources (+) and uses (−) of cash, TTM to Q2 2026ZeroStack: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$15.0MOperating cash flow−$5.6MOther financing−$5.1MOther investing−$2.7MCash drawn (+) / kept (−)−$2.3MExchange rates$939KNet borrowing (+) / repaid (−)−$256KCapital spending−$38K

From profit to cash

ZeroStack: net income to operating cash flow, Q2 2026ZeroStack: net income to operating cash flow, Q2 2026Net income−$24.6MDepreciation & amortization$4KStock-based pay$1.6MReceivables−$145KInventory−$21KPayables−$647KPrepaid and other assets−$2.5MOperating cash flow$1.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026612180
Q1 2026103852-4
Q4 202515222611
Q3 202535363337
Q2 202543483852
Q1 202537505334
Q4 202433636432
Q3 2024461007768

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$1.4M—−$727K—−$662K$1.4M
Q1 2026−$3.8M—$456K$115K$3.3M−$3.8M
Q4 2025−$3.2M−$29K−$1.5M$1.5M$7.5M−$3.2M
Q3 2025$33K−$9K$19K$13.4M−$12.4M$24K
Q2 2025−$2.9M−$65K$420K$1.2M$2.2M−$3.0M
Q1 2025−$2.7M−$24K——$2.3M−$2.7M
Q4 2024−$1.3M—−$20K$4.3M−$1.8M−$1.3M
Q3 2024−$2.1M−$20K−$257K—$1.9M−$2.1M

ZeroStack: income statement and cash flow

ZeroStack, Q2 2026: revenue $13.7M (+41% year over year), operating margin -177.4%. The chart follows the revenue to costs, profit and cash.

ZeroStack: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.