Filing Flows › ZeroStack (ZSTK) › Q3 2025
ZeroStack (ZSTK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
ZeroStack (ZSTK) reported revenue of $9.7M for the third quarter 2025 (Q3 2025), +35% from a year earlier and -34% from the quarter before. Operating margin was -33.5%, net loss $6.7M (68.3% of revenue).
ZeroStack, Q3 2025: revenue $9.7M (+35% year over year), operating margin -33.5%, net loss $6.7M, operating cash flow $33K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.7M | -34% | +35% |
| Operating profit | −$3.3M | — | — |
| Net earnings | −$6.7M | — | — |
| Operating cash flow | $33K | — | — |
| Free cash flow | $24K | — | — |
What changed
Revenue was $9.7M in Q3 2025, up 35% year over year and down 34% from the previous quarter.
Gross margin was 3.4%, down 3.4 points from a year earlier. Operating costs exceeded revenue by $3.3M, an operating margin of -33.5%. Operating expenses grew 38% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+50%). The quarter ended with a net loss of $6.7M, wider than the previous quarter's $2.4M loss. Net interest and other expense of $3.4M was the main reason.
Operating cash flow was $33K. Non-cash charges added back $201K of depreciation and amortization and $541K of share-based compensation. Working capital and other items added $6.0M. Capital expenditures of $9K left free cash flow of $24K.
Questions
What was ZeroStack's revenue in the third quarter 2025?
ZeroStack (ZSTK) reported revenue of $9.7M for the third quarter 2025 (Q3 2025), +35% from a year earlier and -34% from the quarter before.
Was ZeroStack profitable in the third quarter 2025?
Operating loss was $3.3M (-33.5% of revenue) and net loss $6.7M.
Source: ZeroStack 10-Q on SEC EDGAR.