Filing Flows › ZeroStack (ZSTK) › Q4 2025
ZeroStack (ZSTK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
ZeroStack (ZSTK) reported revenue of $9.4M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -4% from the quarter before.
ZeroStack, Q4 2025: revenue $9.4M (+22% year over year), net loss $110M, operating cash flow −$3.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.4M | -4% | +22% |
| Operating profit | −$149M | — | — |
| Net earnings | −$110M | — | — |
| Operating cash flow | −$3.2M | -9676% | — |
What changed
Revenue was $9.4M in Q4 2025, up 22% year over year and down 4% from the previous quarter.
Gross margin was 1.7%, down 2.0 points from Q4 2024. Operating costs exceeded revenue by $149.2M, an operating margin of -1595.6%. Operating expenses grew 3645% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+5442%). The quarter ended with a net loss of $109.9M, wider than the previous quarter's $6.7M loss. Non-operating items added $39.3M, -36% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.2M. Non-cash charges added back $4K of depreciation and amortization and $295K of share-based compensation. Working capital and other items added $106.4M. Capital expenditures of $29K exceeded it, leaving free cash flow of −$3.2M.
Questions
What was ZeroStack's revenue in the fourth quarter 2025?
ZeroStack (ZSTK) reported revenue of $9.4M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -4% from the quarter before.
Source: ZeroStack 10-K on SEC EDGAR.