ZSPC · Zspace, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 |
|---|---|---|---|---|---|
| Revenue | $5.25M | - | $8.79M | $7.46M | $7.84M |
| Cost of Revenue | $2.46M | - | $4.29M | $4.29M | $5.14M |
| Gross Profit | $2.79M | - | $6.36M | $3.17M | $2.70M |
| R&D | $992.0K | - | $1.57M | $1.27M | $1.98M |
| SG&A | $3.31M | - | $2.03M | $2.13M | $6.61M |
| Total Operating Expenses | $6.72M | - | $9.29M | $9.50M | $14.09M |
| D&A | $3.0K | - | - | - | $4.0K |
| Operating Income | ($3.93M) | - | $24.0K | ($3.53M) | ($11.39M) |
| Interest Expense | $344.0K | - | $306.0K | $301.0K | $729.0K |
| Income Tax | - | - | ($1.0K) | $11.0K | ($5.0K) |
| Net Income | ($6.56M) | - | ($6.17M) | ($4.75M) | ($12.25M) |
| EPS - Basic | ($4.70) | - | ($6.50) | ($6.75) | ($1770.75) |
| EPS - Diluted | ($4.70) | - | ($6.50) | ($6.75) | ($1770.75) |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.86M | $1.02M | $4.27M | $1.39M | $1.19M |
| Accounts Receivable | $2.59M | $1.44M | $3.62M | $4.64M | $3.18M |
| Inventory | $2.03M | $2.40M | $2.35M | $2.60M | $3.24M |
| Accounts Payable | $3.85M | $4.08M | $3.96M | $5.25M | $5.66M |
| Current Assets | $9.44M | $6.49M | $13.34M | $12.02M | $9.79M |
| Total Assets | $10.48M | $7.59M | $13.46M | $12.14M | $13.53M |
| Current Liabilities | $13.10M | $17.31M | $19.57M | $20.68M | $20.89M |
| Long-term Debt | $17.28M | $10.11M | $11.07M | $11.43M | $7.61M |
| Total Liabilities | $35.85M | $30.09M | $33.14M | $34.43M | $29.47M |
| Stockholders' Equity | ($25.38M) | ($22.51M) | ($96.61M) | ($140.00M) | ($14.69M) |
| Retained Earnings | ($322.35M) | ($315.79M) | ($308.50M) | ($302.33M) | ($290.40M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 |
|---|---|---|---|---|---|
| Operating Cash Flow | ($3.02M) | - | - | - | ($5.41M) |
| Investing Cash Flow | ($2.0K) | - | - | - | - |
| Financing Cash Flow | $4.88M | - | - | - | $3.71M |
| CapEx | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 53.1% | - | 72.4% | 42.6% | 34.5% |
| Operating margin | -74.9% | - | 0.3% | -47.3% | -145.2% |
| EBITDA margin | -74.8% | - | - | - | -145.2% |
| Net margin | -124.9% | - | -70.2% | -63.6% | -156.2% |
| Free cash flow margin | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - |
| R&D / Revenue | 18.9% | - | 17.8% | 17.1% | 25.2% |
| SG&A / Revenue | 63.1% | - | 23.1% | 28.5% | 84.3% |
| Effective tax rate | - | - | - | - | - |
| Return on assets | -62.6% | - | -45.8% | -39.1% | -90.5% |
| Return on equity | 25.8% | - | 6.4% | 3.4% | 83.4% |
| Return on invested capital | - | - | - | - | - |
| Liquidity | |||||
| Current ratio | 0.72 | 0.37 | 0.68 | 0.58 | 0.47 |
| Quick ratio | 0.56 | 0.24 | 0.56 | 0.46 | 0.31 |
| Cash ratio | 0.22 | 0.06 | 0.22 | 0.07 | 0.06 |
| Leverage | |||||
| Debt / Equity | -0.68 | -0.45 | -0.11 | -0.08 | -0.52 |
| Debt / Assets | 1.65 | 1.33 | 0.82 | 0.94 | 0.56 |
| Debt / EBITDA | - | - | - | - | - |
| Interest coverage | -11.4x | - | 0.1x | -11.7x | -15.6x |
| Equity multiplier | -0.41 | -0.34 | -0.14 | -0.09 | -0.92 |
| Liabilities / Assets | 3.42 | 3.97 | 2.46 | 2.84 | 2.18 |
| Efficiency | |||||
| Asset turnover | 0.50 | - | 0.65 | 0.61 | 0.58 |
| Inventory turnover | 1.21 | - | 1.83 | 1.65 | 1.59 |
| Days sales outstanding | 180d | - | 150d | 227d | 148d |
| Days inventory outstanding | 301d | - | 199d | 221d | 230d |
| Days payable outstanding | 570d | - | 337d | 447d | 402d |
| Cash conversion cycle | -89d | - | 13d | 1d | -24d |
| Valuation | |||||
| P / E | - | - | - | - | - |
| P / B | - | - | - | - | - |
| P / S | 0.8x | - | 17.5x | 1.9x | 4.1x |
| EV / EBITDA | - | - | - | - | - |
| Growth | |||||
| Revenue growth (YoY) | -33.0% | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 3.1% | - | - | - | - |
| Operating income growth (YoY) | 65.5% | - | - | - | - |
| Net income growth (YoY) | 46.5% | - | - | - | - |
| EPS growth (YoY) | 99.7% | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | -72.8% | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$27.86M totalSingle Reportable Segment$27.86M · 100.0%
Product / service
$27.86M totalHardware$14.21M · 51.0%
Software$10.56M · 37.9%
Service$3.09M · 11.1%
Geographic
$27.86M totalUS$23.64M · 84.9%
Non Us$4.22M · 15.1%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing zSpace against the 5 most active filers in the same SIC group.