1.Sales and profit
See section β- Z Squared Inc. had $1.4M of revenue in fiscal 2025.
- Its operating margin was β957.0%: of every 100 in sales, about β957 is left after running the business.
- Z Squared Inc. lost $11.9M in fiscal 2025.
Z Squared Inc.
ZSQR Nasdaq Finance Services Financials FY2019βFY2025
Z Squared Inc. had $1.4M of revenue in fiscal 2025.
- Today
- 5.9%
- Previous close
- $3.91
- Market cap
- $206M
- P/E
- β
- 52-week range
-
$2.29 $18.80
Last close Β· Oct 26, 2026
$4.14
β$10.86 (β72.40%) past year
KIRAβs summary AI analyst
Hi! I read Z Squared Inc.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 3 to watch
2.Cash and shareholders
See section β- In the last 12 months, insiders bought $0.0M of shares on the open market and sold none.
3.Financial health
See section β- Z Squared Inc. has $0.5M more cash than debt.
- Z Squared Inc. passes 3 of 8 financial health tests (Piotroski F-score).
Z Squared Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β874.3%
No. It lost money last year.
Weak
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$206M
Oct 26 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$2.64 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
KIRA summarises the numbers
-
Z Squared Inc. had $1.4M of revenue in fiscal 2025.
-
Its operating margin was β957.0%: of every 100 in sales, about β957 is left after running the business.
Revenue
FY19
Revenue β
FY20
Revenue β
FY21
Revenue $0.1M
FY22
Revenue $0.0M
FY23
Revenue $0.0M
FY24
Revenue $0.0M
FY25
Revenue $1.4M
Revenue
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.0M
Q1 '24
Revenue $0.0M
Q2 '24
Revenue $0.0M
Q3 '24
Revenue $0.0M
Q4 '24
Revenue $0.0M
Q1 '25
Revenue $0.1M
Q2 '25
Revenue $0.0M
Q3 '25
Revenue $0.2M
Q4 '25
Revenue $0.9M
Q1 '26
Revenue $0.1M
Q2 '26
Revenue $1.6M
Margins, % of revenue
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross 100.0%
Operating β18,727.9%
Net β17,932.4%
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross 86.7%
Operating β957.0%
Net β874.3%
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β
FCF β
Q4 '23
Gross β
Operating β
Net β
FCF β
Q1 '24
Gross β
Operating β
Net β
FCF β
Q2 '24
Gross β
Operating β
Net β
FCF β
Q3 '24
Gross β
Operating β
Net β
FCF β
Q4 '24
Gross β
Operating β
Net β
FCF β
Q1 '25
Gross 28.1%
Operating β6,449.9%
Net β5,438.6%
FCF β
Q2 '25
Gross β
Operating β
Net β
FCF β
Q3 '25
Gross 81.0%
Operating β1,043.4%
Net β1,221.1%
FCF β
Q4 '25
Gross 94.8%
Operating β230.7%
Net β146.5%
FCF β
Q1 '26
Gross 60.3%
Operating β3,439.9%
Net 0.0%
FCF β
Q2 '26
Gross β111.5%
Operating β871.1%
Net β871.2%
FCF β
Gross
Operating
Net
FCF
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
-
Z Squared Inc. lost $11.9M in fiscal 2025.
Net income
FY19
Net income β$0.0M
FY20
Net income β$17.3M
FY21
Net income β$13.4M
FY22
Net income β$37.6M
FY23
Net income β$21.3M
FY24
Net income β$10.7M
FY25
Net income β$11.9M
Net income
Q3 '23
Net income β$6.4M
Q4 '23
Net income β$3.8M
Q1 '24
Net income β$3.0M
Q2 '24
Net income β$3.0M
Q3 '24
Net income β$1.8M
Q4 '24
Net income β$2.8M
Q1 '25
Net income β$3.4M
Q2 '25
Net income $0.0M
Q3 '25
Net income β$2.9M
Q4 '25
Net income β$1.3M
Q1 '26
Net income $0.0M
Q2 '26
Net income β$13.8M
Diluted EPS
FY19
Diluted EPS $0.00
FY20
Diluted EPS β$5.63
FY21
Diluted EPS β$1.23
FY22
Diluted EPS β$2.63
FY23
Diluted EPS β$16.56
FY24
Diluted EPS β$5.56
FY25
Diluted EPS β$2.81
Diluted EPS
Q3 '23
Diluted EPS β$0.24
Q4 '23
Diluted EPS β$15.77
Q1 '24
Diluted EPS β$0.08
Q2 '24
Diluted EPS β$0.08
Q3 '24
Diluted EPS β$0.05
Q4 '24
Diluted EPS β$5.35
Q1 '25
Diluted EPS β$1.10
Q2 '25
Diluted EPS $0.00
Q3 '25
Diluted EPS β$0.58
Q4 '25
Diluted EPS β$1.13
Q1 '26
Diluted EPS β$0.65
Q2 '26
Diluted EPS β$0.28
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
Free cash flow
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY19
Cash from operations β$0.0M
Capital spending β
FY20
Cash from operations β$0.1M
Capital spending β
FY21
Cash from operations β$4.5M
Capital spending β
FY22
Cash from operations β$3.9M
Capital spending β
FY23
Cash from operations β$7.2M
Capital spending β
FY24
Cash from operations β$6.6M
Capital spending β
FY25
Cash from operations β$8.6M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$2.0M
Capital spending β
Q4 '23
Cash from operations β$1.7M
Capital spending β
Q1 '24
Cash from operations β$1.9M
Capital spending β
Q2 '24
Cash from operations β$1.4M
Capital spending β
Q3 '24
Cash from operations β$1.9M
Capital spending β
Q4 '24
Cash from operations β$1.4M
Capital spending β
Q1 '25
Cash from operations β$2.4M
Capital spending β
Q2 '25
Cash from operations $2.4M
Capital spending β
Q3 '25
Cash from operations β$6.9M
Capital spending β
Q4 '25
Cash from operations β$1.7M
Capital spending β
Q1 '26
Cash from operations β$1.8M
Capital spending β
Q2 '26
Cash from operations $1.6M
Capital spending β
Cash from operations
Capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
Dividends and buybacks
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks $0.2M
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
-
In the last 12 months, insiders bought $0.0M of shares on the open market and sold none.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Christopher Ryan SchadelChief Marketing Officer | Bought | 1,000 | $3.92 | $0.0M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Z Squared Inc. can carry it.
KIRA summarises the numbers
-
Z Squared Inc. has $0.5M more cash than debt.
Cash vs debt (incl. leases)
FY19
Cash $0.0M
Debt β
FY20
Cash $0.9M
Debt β
FY21
Cash $0.4M
Debt $1.7M
FY22
Cash $3.8M
Debt $0.2M
FY23
Cash $1.5M
Debt $1.1M
FY24
Cash $0.0M
Debt $0.2M
FY25
Cash $0.7M
Debt $0.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.4M | $3.8M | $1.5M | $0.0M | $0.7M |
| Debt incl. finance leases | $1.7M | $0.2M | $1.1M | $0.2M | $0.2M |
| Debt / equity | 0.7x | 0.0x | 1.4x | 0.0x | 115.4x |
| Interest coverage | β75.1x | β156.6x | β199.5x | β40.9x | β134.9x |
| Current ratio | 0.8x | 1.8x | 0.6x | 0.2x | 14.0x |
| Quick ratio | 0.8x | 1.8x | 0.6x | 0.2x | 14.0x |
| Total assets | $6.8M | $7.9M | $4.6M | $8.9M | $0.0M |
| Total liabilities | $4.4M | $3.5M | $3.8M | $5.0M | $0.0M |
| Shareholders' equity | $2.4M | $4.5M | $0.8M | $3.4M | $0.0M |
| Net debt (β = net cash) | $1.2M | β$3.6M | β$0.3M | $0.2M | β$0.5M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
FY19
Return on capital β
Return on equity β14.0%
Return on assets β1.3%
FY20
Return on capital β
Return on equity β
Return on assets β45.0%
FY21
Return on capital β308.5%
Return on equity β
Return on assets β32.2%
FY22
Return on capital β3,327.0%
Return on equity β1,104.5%
Return on assets β511.9%
FY23
Return on capital β3,613.1%
Return on equity β807.5%
Return on assets β340.6%
FY24
Return on capital β224.9%
Return on equity β509.1%
Return on assets β158.5%
FY25
Return on capital β
Return on equity β704.4%
Return on assets β267.5%
Return on capital
Return on equity
Return on assets
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
-
Z Squared Inc. passes 3 of 8 financial health tests (Piotroski F-score).
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | 3 / 8 | 3 / 8 | 3 / 8 | 3 / 8 |
| Accruals ratio | β0.2% | β44.7% | β21.5% | β459.1% | β224.7% | β59.8% | β74.4% |
| Altman Z'' | β6.10 | β1.10 | β27.23 | β53.43 | β95.45 | β45.30 | β62,589.99 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
Every number, year by year.
7 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | β | β | $0.1M | $0.0M | $0.0M | $0.0M | $1.4M |
| Gross profit | β | β | $0.1M | $0.0M | $0.0M | $0.0M | $1.2M |
| Research and development | β | β | $0.0M | $0.0M | $6.7M | $2.3M | $1.3M |
| Operating income | β$0.0M | β$0.1M | β$14.0M | β$34.2M | β$21.5M | β$10.1M | β$13.0M |
| Interest expense | β | β | $0.2M | $0.2M | $0.1M | $0.2M | $0.1M |
| Pretax income | β | β | β$13.4M | β$37.6M | β$21.3M | β$10.9M | β$12.3M |
| Income tax | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$0.0M | β$17.3M | β$13.4M | β$37.6M | β$21.3M | β$10.7M | β$11.9M |
| Net income to common | β | β | β | β | β$21.3M | β$10.9M | β |
| Diluted EPS | $0.00 | β$5.63 | β$1.23 | β$2.63 | β$16.56 | β$5.56 | β$2.81 |
| Diluted shares | 0.00B | 0.00B | 0.01B | 0.01B | 0.00B | 0.00B | 0.00B |
| Cash flow | |||||||
| Cash from operations | β$0.0M | β$0.1M | β$4.5M | β$3.9M | β$7.2M | β$6.6M | β$8.6M |
| Depreciation and amortization | β | β | $0.4M | $1.0M | $1.0M | $1.0M | $1.2M |
| Stock-based compensation | β | β | $1.9M | $0.0M | $0.5M | $1.1M | β |
| Share buybacks | β | β | $0.2M | β | β | β | β |
| Dividends and buybacks | β | β | $0.2M | β | β | β | β |
| Balance sheet | |||||||
| Cash and short-term investments | $0.0M | $0.9M | $0.4M | $3.8M | $1.5M | $0.0M | $0.7M |
| Total debt | β | β | $1.7M | $0.2M | $1.1M | $0.2M | $0.2M |
| Current assets | $0.0M | $1.0M | $2.2M | $3.9M | $1.7M | $1.1M | $0.0M |
| Current liabilities | $0.2M | $0.0M | $2.8M | $2.2M | $3.0M | $4.5M | $0.0M |
| Property and equipment, net | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Goodwill | β | β | β | β | β | β | $0.0M |
| Intangible assets | β | $5.0M | β | β | β | $0.5M | $0.4M |
| Total assets | $0.2M | $76.7M | $6.8M | $7.9M | $4.6M | $8.9M | $0.0M |
| Total liabilities | $0.2M | $23.0M | $4.4M | $3.5M | $3.8M | $5.0M | $0.0M |
| Preferred stock | β | β | $0.0M | $0.0M | $0.0M | $0.0M | β |
| Shareholders' equity | $0.0M | β$5.1M | $2.4M | $4.5M | $0.8M | $3.4M | $0.0M |
| Margins | |||||||
| Gross margin | β | β | 100.0% | β | β | β | 86.7% |
| Operating margin | β | β | β18,727.9% | β | β | β | β957.0% |
| EBITDA margin | β | β | β18,131.3% | β | β | β | β870.3% |
| Net margin | β | β | β17,932.4% | β | β | β | β874.3% |
| Returns | |||||||
| Return on capital | β | β | β308.5% | β3,327.0% | β3,613.1% | β224.9% | β |
| Return on capital employed | β14.1% | β0.1% | β351.1% | β595.4% | β1,358.1% | β228.8% | β1,003,346.2% |
| Return on equity | β14.0% | β | β | β1,104.5% | β807.5% | β509.1% | β704.4% |
| Return on assets | β1.3% | β45.0% | β32.2% | β511.9% | β340.6% | β158.5% | β267.5% |
| Return on tangible equity | β14.0% | β | β572.2% | β843.7% | β2,612.6% | β383.0% | β |
| Growth | |||||||
| Revenue growth | β | β | β | β100.0% | β | β | β |
| Share count change | β | β31.2% | 815.8% | 31.0% | β91.0% | 49.8% | 120.0% |
| Financial health | |||||||
| Debt / equity | β | β | 0.7x | 0.0x | 1.4x | 0.0x | 115.4x |
| Interest coverage | β | β | β75.1x | β156.6x | β199.5x | β40.9x | β134.9x |
| Current ratio | 0.0x | 191.8x | 0.8x | 1.8x | 0.6x | 0.2x | 14.0x |
| Quick ratio | 0.0x | 191.8x | 0.8x | 1.8x | 0.6x | 0.2x | 14.0x |
| Capital allocation | |||||||
| Stock comp / revenue | β | β | 2,530.1% | β | β | β | β |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 3.0 | 3.0 | 3.0 | 3.0 |
| Altman Z'' | β6.1 | β1.1 | β27.2 | β53.4 | β95.4 | β45.3 | β62,590.0 |
| Accruals ratio | β0.2% | β44.7% | β21.5% | β459.1% | β224.7% | β59.8% | β74.4% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001759186). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.