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ZeroStack Corp.
ZSTKCIK 0001790169NasdaqEmerging GrowthWholesale-Drugs, Proprietaries & Druggists' SundriesA6CAFY ends Dec 31
Period
FY 2025
Revenue
$35.68M
Net Income
$-119.70M
Total Assets
$130.24M
Equity
$70.55M
Shares Out
2.43M
Op. Cash Flow
$-8.68M
Business
ZeroStack Corp. is a decentralized AI treasury and AI-focused asset management company investing in the future of artificial intelligence, with strategic ownership in 0G Tokens as its primary AI-oriented project. The company operates a global pharmaceutical distribution business through its wholly owned subsidiary Phatebo GmbH, which distributes a wide range of pharmaceutical goods including cancer therapies, ADHD medications, and antidepressants to European markets. ZeroStack's business is organized around two core pillars: Digital Assets & AI, focused on accumulating and holding 0G and other blockchain-linked cryptocurrencies; and Commercial & Wholesale, anchored by Phatebo's pharmaceutical distribution operations in Germany.
Summary from 10-K filed 2026-02-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 36 | 36 | 76 | 33 | 9 | |
| Cost of sales | 34 | 34 | 58 | 20 | 7 | |
| Gross profit | 2 | 2 | 18 | 13 | 2 | |
| Loss from changes in fair value of digital assets | 143 | 0 | — | — | — | |
| Consulting and management fees | 5 | 4 | 12 | 9 | 7 | |
| Professional fees | 3 | 2 | 2 | 4 | 4 | |
| Share based compensation | 1 | 3 | 2 | 3 | 1 | |
| General and administrative | 1 | 2 | 2 | 3 | 922,000 | |
| Travel | 274,000 | 226,000 | 413,000 | 930,000 | 603,000 | |
| Bad debt | 323,000 | 0 | 236,000 | — | — | |
| Operating lease | 151,000 | 102,000 | 1 | 937,000 | 316,000 | |
| Depreciation and amortization | 23,000 | 25,000 | 2 | 2 | 501,000 | |
| Asset impairments | 46,000 | 32,000 | 16 | 709,000 | 0 | |
| Other expenses (income), net | 2 | −215,000 | — | — | — | |
| Total operating expenses | 156 | 11 | 68 | 60 | 21 | |
| Operating loss | −155 | −9 | −50 | −47 | −19 | |
| Interest expense, net | 199,000 | 139,000 | 92,000 | −29,000 | — | |
| Foreign exchange (income) loss | −41,000 | 462,000 | −158,000 | 323,000 | 79,000 | |
| Gain on disposal of Insolvent Entities | −1 | 0 | — | — | — | |
| Changes in financial instruments fair value | −38 | −202,000 | −2 | 593,000 | 2 | |
| Net loss before income taxes and discontinued operations | −115 | −9 | −48 | −48 | −21 | |
| Income tax expense | 59,000 | 22,000 | −2 | −1 | −98,000 | |
| Net loss from continuing operations | −115 | −9 | −47 | −47 | — | |
| Loss from discontinued operations, net of taxes | −4 | −7 | −10 | −6 | — | |
| Net loss for the year | −120 | −16 | −56 | −53 | — | |
| Basic loss per share from continuing operations | −41.92 | −29.39 | −6.34 | −12.19 | — | |
| Diluted loss per share from continuing operations | −41.92 | −29.39 | −6.34 | −12.19 | — | |
| Basic loss per share attributable to ZeroStack Corp. | −43.49 | −50.02 | −7.75 | −13.68 | — | |
| Diluted loss per share attributable to ZeroStack Corp. | −43.49 | −50.02 | −7.75 | −13.68 | — | |
| Weighted average number of common shares outstanding - basic | 2,753 | 318 | 7,356 | 3,832 | — | |
| Weighted average number of common shares outstanding - diluted | 2,753 | 318 | 7,356 | 3,832 | — | |
| Derecognition of equity related to Insolvent Entities, net of income taxes of $nil ($nil in 2024) | −595,000 | 0 | — | — | — | |
| Derecognition of equity related to discontinued operations, net of income taxes of $nil ($nil in 2024) | 489,000 | 0 | — | — | — | |
| Foreign currency translation, net of income taxes of $nil ($nil in 2024) | 507,000 | −81,000 | −3 | 2 | — | |
| Comprehensive loss attributable to ZeroStack Corp. | −119 | −16 | −54 | −54 | −22 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 6 | 5 | 4 | 9 | 38 | |
| Restricted cash | 25,000 | 25,000 | 35,000 | 0 | — | |
| Trade and amounts receivable, net of $327 allowance ($nil at 2024) | 799,000 | 2 | 4 | 5 | 5 | |
| Prepaid expenses and other current assets | 323,000 | 13,000 | 1 | 805,000 | 2 | |
| Indemnification receivables | 0 | 4 | 3 | 3 | 0 | |
| Inventory | 2 | 2 | 9 | 9 | 3 | |
| Current digital assets | 76,000 | 0 | — | — | — | |
| Current assets held for sale | 0 | 6 | — | — | — | |
| Total current assets | 9 | 20 | 21 | 31 | 48 | |
| Property, plant and equipment | 128,000 | 81,000 | 847,000 | 1 | 4 | |
| Operating lease right of use assets | 386,000 | 174,000 | 389,000 | 2 | 1 | |
| Restricted digital assets | 49 | 0 | — | — | — | |
| Digital assets | 72 | 0 | — | — | — | |
| Other assets | 55,000 | 35,000 | 80,000 | 263,000 | — | |
| Noncurrent assets held for sale | 0 | 6 | 0 | 4 | — | |
| Total assets | 130 | 26 | 24 | 81 | 85 | |
| Trade payables | 2 | 4 | 5 | 8 | 2 | |
| Contingencies | 1 | 4 | 6 | 5 | 2 | |
| Current portion of debt | 3 | 2 | 2 | 1 | 18,000 | |
| Current portion of operating lease liability | 163,000 | 130,000 | 799,000 | 1 | 412,000 | |
| Current portion of contingent purchase considerations | 0 | 651,000 | 1 | 0 | — | |
| Other accrued liabilities | 2 | 1 | 2 | 2 | — | |
| Current liabilities held for sale | 0 | 7 | 0 | 610,000 | — | |
| Total current liabilities | 9 | 19 | 16 | 17 | 6 | |
| Long-term debt | 51 | 0 | — | — | — | |
| Non-current operating lease liability | 279,000 | 122,000 | 942,000 | 2 | 908,000 | |
| Deferred tax | 9,000 | 0 | 0 | 2 | 2 | |
| Noncurrent liabilities held for sale | 0 | 3 | 0 | 308,000 | — | |
| Total liabilities | 60 | 22 | 17 | 25 | 9 | |
| Share capital, no par value, unlimited authorized, 1,046 issued and outstanding (478 at 2024) | 0 | 0 | 0 | 0 | — | |
| Additional paid-in capital | 348 | 163 | 149 | 150 | 117 | |
| Accumulated other comprehensive income (loss) | 180,000 | −221,000 | −140,000 | −3 | −1 | |
| Deficit | −278 | −158 | −143 | −91 | −39 | |
| Total shareholders' equity | 71 | 5 | 6 | 57 | 77 | |
| Total liabilities and shareholders' equity | 130 | 26 | 24 | 81 | 85 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 582,000 | 768,000 | 2 | 3 | 501,000 | |
| Goodwill impairment | 1 | 236,000 | — | — | — | |
| Inventory impairments through costs of sales | 455,000 | 2 | 3 | — | — | |
| Other asset impairments | 245,000 | 2 | 21 | 783,000 | 0 | |
| Changes in fair value of digital assets | 143 | 0 | — | — | — | |
| Changes in financial instruments at fair value | −38 | −259,000 | — | — | — | |
| Settlement of contingent consideration | 1 | 0 | — | — | — | |
| Realized gain on settlement of convertible note | −2 | 0 | — | — | — | |
| Bad debt expense | 823,000 | 411,000 | 801,000 | 2 | 1 | |
| Loss on fixed asset disposals | 56,000 | 129,000 | 0 | — | — | |
| Gain on disposal of Insolvent Entities | −1 | 0 | — | — | — | |
| Interest expense, net | 243,000 | 213,000 | 94,000 | −56,000 | — | |
| Interest paid | −156,000 | −213,000 | — | — | — | |
| Income tax benefit | −47,000 | −177,000 | −2 | −2 | — | |
| Net income (loss) to cash provided by (Used in) operating activities | −11 | −8 | −5 | −20 | — | |
| Trade and other receivables | −346,000 | −685,000 | 2 | 143,000 | −6 | |
| Inventory | −51,000 | 1 | −2 | 1 | — | |
| Prepaid expenses and other assets | −346,000 | 722,000 | −419,000 | 1 | −1 | |
| Trade payables and accrued liabilities | 3 | 2 | −2 | 1 | — | |
| Net cash used in operating activities | −9 | −5 | −8 | −16 | −21 | |
| Equity issued | 16 | 8 | 3 | 5 | 43 | |
| Equity issue costs | −2 | −1 | −396,000 | −520,000 | −5 | |
| Payment for settlement of contingent consideration | −2 | 0 | — | — | — | |
| Settlement of convertible note | −2 | 0 | — | — | — | |
| Loan borrowings | 3 | 8 | 995,000 | 197,000 | 0 | |
| Loan repayments | −2 | −8 | −187,000 | −196,000 | −302,000 | |
| Net cash provided by financing activities | 11 | 6 | 3 | 4 | 58 | |
| Purchase of digital assets | −5 | 0 | — | — | — | |
| Sale of digital assets | 2 | 0 | — | — | — | |
| Net cash on cannabis business disposal | −425,000 | 0 | — | — | — | |
| Purchases of property, plant and equipment and intangible assets | −127,000 | −134,000 | −163,000 | −1 | −4 | |
| Net cash on insolvency | −67,000 | 0 | — | — | — | |
| Net cash on asset disposals | 0 | 273,000 | −71,000 | 0 | — | |
| Business and asset acquisitions, net of cash acquired | 461,000 | 64,000 | 0 | −15 | −8 | |
| Net cash (used) provided in investing activities | −3 | 203,000 | −234,000 | −16 | −15 | |
| Effect of exchange rate changes on cash | 1 | 2,000 | 930,000 | −755,000 | −815,000 | |
| Change in cash for the year | 373,000 | 2 | −5 | −28 | 22 | |
| Equity issued for digital assets | 168 | 0 | — | — | — | |
| Debt issued for digital assets | 103 | 0 | — | — | — | |
| Digital assets used to settle convertible note | 10 | 0 | — | — | — | |
| Debt issued for business combinations | 2 | 0 | — | — | — | |
| Operating lease additions to right of use assets | 1,375 | 2,208 | 245 | 2,919 | — | |
| Common shares issued for business combinations | 813,000 | 5 | 0 | 25 | — | |
| Shares issued to settle convertible note | 706,000 | 0 | — | — | — | |
| ELOC commitment fee | 128,000 | 0 | — | — | — | |
| Option cancellations reclassified to equity | 84,000 | 316,000 | 5 | — | — |
Filings
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Frequently asked questions
What is ZeroStack Corp.'s CIK number?
ZeroStack Corp.'s SEC CIK number is 0001790169 (1790169). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find ZeroStack Corp.'s SEC filings?
All of ZeroStack Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.