Z
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
Flora Growth Corp. is a multinational cannabis company that manufactures and distributes consumer packaged goods and medicinal cannabis and pharmaceutical products. It offers CBD-based consumer products across food and beverage, nutraceuticals, personal care and wellness, cannabis accessories and technologies, vaporizers and wholesale pharmaceutical products. Flora operates two pillars: House of Brands (including JustCBD, Vessel and Australian Vaporizers) and Commercial & Wholesale (anchored by Phatebo and TruHC with EU-GMP processing and distribution). It sells via direct-to-consumer, wholesale and retail channels across the United States, Europe and Australia.
Summary from filing dated 2025-03-24
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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