# zSpace, Inc. (ZSPC) · Edgar & Edgarette company card

> zSpace (ZSPC) saw revenue fall 26.9% in FY2025 to $28 million, operating margin -79.5% against a 0.9% median for prepackaged software, equity -297% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1637147 · fiscal year ended 2025-12-31 · 2 audited years read · [page](https://www.pops4.com/boards/company/ZSPC) · [JSON](https://www.pops4.com/boards/company/ZSPC.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $28M |
| Revenue growth, 1 year | -26.9% |
| Revenue growth per year | — |
| Operating margin | -79.5% (prior year -46.3%) |
| Net margin | -91.1% |
| Operating cash flow | −$18M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $1M |
| Long-term debt | $18M |
| Total assets | $8M |
| Total equity | −$23M |
| Equity ÷ assets | -296.7% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -165.47 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -7.06 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative; operating loss: a margin of -79.5% in FY2025; revenue is hard to predict: its 80% range is ±28%

## Edgarette's reading

Exposure: revenue $27.9M (FY2025), total debt $17.7M. Experience: revenue down 26.9% on the year; operating margin -79.5%, down from -46.3%. Soundness: equity -296.7% of assets (liabilities exceed assets). Credibility: 2 audited years, moderate weight. Range: 80% of past cases like this landed between $14.9M and $26.8M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (140 filers, $50M+ revenue, services-prepackaged software): operating margin -79.5% against a 0.9% median; growth -26.9% against 13.0%.

Range logged 2026-09-20, receipt a265b91cbfb38626, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 4, latest 2026-09-15 ([filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926107972/0001104659-26-107972-index.htm))
- Item 5.02 Director or officer change: 1, latest 2025-12-12 ([filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465925120649/0001104659-25-120649-index.htm))

## Recent filings

- 8-K · filed 2026-09-15 · 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926107972/0001104659-26-107972-index.htm)
- 10-Q · filed 2026-08-14 · [filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926096098/0001104659-26-096098-index.htm)
- 8-K · filed 2026-08-13 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926095890/0001104659-26-095890-index.htm)
- 8-K · filed 2026-06-01 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926068595/0001104659-26-068595-index.htm)
- 10-Q · filed 2026-05-15 · [filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926062781/0001104659-26-062781-index.htm)
- 8-K · filed 2026-05-14 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1637147/000110465926061231/0001104659-26-061231-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001637147.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1637147

## Cite

POPS4, Edgar & Edgarette: zSpace, Inc. (ZSPC) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/ZSPC. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.