Z Squared Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Z Squared has little or no product revenue yet; it used $11m of cash in the twelve months to June 2026.
Our model value for Z Squared is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Z Squared Inc.'s trailing-twelve-month revenue grew 4348.2% year on year, with a free-cash-flow margin of -409.0%.
Current signal Revenue growth accelerating: TTM revenue growth rose to 4348.2% (+2518.5pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Z Squared Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for Z Squared Inc.: too few analysts cover it.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ZSQR | −2% | −85% | −49% | −65% | +159% | −74% |
| Industry peers (median) | +13% | −80% | +46% | −15% | −12% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ZSQR | 58% | 67% | 33% | 42% | 50% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ZSQR | −5% | −91% | −65% | −82% | −47% | −86% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since December 17, 2020: 99% from October 28, 2022 to September 16, 2026. Getting back needed a 10337% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $0 |
| FY23 Q4 | $0 |
| FY24 Q1 | $0 |
| FY24 Q2 | $0 |
| FY24 Q3 | $0 |
| FY24 Q4 | $0 |
| FY25 Q1 | $62.9K |
| FY25 Q2 | $62.9K |
| FY25 Q3 | $300.3K |
| FY25 Q4 | $1.2M |
| FY26 Q1 | $1.2M |
| FY26 Q2 | $2.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q1 | -17796.1% |
| FY25 Q2 | -13298.0% |
| FY25 Q3 | -2895.7% |
| FY25 Q4 | -733.2% |
| FY26 Q1 | -690.7% |
| FY26 Q2 | -792.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q1 | -12976.1% |
| FY25 Q2 | -6957.8% |
| FY25 Q3 | -3340.9% |
| FY25 Q4 | -888.7% |
| FY26 Q1 | -801.3% |
| FY26 Q2 | -409.0% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 0 | 0 | 0 | 0 | 1 | 3 |
| Gross profit | 0 | 0 | 0 | 0 | 1 | −1 |
| EBITDA | −14 | −33 | −20 | −9 | −12 | −20 |
| Operating income | −14 | −34 | −21 | −10 | −13 | −22 |
| Net income | −13 | −38 | −21 | −11 | −12 | −18 |
| Diluted EPS | −$1.99 | −$0.21 | −$1.34 | −$0.45 | −$0.23 | — |
| Growth (year on year) | ||||||
| Revenue | — | −100.0% | — | — | — | +>999% |
| Margins | ||||||
| Gross margin | 100.0% | — | — | — | 86.7% | −24.6% |
| EBITDA margin | <−999% | — | — | — | −870.3% | −698.7% |
| Operating margin | <−999% | — | — | — | −956.9% | −792.9% |
| Net margin | <−999% | — | — | — | −874.3% | −642.0% |
| Cash flow | ||||||
| Cash from operations | −4 | −4 | −7 | −7 | −9 | −9 |
| Stock-based pay | 2 | 0 | 0 | 1 | 1 | — |
| Balance sheet | ||||||
| Cash | 0 | 4 | 1 | 0 | 0 | 15 |
| Total debt | — | 2 | 2 | 1 | — | 0 |
| Net debt (negative = net cash) | −0 | −2 | 1 | 1 | −0 | −15 |
| Diluted shares | 7m | 9m | 16m | 24m | 52m | — |
| Returned to shareholders | ||||||
| Buybacks | 0 | — | — | — | — | — |
| Total returned | 0 | — | — | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 2 |
| Gross profit | 0 | 0 | 0 | 0 | 0 | 1 | 0 | −2 |
| EBITDA | −2 | −2 | −4 | 0 | −2 | −2 | −4 | −13 |
| Operating income | −2 | −2 | −4 | 0 | −2 | −2 | −4 | −14 |
| Net income | −2 | −3 | −3 | 0 | −3 | −1 | −0 | −14 |
| Diluted EPS | −$0.00 | −$0.43 | −$0.09 | $0.00 | −$0.05 | −$0.01 | −$0.05 | −$0.28 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | — | — | +81.0% | — |
| EBITDA | — | — | — | — | — | — | — | <−999% |
| Margins | ||||||||
| Gross margin | — | — | 28.2% | — | 81.0% | 94.8% | 60.3% | −111.5% |
| EBITDA margin | — | — | <−999% | — | −670.1% | −196.4% | <−999% | −798.1% |
| Operating margin | — | — | <−999% | — | <−999% | −230.6% | <−999% | −871.2% |
| Net margin | — | — | <−999% | — | <−999% | −146.5% | −0.0% | −871.2% |
| Free-cash-flow margin | — | — | <−999% | — | <−999% | −195.8% | <−999% | 98.3% |
| Cash flow | ||||||||
| Cash from operations | −2 | −1 | −2 | 2 | −7 | −2 | −2 | 2 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −2 | −1 | −2 | 2 | −7 | −2 | −2 | 2 |
| Stock-based pay | 0 | 0 | 1 | 0 | 0 | — | 1 | 7 |
| Free cash flow after stock pay | −2 | −2 | −3 | 2 | −7 | — | −3 | −5 |
| Last 12 months unless stated | ZSQR | ONFO | PWCM | ZDAI | DRK | OPNW | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $3m | $8m | $9m | $9m | $10m | $11m | $165m |
| Revenue growth, last 12 months | >999% | −22.6% | 16.3% | −53.6% | −10.3% | −49.7% | 10.1% |
| Revenue growth, 3-year average | — | 25.3% | 8.8% | — | −4.8% | −24.6% | 7.6% |
| Revenue growth, latest quarter | 81.0% | −52.4% | 9.8% | — | −18.8% | −57.8% | 5.7% |
| Gross margin | −24.6% | 54.5% | — | −21.5% | 18.2% | 47.0% | 48.6% |
| Operating margin | −792.9% | −40.1% | −324.9% | −153.7% | −330.8% | −49.3% | −62.7% |
| Operating margin, 3-year average | — | −65.3% | −161.0% | — | −215.7% | −25.3% | −25.3% |
| Net margin | −642.0% | −101.9% | −413.9% | −148.8% | −332.5% | −47.1% | −64.5% |
| Cash from operations / revenue | −314.9% | −22.3% | −176.7% | −14.5% | −156.6% | −6.3% | −14.5% |
| Free-cash-flow margin | −409.0% | −22.4% | −200.4% | −15.9% | −221.2% | −6.3% | −29.5% |
| Free-cash-flow margin, 3-year average | — | — | −142.1% | — | −149.9% | 0.5% | −17.4% |
| Stock pay / revenue | 433.4% | −0.3% | 7.5% | — | 17.1% | 0.2% | 12.2% |
| Change in share count | — | — | 138.2% | 108.6% | −96.9% | 13.0% | 5.2% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Technology | $1.4M | 100.0% | — |
| Biotechnology | $0 | 0.0% | — |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Sale | $1.4M | 100.0% | — |
| Advertising Campaigns (part of Sale) | $1.3M | 91.7% | — |
| Webinar Services (part of Sale) | $112,500 | 8.3% | — |
From Z Squared Inc.'s 10-K filed March 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $26.7M | 2.5M | 38.0% | New |
| Vanguard Capital Management LLC | $17.7M | 1.7M | 25.2% | New |
| Geode Capital Management, LLC | $7.5M | 713K | 10.8% | New |
| Northern Trust Corp | $3.7M | 347K | 5.2% | New |
| Vanguard Portfolio Management LLC | $3.2M | 303K | 4.6% | New |
| Vanguard Fiduciary Trust Co | $1.4M | 128K | 1.9% | New |
| Nuveen, LLC | $1.1M | 104K | 1.6% | New |
| Charles Schwab Investment Management Inc | $1.1M | 104K | 1.6% | New |
| Bank Of New York Mellon Corp | $969,160 | 92K | 1.4% | New |
| United Capital Financial Advisors, LLC | $910,536 | 86K | 1.3% | New |
| UBS Group AG | $742,166 | 70K | 1.1% | New |
| Rhumbline Advisers | $525,280 | 50K | 0.7% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Z Squared Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Schadel Christopher Ryan Chief Marketing Officer | August 18, 2026 | Buy | 1,000 | $3.92 | $3,920 |
| Schadel Christopher Ryan Chief Marketing Officer | August 18, 2026 | Buy | 1,000 | $3.92 | $3,920 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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