Z Squared Inc. ZSQR
prior to the Merger the Company was a shell company, the business description below is a description of the Company's business based
on our subsidiaries' operations.
were originally incorporated in the British Virgin Islands on November 27, 2018, under the name Bull Horn Holdings Corp. On October 27,
2022, Bull Horn Holdings Corp. domesticated from the British Virgin Islands to the State of Delaware. On October 28, 2022, in connection
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M | $0 | $0 | $0 | $75.0K | — | — | — |
| Cost of revenue | $180.6K | $0 | $0 | $0 | $0 | — | — | — |
| Gross profit | $1.2M | $0 | $0 | $0 | $75.0K | — | — | — |
| R&D | $1.3M | $2.3M | $6.7M | $20.9K | $0 | — | — | — |
| SG&A | — | $945.6K | $1.0M | $3.1M | $14.1M | — | — | — |
| Total operating expenses | $14.2M | $10.1M | $21.5M | $34.2M | $14.1M | — | — | — |
| Operating income | -$13.0M | -$10.1M | -$21.5M | -$34.2M | -$14.0M | -$68.4K | -$2.2K | — |
| Interest expense | $96.7K | $246.1K | $107.7K | $218.4K | $187.1K | — | — | — |
| Pre-tax income | -$12.3M | -$10.9M | -$21.3M | -$37.6M | -$13.4M | — | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Net income | -$11.9M | -$10.7M | -$21.3M | -$37.6M | -$13.4M | -$17.3M | -$2.2K | — |
| EPS, basic | -2.81 | -5.56 | -16.56 | -2.63 | -1.23 | -5.63 | — | — |
| EPS, diluted | -2.81 | -5.56 | -16.56 | -2.63 | -1.23 | -5.63 | 0.00 | — |
| Shares, diluted (wtd. avg.) | $4.2M | $1.9M | $1.3M | $14.3M | $10.9M | $1.2M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.7M | $532.9K | $1.5M | $3.8M | $2.2M | $203.0K | $505 | — |
| Short-term investments | $676.6K | $0 | — | — | — | — | — | — |
| Receivables | — | — | $0 | $8.1K | $0 | — | — | — |
| Total current assets | $7.4M | $1.1M | $1.7M | $3.9M | $2.2M | $959.0K | $505 | — |
| Property, plant and equipment | $9.9K | $10.5K | $11.3K | $12.5K | $13.9K | — | — | — |
| Other intangibles | $361.2K | $541.9K | — | — | — | $5.0M | — | — |
| Total assets | $16.2M | $8.9M | $4.6M | $7.9M | $6.8M | $76.7M | $171.5K | — |
| Accounts payable | $888.8K | $1.3M | $1.4M | $99.0K | $134.1K | $5.0K | — | — |
| Total current liabilities | $1.8M | $4.5M | $3.0M | $2.2M | $2.8M | $5.0K | $155.9K | — |
| Long-term debt | $150.0K | $150.0K | $150.0K | $150.0K | $1.6M | — | — | — |
| Total liabilities | $2.1M | $5.0M | $3.8M | $3.5M | $4.4M | $23.0M | $155.9K | — |
| Retained earnings | -$110.0M | -$98.0M | -$87.4M | -$66.1M | -$27.6M | -$22.0M | -$9.3K | — |
| Total equity | $13.6M | $3.4M | $814.0K | $4.5M | $2.4M | -$5.1M | $15.7K | $17.9K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.6M | -$6.6M | -$7.2M | -$3.9M | -$4.5M | -$115.7K | -$1.8K | — |
| Depreciation and amortisation | $1.2M | $1.0M | $1.0M | $1.0M | $447.4K | — | — | — |
| Stock-based compensation | — | $1.1M | $477.5K | $0 | $1.9M | — | — | — |
| Investing cash flow | $0 | $0 | $0 | $0 | -$1.8M | -$75.8M | — | — |
| Financing cash flow | $13.7M | $5.7M | $4.9M | $5.5M | $8.2M | $76.8M | $2.3K | — |
| Buybacks | — | — | — | — | $247.2K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001683168-26-002026.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $220.26B | 21.2x | 6.4% |
| MSTR | Strategy Inc | $50.34B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $48.64B | 41.5x | 9.4% |
| SYF | Synchrony Financial | $26.00B | 8.6x | — |
| CRCL | Circle Internet Group, Inc. | $25.33B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| IREN | IREN Ltd | $15.97B | — | 41.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |