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
Last close
3.91
2026-10-23
Market cap
$207.2M
2026-06-30 share count
52-week range
2.11 - 18.80
Valuation FY2025 figures against the last close
P/S152.0x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-2.81
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.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $75.0K | $0 | $0 | $0 | $1.4M |
| Gross profit | — | — | — | $75.0K | $0 | $0 | $0 | $1.2M |
| Net income | — | -$2.2K | -$17.3M | -$13.4M | -$37.6M | -$21.3M | -$10.7M | -$11.9M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement terminated Item 1.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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