ZeroStack Corp. ZSTK
ZeroStack Corp. (formerly Flora Growth Corp.) was incorporated as Flora Growth Corp. on March 13, 2019, under the laws of the Province of Ontario. On January 29, 2026, the Company changed its corporate name from "Flora Growth Corp." to "ZeroStack Corp." and changed its Nasdaq ticker from "FLGC" to "ZSTK". We are a decentralized AI treasury and AI-focused asset management company that is investing in the future of AI. Our first AI-oriented project is through strategic ownership in 0G Tokens (as defined below). The Company is a global pharmaceutical distributor through its wholly owned subsidiary Phatebo GmbH ("Phatebo").
On August 4, 2025, the Company effected a 1-for-39 share consolidation of the Company's issued and outstanding Common Shares, by filing Articles of Amendment to the Company's amended and restated Articles of Incorporation with the Ontario Ministry of Public and Business Service Delivery and Procurement (the "Share Consolidation"). All share-related information presented in this section gives effect to the Share Consolidation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.7M | $35.9M | $76.1M | $33.4M | $9.0M | $106.0K | — | — |
| Cost of revenue | $34.0M | $33.7M | $58.3M | $20.1M | $6.6M | — | — | — |
| Gross profit | $1.6M | $2.2M | $17.7M | $13.3M | $2.4M | — | — | — |
| R&D | — | $418.0K | $62.0K | $388.0K | $132.0K | — | — | — |
| SG&A | $1.4M | $1.9M | $1.6M | $3.3M | $922.0K | — | — | — |
| Total operating expenses | $156.3M | $11.1M | $68.1M | $60.5M | $21.4M | — | — | — |
| Operating income | -$154.7M | -$8.9M | -$50.4M | -$47.2M | -$19.0M | — | — | — |
| Interest expense | $243.0K | $213.0K | $94.0K | $56.0K | $32.0K | — | — | — |
| Pre-tax income | -$115.4M | -$9.3M | -$48.3M | -$48.1M | -$21.5M | — | — | — |
| Income tax | $59.0K | $22.0K | $1.6M | $1.4M | $98.0K | — | — | — |
| Net income | -$119.7M | -$15.9M | -$57.0M | -$52.4M | -$21.4M | -$14.3M | — | — |
| EPS, basic | -43.49 | -50.02 | -7.75 | -13.68 | — | — | — | — |
| EPS, diluted | -43.49 | -50.02 | -7.75 | -13.68 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $2.8K | $318 | $7.4K | $3.8K | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.6M | $5.2M | $4.4M | $8.9M | $37.6M | $15.5M | — | — |
| Receivables | $799.0K | $1.6M | $4.0M | $5.3M | $5.3M | — | — | — |
| Inventory | $1.9M | $2.2M | $8.5M | $8.7M | $3.0M | — | — | — |
| Total current assets | $8.7M | $19.8M | $21.4M | $31.2M | $47.9M | — | — | — |
| Property, plant and equipment | $128.0K | $81.0K | $847.0K | $1.2M | $3.8M | — | — | — |
| Goodwill | — | $2.0M | $0 | $23.4M | $19.7M | $430.0K | — | — |
| Other intangibles | — | $2.7M | $946.0K | $17.7M | $9.7M | — | — | — |
| Total assets | $130.2M | $26.2M | $23.6M | $81.0M | $85.5M | $19.5M | — | — |
| Accounts payable | $2.3M | $3.6M | $5.1M | $7.8M | $2.4M | — | — | — |
| Short-term debt | $2.7M | $2.1M | $1.9M | $1.1M | $18.0K | — | — | — |
| Total current liabilities | $8.6M | $18.8M | $16.3M | $17.4M | $6.1M | — | — | — |
| Long-term debt | $50.8M | $0 | — | — | — | — | — | — |
| Total liabilities | $59.7M | $21.7M | $17.2M | $24.6M | $8.5M | — | — | — |
| Retained earnings | -$277.8M | -$158.1M | -$142.5M | -$90.9M | -$38.5M | — | — | — |
| Total equity | $70.6M | $4.5M | $6.4M | $56.4M | $76.9M | $16.2M | -$1.3M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.7M | -$5.0M | -$8.4M | -$15.9M | -$20.9M | — | — | — |
| Depreciation and amortisation | $582.0K | $768.0K | $2.5M | $2.6M | $501.0K | — | — | — |
| Stock-based compensation | $1.2M | $2.8M | $1.6M | $3.4M | $1.3M | — | — | — |
| Capital expenditure | $127.0K | $134.0K | $163.0K | $1.3M | $4.0M | — | — | — |
| Investing cash flow | -$3.5M | $203.0K | -$234.0K | -$15.8M | -$14.6M | — | — | — |
| Financing cash flow | $11.3M | $6.5M | $3.1M | $4.4M | $58.4M | — | — | — |
| Buybacks | — | — | $0 | $255.0K | $0 | — | — | — |
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 0001062993-26-001203.
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