ZONE · Zone Frontier Inc.
Zone Frontier Inc. develops data center campuses that provide land, power, and infrastructure to support artificial intelligence companies in the United States. The company operates through two segments: CleanCore and Critical AI Infrastructure. Its Critical AI Infrastructure segment engages in the development, construction, and operation of data center facilities. Its CleanCore segment develops and produces cleaning products that generate pure aqueous ozone using nanobubble technology for professional, industrial, and home use, including janitorial and sanitation solutions, ice-machine cleaning products, laundry solutions, and industrial cleaning applications for hard surfaces, floors, carpets, upholstery, and food contact surfaces. The company was formerly known as CleanCore Solutions, Inc. and changed its name to Zone Frontier Inc. in August 2026. Zone Frontier Inc. was incorporated in 2022 and is headquartered in Houston, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $0.11 |
| SO | 508.8M |
| Options | 3.3M |
| Warrants | 0.1M |
| FD SO | 512.2M |
| MC | $57.1M |
| Cash | $15.4M |
| Total debt | $0.8M |
| EV | $42.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 12.5x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 10.2% |
| Insiders | 2.7% |
| # Institutions | 48 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 2.7% |
| Days to cover | 1.76 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-09-28. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-10-14 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-09-30; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 0.89 | 0.54 | 1.07 | 0.90 |
| Revenue YoY % | (0.8%) | (2.5%) | 315.5% | 147.9% |
| Cost of Revenue | 0.44 | 0.96 | 0.34 | 0.37 |
| Gross Profit | 0.44 | (0.42) | 0.73 | 0.54 |
| Gross Profit YoY % | 3.2% | (234.8%) | 1073.0% | 189.2% |
| Gross Margin % | 49.8% | (77.1%) | 68.1% | 59.3% |
| SG&A | 8.16 | 18.40 | 21.33 | 8.63 |
| Operating Expense | 1.25 | 0.20 | 21.45 | 3.78 |
| Operating Income | (0.80) | (0.62) | (20.72) | (3.24) |
| Operating Income YoY % | 79.3% | 13.0% | (2049.2%) | (296.7%) |
| Operating Margin % | (90.8%) | (114.7%) | (1938.3%) | (358.1%) |
| EBITDA | (0.74) | (0.56) | (20.67) | (3.15) |
| EBITDA Margin % | (83.7%) | (102.8%) | (1933.9%) | (348.2%) |
| Interest Expense | (0.16) | (0.07) | (0.06) | 0.13 |
| Other Income / (Expense) | (18.52) | (36.71) | (83.71) | (9.99) |
| Pretax Income | (19.17) | (37.26) | (104.36) | (13.37) |
| Net Income | (19.17) | (37.26) | (104.36) | (13.37) |
| Net Margin % | (2163.7%) | (6854.0%) | (9763.8%) | (1477.6%) |
| Diluted EPS | — | -$0.17 | -$0.51 | -$0.49 |
| Basic EPS | — | -$0.17 | -$0.51 | -$0.49 |
| Diluted Avg Shares | — | 216.0 | 204.3 | — |
| Basic Avg Shares | — | 216.0 | 204.3 | — |
| LTM | 6/30/26 | 6/30/25 | 6/30/24 | |
|---|---|---|---|---|
| Total Revenue | 3.40 | 3.41 | 2.07 | 1.60 |
| Revenue YoY % | (0.1%) | 64.3% | 29.2% | — |
| Cost of Revenue | 2.12 | 2.12 | 1.09 | 0.81 |
| Gross Profit | 1.29 | 1.29 | 0.99 | 0.80 |
| Gross Profit YoY % | (0.1%) | 30.6% | 24.0% | — |
| Gross Margin % | 37.8% | 37.8% | 47.6% | 49.6% |
| SG&A | 56.51 | 56.49 | 7.08 | 2.47 |
| Operating Expense | 26.67 | 59.27 | 7.37 | 2.74 |
| Operating Income | (25.39) | (57.98) | (6.39) | (1.95) |
| Operating Income YoY % | 56.2% | (807.9%) | (228.1%) | — |
| Operating Margin % | (746.0%) | (1702.0%) | (308.1%) | (121.3%) |
| EBITDA | (25.12) | (57.71) | (6.18) | (1.79) |
| EBITDA Margin % | (738.1%) | (1694.2%) | (298.3%) | (111.6%) |
| Interest Expense | (0.16) | (0.14) | 0.36 | 0.34 |
| Other Income / (Expense) | (148.94) | (116.32) | — | — |
| Pretax Income | (174.16) | (174.16) | (6.74) | (2.28) |
| Net Income | (174.16) | (174.16) | (6.74) | (2.28) |
| Net Margin % | (5117.7%) | (5112.7%) | (325.3%) | (142.2%) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 15.44 | 4.05 | 5.44 | 12.91 |
| Receivables | 0.46 | 0.36 | 0.44 | 0.39 |
| Inventory | 0.91 | 0.78 | 1.35 | 1.41 |
| Other Current Assets | 1.91 | 15.06 | 3.16 | 2.63 |
| Total Current Assets | 18.71 | 20.26 | 10.39 | 17.34 |
| Net PPE | 0.05 | 0.06 | 0.04 | 0.03 |
| Operating Lease ROU | 0.25 | 0.29 | 0.33 | 0.36 |
| Goodwill | 0.00 | 2.24 | 2.24 | 2.24 |
| Intangible Assets | 0.00 | 1.79 | 1.84 | 1.90 |
| Other Assets | 33.49 | 42.75 | 86.27 | 163.86 |
| Total Assets | 52.51 | 67.39 | 101.11 | 185.73 |
| Accounts Payable | 0.47 | 0.33 | 0.25 | 0.37 |
| Current Lease Liabilities | 0.16 | 0.16 | 0.16 | 0.15 |
| Other Current Liabilities | — | 6.41 | 6.68 | 12.48 |
| Total Current Liabilities | 0.88 | 6.90 | 7.09 | 13.00 |
| Long-term Lease Liabilities | 0.11 | 0.16 | 0.16 | 0.23 |
| Total Liabilities | 0.99 | 7.05 | 7.29 | 13.23 |
| Retained Earnings | (188.21) | (169.04) | (131.78) | (27.41) |
| Total Equity | 51.51 | 60.34 | 93.82 | 172.50 |
| LTM | 6/30/26 | 6/30/25 | 6/30/24 | |
|---|---|---|---|---|
| Cash & Equivalents | 15.44 | 15.44 | 1.46 | 2.02 |
| Receivables | 0.46 | 0.46 | 0.66 | 0.47 |
| Inventory | 0.91 | 0.91 | 1.35 | 0.67 |
| Other Current Assets | 1.91 | 1.91 | — | — |
| Total Current Assets | 18.71 | 18.71 | 3.82 | 3.21 |
| Net PPE | 0.05 | 0.05 | 0.03 | 0.01 |
| Operating Lease ROU | 0.25 | 0.25 | 0.39 | 0.52 |
| Goodwill | 0.00 | 0.00 | 2.24 | 2.24 |
| Intangible Assets | 0.00 | 0.00 | 1.97 | 1.49 |
| Other Assets | 33.49 | 33.49 | — | — |
| Total Assets | 52.51 | 52.51 | 8.47 | 7.48 |
| Accounts Payable | 0.47 | 0.47 | 0.91 | 0.18 |
| Current Lease Liabilities | 0.16 | 0.16 | 0.15 | 0.13 |
| Other Current Liabilities | — | — | 1.79 | 1.20 |
| Total Current Liabilities | 0.88 | 0.88 | 2.85 | 1.51 |
| Long-term Lease Liabilities | 0.11 | 0.11 | 0.27 | 0.42 |
| Other Liabilities | — | — | 3.88 | 1.82 |
| Total Liabilities | 0.99 | 0.99 | 7.00 | 3.74 |
| Retained Earnings | (188.21) | (188.21) | (14.05) | (7.30) |
| Total Equity | 51.51 | 51.51 | 1.47 | 3.74 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (19.17) | (37.26) | (104.36) | (13.37) |
| D&A | 0.06 | 0.06 | 0.05 | 0.09 |
| Stock-Based Comp | 0.63 | 0.76 | 6.67 | 1.17 |
| Δ Working Cap & Other | 15.14 | 28.79 | 94.27 | 8.31 |
| Operating Cash Flow | (3.34) | (7.65) | (3.37) | (3.80) |
| CapEx | 0.00 | (0.02) | (0.01) | (0.01) |
| Other Investing | — | 18.37 | (6.11) | (142.50) |
| Investing Cash Flow | 0.00 | 18.34 | (6.11) | (142.51) |
| Stock Issuance | 1.66 | 0.00 | 4.25 | 21.36 |
| Other Financing | — | (1.00) | — | 136.41 |
| Financing Cash Flow | 1.66 | (1.00) | 3.96 | 157.76 |
| Effect of FX on Cash | 0.06 | (0.05) | 0.01 | (0.00) |
| Free Cash Flow | (3.34) | (7.67) | (3.38) | (3.81) |
| LTM | 6/30/26 | 6/30/25 | 6/30/24 | |
|---|---|---|---|---|
| Net Income | (174.16) | (174.16) | (6.74) | (2.28) |
| D&A | 0.27 | 0.27 | 0.20 | 0.16 |
| Stock-Based Comp | 9.23 | 9.23 | 3.20 | 0.67 |
| Δ Working Cap & Other | 146.51 | 146.51 | 1.00 | (0.09) |
| Operating Cash Flow | (18.16) | (18.16) | (2.34) | (1.55) |
| CapEx | (0.04) | (0.04) | (0.03) | (0.01) |
| Acquisitions | — | — | (0.58) | — |
| Other Investing | (130.24) | (130.24) | — | — |
| Investing Cash Flow | (130.27) | (130.27) | (0.61) | (0.01) |
| Debt Issuance | — | — | 0.50 | — |
| Stock Issuance | 27.27 | 27.27 | — | 4.23 |
| Other Financing | 135.11 | 135.11 | 1.87 | (1.05) |
| Financing Cash Flow | 162.38 | 162.38 | 2.37 | 3.18 |
| Effect of FX on Cash | 0.02 | 0.02 | 0.02 | — |
| Free Cash Flow | (18.19) | (18.19) | (2.37) | (1.56) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 21.24 | 2.94 | 1.47 | 1.33 |
| Quick Ratio | 20.21 | 2.82 | 1.28 | 1.23 |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | (83.7%) | (102.8%) | (1933.9%) | (348.2%) |
| Working Capital | 17.83 | 13.36 | 3.30 | 4.34 |
| Net Debt | — | — | — | — |
| ROE % | (37.2%) | (61.8%) | (111.2%) | (7.7%) |
| ROA % | (36.5%) | (55.3%) | (103.2%) | (7.2%) |
| LTM | 6/30/26 | 6/30/25 | 6/30/24 | |
|---|---|---|---|---|
| Current Ratio | 21.24 | 21.24 | 1.34 | 2.13 |
| Quick Ratio | 20.21 | 20.21 | 0.87 | 1.69 |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | (738.1%) | (1694.2%) | (298.3%) | (111.6%) |
| Working Capital | 17.83 | 17.83 | 0.97 | 1.71 |
| Net Debt | — | — | — | — |
| ROE % | (338.1%) | (338.1%) | (459.9%) | (61.1%) |
| ROA % | (331.7%) | (331.7%) | (79.6%) | (30.5%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-10-13 | Hassen Tyler Lewis | Director, Officer (Chief Executive Officer) | 2026-10-13 | P | 250,000 | $0.12 | $29,675 |
| 2026-10-13 | Hassen Tyler Lewis | Director, Officer (Chief Executive Officer) | 2026-10-13 | P | 1,000,000 | $0.12 | $116,400 |
| 2026-08-14 | Hassen Tyler Lewis | Director, Officer (Chief Executive Officer) | 2026-08-12 | A | 2,000,000 | $0.25 | $500,000 |
| 2026-07-08 | Frei Peter Thomas | Director | 2026-06-30 | A | 200,000 | — | $0 |
| 2026-07-02 | Enholm David James | Officer (Chief Financial Officer) | 2026-07-01 | M | 40,000 | — | $0 |
| 2026-07-02 | Enholm David James | Officer (Chief Financial Officer) | 2026-07-01 | M | (40,000) | — | $-0 |
| 2026-01-05 | Buchanan Travis | Officer (President) | 2025-12-31 | J | (255,296) | — | $-0 |
| 2026-01-05 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-12-31 | J | (389,352) | — | $-0 |
| 2026-01-05 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-12-31 | J | (265,000) | — | $-0 |
| 2025-12-03 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-12-01 | P | 18,750 | $0.30 | $5,595 |
| 2025-10-15 | Adams Clayton | Director, Officer (Chief Executive Officer) | 2025-10-13 | A | 3,250,000 | — | $0 |
| 2025-10-15 | Margiotta Marco | Officer (Chief Investment Officer) | 2025-10-13 | A | 4,000,000 | — | $0 |
| 2025-10-06 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-10-01 | M | 10,416 | — | $0 |
| 2025-10-06 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-10-01 | M | (10,416) | — | $-0 |
| 2025-09-26 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-09-25 | A | 175,000 | — | $0 |
| 2025-09-26 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-09-09 | M | 67,500 | — | $0 |
| 2025-09-26 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-09-09 | M | (67,500) | — | $-0 |
| 2025-09-05 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-09-05 | C | (1,875,795) | — | $-0 |
| 2025-09-05 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-09-05 | C | 1,875,795 | — | $0 |
| 2025-09-05 | Buchanan Travis | Officer (President) | 2025-09-04 | C | 1,333 | $1.06 | $1,413 |
| 2025-09-05 | Buchanan Travis | Officer (President) | 2025-09-04 | C | (1,333) | — | $-0 |
| 2025-09-04 | Bethor Ltd | 10% Owner | 2025-09-04 | S | (18,117) | $3.61 | -$65,408 |
| 2025-09-04 | Bethor Ltd | 10% Owner | 2025-09-03 | S | (26,883) | $2.95 | -$79,305 |
| 2025-09-04 | Bethor Ltd | 10% Owner | 2025-09-02 | S | (45,000) | $3.04 | -$136,692 |
| 2025-07-29 | Bethor Ltd | 10% Owner | 2025-07-25 | S | (10,000) | $3.69 | -$36,900 |
| 2025-07-29 | Bethor Ltd | 10% Owner | 2025-07-22 | S | (24,618) | $3.47 | -$85,424 |
| 2025-07-29 | Bethor Ltd | 10% Owner | 2025-07-17 | S | (3,482) | $3.50 | -$12,187 |
| 2025-07-29 | Bethor Ltd | 10% Owner | 2025-07-16 | S | (9,400) | $3.50 | -$32,900 |
| 2025-07-23 | Buchanan Travis | Officer (President) | 2025-07-21 | A | 250,000 | — | $0 |
| 2025-07-23 | Buchanan Travis | Officer (President) | 2025-07-21 | A | 100,000 | — | $0 |
| 2025-07-03 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-07-01 | M | 10,416 | — | $0 |
| 2025-07-03 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-07-01 | M | (10,416) | — | $-0 |
| 2025-07-03 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-07-01 | M | 22,500 | — | $0 |
| 2025-07-03 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-07-01 | M | (22,500) | — | $-0 |
| 2025-06-13 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-06-13 | S | (10,000) | $3.20 | -$32,000 |
| 2025-06-13 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-06-11 | S | (7,500) | $4.00 | -$30,000 |
| 2025-06-13 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-06-11 | A | 500,000 | — | $0 |
| 2025-06-09 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-06-06 | S | (7,500) | $4.01 | -$30,075 |
| 2025-06-09 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-06-04 | S | (7,500) | $4.24 | -$31,800 |
| 2025-06-05 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-06-03 | C | 2,000,000 | $0.25 | $500,000 |
| 2025-06-05 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-06-03 | J | (124,205) | $4.03 | -$500,000 |
| 2025-06-05 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-06-03 | C | (2,000,000) | — | $-0 |
| 2025-06-03 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-06-02 | C | 307,701 | $1.12 | $344,625 |
| 2025-05-07 | Buchanan Travis | Officer (President) | 2025-05-06 | A | 5,269 | — | $0 |
| 2025-05-07 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-05-06 | A | 7,903 | — | $0 |
| 2025-05-07 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-05-06 | J | (175,000) | — | $-0 |
| 2025-05-07 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-05-06 | A | 90,000 | — | $0 |
| 2025-04-21 | Buchanan Travis | Officer (President) | 2025-04-16 | J | (1,333) | — | $-0 |
| 2025-04-03 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-04-01 | M | 10,416 | — | $0 |
| 2025-04-03 | Hollst Gary Gilbert | Officer (Chief Revenue Officer) | 2025-04-01 | M | (10,416) | — | $-0 |
| 2025-03-10 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2025-02-25 | P | 2,000 | $0.98 | $1,970 |
| 2025-03-07 | Enholm David James | Director, Officer (Chief Financial Officer) | 2025-03-07 | P | 8,550 | $1.14 | $9,781 |
| 2024-11-19 | Adams Clayton | Director, Officer (Chief Executive Officer), 10% Owner | 2024-11-15 | P | 10,000 | $2.12 | $21,198 |