ZSTK · ZeroStack Corp.
ZeroStack Corp., through its subsidiary, Phatebo GmbH, engages in the pharmaceutical distribution business in Germany. It operates through Commercial & Wholesale and Digital Assets segments. The company distributes a range of pharmaceutical goods and medical products to treat various health indications, including drugs related to cancer therapies, attention-deficit/hyperactivity disorder, multiple sclerosis, and anti-depressants. It also operates as a decentralized AI treasury company that invests in the future of AI infrastructure through strategic ownership of 0G tokens. In addition, the company invests in early-stage companies. The company was formerly known as Flora Growth Corp. and changed its name to ZeroStack Corp. in January 2026. ZeroStack Corp. was incorporated in 2019 and is based in Toronto, Canada.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.65 |
| SO | 2.4M |
| Options | 1.2M |
| Warrants | 2.4M |
| FD SO | 6.0M |
| MC | $9.9M |
| Cash | $2.0M |
| Total debt | $3.2M |
| EV | $11.1M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.3x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 3.0% |
| Insiders | 31.7% |
| # Institutions | 11 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $11.00 |
| Short % float | 1.2% |
| Days to cover | 3.79 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-27. 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 2026-07-21 — 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 2026-06-30; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 7.27 | 9.35 | 9.75 | 14.80 |
| Revenue YoY % | 5.9% | 22.3% | 34.7% | (5.7%) |
| Cost of Revenue | 4.13 | 9.19 | 9.41 | 11.97 |
| Gross Profit | 3.15 | 0.16 | 0.34 | 2.83 |
| Gross Profit YoY % | 488.0% | (44.1%) | (32.3%) | (10.6%) |
| Gross Margin % | 43.2% | 1.7% | 3.4% | 19.1% |
| SG&A | — | 0.33 | 0.47 | 0.76 |
| R&D | — | — | — | 0.07 |
| Operating Expense | 7.83 | 5.10 | 3.60 | 5.40 |
| Operating Income | (4.68) | (4.94) | (3.27) | (2.57) |
| Operating Income YoY % | (189.2%) | (33.3%) | (54.3%) | 27.5% |
| Operating Margin % | (64.4%) | (52.8%) | (33.5%) | (17.3%) |
| EBITDA | (4.68) | (4.93) | (3.06) | (2.37) |
| EBITDA Margin % | (64.3%) | (52.7%) | (31.4%) | (16.0%) |
| Interest Expense | 0.07 | (0.08) | (0.06) | (0.10) |
| Other Income / (Expense) | (31.92) | (105.10) | (3.44) | — |
| Pretax Income | (36.67) | (109.96) | (6.64) | (2.46) |
| Tax Provision | (0.01) | (0.05) | 0.02 | (0.05) |
| Net Income | (36.66) | (109.90) | (6.66) | (2.41) |
| Net Income to Common | — | — | (6.66) | (2.41) |
| Net Margin % | (504.0%) | (1175.1%) | (68.3%) | (16.3%) |
| Diluted EPS | -$3.68 | -$27.08 | -$9.05 | -$0.11 |
| Basic EPS | -$3.68 | -$27.08 | -$9.05 | -$0.11 |
| Diluted Avg Shares | 10.0 | — | 0.7 | 21.5 |
| Basic Avg Shares | 10.0 | — | 0.7 | 21.5 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 41.17 | 35.68 | 35.87 | 76.07 | 37.17 |
| Revenue YoY % | 15.4% | (0.5%) | (52.9%) | 104.7% | — |
| Cost of Revenue | 34.70 | 34.03 | 33.67 | 58.33 | 22.76 |
| Gross Profit | 6.47 | 1.65 | 2.20 | 17.74 | 14.41 |
| Gross Profit YoY % | 292.4% | (24.9%) | (87.6%) | 23.1% | — |
| Gross Margin % | 15.7% | 4.6% | 6.1% | 23.3% | 38.8% |
| SG&A | — | 1.39 | 1.93 | 1.65 | 4.50 |
| R&D | — | — | 0.42 | 0.06 | 0.43 |
| Operating Expense | 21.92 | 13.30 | 11.12 | 68.09 | 67.72 |
| Operating Income | (15.45) | (11.65) | (8.93) | (50.35) | (53.31) |
| Operating Income YoY % | (32.6%) | (30.6%) | 82.3% | 5.5% | — |
| Operating Margin % | (37.5%) | (32.7%) | (24.9%) | (66.2%) | (143.4%) |
| EBITDA | (15.05) | (11.07) | (8.16) | (47.87) | (50.68) |
| EBITDA Margin % | (36.5%) | (31.0%) | (22.7%) | (62.9%) | (136.3%) |
| Interest Expense | (0.17) | (0.24) | (0.21) | (0.09) | (0.06) |
| Other Income / (Expense) | (140.45) | (108.26) | (7.17) | (7.71) | 104.34 |
| Pretax Income | (155.73) | (119.67) | (15.88) | (57.98) | 51.09 |
| Tax Provision | (0.09) | 0.06 | 0.02 | (1.63) | (1.54) |
| Net Income | (155.63) | (119.73) | (15.91) | (56.35) | 52.63 |
| Net Income to Common | — | — | (15.91) | (57.04) | (52.63) |
| Net Margin % | (378.0%) | (335.6%) | (44.4%) | (74.1%) | 141.6% |
| Diluted EPS | -$39.92 | -$43.49 | -$50.02 | -$7.75 | $13.68 |
| Basic EPS | -$39.92 | -$43.49 | -$50.02 | -$7.75 | $13.68 |
| Diluted Avg Shares | 10.0 | 2.8 | 0.3 | 7.4 | 3.8 |
| Basic Avg Shares | 10.0 | 2.8 | 0.3 | 7.4 | 3.8 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 1.98 | 5.60 | 13.10 | 1.47 |
| Receivables | 0.78 | 0.80 | 2.29 | 5.09 |
| Inventory | 1.61 | 1.90 | 2.48 | 4.80 |
| Other Current Assets | 6.88 | — | — | 1.84 |
| Total Current Assets | 11.25 | 8.72 | 18.09 | 13.20 |
| Net PPE | 0.12 | 0.13 | 0.15 | 0.41 |
| Operating Lease ROU | 0.35 | 0.39 | 0.41 | 1.48 |
| Goodwill | — | — | — | 4.70 |
| Intangible Assets | — | — | — | 2.72 |
| Other Assets | 33.47 | 121.00 | 55.36 | — |
| Total Assets | 45.19 | 130.24 | 74.02 | 22.67 |
| Accounts Payable | 2.48 | 2.33 | 2.96 | 3.81 |
| Current Debt | 3.12 | 2.72 | 2.70 | 2.75 |
| Current Lease Liabilities | 0.14 | 0.16 | 0.18 | 0.83 |
| Other Current Liabilities | 2.37 | 3.42 | 2.86 | 6.41 |
| Total Current Liabilities | 8.10 | 8.63 | 8.70 | 13.81 |
| Long-term Debt | 0.04 | 50.77 | 0.06 | 0.33 |
| Long-term Lease Liabilities | 0.25 | 0.28 | 0.31 | 1.97 |
| Other Liabilities | — | — | — | 2.54 |
| Total Liabilities | 8.39 | 59.68 | 9.10 | 18.64 |
| Retained Earnings | (314.45) | (277.79) | (167.88) | (161.31) |
| Total Equity | 36.80 | 70.55 | 64.92 | 4.02 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.98 | 5.60 | 5.22 | 4.35 | 9.54 |
| Receivables | 0.78 | 0.80 | 1.57 | 3.95 | 6.85 |
| Inventory | 1.61 | 1.90 | 2.24 | 8.51 | 10.09 |
| Other Current Assets | 6.88 | — | 10.73 | 4.56 | 4.68 |
| Total Current Assets | 11.25 | 8.72 | 19.76 | 21.36 | 31.16 |
| Net PPE | 0.12 | 0.13 | 0.08 | 0.85 | 4.81 |
| Operating Lease ROU | 0.35 | 0.39 | 0.17 | 0.39 | 2.54 |
| Goodwill | — | — | 2.01 | 0.00 | 23.37 |
| Intangible Assets | — | — | 2.75 | 0.95 | 18.10 |
| Long-term Investments | — | — | 0.00 | 0.00 | 0.73 |
| Other Assets | 33.47 | 121.00 | 1.46 | — | — |
| Total Assets | 45.19 | 130.24 | 26.23 | 23.63 | 80.99 |
| Accounts Payable | 2.48 | 2.33 | 3.57 | 5.11 | 7.75 |
| Current Debt | 3.12 | 2.72 | 2.08 | 1.93 | 1.09 |
| Current Lease Liabilities | 0.14 | 0.16 | 0.13 | 0.80 | 1.19 |
| Other Current Liabilities | 2.37 | 3.42 | 13.05 | 8.44 | 7.42 |
| Total Current Liabilities | 8.10 | 8.63 | 18.83 | 16.28 | 17.45 |
| Long-term Debt | 0.04 | 50.77 | 0.00 | — | — |
| Long-term Lease Liabilities | 0.25 | 0.28 | 0.12 | 0.94 | 1.87 |
| Other Liabilities | — | — | 2.76 | — | 5.26 |
| Total Liabilities | 8.39 | 59.68 | 21.72 | 17.22 | 24.57 |
| Retained Earnings | (314.45) | (277.79) | (158.14) | (142.55) | (90.86) |
| Total Equity | 36.80 | 70.55 | 4.51 | 6.40 | 56.41 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (36.66) | (109.90) | (6.66) | (2.41) |
| D&A | 0.00 | 0.00 | 0.20 | 0.20 |
| Stock-Based Comp | 2.77 | 0.32 | 0.54 | 0.17 |
| Δ Working Cap & Other | 30.04 | 106.42 | 6.02 | (0.91) |
| Operating Cash Flow | (3.85) | (3.16) | 0.10 | (2.96) |
| CapEx | 0.00 | (0.03) | (0.01) | (0.07) |
| Other Investing | — | (2.78) | — | (0.94) |
| Investing Cash Flow | 0.00 | (2.81) | (0.01) | (1.01) |
| Debt Issuance | 1.61 | (1.51) | 1.55 | 1.68 |
| Debt Repayment | (1.15) | 1.51 | (1.53) | (1.26) |
| Stock Issuance | 0.12 | 1.47 | 13.44 | 1.16 |
| Other Financing | — | (2.19) | (2.90) | — |
| Financing Cash Flow | 0.57 | (0.72) | 10.55 | 1.51 |
| Free Cash Flow | (3.85) | (3.19) | 0.09 | (3.02) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (155.63) | (119.73) | (15.91) | (56.35) | 52.63 |
| D&A | 0.40 | 0.58 | 0.77 | 2.48 | 2.63 |
| Stock-Based Comp | 3.81 | 1.21 | 2.78 | 1.59 | 3.40 |
| Δ Working Cap & Other | 141.56 | 109.27 | 7.33 | 43.88 | (74.60) |
| Operating Cash Flow | (9.86) | (8.68) | (5.03) | (8.40) | (15.94) |
| CapEx | (0.10) | (0.13) | (0.13) | (0.16) | (1.29) |
| Acquisitions | — | 0.46 | 0.06 | 0.00 | (14.51) |
| Other Investing | (3.73) | (3.79) | — | — | — |
| Investing Cash Flow | (3.83) | (3.46) | 0.20 | (0.23) | (15.80) |
| Debt Issuance | 3.33 | 2.80 | 8.40 | 0.99 | 0.20 |
| Debt Repayment | (2.44) | (2.37) | (8.15) | (0.19) | (0.20) |
| Stock Issuance | 16.18 | 16.07 | 7.50 | 2.74 | 4.55 |
| Stock Buyback | — | — | — | 0.00 | (0.26) |
| Other Financing | (5.16) | (5.16) | (1.27) | — | — |
| Financing Cash Flow | 11.92 | 11.35 | 6.49 | 3.15 | 4.41 |
| Free Cash Flow | (9.96) | (8.80) | (5.17) | (8.56) | (17.23) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.39 | 1.01 | 2.08 | 0.96 |
| Quick Ratio | 1.19 | 0.79 | 1.79 | 0.61 |
| Debt / Equity | 0.23 | 0.85 | 0.14 | 4.63 |
| EBITDA Margin % | (64.3%) | (52.7%) | (31.4%) | (16.0%) |
| Working Capital | 3.14 | 0.09 | 9.39 | (0.61) |
| Net Debt | (1.94) | 45.17 | (13.04) | (1.15) |
| ROE % | (99.6%) | (155.8%) | (10.3%) | (60.0%) |
| ROA % | (81.1%) | (84.4%) | (9.0%) | (10.6%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.01 | 1.05 | 1.31 | 1.79 |
| Quick Ratio | 1.19 | 0.79 | 0.93 | 0.79 | 1.21 |
| Debt / Equity | 0.23 | 0.85 | 4.82 | 2.69 | 0.44 |
| EBITDA Margin % | (36.5%) | (31.0%) | (22.7%) | (62.9%) | (136.3%) |
| Working Capital | 3.14 | 0.09 | 0.93 | 5.08 | 13.71 |
| Net Debt | (1.94) | 45.17 | (5.22) | — | — |
| ROE % | (423.0%) | (169.7%) | (352.7%) | (879.9%) | 93.3% |
| ROA % | (344.4%) | (91.9%) | (60.7%) | (238.5%) | 65.0% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-07-20 | Heinrich Michael | Director, Officer (Executive Chairman) | 2026-07-20 | P | 4,608,575 | $0.75 | $3,479,013 |
| 2026-07-20 | Heinrich Michael | Director, Officer (Executive Chairman) | 2026-07-20 | A | 500,000 | — | $0 |
| 2026-07-20 | Reis-Faria Daniel | Director, Officer (CEO) | 2026-07-20 | X | 5,954,743 | $0.00 | $595 |
| 2026-07-20 | Reis-Faria Daniel | Director, Officer (CEO) | 2026-07-20 | A | 500,000 | — | $0 |
| 2026-07-20 | Reis-Faria Daniel | Director, Officer (CEO) | 2026-07-20 | X | (5,954,743) | $25.19 | -$149,999,381 |
| 2026-07-20 | Vaiman Dany | Officer (CFO) | 2026-07-20 | A | 250,000 | — | $0 |
| 2026-05-07 | Zeifman Laurence | Director | 2026-05-05 | A | 28,000 | — | $0 |
| 2026-05-07 | WOO EDWARD | Director | 2026-05-05 | A | 35,000 | — | $0 |
| 2026-05-07 | LEVENTHAL MANFRED | Director | 2026-05-05 | A | 35,000 | — | $0 |
| 2026-04-02 | Heinrich Michael | Director, Officer (Executive Chairman) | 2026-03-31 | J | (4,902,220) | — | $-0 |
| 2025-12-22 | Vaiman Dany | Officer (CFO) | 2025-12-19 | A | 235,604 | — | $0 |
| 2025-12-22 | Reis-Faria Daniel | Director, Officer (CEO) | 2025-12-19 | A | 471,208 | — | $0 |
| 2025-12-22 | Heinrich Michael | Director, Officer (Executive Chairman) | 2025-12-19 | A | 471,208 | — | $0 |
| 2025-10-27 | Heinrich Michael | Director, Officer (Executive Chairman) | 2025-10-23 | X | 4,902,220 | — | $0 |
| 2025-10-23 | BROWN MICHAEL JOHN | Director | 2025-10-22 | A | 7,468 | — | $0 |
| 2025-10-10 | Reis-Faria Daniel | Director, Officer (CEO) | 2025-10-09 | P | 5,954,743 | $25.19 | $149,999,381 |
| 2025-07-02 | Wolkin Harold | Director | 2025-06-30 | D | (30,000) | — | $-0 |
| 2025-07-02 | Wolkin Harold | Director | 2025-06-30 | A | 30,000 | — | $0 |
| 2025-07-02 | LEVENTHAL MANFRED | Director | 2025-06-30 | D | (5,000) | — | $-0 |
| 2025-07-02 | LEVENTHAL MANFRED | Director | 2025-06-30 | A | 5,000 | — | $0 |
| 2025-07-02 | Starke Clifford | Director, Officer (CEO) | 2025-06-30 | D | (1,028,665) | — | $-0 |
| 2025-07-02 | Starke Clifford | Director, Officer (CEO) | 2025-06-30 | A | 1,028,665 | — | $0 |
| 2025-07-02 | Starke Clifford | Director, Officer (CEO) | 2025-06-30 | D | (575,319) | — | $-0 |
| 2025-07-02 | Starke Clifford | Director, Officer (CEO) | 2025-06-30 | A | 575,319 | — | $0 |
| 2025-07-02 | Vaiman Dany | Officer (CFO) | 2025-06-30 | D | (342,888) | — | $-0 |
| 2025-07-02 | Vaiman Dany | Officer (CFO) | 2025-06-30 | A | 342,888 | — | $0 |
| 2025-07-02 | Vaiman Dany | Officer (CFO) | 2025-06-30 | D | (191,773) | — | $-0 |
| 2025-07-02 | Vaiman Dany | Officer (CFO) | 2025-06-30 | A | 191,773 | — | $0 |
| 2025-07-02 | Vaiman Dany | Officer (CFO) | 2025-06-30 | D | (372,500) | — | $-0 |
| 2025-07-02 | Vaiman Dany | Officer (CFO) | 2025-06-30 | A | 372,500 | — | $0 |
| 2024-12-17 | WOO EDWARD | Director | 2024-12-15 | A | 50,000 | — | $0 |
| 2024-12-17 | Wolkin Harold | Director | 2024-12-15 | A | 30,000 | — | $0 |
| 2024-12-17 | Vaiman Dany | Officer (CFO) | 2024-12-15 | A | 372,500 | — | $0 |
| 2024-12-17 | Starke Clifford | Director, Officer (CEO) | 2024-12-15 | A | 900,000 | — | $0 |
| 2024-12-17 | LEVENTHAL MANFRED | Director | 2024-12-15 | A | 5,000 | — | $0 |
| 2024-12-17 | DORF SAMMY | Director, Officer (Executive Chairman) | 2024-12-15 | A | 250,000 | — | $0 |
| 2024-09-17 | Starke Clifford | Director, Officer (CEO) | 2024-09-13 | P | 6,795 | $0.95 | $6,455 |
| 2024-09-11 | Wolkin Harold | Director | 2024-09-06 | P | 5,000 | $0.96 | $4,810 |
| 2024-09-11 | Wolkin Harold | Director | 2024-09-06 | P | 5,000 | $0.95 | $4,760 |
| 2024-09-11 | Wolkin Harold | Director | 2024-09-06 | P | 15,000 | $0.98 | $14,685 |
| 2024-09-09 | Vaiman Dany | Officer (CFO) | 2024-08-14 | A | 191,773 | — | $0 |
| 2024-09-09 | Vaiman Dany | Officer (CFO) | 2023-12-15 | A | 342,888 | — | $0 |
| 2024-09-06 | Starke Clifford | Director, Officer (CEO) | 2024-09-05 | P | 51 | $0.95 | $48 |
| 2024-09-06 | Starke Clifford | Director, Officer (CEO) | 2024-08-14 | A | 575,319 | — | $0 |
| 2024-09-06 | Starke Clifford | Director, Officer (CEO) | 2023-12-15 | A | 1,028,665 | — | $0 |