ZCMD

MKT CAP:$7M

Zhongchao Inc.

Market Cap

$7M

Healthcare·Medical - Healthcare Information Services·🇨🇳 China·NASDAQ

Healthcare·Medical·🇨🇳·NASDAQ

Stock Price

$2.04-$1.82 (-47.15%)

Apr 22, 2026

Company Details

Zhongchao Inc. provides healthcare information, education, and training services in the People's Republic of China. The company offers online and onsite health information services, healthcare education programs, and healthcare training pro...

CEO

Weiguang Yang

IPO Date

Feb 25, 2020

Website

www.izcmd.com

Key Metrics TTM

Revenue

$27M

-18.9% YoY

Net Income

-$7M

EPS (Diluted)

-$2.85

Free Cash Flow

-$4M

Revenue / Share

$7.86

Gross Margin

51.0%

Operating Margin

-24.0%

Net Margin

-25.5%

FCF Margin

-14.0%

P/S

0.2x

P/E

—

Earnings Reports

FY 2025

Apr 3, 2026

$11M-28.3%EPS -$1.85

Q4 2025

Apr 3, 2026

$6M-23.2%EPS -$1.54

Q2 2025

Sep 29, 2025

$6M-32.9%EPS -$0.30

FY 2024

Apr 25, 2025

$16M-18.4%EPS -$0.96

Q4 2024

Apr 25, 2025

$8M-17.0%EPS -$1.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$7M	$5M	$1M
Q4 19	$8M	$5M	$2M
Q2 20	$8M	$6M	$2M
Q4 20	$10M	$6M	$3M
Q2 21	$9M	$5M	$859.3K
Q4 21	$8M	$4M	-$1M
Q2 22	$7M	$5M	$542.7K
Q4 22	$7M	$1M	-$3M
Q2 23	$10M	$4M	-$5M
Q4 23	$9M	$4M	-$850.1K
Q2 24	$8M	$5M	-$51.5K
Q4 24	$8M	$4M	-$288.9K
Q2 25	$6M	$3M	-$879.4K
Q4 25	$6M	$2M	-$5M

Valuation

Quarter	P/S	P/E
Q2 19	—	—
Q4 19	—	—
Q2 20	—	—
Q4 20	1.3x	5.2x
Q2 21	1.3x	5.7x
Q4 21	1.3x	9.7x
Q2 22	1.0x	9.6x
Q4 22	1.0x	—
Q2 23	1.0x	—
Q4 23	0.3x	—
Q2 24	0.2x	—
Q4 24	0.2x	—
Q2 25	1.0x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$3M	$2M
Q2 20	-$2M	-$3M
Q2 21	$2M	-$260.5K
Q4 21	$1M	$1M
Q2 22	-$796.6K	-$821.9K
Q4 22	$134.9K	-$1M
Q2 23	-$2M	-$2M
Q4 23	$2M	$1M
Q2 24	$809.6K	-$1M
Q4 24	-$2M	-$3M
Q2 25	$2M	$2M
Q4 25	-$975.5K	-$1M

Capital Expenditures

Quarter	CapEx
Q4 19	$477.5K
Q2 20	$140.4K
Q2 21	$2M
Q4 21	$74.6K
Q2 22	$25.3K
Q4 22	$2M
Q2 23	$12.3K
Q4 23	$827.5K
Q2 24	$2M
Q4 24	$949.8K
Q2 25	$0
Q4 25	$152.6K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+23.3%	+35.4%
Q4 21	-2.7%	+60.7%
Q2 22	-13.8%	+2.6%
Q4 22	-28.0%	+49.6%
Q2 23	+20.4%	+92.6%
Q4 23	+17.9%	+11.8%
Q2 24	+14.4%	+24.4%
Q4 24	+9.6%	-24.6%
Q2 25	-46.0%	-56.6%
Q4 25	-36.3%	+11.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 19	$553.3K	$3M
Q4 19	$311.0K	$3M
Q2 20	$404.1K	$3M
Q4 20	$412.4K	$3M
Q2 21	$416.1K	$4M
Q4 21	$342.8K	$5M
Q2 22	$153.3K	$4M
Q4 22	$258.2K	$5M
Q2 23	$299.0K	$9M
Q4 23	$215.4K	$5M
Q2 24	$135.1K	$5M
Q4 24	$117.4K	$4M
Q2 25	$8.0K	$4M
Q4 25	$73	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 19	$8M	$0	$8M
Q2 20	$17M	$0	$17M
Q4 20	$15M	$2M	$17M
Q2 21	$13M	$3M	$16M
Q4 21	$14M	$296.2K	$14M
Q2 22	$11M	$524.4K	$12M
Q4 22	$12M	$518.4K	$12M
Q2 23	$11M	$936.1K	$12M
Q4 23	$8M	$6M	$13M
Q2 24	$6M	$6M	$12M
Q4 24	$8M	$5M	$13M
Q2 25	$9M	$6M	$15M
Q4 25	$8M	$6M	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	311K	—	—
Q4 19	320K	+2.8%	—
Q2 20	311K	-2.8%	—
Q4 20	312K	+0.1%	—
Q2 21	312K	0.0%	+0.1%
Q4 21	312K	+0.1%	-2.6%
Q2 22	325K	+4.2%	+4.4%
Q4 22	325K	+0.1%	+4.4%
Q2 23	325K	0.0%	+4.4%
Q4 23	325K	+0.0%	+4.4%
Q2 24	330K	+1.3%	+1.4%
Q4 24	581K	+76.3%	+78.6%
Q2 25	3M	+453.9%	+889.4%
Q4 25	3M	+7.7%	+965.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q4 19	$86.8K	91
Q2 20	$93.0K	91
Q4 20	$108.3K	88
Q2 21	$97.9K	88
Q4 21	$56.5K	136
Q2 22	$53.6K	136
Q4 22	$59.1K	116
Q2 23	$89.4K	116
Q4 23	$63.8K	142
Q2 24	$58.8K	142
Q4 24	$67.7K	111
Q2 25	$50.5K	111
Q4 25	$175.0K	33

Revenue / Employee