ZENA

MKT CAP:$54M

ZenaTech, Inc.

Market Cap

$54M

Technology·Software - Infrastructure·🇨🇦 Canada·NASDAQ

Technology·Software Infra·🇨🇦·NASDAQ

Stock Price

$2.24-$0.89 (-28.43%)

Apr 22, 2026

Company Details

ZenaTech, Inc., an enterprise software technology company, develops cloud-based software applications in Canada. It provides cryptocurrency wallets and cloud-based enterprise software solutions for the agriculture industry; cloud-based ente...

CEO

Shaun A. Passley

IPO Date

Oct 1, 2024

Website

www.zenatech.com

Key Metrics TTM

Revenue

$6M

+320.9% YoY

Net Income

-$19M

EPS (Diluted)

-$0.64

Free Cash Flow

-$20M

Revenue / Share

$0.17

Gross Margin

89.5%

Operating Margin

-163.1%

Net Margin

-314.7%

FCF Margin

-326.5%

P/S

8.8x

P/E

—

Earnings Reports

Q3 2025

Nov 10, 2025

$3M+1225.3%EPS -$0.25

Q2 2025

Aug 11, 2025

$2M+504.1%EPS -$0.14

Q1 2025

May 14, 2025

$829.9K+92.0%EPS -$0.15

FY 2024

Apr 25, 2025

$1M+7.4%EPS -$0.18

Q4 2024

Apr 25, 2025

$492.0K-4.4%EPS -$0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$576.5K	$576.5K	$6.7K
Q2 22	$585.4K	$585.4K	$107.7K
Q3 22	$544.0K	$544.0K	$170.2K
Q4 22	$513.9K	$513.9K	$130.5K
Q1 23	$295.9K	$295.9K	-$12.1K
Q2 23	$330.6K	$330.6K	-$14.9K
Q3 23	$194.5K	$192.0K	-$59.7K
Q4 23	$514.7K	$503.9K	$310.4K
Q1 24	$432.2K	$414.8K	$22.1K
Q2 24	$271.2K	$269.0K	-$68.1K
Q3 24	$239.6K	$236.6K	-$388.5K
Q4 24	$492.0K	$352.3K	-$2M
Q1 25	$829.9K	$762.7K	-$2M
Q2 25	$2M	$1M	-$3M
Q3 25	$3M	$3M	-$3M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	28.1x	497.4x
Q1 23	32.2x	632.1x
Q2 23	37.0x	—
Q3 23	46.7x	—
Q4 23	46.7x	—
Q1 24	42.4x	—
Q2 24	44.1x	—
Q3 24	42.8x	—
Q4 24	143.2x	—
Q1 25	31.7x	—
Q2 25	25.8x	—
Q3 25	24.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$0	$0
Q2 22	-$28.5K	-$30.7K
Q3 22	$422.2K	$420.6K
Q4 22	-$2M	-$2M
Q1 23	-$359.9K	-$509.2K
Q2 23	-$852.5K	-$852.5K
Q3 23	$281.4K	$281.4K
Q4 23	-$1M	-$1M
Q1 24	-$294.1K	-$294.1K
Q2 24	-$394.4K	-$394.6K
Q3 24	-$2M	-$2M
Q4 24	-$4M	-$4M
Q1 25	-$4M	-$4M
Q2 25	-$4M	-$5M
Q3 25	-$5M	-$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$2.2K
Q3 22	$1.6K
Q4 22	$1.6K
Q1 23	$149.2K
Q2 23	$0
Q3 23	$0
Q4 23	$99.1K
Q1 24	$2
Q2 24	$240
Q3 24	$21.2K
Q4 24	$262.0K
Q1 25	$551.0K
Q2 25	$1M
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-48.7%	-46.0%
Q2 23	-43.5%	-27.7%
Q3 23	-64.2%	-32.0%
Q4 23	+0.1%	-46.7%
Q1 24	+46.1%	+33.2%
Q2 24	-18.0%	-1.8%
Q3 24	+23.2%	+147.0%
Q4 24	-4.4%	+1006.1%
Q1 25	+92.0%	+635.7%
Q2 25	+504.1%	+1225.1%
Q3 25	+1225.3%	+914.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$75.6K	12.9%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$565.6K	115.0%
Q1 25	$288.7K	34.8%
Q2 25	$25.6K	1.6%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	$259.6K	$310.2K	—
Q2 22	$170.1K	$307.7K	—
Q3 22	$213.0K	$160.9K	—
Q4 22	—	—	$383.5K
Q1 23	$265.8K	—	—
Q2 23	$131.0K	$214.5K	—
Q3 23	$198.9K	—	—
Q4 23	$141.2K	—	—
Q1 24	$343.8K	—	—
Q2 24	$287.7K	—	—
Q3 24	$574.4K	—	—
Q4 24	$2M	—	—
Q1 25	$2M	$1M	—
Q2 25	$3M	$1M	—
Q3 25	$3M	$738.4K	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	—	1.2%	—
Q2 22	—	18.2%	—
Q3 22	—	31.3%	—
Q4 22	—	25.4%	—
Q1 23	-48.7%	7.9%	-40.8
Q2 23	-43.5%	-4.5%	-48.0
Q3 23	-64.2%	-6.5%	-70.8
Q4 23	0.1%	68.9%	69.1
Q1 24	46.1%	16.3%	62.4
Q2 24	-18.0%	-5.6%	-23.6
Q3 24	23.2%	-135.8%	-112.7
Q4 24	-4.4%	-354.0%	-358.4
Q1 25	92.0%	-252.8%	-160.7
Q2 25	504.1%	-147.6%	356.5
Q3 25	1225.3%	-271.6%	953.7

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$146.7K	$0	$146.7K
Q1 23	$0	$0	$0
Q2 23	$11.6K	$0	$11.6K
Q3 23	$3.6K	$0	$3.6K
Q4 23	$865	$0	$865
Q1 24	$108.0K	$0	$108.0K
Q2 24	$22.3K	$0	$22.3K
Q3 24	$95.6K	$0	$95.6K
Q4 24	$3M	$0	$3M
Q1 25	$2M	$0	$2M
Q2 25	$8M	$0	$8M
Q3 25	$7M	$7M	$14M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	17M	—	—
Q2 22	17M	0.0%	—
Q3 22	17M	0.0%	—
Q4 22	17M	0.0%	—
Q1 23	17M	0.0%	0.0%
Q2 23	17M	-0.0%	-0.0%
Q3 23	17M	+0.0%	-0.0%
Q4 23	17M	+0.0%	0.0%
Q1 24	17M	+1.0%	+1.0%
Q2 24	17M	-0.0%	+1.0%
Q3 24	17M	+0.3%	+1.3%
Q4 24	23M	+31.9%	+33.7%
Q1 25	23M	+1.5%	+34.2%
Q2 25	32M	+38.5%	+85.9%
Q3 25	37M	+15.6%	+114.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$28.9K	17
Q1 25	$48.8K	17
Q2 25	$96.4K	17
Q3 25	$186.8K	17

Revenue / Employee