zSpace, Inc.
- Open
- 0.18
- Day high
- 0.21
- Day low
- 0.15
- Prev close
- 0.19
- Volume
- 54K
- Mkt cap
- $5M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.2
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▲Insiders net buying $58K over the last 3 months (1 open-market buy, 6 sales)
- 🏛Institutions accumulating (13F)
zSpace, Inc. (ZSPC) is a Technology company listed on NASDAQ. The stock is down 100% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 6 sales (SEC Form 4).
zSpace, Inc. (ZSPC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ZSPC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-1.00 | $-2.82 | -182.0% | $5M | -9.3% |
| Mar 30, 2026 | $-0.00 | $-253.87 | -15866906.3% | $5M | -21.8% |
| Nov 13, 2025 | $-0.20 | $-0.26 | -30.0% | $9M | +41.9% |
| Aug 14, 2025 | $-0.16 | $-0.27 | -68.8% | $7M | -46.3% |
| May 14, 2025 | $-0.17 | $-0.26 | -52.9% | $7M | -11.0% |
| Mar 27, 2025 | $-0.09 | $-0.57 | -531.5% | $9M | -11.2% |
| Sep 30, 2024 | — | $-0.01 | — | $14M | — |
| Jun 30, 2024 | — | $-27.26 | — | $8M | — |
| Mar 31, 2024 | — | $-70.35 | — | $8M | — |
| Dec 31, 2023 | — | $-23.72 | — | $12M | — |
| Sep 30, 2023 | — | $-7.43 | — | $14M | — |
| Jun 30, 2023 | — | $-25.06 | — | $11M | — |
ZSPC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 17, 2026 | AQR Capital Management Holdings, LLC10 percent owner | Sell | 161 | $0.09 |
| Apr 17, 2026 | AQR Capital Management Holdings, LLC10 percent owner | Sell | 7,117 | $0.07 |
| Apr 17, 2026 | AQR Capital Management Holdings, LLC10 percent owner | Buy | 860,716 | $0.07 |
| Apr 8, 2026 | HARPER MICHAEL Sofficer: See remarks | Sell | 7,586 | $0.07 |
| Apr 8, 2026 | DeOliveira Erickofficer: Chief Financial Officer | Sell | 2,532 | $0.07 |
| Apr 8, 2026 | Kellenberger Pauldirector, officer: Chief Executive Officer | Sell | 20,758 | $0.07 |
| Apr 8, 2026 | DeOliveira Erickofficer: Chief Financial Officer | Sell | 10,534 | $0.07 |
| Apr 6, 2026 | HARPER MICHAEL Sofficer: See remarks | Option | 17,000 | — |
| Apr 6, 2026 | JAIN AMIT Sdirector | Grant | 13,441 | — |
| Apr 6, 2026 | Morris Joannadirector | Grant | 13,441 | — |
| Apr 6, 2026 | Swift Janedirector | Grant | 13,441 | — |
| Apr 6, 2026 | Pande Abhaydirector | Grant | 13,441 | — |
| Apr 6, 2026 | Kellenberger Pauldirector, officer: Chief Executive Officer | Grant | 268,000 | — |
| Apr 6, 2026 | Kellenberger Pauldirector, officer: Chief Executive Officer | Option | 33,500 | — |
| Apr 6, 2026 | HARPER MICHAEL Sofficer: See remarks | Grant | 136,000 | — |
Source: ZSPC SEC Form 4 filings, latest Apr 17, 2026. For informational purposes only — not investment advice.
See the full ZSPC insider & 13F page →zSpace, Inc. company profile
Overview
zSpace, Inc. (NASDAQ:ZSPC) is a San Jose-based educational technology company that specializes in augmented and virtual reality solutions for K-12 schools and career technical education markets. Founded in 2006 as Infinite Z, Inc., the company rebranded to zSpace in February 2013. The company went public in December 2024, making it one of the newest entrants to the public markets in the educational technology sector. zSpace has been operating for nearly two decades, developing immersive learning platforms that combine specialized hardware and software to create interactive educational experiences primarily focused on STEM subjects and skilled trades training.
Business
zSpace operates in the educational technology sector, specifically within the augmented reality (AR) and virtual reality (VR) learning solutions market. The company's core offering is an integrated platform that combines proprietary hardware and software to deliver immersive educational experiences that allow students to interact with three-dimensional objects in a virtual space. The company's flagship product is StudioA3, an application platform that enables teachers to build customized lessons across various subjects using pre-made 3D models and interactive content. This software works in conjunction with zSpace's specialized hardware ecosystem, which includes a stylus for precise interaction, specialized eyewear for viewing 3D content, laptops optimized for AR/VR processing, and power adapters. The technology creates a "holographic" learning environment where students can manipulate virtual objects that appear to float above the screen, providing tactile feedback through the stylus. The platform primarily serves two market segments. The K-12 education market focuses on science, technology, engineering, and mathematics (STEM) education, where students can dissect virtual frogs, explore molecular structures, or manipulate geometric shapes in three-dimensional space. The career and technical education (CTE) segment targets skilled trades training in specialized areas including health sciences (where students can practice medical procedures on virtual patients), automotive engineering and repair (allowing hands-on experience with virtual engines and components), software programming, and advanced manufacturing processes. zSpace's solutions address a fundamental challenge in education: making abstract concepts tangible and engaging. Traditional textbook learning often fails to convey complex three-dimensional relationships, while zSpace's technology allows students to literally reach into virtual space and manipulate objects, creating a bridge between theoretical knowledge and practical understanding.
Revenue model
zSpace generates revenue through multiple streams within its integrated educational technology ecosystem. The primary revenue source comes from product sales of its hardware bundles, which include the specialized laptops, styluses, eyewear, and accessories necessary to run the AR/VR platform. These hardware sales typically represent the largest portion of revenue, as schools must purchase complete systems to implement the technology. The company also generates recurring revenue through software licensing of its StudioA3 platform and educational content libraries. Schools pay for access to the curriculum-aligned applications and 3D models that power the learning experiences. Additionally, zSpace provides service fees for installation, training, and ongoing technical support, ensuring that educators can effectively integrate the technology into their classrooms. The company's customers are primarily educational institutions, including K-12 school districts, individual schools, career and technical education centers, and training facilities. Purchase decisions are typically made by school administrators, curriculum directors, and technology coordinators, often requiring budget approval processes that can extend sales cycles. Several factors influence zSpace's profitability margins. Positive factors include the specialized nature of the technology, which can command premium pricing, and the recurring revenue from software subscriptions that provide higher margins than hardware sales. The company also benefits from increasing adoption of STEM education initiatives and growing recognition of immersive learning benefits. However, margin pressures arise from the high cost of developing and manufacturing specialized hardware, competition from lower-cost educational technology solutions, and the cyclical nature of educational spending that often depends on government budgets and grant funding. Additionally, the company faces challenges from the lengthy sales cycles typical in educational markets and the need for ongoing investment in content development to keep curriculum offerings current and engaging.
Competitive moat
zSpace's competitive moat appears relatively narrow, built primarily around its specialized integration of hardware and software for educational applications. The company has developed domain expertise in creating AR/VR experiences specifically tailored for classroom environments, which requires understanding both the technical challenges of immersive technology and the pedagogical requirements of effective education. This specialized focus has allowed zSpace to build relationships with educators and develop curriculum-aligned content that generic AR/VR platforms lack. However, the moat faces significant competitive pressures from multiple directions. Technology giants like Microsoft (with HoloLens), Meta (with Quest headsets), and Apple (with Vision Pro) possess vastly superior resources for hardware development and could potentially pivot into educational markets with more advanced and cost-effective solutions. Additionally, the rapid pace of technological advancement in AR/VR means that zSpace's current hardware advantages could quickly become obsolete if competitors develop superior display technology, processing power, or user interfaces. The company's software platform, while specialized for education, does not appear to have strong network effects or switching costs that would lock in customers long-term. Schools could potentially migrate to alternative platforms if they offer better value propositions. Furthermore, the educational technology market is increasingly crowded with both established players and well-funded startups, many of which are developing immersive learning solutions that could compete directly with zSpace's offerings. The most significant threat to zSpace's position may come from the broader consumer adoption of AR/VR technology, which could drive down hardware costs and make general-purpose devices viable for educational use, potentially eliminating the need for zSpace's specialized hardware altogether. The company's long-term viability likely depends on its ability to continuously innovate and maintain its educational content advantage while the underlying technology landscape evolves rapidly around it.
Risks & safety
zSpace presents significant financial risks with a very narrow margin of safety, particularly concerning for a recently public company. • Liquidity Crisis: Current ratio of 0.49 indicates the company cannot meet short-term obligations with current assets. With only $1.1 million in cash against $19.9 million in current liabilities, the company faces immediate solvency concerns. • Severe Cash Burn: Operating cash flow of -$4.6 million in Q1 2025 and -$8.9 million for FY 2024 indicates unsustainable cash consumption. At current burn rates, the company would exhaust its minimal cash position within months without additional financing. • Negative Equity: Total liabilities of $29.5 million exceed total assets of $9.8 million, resulting in negative shareholder equity of approximately -$19.6 million. This indicates the company is technically insolvent from a balance sheet perspective. • Declining Revenue Trend: Revenue decreased from $43.9 million in FY 2023 to $38.1 million in FY 2024, with Q1 2025 showing continued weakness at $6.8 million, suggesting fundamental business challenges. • Valuation Concerns: While traditional metrics are distorted by negative earnings and equity, the company's recent IPO timing and immediate financial distress raise questions about the IPO pricing and due diligence process. • Going Concern Risk: The combination of negative working capital, minimal cash, high burn rate, and negative equity creates substantial doubt about the company's ability to continue operations without immediate capital infusion or dramatic operational improvements.
Recent development
Based on the available financial data, zSpace has undergone significant operational changes over recent years, though specific strategic initiatives are not detailed in the earnings transcripts. The most notable development was the company's decision to go public in December 2024, representing a major milestone after nearly two decades as a private company. The financial trajectory reveals a company in transition, with revenue declining from $43.9 million in FY 2023 to $38.1 million in FY 2024, suggesting either market contraction or competitive pressures in the educational AR/VR space. However, the company showed some operational improvement in Q3 2024, achieving positive EBITDA of $26,000 and positive operating cash flow of $1.8 million, indicating potential for operational efficiency gains during certain periods. The timing of zSpace's IPO in late 2024 suggests management believed market conditions were favorable for raising capital, likely to fund growth initiatives or address working capital needs. However, the immediate post-IPO financial performance shows continued challenges, with Q1 2025 results indicating a return to significant losses and negative cash flow. The company's focus appears to remain on its core K-12 STEM education and career technical education markets, though the declining revenue trend suggests either market saturation, increased competition, or challenges in customer acquisition and retention. The volatile quarterly performance, with Q3 2024 showing near break-even results while other quarters showed substantial losses, indicates the business may be highly seasonal or project-dependent, which is common in educational technology markets where purchasing decisions often align with school budget cycles and academic calendar planning.
ZSPC company profile · for informational purposes only — not investment advice.
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