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zSpace (ZSPC) investor relations material
zSpace Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue was $8.8 million, down 38% year-over-year, driven by a large prior-year order not repeating and ongoing K-12 funding challenges.
Software and services revenue exceeded 50% of total revenue, reaching 57% in Q3, and drove gross margin expansion of over 640 basis points year-over-year.
Net loss for Q3 2025 was $6.2 million, widening from $0.2 million a year ago, with adjusted EBITDA at $(2.0) million.
International expansion accelerated with deployments in Dubai, Italy, Bulgaria, Poland, and the Middle East, and new partnerships with GEMS Education, Danbury Public Schools, and Union Interactive.
AI-powered translation, product innovation, and new applications like Career Explorer and zKnow AI-assistant broadened global reach and accessibility.
Financial highlights
Year-to-date revenues were $23 million, down 22% year-over-year; Q3 revenues were $8.8 million, down 38% year-over-year but up 18% sequentially from Q2.
Gross margin for Q3 2025 was 51%, up from 45% a year ago, and for the nine months was 47%, up from 41%.
Bookings for the nine months were $22.7 million, down 35% year-over-year; Q3 bookings were $7.4 million, down 37%.
Net loss for Q3 2025 was $6.2 million; for the nine months, $18.1 million.
Cash, cash equivalents, and restricted cash were $4.3 million as of September 30, 2025.
Outlook and guidance
Management remains cautiously optimistic for Q4 but projects substantial doubt about the ability to continue as a going concern within 12 months without additional funding.
No formal financial guidance issued due to unpredictability in the U.S. education sector and the impact of the government shutdown.
Working capital needs are expected to increase, and the company is actively seeking additional financing.
Typical seasonal Q4 revenue increase is uncertain due to shipment timing affected by the government shutdown.
Impact of 2 large customer renewals on NDRR
New stylus impact on hardware margins
Implications of new federal funding flow
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