ZenaTech (ZENA) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $12.9M in 2025, up 558% year-over-year, driven by Drone as a Service (DaaS) expansion and 20 acquisitions.

• Q4 2025 revenue reached $5.2M, a 670% increase from Q4 2024.

• DaaS segment contributed $10.1M in its first full year, representing 78% of total revenue.

• Enterprise SaaS segment revenue grew 43% to $2.8M.

• Net loss was $45.2M, including $18.1M in non-cash loan derivative charges; adjusted net loss was $19.2M.

Financial highlights

• Total assets increased 188% to $99.8M as of December 31, 2025.

• Cash and reserves rose 301% to $15.1M; working capital increased 439% to $18.3M.

• Property, plant, and equipment grew from $416,695 to $11.7M; intangibles reached $10.4M; goodwill from acquisitions was $12.1M.

Outlook and guidance

• Full-year contributions from 2025 acquisitions expected to drive 2026 revenue growth.

• Ongoing integration of acquired operations to improve margins and reduce costs.

• Continued M&A activity planned, with expansion into new U.S. states and internationally.

• Focus on advancing product development, certification, and pilot programs for defense and industrial markets.