ZeroStack (ZSTK) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $13.7M, up from $9.7M in Q2 2025, driven by pharmaceutical sales and new digital asset staking revenue.

• Gross profit increased to $1.6M (12% margin) from $0.6M (6% margin) year-over-year, reflecting higher digital asset revenue.

• Net loss widened to $24.6M in Q2 2026 from $2.4M in Q2 2025, mainly due to $21.8M in losses from changes in digital asset fair value.

• The company completed the sale of its legacy hemp and cannabis business in September 2025, focusing on pharmaceuticals and digital assets.

Financial highlights

• Q2 2026 revenue: $13.7M (Q2 2025: $9.7M); H1 2026 revenue: $20.9M (H1 2025: $16.6M).

• Q2 2026 gross profit: $1.6M (12% margin); H1 2026 gross profit: $4.8M (23% margin).

• Q2 2026 net loss: $24.6M; H1 2026 net loss: $61.3M (H1 2025: $3.2M loss).

• Digital asset revenue (staking OG Tokens) contributed $1.0M in Q2 and $3.8M in H1 2026.

• Operating expenses surged to $25.9M in Q2 2026, mainly from digital asset fair value losses.

Outlook and guidance

• Management expects recurring staking rewards from 223M OG tokens to support liquidity.

• Substantial doubt remains about the ability to continue as a going concern due to reliance on volatile digital asset markets.

• No formal guidance provided for future periods.