The company's financial position appears increasingly vulnerable, with total debt reaching $16.3M against a backdrop of $80.2M in accumulated retained earnings deficits as of 2026Q1.
| Total Current Assets | 38.6M | 33.24M | 6.28M | 2.57M | 2.87M | 3.8M | 742.05K |
| Cash & Short-Term Investments | 14.95M | 15.09M | 3.75M | 1.18K | 200.79K | 1.2M | 94.48K |
| Cash Only | 8.52M | 5.99M | 3.75M | 1.18K | 200.79K | 1.2M | 94.48K |
| Short-Term Investments | 6.43M | 9.1M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.55M | 4.9M | 206.43K | 46.45K | 121.12K | 243.08K | 431.44K |
| Days Sales Outstanding | 62.45 | 138.53 | 38.37 | 9.28 | 14.61 | 38.82 | 158.63 |
| Inventory | 2.5M | 2.85M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 58.83 | 58.7 | - | - | - | - | - |
| Other Current Assets | 16.6M | 9.25M | 399.05K | 23.73K | 49.8K | 46.69K | 0 |
| Total Non-Current Assets | 70.85M | 66.62M | 28.37M | 13.88M | 10.67M | 6.24M | 3.58M |
| Property, Plant & Equipment | 17.94M | 15.8M | 627.25K | 281.82K | 42K | 55.14K | 3.13K |
| Fixed Asset Turnover | 1.82x | 0.82x | 3.13x | 6.49x | 72.03x | 41.45x | 317.38x |
| Goodwill | 12.1M | 12.12M | 2.47M | 2.47M | 2.47M | 2.47M | 2.47M |
| Intangible Assets | 17.72M | 17.06M | 7.11M | 6.15M | 5.78M | 2.93M | 444.23K |
| Long-Term Investments | 683.8K | 342.19K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 22.75M | 21.31M | 18.16M | 4.99M | 2.38M | 784.87K | 666.79K |
| Total Assets | 109.45M | 99.86M | 34.65M | 16.45M | 13.54M | 10.03M | 4.32M |
| Asset Turnover | 0.24x | 0.13x | 0.06x | 0.11x | 0.22x | 0.23x | 0.23x |
| Asset Growth % | 806.56% | 188.24% | 110.57% | 21.49% | 34.99% | 131.98% | - |
| Total Current Liabilities | 14.64M | 14.97M | 2.89M | 1.08M | 1.12M | 1.67M | 246.95K |
| Accounts Payable | 8.86M | 9.08M | 1.42M | 0 | 157.31K | 251.85K | 33.81K |
| Days Payables Outstanding | 209.92 | 187.36 | 2.34K | - | 101.25 | 98.77 | - |
| Short-Term Debt | 4.64M | 4.62M | 124.7K | 132.09K | 135.3K | 0 | 0 |
| Deferred Revenue (Current) | 3.2M | 1.27M | 0 | 603.88K | 827.21K | 857.05K | 213.14K |
| Other Current Liabilities | 0 | 0 | 1.28M | 290.37K | 0 | 0 | 0 |
| Current Ratio | 2.64x | 2.22x | 2.17x | 2.39x | 2.56x | 2.28x | 3.00x |
| Quick Ratio | 2.47x | 2.03x | 2.17x | 2.39x | 2.56x | 2.28x | 3.00x |
| Cash Conversion Cycle | -88.64 | 9.86 | - | - | - | - | - |
| Total Non-Current Liabilities | 11.67M | 16.86M | 9.94M | 8.06M | 4.85M | 4.72M | 695.5K |
| Long-Term Debt | 7.07M | 13.58M | 9.78M | 7.86M | 4.84M | 4.71M | 679.8K |
| Capital Lease Obligations | 8.67M | 3.28M | 152.37K | 194.57K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 4.17K | 9.94K | 15.7K |
| Other Non-Current Liabilities | 0 | 0 | 0 | -1 | 10K | 0 | 0 |
| Total Liabilities | 26.31M | 31.83M | 12.83M | 9.13M | 5.97M | 6.39M | 942.46K |
| Total Debt | 16.31M | 21.48M | 10.12M | 8.24M | 4.97M | 4.71M | 679.8K |
| Net Debt | 7.78M | 15.49M | 6.37M | 8.24M | 4.77M | 3.52M | 585.32K |
| Debt / Equity | 0.20x | 0.32x | 0.46x | 1.13x | 0.66x | 1.29x | 0.20x |
| Debt / EBITDA | -0.40x | - | - | 16.23x | 8.40x | 44.84x | - |
| Net Debt / EBITDA | -0.19x | - | - | 16.23x | 8.06x | 33.45x | - |
| Interest Coverage | -3.19x | -1.27x | -2.10x | 0.48x | 0.96x | -0.29x | -6.35x |
| Total Equity | 83.14M | 68.03M | 21.82M | 7.32M | 7.57M | 3.64M | 3.38M |
| Equity Growth % | 1138.23% | 211.79% | 198.09% | -3.33% | 107.92% | 7.66% | - |
| Book Value per Share | 2.43 | 1.99 | 1.18 | 0.43 | 0.45 | 0.22 | 0.20 |
| Total Shareholders' Equity | 83.14M | 68.03M | 21.82M | 7.32M | 7.57M | 3.64M | 3.38M |
| Common Stock | 24.06M | 16.22M | 9.33M | 5.05M | 5.05M | 4.57M | 4.47M |
| Retained Earnings | -80.24M | -53.8M | -8.52M | -4.04M | -3.8M | -3.82M | -3.6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -124.26M | -57.04M | 397.06K | -36.79K | -19.46K | -26.07K | -35.23K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dilution
According to recent financial filings, ZenaTech's total assets grew to $109.4M in 2026Q1 from $16.5M in 2023Q4, yet this expansion appears driven by aggressive capital deployment rather than organic asset quality, as evidenced by the persistent accumulation of retained earnings deficits totaling $80.2M over the same period.
The rapid growth in the asset base suggests a company attempting to scale its physical footprint rapidly, yet the concurrent rise in liabilities indicates this is largely financed by external capital rather than internal generation. Investors should monitor whether this asset growth translates into future revenue efficiency or if it merely represents an accumulation of underperforming hardware inventory.
As reported in financial statements, ZenaTech's debt-to-equity ratio fluctuated significantly, reaching 0.20 in 2026Q1, which, while appearing moderate, masks the underlying pressure of $16.3M in total debt against a backdrop of deep, recurring operational losses that limit the company's internal debt-servicing capacity.
The reliance on debt to bridge operational gaps suggests that the company may face increasing refinancing risks if capital markets tighten. The current leverage profile appears to be a necessity-driven strategy to sustain operations rather than a strategic choice to optimize the cost of capital.
Based on ZenaTech's reported figures, the current ratio of 2.64 in 2026Q1 provides a superficial appearance of liquidity, yet the absolute cash position of $8.5M remains precarious when evaluated against the company's high quarterly burn rate and significant ongoing operational requirements.
While the current ratio suggests an ability to cover short-term obligations, the volatility in cash balances over the last ten quarters indicates a high sensitivity to timing of capital raises. The company appears to be operating with a thin margin of safety, necessitating frequent access to external funding to avoid liquidity shortfalls.
As indicated by the balance sheet, the rise in goodwill to $12.1M and net PPE to $17.9M in 2026Q1 warrants further investigation, as these figures may overstate the tangible value of the company's assets if the underlying drone hardware and software integrations fail to achieve commercial viability.
The concentration of value in intangible and physical assets suggests that the balance sheet is highly sensitive to impairment risks. If the company's pivot to a software-infrastructure model does not yield the expected margins, these assets may require significant write-downs, further eroding the equity base.
Quick answers to the most common questions about buying ZENA stock.
As of 2025, ZenaTech, Inc. (ZENA) had total assets of $99.9M including $33.2M in current assets.
ZenaTech, Inc. (ZENA) carries total debt of $21.5M, offset by $15.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ZenaTech, Inc. (ZENA) has total shareholders' equity (book value) of $68.0M ($1.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ZenaTech, Inc. (ZENA) reported a current ratio of 2.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.