Revenue remains highly volatile, with quarterly figures fluctuating between $6.2K and $813.6K, while gross margins collapsed to -79.7% in 2025Q4 due to an inability to scale production costs.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 |
|---|
| Sales/Revenue | 942.82K | 872.5K | 29.82K | 72.86K | 339.67K | 2.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 1358.21% | 2826.26% | -59.07% | -78.55% | 14323.18% | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.65M | 680.01K | 331.08K | 853.34K | 376.79K | 196.03K | 17.48K | 5.3K | 6.07K | 9.71K | 11.38K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 77.94% | 1110.41% | 1171.28% | 110.93% | 8323.91% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -704.07K | 192.49K | -301.26K | -780.48K | -37.12K | -193.67K | -17.48K | -5.3K | -6.07K | -9.71K | -11.38K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | -74.68% | 22.06% | -1010.41% | -1071.28% | -10.93% | -8223.91% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 163.89% | 61.4% | -2002.53% | 80.83% | -1008.03% | -230.04% | 12.74% | 37.52% | 14.67% | - | - | - | - | - | - | - |
| Operating Expenses | 8.05M | 9.79M | 11.68M | 13.87M | 12.53M | 4.12M | 1.16M | 2.47M | 1.64M | 2.85M | 4.2M | 3.06M | 3.56M | 2.71M | 1.71M | 1.55M | 153.53K |
| OpEx % of Revenue | - | 1122.43% | 39164.39% | 19041.2% | 3687.61% | 174948.92% | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 6.03M | 8.01M | 8.95M | 10.99M | 9.56M | 3.53M | 1.16M | 2.46M | 1.63M | 2.84M | 4.19M | 3.04M | 3.55M | 2.69M | 1.7M | 1.54M | 153.53K |
| SG&A % of Revenue | - | 918.48% | 30000.86% | 15087.56% | 2815.91% | 149827.77% | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 1.36M | 465.65K | 1.78M | 1.65M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 53.37% | 5954.84% | 2259.37% | 453.95% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 887.66K | 1.31M | 956.7K | 1.23M | 1.42M | 591.6K | 0 | 23.89K | 6.07K | 9.71K | 11.38K | 13.68K | 16.28K | 16.75K | 18.78K | 6.49K | 0 |
| Operating Income | -8.75M | -9.6M | -11.98M | -14.65M | -12.56M | -4.31M | -1.18M | -2.47M | -1.64M | -2.85M | -4.2M | -3.06M | -3.57M | -2.71M | -1.71M | -1.55M | -153.53K |
| Operating Margin % | -928.26% | -1100.37% | -40174.8% | -20112.48% | -3698.53% | -183172.82% | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 19.85% | 18.25% | -16.64% | -191.23% | -265.94% | 52.24% | -50.53% | 42.38% | 32.26% | -37.48% | 14.34% | -31.62% | -58.17% | -10.88% | -906.65% | - |
| EBITDA | -8.17M | -9M | -11.36M | -14.11M | -11.95M | -4.23M | -1.16M | -2.46M | -1.63M | -2.84M | -4.19M | -3.04M | -3.55M | -2.69M | -1.7M | -1.54M | -153.53K |
| EBITDA Margin % | -866.82% | -1031.56% | -38116.46% | -19371.7% | -3517.56% | -179702.63% | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 12.6% | 20.81% | 19.47% | -18.12% | -182.32% | -264.41% | 52.85% | -50.77% | 42.4% | 32.31% | -37.72% | 14.33% | -31.84% | -58.93% | -10.13% | -902.43% | - |
| D&A (Non-Cash Add-back) | 579.29K | 600.32K | 613.71K | 539.69K | 614.71K | 81.72K | 17.48K | 5.3K | 6.07K | 9.71K | 11.38K | 13.68K | 16.28K | 16.75K | 18.78K | 6.49K | 0 |
| EBIT | -8.43M | -9.95M | -11.7M | -14.29M | -31.63M | -4.09M | -1.08M | -2.38M | -1.6M | -2.82M | -4.16M | -3M | -3.43M | -2.71M | -1.71M | -1.55M | 0 |
| Net Interest Income | -154.36K | 10.29K | 298.11K | 389.63K | -43.18K | -6.93K | 4.59K | 0 | 0 | 0 | 0 | 0 | 37.88K | 0 | 0 | 0 | 0 |
| Interest Income | 32.7K | 101.61K | 405.48K | 510.26K | 20.6K | 3.27K | 4.59K | 16.41K | 75.31K | 5.53K | 4.07K | 40.67K | 43.13K | 19.47K | 51.39K | 25.84K | 184 |
| Interest Expense | 187.06K | 91.32K | 107.37K | 120.62K | 63.78K | 10.19K | 0 | 0 | 0 | 0 | 0 | 0 | 5.24K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 672.55K | -439.03K | 174.74K | 238.68K | -19.13M | 445.07K | 96.25K | 40.3K | 75.31K | 5.53K | 4.07K | 40.67K | 43.13K | 19.47K | 51.39K | 25.84K | 184 |
| Pretax Income | -8.08M | -10.04M | -11.8M | -14.41M | -31.69M | -3.87M | -1.08M | -2.43M | -1.56M | -2.84M | -4.2M | -3.02M | -3.52M | -2.69M | -1.66M | -1.52M | -153.35K |
| Pretax Margin % | -856.93% | -1150.68% | -39588.72% | -19784.87% | -9330.95% | -164273.89% | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | -99.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -339.3K | -623.12K | -277.7K | -5.4K |
| Effective Tax Rate % | 0% | 0% | 0.85% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 12.61% | 37.48% | 18.27% | 3.52% |
| Net Income | -8.08M | -10.04M | -11.7M | -14.41M | -31.69M | -3.87M | -1.08M | -2.43M | -1.56M | -2.84M | -4.2M | -3.02M | -3.52M | -2.35M | -1.04M | -1.24M | -147.95K |
| Net Margin % | -856.93% | -1150.68% | -39254.06% | -19784.87% | -9330.95% | -164273.89% | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 24.19% | 14.22% | 18.8% | 54.52% | -719.25% | -257.36% | 55.42% | -55.2% | 44.92% | 32.33% | -39.2% | 14.44% | -49.87% | -126.3% | 16.32% | -739.48% | - |
| Net Income (Continuing) | -8.08M | -10.04M | -11.7M | -14.41M | -31.69M | -3.87M | -1.08M | -2.43M | -1.56M | -2.84M | -4.2M | -3.02M | -3.52M | -2.35M | -1.04M | -1.24M | -147.95K |
| Discontinued Operations | 0 | 0 | 0 | 0 | -26.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | -0.10 | -0.12 | -0.14 | -0.42 | -0.05 | -0.02 | -0.04 | -0.02 | -0.05 | -0.07 | -0.05 | -0.06 | -0.06 | -0.03 | -0.05 | -0.01 |
| EPS Growth % | 29.8% | 16.67% | 14.29% | 66.67% | -813.04% | -130% | 44.6% | -45.56% | 45.73% | 36.62% | -33.77% | 16.69% | -13.11% | -118.32% | 41.91% | - | - |
| EPS (Basic) | - | -0.10 | -0.12 | -0.14 | -0.42 | -0.05 | -0.02 | -0.04 | -0.02 | -0.05 | -0.07 | -0.05 | -0.06 | -0.06 | -0.03 | -0.05 | -0.01 |
| Diluted Shares Outstanding | 106.76M | 102.98M | 100.5M | 99.44M | 92.09M | 84.02M | 76.86M | 67.3M | 63.09M | 62.13M | 58.21M | 55.95M | 54.48M | 41.13M | 39.63M | 27.53M | 22.29M |
| Basic Shares Outstanding | 106.76M | 102.98M | 97.53M | 99.44M | 92.09M | 84.02M | 76.86M | 67.3M | 63.09M | 62.13M | 58.21M | 55.86M | 54.4M | 39.2M | 39.63M | 27.53M | 22.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Acute liquidity and dilution
According to recent financial disclosures, Zentek's quarterly revenue remains highly volatile, fluctuating between $6.2K and $813.6K over the last ten quarters, which suggests that the company has yet to establish a repeatable commercial sales cycle or a predictable path toward sustainable top-line expansion.
The extreme variance in quarterly revenue indicates that the company is currently reliant on sporadic, non-recurring orders rather than a stable customer base. Investors should monitor whether the firm can transition from pilot-scale project revenue to long-term integration agreements with major HVAC manufacturers to validate its commercial model.
As reported in financial statements, Zentek's gross margins have swung wildly from a positive 67.1% in 2024Q4 to a negative 79.7% in 2025Q4, highlighting the significant difficulty in managing production costs while operating at such low, early-stage commercial volumes for its functionalized graphene products.
The inability to maintain consistent positive gross margins suggests that the company's current production processes are not yet optimized for scale. This volatility implies that the cost of goods sold is highly sensitive to batch-specific inefficiencies, which may continue to pressure profitability until production volumes reach a critical mass.
Based on Zentek's reported figures, the company consistently incurs quarterly SG&A expenses exceeding $1.3 million, which dwarfs its current revenue base and indicates that the firm is currently operating with a high fixed-cost structure that is not yet supported by its commercial activities.
The persistent disconnect between administrative overhead and revenue suggests that the company is prioritizing R&D and market positioning over immediate cost discipline. Without a significant increase in revenue, the current expense structure appears unsustainable and will likely necessitate further capital raises to maintain operations.
Data from recent filings suggests that Zentek's operating losses, which reached $3.9 million in 2025Q4, create a precarious financial position that may force management into highly dilutive equity financing, potentially undermining the long-term value proposition for existing shareholders despite the company's proprietary graphene-functionalization intellectual property.
Short-term observers may focus on the company's limited cash runway and the lack of a clear path to break-even as primary indicators of risk. The reliance on speculative future regulatory approvals and design wins makes the company's valuation highly sensitive to execution failures, which could lead to significant downside if commercial adoption stalls.
Quick answers to the most common questions about buying ZTEK stock.
For fiscal year 2024, Zentek Ltd. (ZTEK) reported total revenue of $0.9M.
Zentek Ltd. (ZTEK) reported a net loss of $10.0M for the fiscal year ending 2024.
Zentek Ltd. (ZTEK) reported an operating income of $-9.6M, resulting in an operating profit margin of -1100.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Zentek Ltd. (ZTEK) generated $0.2M in gross profit for the year, representing a gross profit margin of 22.1%. This demonstrates the company's core pricing power and production efficiency.