Nasdaq-listed crypto treasury firm ZeroStack warned that substantial doubt exists about its capacity to proceed working over the following yr, reversing its evaluation from three months earlier.
In a Type 10-Q filed with the US Securities and Trade Fee (SEC) on Friday, ZeroStack reported $2.6 million in money, detrimental working capital of $600,000 and an amassed deficit of $339.1 million as of June 30. The corporate additionally posted an $82.5 million honest worth loss on digital property and a internet lack of $61.3 million for the primary half of 2026.
ZeroStack mentioned its 75.1 million Zero Gravity (0G) tokens had an mixture price of $163.3 million and a good worth of $15.2 million as of June 30, leaving the holdings valued about 91% beneath their recorded prices.
ZeroStack depends on staking rewards and token gross sales to fund operations, making its capacity to lift money depending on 0G’s worth and buying and selling liquidity.
ZeroStack’s 0G technique faces a liquidity take a look at
ZeroStack reported $3.8 million in staking income in the course of the first half of the yr, incomes about 6.6 million 0G tokens after validator commissions. It offered practically 4.9 million tokens for $2.4 million to fund its working bills.
The corporate expects its money and staking reward gross sales to cowl forecast working prices and mentioned it may promote a few of its treasury holdings if wanted. Nonetheless, administration mentioned it couldn’t conclude that these plans could be sufficient to ease doubts about its capacity to proceed working.
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The newest evaluation reverses the corporate’s place in its earlier two experiences. In its first-quarter submitting, ZeroStack mentioned its money and staking rewards could be ample to satisfy its working capital necessities and obligations for at the very least one other yr.
The corporate was beforehand the hashish and CBD merchandise agency Flora Development. On Sept. 19, Flora introduced $401 million in funding for a 0G treasury technique, together with $35 million in money and equal commitments and greater than $366 million in in-kind digital property. The corporate subsequently rebranded as ZeroStack and retained its Nasdaq itemizing.
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