ZPTA
Zapata Quantum, Inc.
Next earnings ≈ Aug 14, 2026 · est. from filing cadence
$1.00
▼ -30.56%$1.00▲ +16029.03%
over 1Y
L $0.00H $1.86
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-30.6%
1W-24.8%
1M+13.6%
3M+138.0%
YTD-27.0%
1Y—
Avoid
Conviction
Horizon
Short (<3mo)
Street · 7 analysts
Buy
Zero cash, negative equity, going-concern doubt, and a penny stock whose only 'profit' is a debt-restructuring accounting gain — uninvestable.
Cash & equivalents $0.00 · FY2025
The read
It screens cheap (~52% below fair value), but the weak fundamentals are why — more potential value trap than bargain.
ZPTA's headline positives are mirages. The $9.34M FY2025 net income and $0.04 diluted EPS (P/E 25) are not evidence of a profitable business — operating income was -$3.43M and net margin of 240.9% is an accounting artifact, produced by non-operating items tied to the June 2025 debt restructuring, creditor share-exchanges, and warrant/forward-purchase settlements described in the MD&A. The actual operating engine is shrinking and starved: revenue fell 31.8% to $3.88M (FY2024) and FY2025 revenue isn't even reported, R&D collapsed 94.3% to $252K, and operating cash flow was -$1.67M. This is not a going concern that is turning a corner; it is one running on fumes.
The balance sheet is broken. Cash & equivalents are $0.00, stockholders' equity is -$8.27M, and the accumulated deficit is -$118M. Current liabilities of $10.5M dwarf current assets of $1.84M, with the current portion of debt up 172% to $4.41M — a near-term solvency wall with no cash to meet it. The company itself flags this: the very first risk factor is 'We will need additional capital to continue as a going concern,' management disclosed it 'voluntarily elected to temporarily suspend its operations' in late 2024 for lack of liquidity, and the assets are pledged to Secured Notes holders. Material weaknesses in internal controls further undercut the reliability of even the numbers we do have.
Is ZPTA a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~30d expiry
- Long put 1 @ ~0.26 est
- Short put 1 @ ~0.26 est
debit $0max +$0max $0
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | $5.68M | $3.88M | — |
| Gross profit | — | — | $1.10M | $635K | — |
| Operating income | -$10.9K | -$1.51M | -$18.1M | -$23.0M | -$3.43M |
| Net income | -$10.9K | $1.89M | -$29.7M | -$38.1M | $9.34M |
| Diluted EPS | — | — | -$5.82 | -$1.30 | $0.04 |
| Net margin | — | — | -523.2% | -984.1% | — |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$194M
EV / EBITDA—
EV / Sales50.1
EV / FCF—
P / FCF—
PEG (trailing)0.20
Earnings yield5.0%
FCF yield-0.9%
Quality & risk
ROIC (est.)—
Free cash flow-$1.70M
Total debt$6.96M
Net cash-$6.96M
Altman Z-Score-70.12 distress
Piotroski F-Score4/9
Capital returns
Buyback yield86.0%
Dividend yield (est.)—
Shareholder yield86.0%
Shares Δ YoY+6.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- S-1 Securities registration2026-06-05
New registration statement creates resale/issuance overhang and downward price pressure
- 10-Q Quarterly report2026-05-15
Q1'26 report: still going concern, negative equity, near-zero cash despite restructuring
- 8-K Unregistered share sales2026-04-24
Another 3.02 equity issuance same day — stacking dilution on a going-concern penny stock
- 8-K Unregistered share sales2026-04-24
Another 3.02 equity issuance same day — stacking dilution on a going-concern penny stock
- 8-K Unregistered share sales2026-04-15
Unregistered equity sale — further dilution to keep operations funded
- 8-K Material agreement2026-04-08
New material agreement + charter amendment + share issuance — restructuring with dilution
- 10-K Annual report2026-03-31
FY25 going-concern; net income only from debt-restructuring gains, equity still -$8.3M
- 8-K Material agreement2025-12-10
Material agreement plus unregistered share sale as debt/capital restructuring continues
- 10-Q Quarterly report2025-12-09
Fourth catch-up quarterly clearing the backlog to restore SEC reporting current status
Recent filings
all on EDGAR ↗S-1Filing2026-06-05open ↗10-QPeriod ending 2026-03-312026-05-15open ↗3/APeriod ending 2026-05-012026-05-07open ↗3/APeriod ending 2026-05-012026-05-07open ↗3/APeriod ending 2026-05-012026-05-07open ↗SCHEDULE 13D/AFiling2026-05-04open ↗SCHEDULE 13D/AFiling2026-05-04open ↗8-A12GFiling2026-05-01open ↗8-KPeriod ending 2026-04-232026-04-24open ↗8-KPeriod ending 2026-04-222026-04-24open ↗DFiling2026-04-22open ↗8-KPeriod ending 2026-04-092026-04-15open ↗
Frequently asked
- Is Zapata Quantum, Inc. (ZPTA) a buy?
- ZPTA currently carries a Avoid rating with 5/5 conviction, derived from its latest SEC filings. Zero cash, negative equity, going-concern doubt, and a penny stock whose only 'profit' is a debt-restructuring accounting gain — uninvestable.
- What is ZPTA's fair value?
- A Modified-Graham model based on ZPTA's SEC fundamentals estimates a fair value of about $1.52. It is an estimate from reported earnings, not a price target.
- Is ZPTA overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ZPTA currently appears undervalued relative to its SEC-grounded earnings power.
- What is Zapata Quantum, Inc.'s quality score?
- ZPTA scores 44.62016129032258/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001843714, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 7/3/2026, 10:58:28 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 6:58 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.