zSpace, Inc. (ZSPC) FY2024 10-K Annual Report
zSpace, Inc. (ZSPC) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Mar 28, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
zSpace, Inc. FY2024 10-K Analysis
Business Overview
- • Core business: AR/VR educational technology platform delivering immersive 3D learning without eyewear, focused on K-12 and Career & Technical Education (CTE) markets in U.S. schools
- • New product launches: Inspire 2 laptop in late 2024 (20-22% performance boost, 16% lighter), Imagine laptop in early 2025 (41% smaller, 30% lighter, designed for younger learners)
- • Strategic shift: Increased focus on U.S. market expansion and targeted software acquisitions to grow software revenue and content library
- • Employee count 78 full-time as of December 31, 2024, maintaining a lean R&D and support team
- • Noteworthy fact: Revenue from China dropped from $2.8 million (6% total) in 2023 to $0.9 million (2% total) in 2024, with plans to further reduce exposure in 2025
Management Discussion & Analysis
- • Revenue and bookings $41.5M in 2024 vs $41.1M in 2023; no exact total revenue figure disclosed
- • Net loss $(20.8)M in 2024 vs $(13.0)M in 2023; Adjusted EBITDA loss $(9.9)M in 2024 vs $(6.9)M in 2023
- • United States K-12 bookings 63% of total in 2024 (up from 56% in 2023); CTE bookings declined to 37% from 44%
- • Cash $4.9M at end 2024 vs $3.1M in 2023; raised $18.5M in 2024 vs $11.4M in 2023 via debt and IPO; no buybacks or dividends noted
- • Management highlights risks from significant customer order cancellations ($1.2M in 2024), ongoing internal control deficiencies, customer financial constraints, and reliance on key OEM partners
Risk Factors
- • Risk of geopolitical conflict impact on operations due to concentration of employees in San Jose, California and exposure to events like the Ukraine war
- • Supply chain risk from dependence on limited source suppliers and long lead time components requiring 6-12 month demand forecasting
- • Competitive threat from large technology firms Apple, Google, Meta, Unity Software in virtual technology and AR/VR market segments
- • Financial risk from revenue concentration: largest 2024 customer accounted for 13% of total revenue, five largest for 26%
- • Operational risk of scaling technical infrastructure and information technology systems to meet growing demands without performance interruptions
zSpace, Inc. FY2024 Key Financial MetricsXBRL
Revenue
$38M
Net Income
-$21M
Gross Margin
40.9%
Operating Margin
-46.3%
Net Margin
-54.7%
ROE
141.8%
Total Assets
$14M
EPS (Diluted)
$1.03
Operating Cash Flow
-$9M
Source: XBRL data from zSpace, Inc. FY2024 10-K filing on SEC EDGAR. All figures in USD.
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