Home / Going-concern warnings / zSpace, Inc.
Filed 2025-08-14 路 Form 10-Q 路 Accession 0001558370-25-011566 micro
Price before filing: $66 (2025-08-13 close, split/dividend-adjusted)
Market cap at flag: $61.0M (2025-08-14) 路 Latest: $2.1M (2026-10-16)
| Window | ZSPC | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -39.0% | +2.5% | -41.5% | 2025-09-15 |
| 90 days | -71.2% | +6.3% | -77.5% | 2025-11-12 |
| 180 days | -86.8% | +7.9% | -94.7% | 2026-02-10 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 3 insiders sold $9.0M (14 sales)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-07-03 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,328 | $3.01 | $4K | no | Form 4 |
| 2025-07-07 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,382 | $2.95 | $4K | no | Form 4 |
| 2025-07-08 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,324 | $2.96 | $4K | no | Form 4 |
| 2025-07-09 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,296 | $3.02 | $4K | no | Form 4 |
| 2025-07-10 | DeOliveira Erick Chief Financial Officer | Sale | 1,479 | $2.83 | $4K | no | Form 4 |
| 2025-07-10 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,383 | $2.83 | $4K | no | Form 4 |
| 2025-07-11 | HARPER MICHAEL S See remarks | Sale | 2,108 | $2.76 | $6K | no | Form 4 |
| 2025-07-11 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,384 | $2.76 | $4K | no | Form 4 |
| 2025-07-14 | HARPER MICHAEL S See remarks | Sale | 2,197 | $2.77 | $6K | no | Form 4 |
| 2025-07-14 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,415 | $2.77 | $4K | no | Form 4 |
| 2025-07-15 | DeOliveira Erick Chief Financial Officer | Sale | 3,197 | $2,785.00 | $8.9M | no | Form 4 |
| 2025-07-15 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,407 | $2.79 | $4K | no | Form 4 |
| 2025-07-16 | DeOliveira Erick Chief Financial Officer | Sale | 3,404 | $2.63 | $9K | no | Form 4 |
| 2025-07-16 | Kellenberger Paul Chief Executive Officer, Director | Sale | 1,491 | $2.63 | $4K | no | Form 4 |
| 2025-08-14: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-16 to 2025-09-13. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"The conditions identified above raise substantial doubt about the Company's ability to continue as a going concern for at least twelve months from the issuance date of the condensed consolidated financial statements."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-06-30)
Why this score: quarterly (unaudited) disclosure; also within 90 days: Auditor change
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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