Tearsheet

ZenaTech (ZENA)

Market Price (6/13/2026): $1.42 | Market Cap: $76.4 MilSector: Information Technology | Industry: Systems Software

ZenaTech (ZENA)

Market Price (6/13/2026): $1.42
Market Cap: $76.4 Mil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 705%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -65%

Megatrend and thematic drivers
Megatrends include Automation & Robotics, and Artificial Intelligence. Themes include Factory Automation, Industrial Robotics, Show more.

Weak multi-year price returns
2Y Excs Rtn is -123%, 3Y Excs Rtn is -158%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -44 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -218%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 56%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -245%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -304%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93%

High stock price volatility
Vol 12M is 101%

Key risks
ZENA key risks include [1] its ongoing struggle to achieve sustainable profitability, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 705%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -65%
2	Megatrend and thematic drivers Megatrends include Automation & Robotics, and Artificial Intelligence. Themes include Factory Automation, Industrial Robotics, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -123%, 3Y Excs Rtn is -158%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -44 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -218%
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 56%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -245%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -304%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93%
8	High stock price volatility Vol 12M is 101%
9	Key risks ZENA key risks include [1] its ongoing struggle to achieve sustainable profitability, Show more.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/13/26	2025	2024	2023	2022
Share Price			$1.42	$3.20	$7.69	�	�
Mkt Cap ($ Mil)			76.4	137.7	141.7	-	-
+ Debt ($ Mil)			16.3	21.5	10.1	8.2	3.9
- Cash ($ Mil)			15.0	15.1	3.8	0.0	0.0
TEV ($ Mil)			77.7	159.2	151.8
Valuation Ratios
P/S	1.3	2.0	3.8	10.7	72.2	-	-
P/EBIT	—	—	-1.7	-5.4	-46.7	-	-
P/E	—	—	-1.1	-3.0	-31.6	-	-
P/FCF	—	—	-1.2	-3.0	-12.6	-	-
Sector Ratios (* = sector average)
P/S *			3.3	3.4	3.5	3.0	2.6
P/EBIT *			5.7	4.3	1.6	-0.0	-0.2
P/E *			0.7	-0.0	-0.3	-0.3	-0.5
P/FCF *			10.1	11.4	14.9	12.8	8.2

FYE: 12/31	Forward FYE		Now
	2027	2026	6/13/26
Share Price			$1.42
Mkt Cap ($ Mil)			76.4
+ Debt ($ Mil)			16.3
- Cash ($ Mil)			15.0
TEV ($ Mil)			77.7
Valuation Ratios
P/S	1.3	2.0	3.8
P/EBIT	—	—	-1.7
P/E	—	—	-1.1
P/FCF	—	—	-1.2
Sector Ratios (* = sector average)
P/S *			3.3
P/EBIT *			5.7
P/E *			0.7
P/FCF *			10.1

FYE: 12/31	ZENA [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$20.2 Mil	—
FY 2026 Sales	$38.9 Mil	—
FY 2027 Sales	$58.6 Mil	—
FY 2026 Sales Growth	92.7%	—
FY 2027 Sales Growth	50.7%	7.8%
EARNINGS
LTM Net Income (GAAP) [3]	$-67.2 Mil	—
FY 2026 Net Income (Non-GAAP)	$-36.2 Mil	—
FY 2027 Net Income (Non-GAAP)	$-21.7 Mil	—
FY 2027 Net Income Growth	—	14.6%
FY 2026 EPS (Non-GAAP)	$-1.06	—
FY 2027 EPS (Non-GAAP)	$-0.63	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	2.0	3.3
FY 2027 P/S	1.3	—
FY 2026 P/E	—	20.1
FY 2027 P/E	—	—

[1] ZENA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	ZENA	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	639.9%	8.8%
Rev Chg LTM	704.6%	7.4%
Rev Chg 3Y Avg	238.0%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-217.5%	18.4%
CFO/Rev LTM	-244.8%	21.3%
Net Inc Mgn	-332.8%	13.0%
VALUATION	MODERATE
P/S	3.8	3.3
P/CFO	-1.5	15.2
P/FCF	-1.2	19.7
P/E	-1.1	24.2
STABILITY	VERY GOOD
Debt/Equity	0.21	0.21
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Number of Completed Acquisitions	6	6302025	Link
Number of Acquired Patents	3	12312024	Link
Submission of Green UAS Applications	Applications Submitted	8122025	Link

Price Chart

Recent
6/02/2026	Earnings Release	Rev: $6.0 Mil (A) vs. $4.0 Mil (E) EPS: -0.67 (A) vs. $-0.16 (E)
Upcoming
8/11/2026	Earnings Release	Rev: $6.0 Mil (E) EPS: $-0.21 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/10/2026

ZenaTech (ZENA) stock has lost about 45% since 2/28/2026 because of the following key factors:

1. Widening Net Losses in Fiscal Q1 2026. ZenaTech reported a significant increase in its net loss for fiscal Q1 2026 (ended March 31, 2026), reaching CAD 26.6 million, compared to a net loss of CAD 4.6 million in the same period last year. This substantial widening of losses was driven by higher operating expenses totaling CAD 30.0 million and included CAD 8.9 million in stock-based compensation.

2. High Costs Associated with Aggressive Acquisition Strategy. The company's rapid expansion, characterized by 23 Drone as a Service (DaaS) acquisitions, has contributed to elevated acquisition-related costs and integration expenses. While these acquisitions have fueled a 640% year-over-year revenue increase to CAD 8.4 million in fiscal Q1 2026, they are also a primary factor behind the rising operating expenses and mounting losses.

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Stock Movement Drivers

Fundamental Drivers

The -47.0% change in ZENA stock from 2/28/2026 to 6/12/2026 was primarily driven by a -67.5% change in the company's P/S Multiple.

(LTM values as of)	2282026	6122026	Change
Stock Price ($)	2.64	1.40	-47.0%
Change Contribution By:
Total Revenues ($ Mil)	8	20	140.3%
P/S Multiple	11.5	3.7	-67.5%
Shares Outstanding (Mil)	37	54	-32.0%
Cumulative Contribution			-47.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/12/2026

	Return	Correlation
ZENA	-47.0%
Market (SPY)	8.4%	38.0%
Sector (XLK)	33.3%	34.2%

Fundamental Drivers

The -59.1% change in ZENA stock from 11/30/2025 to 6/12/2026 was primarily driven by a -74.9% change in the company's P/S Multiple.

(LTM values as of)	11302025	6122026	Change
Stock Price ($)	3.42	1.40	-59.1%
Change Contribution By:
Total Revenues ($ Mil)	8	20	140.3%
P/S Multiple	14.9	3.7	-74.9%
Shares Outstanding (Mil)	37	54	-32.0%
Cumulative Contribution			-59.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/12/2026

	Return	Correlation
ZENA	-59.1%
Market (SPY)	9.2%	36.5%
Sector (XLK)	29.5%	32.5%

Fundamental Drivers

The -49.5% change in ZENA stock from 5/31/2025 to 6/12/2026 was primarily driven by a -81.7% change in the company's P/S Multiple.

(LTM values as of)	5312025	6122026	Change
Stock Price ($)	2.77	1.40	-49.5%
Change Contribution By:
Total Revenues ($ Mil)	3	20	704.6%
P/S Multiple	20.4	3.7	-81.7%
Shares Outstanding (Mil)	18	54	-65.7%
Cumulative Contribution			-49.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/12/2026

	Return	Correlation
ZENA	-49.5%
Market (SPY)	27.3%	27.2%
Sector (XLK)	61.0%	26.0%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/12/2026

	Return	Correlation
ZENA
Market (SPY)	84.5%	14.0%
Sector (XLK)	129.7%	12.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ZENA Return	-	-	-	-13%	-58%	-52%	-83%
Peers Return	8%	-42%	55%	11%	-5%	-12%	-9%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
ZENA Win Rate	-	-	-	33%	33%	17%
Peers Win Rate	52%	35%	60%	62%	54%	30%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
ZENA Max Drawdown	-	-	-	-	-74%	-75%
Peers Max Drawdown	-22%	-53%	-30%	-35%	-34%	-37%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: GEN, PATH, CVLT, S, AIBZ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)

Event	ZENA	S&P 500
2025 US Tariff Shock
% Loss	-59.3%	-18.8%
% Gain to Breakeven	145.5%	23.1%
Time to Breakeven	65 days	79 days

Compare to FTNT, GEN, PATH, CVLT, CHOW

In The Past

ZenaTech's stock fell -59.3% during the 2025 US Tariff Shock. Such a loss loss requires a 145.5% gain to breakeven.

Preserve Wealth

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Asset Allocation

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Event	ZENA	S&P 500
2025 US Tariff Shock
% Loss	-59.3%	-18.8%
% Gain to Breakeven	145.5%	23.1%
Time to Breakeven	65 days	79 days

Compare to FTNT, GEN, PATH, CVLT, CHOW

In The Past

ZenaTech's stock fell -59.3% during the 2025 US Tariff Shock. Such a loss loss requires a 145.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About ZenaTech (ZENA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

ZenaTech, Inc. is an enterprise software technology company that specializes in mission-critical cloud-based applications integrated with smart hardware to deliver innovative solutions across diverse industries. The Company operates in software development technology, sales, and distribution. The Company is also developing a drone manufacturing, sales, and distribution business. ZenaTech, Inc. is the parent holding company that operates through the following subsidiary companies: · PacePlus, Inc.(“PacePlus”), a Wyoming, United States of America (“USA”), company, provides cloud-based enterprise software solutions for the medical records industry, with its subsidiaries, o SystemView, Inc. (“SystemView”), a Wyoming, USA, company, provides software solutions for the automated facility management industry, and, o ZigVoice, Inc. (“ZigVoice”), a Wyoming, USA, company, provides software solutions for the contact center industry, · WorkAware, Inc., a Wyoming, USA company, provides cloud-based enterprise safety and compliance management software and mobile solutions that can be utilized in a variety of industries including field management services, · TillerStack, GmbH. (“TillerStack”), a German company, provides cloud-based enterprise field service management software and mobile solutions for a variety of industries, o TillerStack, Inc. was established for US sales of TillerStack software products. o ZenaDrone GmbH (“ZenaDrone German”) was established for drone sales and drone services in Germany. · PsPortals, Inc. (“PsPortals”), a Delaware corporation, provides browser-based enterprise software applications for public safety, and, · ZenaTech, Inc, (“ZenaTech US”), created for conducting future acquisitions in the United States of America, and its subsidiary, o ZenaDrone, Inc., a Wyoming corporation, established for the purpose of selling the drone in the United States of America. Our core products all of which are software related are as follows: Core Product Status Company Product Description EHR Software Released PacePlus, Inc. Electronic Health Record software is Inhouse designed to efficiently manage patient development health information, streamline Generating healthcare workflows and improve patient revenue care and safety Medical Billing Released PacePlus, Inc. A comprehensive billing and Software Inhouse invoicing system specifically development tailored for medical practices, Generating helping manage financial revenue transactions and insurance claims efficiently. SystemView Scada Released SystemView, Inc. A Supervisory Control and Data HMI Software Inhouse Acquisition (SCADA) software development offering real-time monitoring, Generating data visualization, and control revenue for industrial processes. MaintenanceView Released SystemView, Inc. A software application designed Inhouse to streamline and optimize development maintenance operations, ensuring Generating the reliability and longevity of revenue equipment and assets. ReportView Released SystemView, Inc. A powerful reporting tool that Inhouse compiles and presents data from development various sources, simplifying Generating data analysis and supporting revenue informed decision-making. EnergyView Released SystemView, Inc. An energy management software Inhouse that tracks energy consumption, development identifies inefficiencies and Generating offers insights for optimizing revenue energy usage and reducing costs. Strand Video Released SystemView, Inc. A sophisticated video Surveillance Inhouse surveillance system with Software development intelligent analytics, enhancing Generating security and surveillance revenue capabilities for a wide range of environments. Multiplatform Released ZigVoice, Inc. An integrated suite of tools Contact Center Inhouse enabling seamless communication Suite (MCCS) development and management of customer Generating interactions across multiple revenue platforms and channels. Traffic Released ZigVoice, Inc. A traffic analysis software that Calculator Inhouse provides valuable insights into development traffic patterns, helping optimize Generating transportation and infrastructure revenue planning. Zinergy Help Released ZigVoice, Inc. An efficient help desk solution that Desk Software Inhouse centralizes and manages customer development support inquiries, ensuring timely Generating and effective issue resolution. revenue Safety and Released WorkAware, Inc. A comprehensive software platform Compliance Inhouse designed to support businesses in Management development maintaining safety standards, Software Generating compliance, and risk management revenue across industries. Field Service Released TillerStack, GMbH A powerful solution that optimizes Management Inhouse field operations for businesses. From Software development scheduling and dispatching to Generating real-time tracking and reporting, it revenue empowers field service teams to deliver exceptional customer experiences efficiently and effectively. Law Released PsPortals, Inc. A comprehensive and secure platform Enforcement Inhouse designed to empower law enforcement Software development agencies with advanced case Generating management, evidence tracking, and revenue streamlined communication tools. On-site Released TillerStack, GMbH An innovative tool that enables remote Remote Inhouse experts to provide real-time guidance Assistance development to on-site technicians. With seamless Generating AR-powered communication and live video revenue collaboration, it empowers teams to resolve complex issues faster and reduce downtime, revolutionizing on-site support experiences. Commercializing Non-Generating Software Products ZenaPay's software suite – including Plant Tracker, Merchant, Compliance, Supply Chain Blockchain Smart Contract, and Plant Recognition Technology – is spearheading a targeted marketing effort via social media, pay-per-click, and YouTube videos. This campaign is designed to highlight the ways these software products enhance farmers' operations. While these applications are yet to be launched, our current focus is on the drone business, as it aligns with these software offerings. The drone automation complements the software usage. Once the drone business starts generating revenue, the Plant Tracker will be introduced as an add-in service. Product Status Company Product Description ZenaDrone Released ZenaDrone, Inc. A cloud-based application that Plant Tracker Inhouse utilizes blockchain technology to development provide precise tracking and Not currently management of plant-related data, generating enhancing efficiency in agricultural revenue processes. ZenaDrone Beta Release ZenaDrone, Inc. An innovative solution employing Smart Farming Inhouse smart technology to optimize farming development practices, improve crop yields, and Not currently streamline agricultural operations. generating revenue ZenaDrone Testing ZenaDrone, Inc. An automated solution to navigate Compliance Inhouse regulatory requirements seamlessly. Software development It simplifies compliance processes, Not currently ensuring adherence to necessary generating standards with efficiency. revenue Plant Testing ZenaDrone, Inc. Software that utilizes advanced AI Recognition Inhouse technology to identify various Technology development plant species swiftly and Not currently accurately, providing enhanced generating botanical insights for users. revenue The Product Table below shows products that are being developed to integrate with certain of our software products. Product Name Status Company StackLens Prototype TillerStack, GMbH Inhouse development Not currently Generating revenue JourneyMan Device Designed WorkAware, Inc. Inhouse development Not currently Generating revenue Our Anticipated Business We plan to expand our business into Unmanned Vehicle Systems (commonly referred to as “drones”). In that regard, we have developed and have been testing what we believe to be a high-quality drone with certain unique features. ZenaTech, Inc. is the parent holding company that is developing its drone business through the following subsidiary companies: · ZenaDrone, Inc. (“ZenaDrone”), a Wyoming, USA, company, and its subsidiaries, o ZenaDrone Limited (“ZenaDrone Ltd”), an Irish entity established for the Irish and European Union drone sales and drone services operations. The Company created ZenaDrone Limited to register with the Irish Aviation Authority, o ZenaDrone Manufacturing, Inc, an Arizona Corporation, established to manufacture drones in the United States of America, · ZenaDrone, Trading LLC (“ZenaDrone LLC”) a Dubai, United Arab Emirates (“UAE”) company, established in the Middle East for the drone commercial, marketing and sales drone operations, and its subsidiary, o ZenaDrone Manufacturing (FZE) (“ZenaDrone FZE”) a Sharjah, UAE company, established in the Middle East for the manufacturing of drones and batteries. We currently have approximately 115 paying corporate clients using our medical records software, SCADA & HMI software, video surveillance software, call center software and safety and compliance management software, and field service management software. In addition, we have signed five pilot program agreements to evaluate our drone technology incorporating our drone enterprise software that we expect to convert into paying customers. We currently generate all our income from our software business and do not anticipate any changes to the use of existing software products under our current business operated through PacePlus, SystemView, ZigVoice, WorkAware, TillerStack and PsPortals while we pursue our drone business. We have not made any royalty payments on our software products to date. In addition, we have not made any royalty payments on our drones, including to Epazz in respect of software used in our drones. We currently conduct our software business in the United States, Canada, Ireland, United Arab Emirates, and Germany. We currently are testing our drone in Dubai and Ireland. Our principal address and office is located at Suite 1404, 69 Yonge Street, Toronto, Ontario Canada M5E 1K3 and our telephone number is (647) 249-1622. Our registered and records office is located at Suite 700 – 1199 West Hastings Street, Vancouver, British Columbia.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe ZenaTech:

It's like a smaller scale Constellation Software, managing a diverse portfolio of niche enterprise software, but with a major new venture into industrial drone manufacturing and sales.
Think of it as an enterprise software provider (like a specialized ServiceNow for various industries) that is also becoming a manufacturer of smart industrial drones.

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Medical Records Software: Provides Electronic Health Record and medical billing solutions for healthcare providers.
Automated Facility Management Software: Offers SCADA, maintenance, reporting, energy management, and video surveillance tools for industrial and facility operations.
Contact Center Software: Delivers multiplatform communication, traffic analysis, and help desk solutions for customer interaction management.
Safety and Compliance Management Software: A platform designed to support businesses in maintaining safety standards and managing risks across industries.
Field Service Management Software: Optimizes field operations through scheduling, real-time tracking, and remote assistance for various industries.
Law Enforcement Software: A secure platform designed for case management, evidence tracking, and streamlined communication for public safety agencies.
Unmanned Vehicle Systems (Drones): Involves the development, manufacturing, sales, and distribution of high-quality drones with unique features.
Agricultural/Drone Software Suite: Cloud-based applications, including Plant Tracker, Smart Farming, Compliance, and Plant Recognition Technology, integrated with drone operations for agricultural efficiency.

AI Analysis | Feedback

ZenaTech (ZENA) primarily sells its software solutions and emerging drone technology to other companies and organizations, rather than to individuals. The provided text indicates the company has "approximately 115 paying corporate clients" and has signed "five pilot program agreements" with organizations for its drone technology. No specific names of these customer companies are mentioned in the background information.

Based on the various software products and the industries they serve, ZenaTech's major customer categories include:

Enterprise and Industrial Clients: This broad category covers businesses in diverse sectors such as healthcare (e.g., medical practices using EHR and medical billing software), industrial processes, automated facility management, energy management, security, and any industry requiring field service management, safety, and compliance solutions.
Public Safety Agencies: Specifically law enforcement agencies, which utilize PsPortals' specialized software for case management and communication.
Agricultural Businesses: Farmers and agricultural enterprises are targeted customers for ZenaDrone's specialized software suite (e.g., Plant Tracker, Smart Farming, Compliance Software, Plant Recognition Technology) which is designed to integrate with their drone business.

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Shaun Passley, PhD - Chairman and CEO

Shaun Passley was appointed CEO in August 2017 and is the founder of ZenaTech. He has over 25 years of expertise in the software industry, with more than 10 years leading public companies. He holds a PhD in Business Management and an MBA from Benedictine University, as well as three other Master's Degrees: a Master of Law from Northwestern University, a Master of Science in Information Technology from DePaul University, and a Master of Science in Product Design from Northwestern University.

James Sherman - CPA, CFO

James Sherman has 30 years of experience as a Certified Public Accountant (CPA) and is an honors graduate from Northern Illinois University. He began his career at a Fortune 500 telecommunications firm and rose through various finance roles. Mr. Sherman served as Acting Treasurer for a $3.5 billion division of Sprint Corporation, where he led a $50 million cost-saving initiative. He was also CFO of a $90 million national transportation and distribution company, leading it from potential bankruptcy to a sale-ready state, and served as CFO for a $250 million division of Mitsubishi Corporation.

Sajjad Asif - Chief Technology Officer

Sajjad Asif was promoted to Chief Technology Officer in October 2024. He previously served as ZenaTech's Vice President of Technology and has held various leadership roles within the ZenaTech group of companies. Mr. Asif has 18 years of professional experience specializing in software and drone technologies, including CTO roles for several European technology companies. He holds a Master of Science in Software Engineering from Blekinge Tekniska Högskola (BTH) in Sweden, an MBA from AIOU in Pakistan, and a BS in Computer Science from PUCIT in Pakistan.

Craig Passley - Corporate Secretary

Craig Passley was appointed Company Secretary in October 2024. He is currently a construction management executive at M/I Homes. Previously, he served as Corporate Secretary for the publicly traded company Epazz from 2005 to 2016, and for FlexFridge. Mr. Passley holds a bachelor's degree in engineering from Bradley University, a master's degree in project management from the Keller Graduate School of Management, and an MBA from Lake Forest School of Management.

Linda Montgomery - Vice President of Corporate Development

Linda Montgomery joined ZenaTech in October 2024 to lead corporate development. She brings over 20 years of professional experience in investor relations, business development, and marketing for international technology companies. Ms. Montgomery has led investor relations for five IPOs. She holds two degrees in business and marketing from the University of Manitoba and the University of Winnipeg, and an investor relations professional accreditation (CPIR) from the Ivey School of Business at Western University.

AI Analysis | Feedback

Strategic Dependence on Unproven Drone Business: ZenaTech currently generates all its income from its established software business. However, the company is heavily investing in and strategically pivoting towards a new drone manufacturing, sales, and distribution business, with the future commercialization of several key non-revenue-generating software products (such as the ZenaPay suite) explicitly contingent upon the drone business generating revenue. The drone business is nascent, with only five pilot program agreements signed, indicating a high-risk growth strategy dependent on a yet-to-be-proven market entry and revenue generation from this new venture.
Limited Customer Base and Customer Acquisition Challenges: The company's existing software business relies on approximately 115 paying corporate clients across all its released software products, which is a relatively small and concentrated customer base for an enterprise software company operating in diverse industries. Furthermore, the success of the new and critical drone business is currently dependent on converting a very small number of pilot program agreements (five) into paying customers, highlighting significant customer acquisition challenges and a potentially fragile revenue pipeline for its future growth driver.
Intense Competition in Diverse Markets: ZenaTech operates in highly competitive markets for both enterprise software solutions and the emerging drone manufacturing and services industry. The company's diverse portfolio of in-house developed software products and its new drone offering face competition from established players with potentially greater resources, market share, and brand recognition. The description does not clearly articulate sustained competitive advantages that would ensure significant market penetration or long-term growth against these competitors.

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The addressable markets for ZenaTech's main products and services are as follows:

EHR Software: null
Medical Billing Software: The global medical billing software market was estimated at approximately USD 16.95 billion in 2025.
SystemView Scada HMI Software: null
MaintenanceView Software: null
ReportView Software: null
EnergyView Software: The global energy management software market was approximately USD 42.69 billion in 2025.
Strand Video Surveillance Software: null
Multiplatform Contact Center Suite (MCCS): The global contact center software market was valued at approximately USD 50.78 billion in 2024.
Traffic Calculator: null
Zinergy Help Desk Software: The global help desk software market was valued at approximately USD 28.17 billion in 2024.
Safety and Compliance Management Software: null
Field Service Management Software: The global field service management market was approximately USD 5.10 billion in 2025.
Law Enforcement Software: The global law enforcement software market was estimated at approximately USD 18.26 billion in 2025.
On-site Remote Assistance: The global clientless remote support software market was valued at approximately USD 11.29 billion in 2024.
Drones (Commercial/Enterprise): The global commercial drone market was calculated at approximately USD 83.97 billion in 2025.
Drones (Agricultural): The global agricultural drones market was estimated to be valued at approximately USD 5.86 billion in 2025.

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Expected Drivers of Future Revenue Growth for ZenaTech (ZENA)

Commercialization and Global Expansion of the ZenaDrone Business: ZenaTech plans to significantly expand its business into Unmanned Vehicle Systems (drones). This involves the manufacturing, sales, and distribution of its high-quality drone with unique features across the United States (via ZenaDrone, Inc. and ZenaDrone Manufacturing, Inc.), the European Union (via ZenaDrone Limited), and the Middle East (via ZenaDrone Trading LLC and ZenaDrone Manufacturing (FZE)). This represents a major new revenue stream for the company.
Conversion of Drone Pilot Programs into Paying Customers: The company has successfully signed five pilot program agreements to evaluate its drone technology, which it explicitly expects to convert into paying customers. This conversion will directly contribute to immediate revenue growth in the drone segment.
Monetization of Drone-Integrated Software Products: ZenaTech intends to introduce and generate revenue from its currently non-generating software suite, such as Plant Tracker, Smart Farming, Compliance Software, and Plant Recognition Technology. These products are designed to integrate with the drone business, and the Plant Tracker, for instance, will be introduced as an add-in service once the drone business begins generating revenue.
Growth and Expansion of Existing Enterprise Software Client Base: ZenaTech currently generates all its income from its established software business, serving approximately 115 paying corporate clients with products in medical records, SCADA & HMI, video surveillance, call center, safety and compliance management, and field service management. The company anticipates no changes to the use of these existing software products, implying continued efforts to grow its client base and expand its presence in existing software markets across the United States, Canada, Ireland, United Arab Emirates, and Germany.

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Interactive Breakdown

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Better Bets vs. ZenaTech (ZENA)

INDUSTRY: Systems Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZENA: 238.0% | 3.7x)

BKKT (919.3% | 0.2x)

Bakkt

Higher Rev Chg LTM (Value for ZENA: 704.6%)

VHC (5300.0%)

VirnetX

Higher Rev Chg 3Y Avg (Value for ZENA: 238.0%)

VHC (1719.5%)

VirnetX

BKKT (919.3%)

Bakkt

Higher Op Mgn LTM (Value for ZENA: -217.5%)

MSFT (46.8%)

Microsoft

FTNT (31.1%)

Fortinet

NOW (13.4%)

ServiceNow

PANW (9.6%)

Palo Alto Networks

CRWD (-3.9%)

CrowdStrike

Higher CFO/Rev LTM (Value for ZENA: -244.8%)

MSFT (53.5%)

Microsoft

PANW (39.8%)

Palo Alto Networks

FTNT (39.4%)

Fortinet

NOW (38.9%)

ServiceNow

CRWD (35.7%)

CrowdStrike

Higher FCF/Rev LTM (Value for ZENA: -303.5%)

PANW (35.8%)

Palo Alto Networks

FTNT (34.3%)

Fortinet

NOW (33.1%)

ServiceNow

CRWD (28.1%)

CrowdStrike

MSFT (22.9%)

Microsoft

Higher Total Yield (Value for ZENA: -89.2%)

MSFT (5.2%)

Microsoft

FTNT (1.8%)

Fortinet

NOW (1.7%)

ServiceNow

PANW (0.4%)

Palo Alto Networks

CRWD (0.0%)

CrowdStrike

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZENA: 238.0% | 3.7x)

BKKT (919.3% | 0.2x)

Bakkt

IMMR (1186.2% | 0.1x)

Immersion

PSQH (391.8% | 1.0x)

PSQ

IPM (249.9% | 1.0x)

Intelligent Protection Management

VS (249.7% | 3.4x)

Versus Systems

Higher Rev Chg LTM (Value for ZENA: 704.6%)

VHC (5300.0%)

VirnetX

BZAI (1906.1%)

Blaize Holdings Inc

ASTS (1732.1%)

AST SpaceMobile

QUBT (1025.7%)

Quantum Computing

ONDS (793.2%)

Ondas

Higher Rev Chg 3Y Avg (Value for ZENA: 238.0%)

ATOM (2631.7%)

Atomera

BKKT (919.3%)

Bakkt

ASTS (821.2%)

AST SpaceMobile

QUBT (362.8%)

Quantum Computing

ONDS (330.1%)

Ondas

Higher Op Mgn LTM (Value for ZENA: -217.5%)

NVDA (64.0%)

NVIDIA

MU (48.4%)

Micron Technology

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

AAPL (32.6%)

Apple

Higher CFO/Rev LTM (Value for ZENA: -244.8%)

MSFT (53.5%)

Microsoft

MU (52.7%)

Micron Technology

NVDA (49.6%)

NVIDIA

AVGO (44.6%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for ZENA: -303.5%)

NVDA (47.0%)

NVIDIA

AVGO (43.4%)

Broadcom

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

MU (17.7%)

Micron Technology

Higher Total Yield (Value for ZENA: -89.2%)

MSFT (5.2%)

Microsoft

AAPL (3.2%)

Apple

NVDA (3.2%)

NVIDIA

AVGO (2.3%)

Broadcom

MU (2.2%)

Micron Technology

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZENA: 238.0% | 3.7x)

QXO (5076.7% | 1.4x)

QXO

STEP (429.3% | 1.8x)

StepStone

AD (456.2% | 3.3x)

Array Digital Infrastructure

SSSS (2042.8% | 1.6x)

SuRo Capital

OSG (412.6% | 0.9x)

Octave Specialty

Higher Rev Chg LTM (Value for ZENA: 704.6%)

JOBY (69873.9%)

Joby Aviation

QXO (15211.3%)

QXO

CRNX (2277.5%)

Crinetics Pharmaceuticals

LQDA (1936.7%)

Liquidia

MRP (761.8%)

Millrose Properties

Higher Rev Chg 3Y Avg (Value for ZENA: 238.0%)

QXO (5076.7%)

QXO

ARWR (454.7%)

Arrowhead Pharmaceuticals

CRCL (345.4%)

Circle Internet

NLY (290.4%)

Annaly Capital Management

CYTK (255.5%)

Cytokinetics

Higher Op Mgn LTM (Value for ZENA: -217.5%)

LLY (47.3%)

Eli Lilly

META (41.2%)

Meta Platforms

GOOGL (32.7%)

Alphabet

AMZN (11.5%)

Amazon.com

TSLA (5.4%)

Tesla

Higher CFO/Rev LTM (Value for ZENA: -244.8%)

META (57.7%)

Meta Platforms

GOOGL (41.3%)

Alphabet

AMZN (20.0%)

Amazon.com

TSLA (16.9%)

Tesla

BRK-B (10.9%)

Berkshire Hathaway

Higher FCF/Rev LTM (Value for ZENA: -303.5%)

META (22.4%)

Meta Platforms

GOOGL (15.2%)

Alphabet

TSLA (7.2%)

Tesla

BRK-B (5.7%)

Berkshire Hathaway

AMZN (-0.3%)

Amazon.com

Higher Total Yield (Value for ZENA: -89.2%)

BRK-B (6.9%)

Berkshire Hathaway

META (5.3%)

Meta Platforms

GOOGL (3.9%)

Alphabet

AMZN (3.5%)

Amazon.com

TSLA (0.3%)

Tesla

Best Bets in Information Technology

What You Pay

P/EBIT (Value for ZENA: -1.7x)

APP (35.0x)

AppLovin

VRSN (22.0x)

VeriSign

NVDA (26.3x)

NVIDIA

QLYS (17.1x)

Qualys

ADEA (18.1x)

Adeia

IDCC (16.0x)

InterDigital

YOU (23.7x)

Clear Secure

ADBE (9.1x)

Adobe

GEN (7.1x)

Gen Digital

FICO (24.3x)

Fair Isaac

P/E (Value for ZENA: -1.1x)

APP (42.3x)

AppLovin

VRSN (30.5x)

VeriSign

NVDA (31.2x)

NVIDIA

QLYS (19.7x)

Qualys

ADEA (28.6x)

Adeia

IDCC (19.9x)

InterDigital

YOU (40.8x)

Clear Secure

ADBE (11.6x)

Adobe

GEN (15.1x)

Gen Digital

FICO (36.7x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for ZENA: 238.0%)

APP (37.0%)

AppLovin

VRSN (5.3%)

VeriSign

NVDA (121.7%)

NVIDIA

QLYS (10.6%)

Qualys

ADEA (4.4%)

Adeia

IDCC (14.8%)

InterDigital

YOU (25.6%)

Clear Secure

ADBE (10.8%)

Adobe

GEN (15.1%)

Gen Digital

FICO (16.7%)

Fair Isaac

Rev Chg LTM (Value for ZENA: 704.6%)

APP (66.4%)

AppLovin

VRSN (6.8%)

VeriSign

NVDA (70.7%)

NVIDIA

QLYS (10.2%)

Qualys

ADEA (21.1%)

Adeia

IDCC (1.6%)

InterDigital

YOU (17.4%)

Clear Secure

ADBE (11.0%)

Adobe

GEN (27.1%)

Gen Digital

FICO (22.6%)

Fair Isaac

Rev Chg Q (Value for ZENA: 639.9%)

APP (59.0%)

AppLovin

VRSN (6.6%)

VeriSign

NVDA (85.2%)

NVIDIA

QLYS (9.8%)

Qualys

ADEA (19.5%)

Adeia

IDCC (-2.4%)

InterDigital

YOU (19.7%)

Clear Secure

ADBE (12.0%)

Adobe

GEN (27.0%)

Gen Digital

FICO (38.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for ZENA: 0.0%)

APP (64.1%)

AppLovin

VRSN (57.7%)

VeriSign

NVDA (48.3%)

NVIDIA

QLYS (42.9%)

Qualys

ADEA (40.3%)

Adeia

IDCC (39.5%)

InterDigital

YOU (39.2%)

Clear Secure

ADBE (38.8%)

Adobe

GEN (38.3%)

Gen Digital

FICO (34.8%)

Fair Isaac

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Would You Still Hold ZenaTech Stock If It Fell 30%?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ZENA.

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Peer Comparisons

Peers to compare with:

Financials

	ZENA	GEN	PATH	CVLT	S	AIBZ	Median
Name	ZenaTech	Gen Digi.	UiPath	CommVaul.	Sentinel.	Bitzero
Mkt Price	1.40	24.32	10.55	127.76	14.85	5.61	12.70
Mkt Cap	0.1	14.7	5.5	5.5	5.0	-	5.5
Rev LTM	20	5,000	1,672	1,184	1,049	-	1,184
Op Inc LTM	-44	2,155	101	106	-306	-	101
FCF LTM	-61	1,523	375	237	37	-	237
FCF 3Y Avg	-	1,591	338	213	11	-	276
CFO LTM	-49	1,545	384	245	63	-	245
CFO 3Y Avg	-	1,610	352	219	36	-	285

Growth & Margins

	ZENA	GEN	PATH	CVLT	S	AIBZ	Median
Name	ZenaTech	Gen Digi.	UiPath	CommVaul.	Sentinel.	Bitzero
Rev Chg LTM	704.6%	27.1%	15.2%	18.9%	21.4%	-	21.4%
Rev Chg 3Y Avg	238.0%	15.1%	15.1%	14.8%	30.3%	-	15.1%
Rev Chg Q	639.9%	27.0%	17.3%	13.3%	20.8%	-	20.8%
QoQ Delta Rev Chg LTM	56.3%	5.8%	3.8%	3.2%	4.8%	-	4.8%
Op Inc Chg LTM	-627.2%	33.0%	178.1%	19.0%	7.4%	-	19.0%
Op Inc Chg 3Y Avg	-754.9%	21.1%	80.2%	26.9%	10.1%	-	21.1%
Op Mgn LTM	-217.5%	43.1%	6.0%	8.9%	-29.2%	-	6.0%
Op Mgn 3Y Avg	-146.7%	38.3%	-5.1%	9.1%	-39.2%	-	-5.1%
QoQ Delta Op Mgn LTM	-21.4%	5.8%	2.5%	0.4%	1.7%	-	1.7%
CFO/Rev LTM	-244.8%	30.9%	23.0%	20.7%	6.0%	-	20.7%
CFO/Rev 3Y Avg	-	38.7%	23.6%	21.9%	3.8%	-	22.8%
FCF/Rev LTM	-303.5%	30.5%	22.4%	20.0%	3.5%	-	20.0%
FCF/Rev 3Y Avg	-	38.3%	22.7%	21.4%	0.8%	-	22.1%

Valuation

	ZENA	GEN	PATH	CVLT	S	AIBZ	Median
Name	ZenaTech	Gen Digi.	UiPath	CommVaul.	Sentinel.	Bitzero
Mkt Cap	0.1	14.7	5.5	5.5	5.0	-	5.5
P/S	3.7	2.9	3.3	4.6	4.8	-	3.7
P/Op Inc	-1.7	6.8	54.6	52.1	-16.3	-	6.8
P/EBIT	-1.7	7.1	54.6	57.4	-16.3	-	7.1
P/E	-1.1	15.1	16.9	77.9	-15.7	-	15.1
P/CFO	-1.5	9.5	14.4	22.5	79.6	-	14.4
Total Yield	-89.2%	8.8%	5.9%	1.3%	-6.4%	-	1.3%
Dividend Yield	0.0%	2.1%	0.0%	0.0%	0.0%	-	0.0%
FCF Yield 3Y Avg	-	11.8%	4.8%	4.8%	0.3%	-	4.8%
D/E	0.2	0.6	0.0	0.2	0.0	-	0.2
Net D/E	0.0	0.5	-0.2	0.0	-0.1	-	0.0

Returns

	ZENA	GEN	PATH	CVLT	S	AIBZ	Median
Name	ZenaTech	Gen Digi.	UiPath	CommVaul.	Sentinel.	Bitzero
1M Rtn	-30.7%	5.0%	11.4%	28.0%	-7.6%	-26.2%	-1.3%
3M Rtn	-36.1%	18.2%	-8.9%	61.8%	2.3%	-26.2%	-3.3%
6M Rtn	-54.5%	-11.2%	-39.4%	5.1%	-1.5%	-26.2%	-18.7%
12M Rtn	-72.3%	-18.1%	-16.7%	-31.3%	-16.9%	-26.2%	-22.1%
3Y Rtn	-84.1%	40.2%	-41.1%	80.5%	-6.0%	-26.2%	-16.1%
1M Excs Rtn	-30.5%	5.2%	11.6%	28.2%	-7.5%	-26.0%	-1.2%
3M Excs Rtn	-48.1%	6.2%	-20.9%	49.8%	-9.8%	-38.2%	-15.4%
6M Excs Rtn	-65.0%	-18.6%	-51.5%	-4.2%	-10.5%	-34.1%	-26.4%
12M Excs Rtn	-94.5%	-39.2%	-42.1%	-55.5%	-40.7%	-49.6%	-45.8%
3Y Excs Rtn	-158.2%	-28.7%	-115.3%	4.8%	-65.6%	-100.3%	-83.0%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	6/3/2026	4/29/2026	4/25/2025	6/7/2024	2/2/2024	12/7/2022	12/7/2022
Key Financials
Total Revenue	20	13	2	2	3	2	1
Gross Profit	-7	-5	1	1	1	0	0
EBITDA	-40	-23	-3	0	0	0	-0
Operating Income	-44	-25	-3	0	0	-0	-0
Net Income	-67	-45	-4	-0	0	-0	-0
EPS	-1.96	-1.32	-0.24	-0.01	0.00	-0.01	-0.00
Growth Rates
Total Revenue Growth	704.6%	557.6%	7.4%	-39.6%	32.4%	130.2%	74.9%
EBITDA Growth	-606.6%	-741.2%	-664.3%	4.9%	333.9%	168.7%	17.0%
Operating Income Growth	-627.2%	-740.1%	-1332.6%	-29.2%	753.8%	64.2%	-31.9%
Net Income Growth	-648.4%	-908.9%	-1755.8%	-1791.7%	106.6%	-2.0%	32.5%
Margins
Gross Margin	-33.3%	-37.0%	58.3%	56.1%	43.7%	18.7%	22.7%
EBITDA Margin	-200.1%	-179.4%	-140.2%	26.7%	15.4%	4.7%	-15.7%
Operating Income Margin	-217.5%	-196.1%	-153.5%	13.4%	11.4%	-2.3%	-14.9%
Net Income Margin	-332.8%	-350.2%	-228.2%	-13.2%	0.5%	-9.5%	-21.3%
Cash & Debt
Total Cash	15	15	4	0	0	1	0
Total Debt	16	21	10	8	5	5	1
Net Debt / (Cash)	1	6	6	8	5	4	1
Cash Flows & CapEx
Net Cash from Operations	-49	-35	-10	-2	-2	0	-0
Total CapEx	-12	-10	-1	-1	-1	0	-0
Free Cash from Operations	-61	-46	-11	-3	-3	0	-0
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	0	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	6/3/2026	4/29/2026	11/10/2025	8/11/2025	5/14/2025	4/25/2025	11/14/2024	8/11/2025	6/7/2024	6/7/2024	2/2/2024
Key Financials Quarterly
Total Revenue	8	5	4	2	1	1	0	0	1	1	0
Ebitda	-20	-12	-5	-3	-3	-2	-0	-0	0	0	-0
Operating Income	-22	-14	-5	-4	-3	-2	-1	-0	0	0	-0
Net Income	-27	-22	-12	-6	-5	-3	-1	-0	-0	0	-0
EPS	-0.50	-0.93	-0.34	-0.19	-0.25	0.43	-0.71	-0.01	-0.01	0.02	-0.01
Key Financials TTM
Total Revenue TTM	20	13	8	4	3	2	2	2	2	2	2
Ebitda TTM	-40	-23	-13	-9	-6	-3	0	1	1	1	0
Operating Income TTM	-44	-25	-14	-10	-6	-3	-0	0	0	0	0
Net Income TTM	-67	-45	-26	-15	-9	-4	-1	-0	-0	-0	-0
Growth Rates Quarterly
Total Revenue Growth	639.9%	670.8%	1225.3%	504.1%	92.0%	-4.4%	23.2%	-8.3%	-15.9%	-5.4%	41.2%
EBITDA Growth	-601.3%	-420.6%	-926.1%	-15694.5%	-3063.9%	-591.0%	-2466.7%	-165.6%	-41.8%	104.9%	95.1%
Operating Income Growth	-620.9%	-462.9%	-803.1%	-4095.6%	-9976.9%	-669.8%	-550.3%	-463.9%	-74.7%	54.2%	81.5%
Net Income Growth	-475.6%	-550.3%	-1683.5%	-2286.2%	-3714.3%	-1339.7%	-214.2%	-124.4%	-338.9%	124.6%	55.8%
Margins Quarterly
EBITDA Margin	-239.1%	-239.1%	-105.2%	-147.6%	-252.3%	-354.0%	-135.8%	-5.6%	16.3%	68.9%	-6.5%
Operating Income Margin	-256.7%	-262.4%	-110.5%	-174.4%	-263.5%	-359.4%	-162.1%	-25.1%	5.1%	60.3%	-30.7%
Net Income Margin	-316.0%	-428.0%	-282.4%	-273.1%	-406.1%	-507.4%	-209.9%	-69.1%	-20.4%	39.1%	-82.3%
Cash & Debt
Total Cash	15	15	20	10	3	4	0	-	0	0	0
Total Debt	16	21	32	19	16	10	10	0	9	8	8
Net Debt / (Cash)	1	6	13	9	13	6	9	-	9	8	8
Cash Flows Quarterly
FCF from Operations	-19	-15	-9	-6	-5	-6	-3	-1	-1	0	-
Cash Flows TTM
FCF from Operations TTM	-49	-35	-26	-19	-14	-10	-4	-	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-52.3%	-42.5%	-22.5%	-26.2%	-26.8%	-26.4%	-8.3%	-	0.6%	8.7%	-1.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-26.6%	-19.8%	-16.6%	-16.5%	-13.5%	-8.2%	-0.7%	-	1.6%	0.8%	1.4%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023
Drone as a Service	10
Enterprise Software	3
Corporate Unallocated	0
Software licensing and subscription agreements, software support and maintenance, and technology		2	2
Total	13	2	2

Operating Income by Segment

$ Mil	2025
Drone as a Service	-0
Enterprise Software	-4
Corporate Unallocated	-21
Total	-25

Price Behavior

Price Behavior

Market Price	$1.40
Market Cap ($ Bil)	0.1
First Trading Date	10/01/2024
Distance from 52W High	-79.1%
	50 Days	200 Days
DMA Price	$1.86	$3.63
DMA Trend	down	down
Distance from DMA	-24.9%	-61.5%
	3M	1YR
Volatility	108.8%	101.7%
Downside Capture	444.41	428.03
Upside Capture	112.22	167.26
Correlation (SPY)	35.9%	31.5%

ZENA Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	5.93	3.31	3.04	3.28	2.55	0.25
Up Beta	-6.82	-1.66	0.48	2.25	1.81	-1.03
Down Beta	18.57	15.74	4.45	3.21	2.25	-1.13
Up Capture	187%	144%	230%	321%	388%	157%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	7	16	24	48	106	170
Down Capture	1370%	1022%	409%	300%	204%	113%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	12	23	37	73	139	237

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ZENA
ZENA	-69.5%	101.7%	-0.71	-
Sector ETF (XLK)	54.9%	22.5%	1.86	28.5%
Equity (SPY)	24.9%	12.3%	1.52	31.1%
Gold (GLD)	25.5%	27.4%	0.81	15.2%
Commodities (DBC)	30.1%	19.0%	1.25	4.0%
Real Estate (VNQ)	13.5%	13.5%	0.69	10.5%
Bitcoin (BTCUSD)	-41.8%	42.2%	-1.16	32.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ZENA
ZENA	-30.0%	248.0%	0.28	-
Sector ETF (XLK)	22.4%	25.1%	0.79	12.6%
Equity (SPY)	13.5%	17.1%	0.61	14.0%
Gold (GLD)	16.8%	18.2%	0.75	-2.1%
Commodities (DBC)	8.4%	19.4%	0.33	-1.5%
Real Estate (VNQ)	2.8%	18.8%	0.05	12.8%
Bitcoin (BTCUSD)	13.6%	54.4%	0.44	0.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ZENA
ZENA	-16.3%	248.0%	0.28	-
Sector ETF (XLK)	25.1%	24.6%	0.92	12.6%
Equity (SPY)	15.3%	17.9%	0.73	14.0%
Gold (GLD)	12.5%	16.1%	0.64	-2.1%
Commodities (DBC)	6.7%	18.0%	0.29	-1.5%
Real Estate (VNQ)	5.7%	20.7%	0.24	12.8%
Bitcoin (BTCUSD)	60.2%	66.8%	1.00	0.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	3.6 Mil
Short Interest: % Change Since 5152026	10.6%
Average Daily Volume	4.7 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	53.8 Mil
Short % of Basic Shares	6.8%

Returns Analyses

	Title
0	Would You Still Hold ZenaTech Stock If It Fell 30%?

Earnings Returns History

Updated 6/2/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	06/03/2026	6-K
12/31/2025	04/29/2026	20-F
09/30/2025	11/10/2025	6-K
06/30/2025	08/11/2025	6-K
03/31/2025	05/14/2025	6-K
12/31/2024	04/25/2025	20-F
09/30/2024	11/14/2024	6-K
03/31/2024	06/07/2024	F-1/A
09/30/2023	02/02/2024	F-1

Recent Forward Guidance

Updated 6/12/2026

Latest: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Updated 4/26/2026

Expand for Morenull

ZENA Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing ZENA?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What ZENA Makes & Who Pays

TTM figures based on

ZENA Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Systems Software Resources

CNET

ZDNet

Gartner

Software Development Times

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 6/12/2026

ZenaTech (ZENA)

Market Price (6/13/2026): $1.42 | Market Cap: $76.4 MilSector: Information Technology | Industry: Systems Software

ZenaTech (ZENA)

Market Price (6/13/2026): $1.42Market Cap: $76.4 MilSector: Information TechnologyIndustry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About ZenaTech (ZENA)

Expected Drivers of Future Revenue Growth for ZenaTech (ZENA)

Interactive Breakdown

Better Bets vs. ZenaTech (ZENA)

INDUSTRY: Systems Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZENA: 238.0% | 3.7x)

Higher Rev Chg LTM (Value for ZENA: 704.6%)

Higher Rev Chg 3Y Avg (Value for ZENA: 238.0%)

Higher Op Mgn LTM (Value for ZENA: -217.5%)

Higher CFO/Rev LTM (Value for ZENA: -244.8%)

Higher FCF/Rev LTM (Value for ZENA: -303.5%)

Higher Total Yield (Value for ZENA: -89.2%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZENA: 238.0% | 3.7x)

Higher Rev Chg LTM (Value for ZENA: 704.6%)

Higher Rev Chg 3Y Avg (Value for ZENA: 238.0%)

Higher Op Mgn LTM (Value for ZENA: -217.5%)

Higher CFO/Rev LTM (Value for ZENA: -244.8%)

Higher FCF/Rev LTM (Value for ZENA: -303.5%)

Higher Total Yield (Value for ZENA: -89.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZENA: 238.0% | 3.7x)

Higher Rev Chg LTM (Value for ZENA: 704.6%)

Higher Rev Chg 3Y Avg (Value for ZENA: 238.0%)

Higher Op Mgn LTM (Value for ZENA: -217.5%)

Higher CFO/Rev LTM (Value for ZENA: -244.8%)

Higher FCF/Rev LTM (Value for ZENA: -303.5%)

Higher Total Yield (Value for ZENA: -89.2%)

Best Bets in Information Technology

P/EBIT (Value for ZENA: -1.7x)

P/E (Value for ZENA: -1.1x)

Rev Chg 3Y Avg (Value for ZENA: 238.0%)

Rev Chg LTM (Value for ZENA: 704.6%)

Rev Chg Q (Value for ZENA: 639.9%)

FCF/Rev 3Y Avg (Value for ZENA: 0.0%)

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Market Price (6/13/2026): $1.42
Market Cap: $76.4 Mil
Sector: Information Technology
Industry: Systems Software