zSpace, Inc.
zSpace, Inc. develops augmented and virtual reality educational technology for schools, with software, hardware, and related services designed for K-12 STEM and career and technical education (CTE). The company serves customers primarily in the United States and also works through international reseller partners.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2024–2025
Liiketoiminta
Osuus liikevaihdostaDevice- and user-based educational software licenses and subscriptions for classroom learning.
Classroom systems and related product sales that support the AR/VR learning platform.
Installation, training, and extended warranty services sold with customer deployments.
Tuotteet
Raportoitu · osuus liikevaihdosta- Hardware51,0 %
- Software37,9 %
- Services11,1 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
zSpace sells primarily to K-12 schools, school districts, and education buyers that use its platform for STEM and CTE instruction. Customers buy the system to support immersive classroom learning, with software renewals and expansion purchases tied to device counts, user counts, and additional titles.
Buy classroom systems and software for district-wide STEM instruction and device rollouts.
Buy career and technical education content and systems for hands-on vocational learning.
Renew licenses, add software titles, and expand device footprints over time.
Reseller partners place bookings outside the U.S. for school and education customers.
Strategia
zSpace’s strategy centers on retaining existing customers, expanding software usage, and shifting the revenue mix toward software over time. It also emphasizes scaling in the United States, where school-district sales cycles and education funding dynamics shape adoption. The company’s platform strategy relies on bundled offerings across grade levels and learning areas to support renewals and cross-sell.
Recurring software usage improves customer retention and supports a larger installed base.
The U.S. is the core market and district-level penetration drives platform growth.
A wider content set increases relevance across grade levels and use cases.
Maantiede
Q1/2026The company is based in the United States and says its current focus is on U.S. K-12 schools and the CTE market. It also tracks international bookings through reseller partners, showing that part of demand comes from outside the U.S. Manufacturing is exposed to China, where the company says its products are produced.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
zSpace faces customer concentration in education markets that depend on public funding, long purchasing cycles, and renewal behavior. It also has material supply-chain and tariff exposure because products are manufactured in China, while the company has disclosed substantial doubt about its ability to continue as a going concern if it cannot raise additional funding.
Management disclosed that cash on hand may not be sufficient without additional funding.
Kohdistuu: Operations and growth initiatives
The company manufactures in China and tariffs can affect cost, pricing, and supply continuity.
Kohdistuu: Hardware supply chain and gross margin
K-12 purchasing depends on public funding and bureaucratic approval processes.
Kohdistuu: U.S. school district sales
Customers have no obligation to renew licenses after the initial term.
Kohdistuu: Software applications revenue
Kirjanpito
Harkinnanvaraiset erätContracts often bundle several promises, requiring allocation and timing judgments.
Vaikutus: Can shift revenue between quarters and change mix disclosure
Software bundles and bundled systems require judgment in allocating consideration.
Vaikutus: Affects reported software versus hardware revenue
Hardware supply commitments and inventory levels can create write-down risk.
Vaikutus: Can affect cost of revenue and working capital
Asset values depend on future demand and cash flow assumptions.
Vaikutus: May create non-cash charges if expectations weaken
Realizability depends on future taxable income and tax planning.
Vaikutus: Can materially affect tax expense and equity
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Päivitetty: 24.9.2026