10-Q · August 14, 2023
ZIVO reported first product revenue of $4,050 for the quarter and gross profit of $3,349, but continues to report substantial losses and cash depletion. Q2 operating loss narrowed to $(1,823,866) vs $(2,067,601) in Q2…
Earnings analysis · 10-Q
ZIVO earnings analysis
Filed May 15, 2025 · Our reading of the company's report
The latest report
ZIVO reported Q1 2025 revenue of $0 (down from $35,720 in Q1 2024) and a net loss of $4,211,188 (loss per share $1.12 versus $0.47 in Q1 2024). Loss widened primarily due to a $2,769,236 increase in research &…
Read full summary
ZIVO reported Q1 2025 revenue of $0 (down from $35,720 in Q1 2024) and a net loss of $4,211,188 (loss per share $1.12 versus $0.47 in Q1 2024). Loss widened primarily due to a $2,769,236 increase in research & development expense (Q1 2025) and higher G&A of $1,439,552. Cash declined to $517,189 at March 31, 2025 (from $1,542,442 at December 31, 2024) and operating cash used improved modestly to $(1,430,238). Management discloses substantial doubt about the company’s ability to continue as a going concern and intends to raise additional capital via equity and/or debt financings.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.12
- Segment
- Microalgae technology (single reportable segment): Total revenue $0 (Q1 2025) vs $35,720 (Q1 2024); Cost of goods sold $0 vs $(23,218); Research & development $2,769,236 (Q1 2025) vs $312,767 (Q1 2024); General & administrative $1,439,552 vs $975,574.
What stood out
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Zero product revenue this quarter
Total revenues were $0 in Q1 2025 versus $35,720 in Q1 2024 (decline of $35,720).
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R&D expense spike driven by Exchange Agreements
Research and development expense rose to $2,769,236 in Q1 2025 from $312,767 in Q1 2024, including a non‑cash R&D expense of $2,508,261 related to Exchange Agreements.
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Equity issued to extinguish participation obligations
Through March 31, 2025 the Company issued 131,380 shares in exchange for extinguishing rights to $3,284,500 of participation buy‑out obligations and recognized $2,508,261 of value for those exchanges.
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Additional paid-in capital increased
Additional paid-in capital rose to $139,556,668 at March 31, 2025 from $136,448,032 at December 31, 2024 (increase of $3,108,636), reflecting equity issuances/exchanges.
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Operating cash outflow improved vs prior year quarter
Net cash used in operating activities was $(1,430,238) in Q1 2025 versus $(1,699,118) in Q1 2024 (improvement of $268,880).
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New operating leases established to support facilities
Company recorded operating right-of-use assets of $300,731 and total operating lease liabilities of $315,247 as of March 31, 2025 (current portion $60,793; long-term $254,454).
What to watch
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Substantial doubt—going concern
Company states 'substantial doubt about the Company’s ability to continue as a going concern within one year' and has an accumulated deficit of $141,177,738 as of March 31, 2025.
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Near-term cash runway limited
Cash declined to $517,189 at March 31, 2025 from $1,542,442 at December 31, 2024 (decrease of $1,025,253) while net cash used in operations was $(1,430,238) for the quarter.
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Revenue collapse
Reported revenue fell to $0 in Q1 2025 from $35,720 in Q1 2024, removing a small but positive gross margin ($12,502 in Q1 2024).
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Sharp increase in operating losses
Net loss widened to $4,211,188 in Q1 2025 from $1,278,486 in Q1 2024 (increase of $2,932,702); basic and diluted loss per share was $(1.12) versus $(0.47).
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New short-term debt and higher current liabilities
Company entered a short-term loan of $488,198 (7.85% APR) on March 5, 2025 with $439,378 outstanding at March 31, 2025; total current liabilities increased to $2,612,701 from $2,041,822 (increase of $570,879).
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Dilution / potential future equity needs
Company issued 131,380 shares to extinguish $3,284,500 of participation obligations through March 31, 2025 and in April 2025 issued 15,280 shares valued at $230,020 for two additional exchanges (subsequent event).
Management's outlook
No numeric guidance provided. Management states it 'expects to continue to incur operating losses and net cash outflows' and 'intends to fund ongoing activities by utilizing its current cash on hand and by raising additional capital through equity and/or debt financings.' Outlook deferred to future financings/press releases.
Earlier filings 4
10-K · March 14, 2023
ZIVO repositioned in Q1 2022 into two focused businesses: a biotech arm targeting an immune-modulating coccidiosis product for poultry (partner/licensing model) and an agtech arm commercializing dried algal biomass. The…
10-Q · August 4, 2022
ZIVO reported no revenue for the quarter and continues to operate at a loss: net loss was $(2,071,839) for the three months ended June 30, 2022 and $(4,100,159) for the six months ended June 30, 2022. Cash declined to…
10-Q · May 13, 2022
Zivo Bioscience reported no revenues for the quarter (Total revenues $0) and a net loss of $2,028,320 for the three months ended March 31, 2022, an improvement of $190,658 versus $2,218,978 in the prior-year quarter.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.