ZIVO earnings analysis
What we found in ZIVO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Zero product revenue this quarter
- Total revenues were $0 in Q1 2025 versus $35,720 in Q1 2024 (decline of $35,720).
- 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.
- 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.
- 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.
- 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).
- 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).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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).
- 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).
- 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).
- 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).
What they reported.
What the company itself reported, taken out of the document.
- 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 they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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