zSpace Q4 revenue falls 44% YoY to $4.8M; net loss widens to $7.3M, cash drops to $1.0M

zSpace, Inc.

Q4 2025 revenue $4.8M (down 44% YoY); full year $27.9M (down 27% YoY).
Net loss widened to $7.3M Q4 / $25.4M FY from $3.6M / $20.8M a year ago.
Gross margin improved to 49% Q4 / 48% FY (up 840 / 670 bps) on cost cuts and higher software mix.
Cash and restricted cash fell to $1.0M from $4.9M; recent $3M investment and $4.3M note added liquidity.
Software/services mix rose to 53% of Q4 revenue; bookings down 21% YoY to $3.4M.

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