zSpace Q2 2026: revenue down to $5.4M but swings to $0.3M net income; margins at 56%

zSpace, Inc.

Revenue $5.4M vs $7.5M YoY; bookings $6.0M down 14%; backlog $3.8M; EMEA orders delayed/returned due to Iran war.
Net income $0.3M vs net loss $6.1M; adjusted EBITDA loss narrowed to $0.9M from $4.5M; gross margin 56%, up 1,380 bps.
Eliminated over $12M debt via lender conversions to equity; one-time gain will not recur; cash $0.9M vs $1.4M YoY.
ACV $9.4M down 13% YoY; NDRR 66% (83% normalized, excluding two customer losses in Q3 2025).
Board's strategic alternatives review remains ongoing; appointed VR Expert as first European master reseller.

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