Share count
34Mpeak FY2025
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ZENA, ZenaTech Inc.
ZenaTech, Inc. is a technology solutions company that specializes in mission-critical cloud-based software applications integrated with smart hardware to deliver innovative solutions across diverse industries.
Prior to January 1, 2025, the Company operated in the software business as it incurred expenses developing its drone business.
Hence, the Company now operates in two segments: (i) Enterprise Software-as-a-Service ("SaaS") software development technology, sales, and distribution and (ii) drone development, manufacturing, sales, distribution and services.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
C$2M
+7.4% YoY
Vital signs · TTM
Cash & investments C$6M
Cash burn · annual C$35M
Runway 2 mo
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Retention and the cost of growth. What decides it: whether customers expand rather than churn, how much of revenue is spent winning the next one, and whether software's gross margin holds as it scales. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−32%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(C$38M)owner earningsvs.(C$45M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned (C$38M) of owner earnings, the operating cash left after the C$2M it takes just to hold its position. It put C$6M more into growth; free cash flow, after that spending, was (C$43M).
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | (C$45M) | (C$4M) | (C$242K) |
| Depreciation & amortizationnon-cash charge added back | +C$2M | +C$282K | +C$263K |
| Working capital & othertiming of cash in and out, other non-cash items | +C$8M | −C$6M | −C$2M |
| Cash from operations | (C$35M) | (C$10M) | (C$2M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −C$2M | −C$282K | −C$2K |
| Owner earnings | (C$38M) | (C$10M) | (C$2M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −C$6M | −C$117K | — |
| Free cash flow | (C$43M) | (C$10M) | (C$2M) |
| Owner-earnings marginowner earnings ÷ revenue | — | -515% | -108% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about C$2M, roughly its depreciation, the rate its assets wear out). The other C$6M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F/A · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -17.5×Does not cover its interestOperating income (C$25M) ÷ interest expense C$1M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cash, debt-freeCash C$6M − debt C$0
What this means
Cash and short-term investments exceed every dollar of debt by C$6M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -61%
What this means
The filing data didn't include the inputs for this check.
- Owner-earnings margin -1917%Consumes cashOwner earnings (C$38M) = operating cash (C$35M) − maintenance capex C$2MIndustry peers: median -363%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1917% of revenue this year. It chose to put C$6M more into growth, so free cash flow this year was (C$43M) — the gap is investment, not weakness.
- Are earnings backed by cash? (C$35M)Loss, and burning cashNet income (C$4M) · cash from operations (C$35M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 3.65×ExpandingCapex C$8M ÷ depreciation C$2M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 1 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · C$2M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.22×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are C$-0.35/share (latest year C$-0.09), the averaged base the calculator's gate runs on, and book value is C$1.42/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsC$33M
- Cash & short-term investmentsC$6M
- ReceivablesC$4M
- InventoryC$3M
- Other current assetsC$20M
Current liabilitiesC$15M
- Other current liabilitiesC$15M
Current ratio2.22×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.03×stricter: inventory excluded
Cash ratio0.40×strictest: cash alone against what's due
Working capitalC$18Mthe cushion left after near-term bills
Cash runway0.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueC$65Mequity stripped of goodwill & intangibles
Net current asset valueC$20MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesC$921KC$921K of it operating leases
From the company's latest filing.
Peers, Software
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| BMBLBumble Inc. | $966M | 71% | -14.5% | -6% | — |
| MNTNMNTN Inc. | $290M | 77% | 8.3% | 20% | — |
| RGTIRigetti Computing Inc. | $7M | 65% | -733.7% | -61% | -612% |
| PDYNPalladyne AI Corp. | $5M | 30% | -916.4% | -333% | -500% |
| KDKKodiak AI Inc. Common Stock | $4M | — | -413.3% | — | -363% |
| PHUNPhunware Inc. | $3M | 51% | -175.0% | -124% | -161% |
| ZENAZenaTech Inc. | C$2M | — | -1289.6% | -13% | -1917% |
| SHAZSharonAI Holdings Inc. | $2M | 6% | -880.0% | — | -299% |
| Group median | — | — | -573.5% | -37% | -431% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. ZenaTech Inc. reports in CAD, and every figure here (owner earnings, book value, the share count) is on that CAD, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in CAD. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
ZenaTech Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
C$
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−2212%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "ZenaTech Inc. (ZENA), the owner's record," https://ownerscorecard.com/c/ZENA, data as of 2026-07-09.
Manual order: ← YXT its page in the Manual ZGN →
Industry order: ← YXT the Software chapter ZETA →