ZRCN
7.00
+0.00+0%
Apr 8, 10:14:18 AM EDT
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
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0%Recent Filings
10-K
FY2025 results
ZRCN Inc. wrapped FY2025 ended March 31, 2025, with net sales of $28.1 million, down 11% year-over-year from $31.5 million, driven by softer U.S. demand from a key customer that accounts for 46% of revenue. Gross margins slipped to 39.7% from 43.9%, squeezed by an unfavorable product mix and lower manufacturing absorption amid reduced volumes, while operating expenses rose 5% to $13.6 million on higher G&A costs from audit and legal fees. Q4 showed sequential stabilization with inventory down $1.6 million year-over-year and operating cash flow up to $2.2 million annually, but the full-year operating loss of $2.5 million reflects persistent pressures. Liquidity remains tight at $1.4 million cash and $3.5 million working capital, burdened by $8.4 million in debt under a forbearance agreement after covenant breaches; no dividends or buybacks occurred. No annual guidance disclosed. Yet supply chain disruptions from tariffs and China sourcing could further erode quarterly momentum.
8-K
ZRCN gains debt forbearance
ZRCN Inc. secured a forbearance agreement from lender FGI on July 15, 2025, halting enforcement of defaults under its May 2024 credit facility until February 28, 2026, or earlier termination. The deal waives the Fixed Cost Coverage Ratio covenant but hikes the interest rate to 3.3% and management fee to 0.3%, while mandating weekly budgets, a key supplier payment plan, minimum EBITDA maintenance, $2 million capital infusion to subsidiary Zircon by February 2026, and hiring a third-party consultant within 21 days. Lenders paused the chase. This buys time amid covenant breaches, yet demands tighter oversight and cash commitments.
8-K
ZRCN hits credit default snag
ZRCN Inc. received a notice of default on April 30, 2025, from lender FGI Worldwide LLC under its revolving credit agreement, triggered by breaches of the fixed cost coverage ratio and another non-financial covenant due to falling revenues and China import duties. The company can still borrow advances, and while the lender hasn't accelerated payments or seized assets yet, it could pursue remedies if unresolved. ZRCN and the lender have agreed in principle to amend terms and forbear, pending documentation. No final deal is assured.
8-K
ZRCN appoints new auditor
ZRCN Inc. appointed Kreston, PC as its new independent registered public accounting firm on May 12, 2025, for the financial reporting period ending March 31, 2025, subject to standard client acceptance procedures. The switch replaces the prior auditor, with no consultations on accounting principles or audit opinions in the two preceding years or interim periods. This change streamlines compliance for the emerging growth company. No disagreements or issues disclosed.
8-K
Auditor resigns cleanly
ZRCN Inc. announced the resignation of its auditor, Assurance Dimensions Inc., effective May 2, 2025, as the firm exits public company audit services. No disagreements arose on accounting or auditing matters during the fiscal year ended March 31, 2024, and prior reports carried clean opinions. The company now faces the task of appointing a new auditor promptly.
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