ZIVO

ZIVO is a pre-commercial OTCBQ (symbol quoted on OTCBQ, ~202 holders of record) micro-algae company whose 'business model' is still aspirational: the MD&A repeatedly frames income in the conditional — products it 'may derive future income from,' that 'will likely be sold or licensed' to 'much larger, better-financed' partners. The reality in the numbers is a science project, not a business. FY2024 revenue was $157K — real dollars, but from a single customer distributing dried algal powder direct-to-consumer, sourced from one contract grower in Peru. The eye-popping +468% revenue growth is off a $27.6K base and is economically meaningless against a $13.4M net loss. Operating margin is -8,499%; the company spent $13.4M of total costs ($10.3M G&A, $3.1M R&D) to generate $49K of gross profit.

The balance sheet is broken. Stockholders' equity is negative (-$515K), liabilities exceed equity (-4.19x), and the accumulated deficit sits at -$137M against total assets of just $1.64M. Cash of $1.54M cannot cover even half a year of the $4.31M annual operating cash burn — MD&A explicitly guides that G&A and R&D 'will significantly increase,' so the burn accelerates. This is a company that must dilute or borrow imminently to survive; shares already grew 35% YoY and EPS was -$4.23. Survival, not profit, is the operative question.