• Income Statement
• Balance Sheet
• Cash Flow
• Ratios
• Market Data
• Valuation

	Grayscale Horizen Trust (ZEN) (HZEN)
	Q4-CY2025	Q3-CY2025	Q2-CY2025	Q1-CY2025	Q4-CY2024	Q3-CY2024	Q2-CY2024	Q1-CY2024	Q4-CY2023	Q3-CY2023	Q2-CY2023	Q1-CY2023	Q4-CY2022	Q3-CY2022	Q2-CY2022	Q1-CY2022	Q4-CY2021	Q3-CY2021	Q2-CY2021	Q1-CY2021	Q4-CY2020	Q3-CY2020	Q2-CY2020	Q1-CY2020	Q4-CY2019	Q3-CY2019	Q2-CY2019	Q1-CY2019	Q4-CY2018	Q3-CY2018	Q2-CY2018	Q1-CY2018	Q4-CY2017	Q3-CY2017	Q2-CY2017	Q1-CY2017	Q4-CY2016	Q3-CY2016	Q2-CY2016	Q1-CY2016	Q4-CY2015	Q3-CY2015	Q2-CY2015	Q1-CY2015	Q4-CY2014	Q3-CY2014	Q2-CY2014	Q1-CY2014	Q4-CY2013
Balance Sheet Date		2025-Sep-30	2025-Jun-30	2025-Mar-31	2024-Dec-31	2024-Sep-30	2024-Jun-30	2024-Mar-31	2023-Dec-31	2023-Sep-30	2023-Jun-30	2023-Mar-31	2022-Dec-31	2022-Sep-30	2022-Jun-30
Fiscal Period		Q4-FY2025	Q3-FY2025	Q2-FY2025	Q1-FY2025	Q4-FY2024	Q3-FY2024	Q2-FY2024	Q1-FY2024	Q4-FY2023	Q3-FY2023	Q2-FY2023	Q1-FY2023	Q4-FY2022	Q3-FY2022
Close Price of Common Stock
Market Cap of Common Stock
QoQ%
YoY%
Common Shares Outstanding	11,425,100	11,425,100	11,425,100	11,270,800	10,438,700	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,838,000	6,504,000
QoQ%	.00%	.00%	1.37%	7.97%	52.66%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	5.14%
YoY%	9.45%	67.08%	67.08%	64.83%	52.66%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	5.14%
Price to Sales
Price to Earnings
Price to Book
Total Revenue		(67,000$)	(61,000$)	(21,000$)	(24,000$)	(43,000$)	(43,000$)	(37,000$)	(41,000$)	(47,000$)	(44,000$)	(37,000$)	(36,000$)	(15,000$)	23,000$	90,000$	248,000$	203,000$	296,000$
QoQ%		(9.84%)	(190.48%)	12.50%	44.19%	.00%	(16.22%)	9.76%	12.77%	(6.82%)	(18.92%)	(2.78%)	(140.00%)	(165.22%)	(74.44%)	(63.71%)	22.17%	(31.42%)
YoY%		(55.81%)	(41.86%)	43.24%	41.46%	8.51%	2.27%	.00%	(13.89%)	(213.33%)	(291.30%)	(141.11%)	(114.52%)	(107.39%)	(92.23%)
TTM		(173,000$)	(149,000$)	(131,000$)	(147,000$)	(164,000$)	(168,000$)	(169,000$)	(169,000$)	(164,000$)	(132,000$)	(65,000$)	62,000$	346,000$	564,000$	837,000$
TTM_QoQ%		(16.11%)	(13.74%)	10.88%	10.37%	2.38%	.59%	.00%	(3.05%)	(24.24%)	(103.08%)	(204.84%)	(82.08%)	(38.65%)	(32.62%)
TTM_YoY%		(5.49%)	11.31%	22.49%	13.02%	.00%	(27.27%)	(160.00%)	(372.58%)	(147.40%)	(123.40%)	(107.77%)
Gross Margin		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
QoQ		.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%
YoY		.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%	.00%
Operating Income
QoQ%
YoY%
TTM
TTM_QoQ%
TTM_YoY%
Operating Margin
QoQ
YoY
Net Income		385,000$	(1,418,000$)	(18,229,000$)	15,377,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)
QoQ%		127.15%	92.22%	(218.55%)	1,721.92%	117.29%	(245.96%)	323.83%	193.26%	29.32%	(211.66%)	135.16%
YoY%		(54.38%)	70.95%	(645.13%)	1,848.92%	199.76%	(307.77%)	211.94%	125.88%
TTM		(3,885,000$)	(3,426,000$)	(6,889,000$)	14,684,000$	96,000$	(1,594,000$)	2,090,000$	(182,000$)	(4,020,000$)
TTM_QoQ%		(13.40%)	50.27%	(146.92%)	15,195.83%	106.02%	(176.27%)	1,248.35%	95.47%
TTM_YoY%		(4,146.88%)	(114.93%)	(429.62%)	8,168.13%	102.39%
Profit Margin		(574.63%)	2,324.59%	86,804.76%	(64,070.83%)	(1,962.79%)	11,351.16%	(9,037.84%)	(1,924.39%)	1,800.00%	2,720.46%	(2,897.30%)	8,469.44%
QoQ		(2,899.22%)	(84,480.17%)	150,875.60%	(62,108.04%)	(13,313.95%)	20,389.00%	(7,113.45%)	(3,724.39%)	(920.46%)	5,617.75%	(11,366.74%)
YoY		1,388.16%	(9,026.57%)	95,842.60%	(62,146.44%)	(3,762.79%)	8,630.71%	(6,140.54%)	(10,393.83%)
Equity to Common Shareholders
QoQ
QoQ%
YoY
YoY%
Dividends Paid
Additional Paid-In Capital QoQ
Treasury Stock
QoQ
Goodwill
QoQ%
YoY%
Other Intangible Assets
QoQ
Amortization of Intangible Assets
Total Assets		7,481,000$	7,096,000$	8,408,000$	25,713,000$	4,767,000$	3,923,000$	8,804,000$	5,460,000$	4,671,000$	5,517,000$	6,714,000$	5,642,000$	8,691,000$	7,859,000$			43,940,000$
QoQ		385,000$	(1,312,000$)	(17,305,000$)	20,946,000$	844,000$	(4,881,000$)	3,344,000$	789,000$	(846,000$)	(1,197,000$)	1,072,000$	(3,049,000$)	832,000$
YoY		2,714,000$	3,173,000$	(396,000$)	20,253,000$	96,000$	(1,594,000$)	2,090,000$	(182,000$)	(4,020,000$)	(2,342,000$)			(35,249,000$)
Total Liabilities
QoQ
YoY
Current Ratio
Total Current Assets
QoQ
Total Current Liabilities
QoQ
Debt to Asset Ratio
Long Term Debt
QoQ
YoY
Capital Lease Obligations
Cash and Cash Equivalents
QoQ
YoY
Interest Expenses
Interest Income

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