zSpace, Inc. (NASDAQ: ZSPC) is an educational technology company that sells autostereoscopic 3D learning hardware, software, and content to K-12 school districts and community colleges. Revenue comes from three streams: hardware sales of proprietary devices such as the Inspire laptop, software and content licenses, and services including installation, training, and extended warranty contracts. The company sells directly to U.S. school districts through its own sales team and regional resellers, and reaches international markets exclusively through resellers. As of December 31, 2025, zSpace reported cash and cash equivalents of $1.0 million and has disclosed substantial doubt about its ability to continue as a going concern, having relied on debt and equity financing totaling $41.1 million in aggregate across 2024 and 2025 to fund operations. Services revenue accounted for between 9% and 11% of total revenue for the years ended December 31, 2025 and 2024. The platform targets K-12 STEM education and career and technical education in areas including health sciences, automotive repair, Unity3D software programming, and advanced manufacturing.

Revenue model

Hardware sales (Inspire laptops and related 3D devices produced with OEM partners), software and content licenses, and services revenue (installation, training, extended warranty contracts). Services revenue was 9% to 11% of total revenue for FY2025 and FY2024 per the 10-K filed 2026-03-30.

Products and services

Inspire laptop: autostereoscopic 3D laptop built with a major PC OEM, delivering glasses-free 3D graphics via a specialized optical lens and eye-tracking technology. Proprietary software and curriculum content covering K-12 STEM and career and technical education subjects including health sciences, automotive engineering and repair, Unity3D software programming, and advanced manufacturing. Turn-key configuration services, installation, remote and on-site training, and one- and two-year extended warranty contracts.

Customers and end markets

U.S. K-12 school districts (primary channel, sold direct and through regional resellers) and community colleges. International customers served exclusively through resellers. End markets are K-12 STEM classroom instruction and career and technical education programs. The platform is described as implemented in more than 3,000 locations as referenced in the 10-K filed 2026-03-30, though no precise customer count by revenue concentration is disclosed in the excerpts.

Value-chain role

Hardware design and platform development with OEM manufacturing partners; direct and reseller-based distribution to educational institutions; software and content delivery; post-sale services and support. zSpace sits between OEM hardware manufacturers and end-user school districts, bundling device, software, and services into a turn-key solution.

Geographic exposure

Primary market is the United States, sold directly and through regional resellers. International markets served exclusively through resellers. No geographic revenue split is provided in the excerpts.

Source: SEC 10-K, filed 2026-03-30

Industry: Services-Prepackaged Software