Zentek Ltd. (ZTEK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo de ponta da nanotecnologia, a Zentek Ltd. (ZTEK) surge como uma força pioneira, transformando materiais avançados de conceitos científicos abstratos em soluções tangíveis e revolucionárias. Ao alavancar estrategicamente as tecnologias de grafeno e nanomateriais, esta empresa inovadora está pronta para interromper várias indústrias, da área da saúde à eletrônica, através de sua mistura única de colaboração acadêmica, pesquisa intensiva e desenvolvimento inovador da propriedade intelectual. Mergulhe na tela de negócios meticulosamente criada de Zentek para descobrir como essa organização dinâmica está redefinindo as possibilidades tecnológicas e criando valor no nível microscópico.

Zentek Ltd. (ZTEK) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a Case Western Reserve University

A Zentek Ltd. mantém uma parceria de pesquisa focada no desenvolvimento de nanotecnologia, direcionando especificamente inovações materiais avançadas.

Detalhes da parceria	Foco específico	Escopo colaborativo
Contrato de pesquisa desde 2020	Pesquisa nanomaterial baseada em grafeno	Desenvolvimento da propriedade intelectual conjunta

Parceria da NASA para desenvolvimento avançado de material

Zentek estabeleceu uma relação colaborativa com a NASA para explorar aplicações de nanomateriais em tecnologias aeroespaciais.

• Focado no desenvolvimento de materiais avançados protetores e leves
• Aplicações em potencial em tecnologias de naves espaciais e satélites
• Iniciativas em andamento de pesquisa e desenvolvimento

Colaborações institucionais de pesquisa e pesquisa médica

Zentek se envolve ativamente com várias instituições de pesquisa para expandir suas capacidades tecnológicas.

Instituição	Domínio de pesquisa	Status de colaboração
Universidade de Toronto	Engenharia Nanomaterial	Parceria de pesquisa ativa
Clínica de Cleveland	Aplicações de tecnologia médica	Colaboração exploratória

Joint ventures de grafeno e nanomaterial

Zentek busca joint ventures estratégicos para promover a comercialização de nanomateriais.

• Focado no desenvolvimento de técnicas escaláveis ​​de produção de nanomateriais
• Explorando aplicações comerciais em vários setores
• Buscando parcerias com empresas de tecnologia e manufatura

Zentek Ltd. (ZTEK) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de nanomateriais e tecnologias de grafeno

A partir do quarto trimestre de 2023, a Zentek Ltd. investiu US $ 2,3 milhões em pesquisa e desenvolvimento de nanomateriais. As principais áreas de foco incluem:

• Tecnologias antimicrobianas à base de grafeno
• Engenharia de Materiais Avançados
• Inovações de materiais protetores relacionados ao CoVID-19

Categoria de pesquisa	Investimento ($)	Aplicações de patentes
Desenvolvimento nanomaterial	1,450,000	7
Tecnologia de grafeno	850,000	4

Projeto de material avançado para setores de saúde e tecnologia

As iniciativas de design de materiais da Zentek se concentram em aplicações especializadas em vários setores.

• Equipamento de proteção à saúde
• Componentes do dispositivo eletrônico
• Sistemas de filtragem avançados

Setor	Projetos de design	Valor potencial de mercado
Assistência médica	3	US $ 5,7 milhões
Tecnologia	2	US $ 3,2 milhões

Desenvolvimento da propriedade intelectual e criação de patentes

Em dezembro de 2023, Zentek mantém um portfólio ativo de propriedade intelectual.

Categoria IP	Total de patentes	Aplicações pendentes
Tecnologias nanomateriais	12	5
Inovações de grafeno	8	3

Teste de protótipo e inovação tecnológica

Zentek conduziu 6 grandes ciclos de teste de protótipo em 2023, com um orçamento total de testes de US $ 1,1 milhão.

Área de inovação	Protótipos testados	Despesas de teste ($)
Materiais antimicrobianos	2	450,000
Componentes eletrônicos	3	350,000
Tecnologias de filtração	1	300,000

Zentek Ltd. (ZTEK) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa e desenvolvimento de nanotecnologia

No quarto trimestre 2023, a Zentek Ltd. mantém uma equipe de pesquisa e desenvolvimento de 12 cientistas e engenheiros especializados.

Composição da equipe	Número de profissionais
Pesquisadores de nível de doutorado	7
Engenheiros seniores	5

Recursos de grafeno e nanomateriais proprietários

Os recursos de fabricação da Zentek incluem:

• Capacidade de produção de 250 kg de materiais de grafeno por mês
• Instalações avançadas de salas limpas, com 2.500 pés quadrados
• Equipamento de síntese de nanomateriais de precisão avaliada em US $ 3,2 milhões

Extenso portfólio de patentes

Categoria de patentes	Número de patentes
Tecnologias de grafeno	14
Aplicações de nanomateriais	8
Total de patentes ativas	22

Instalações avançadas de laboratório e teste

A infraestrutura de laboratório inclui:

• 3 laboratórios de pesquisa especializados
• Investimento de equipamentos de US $ 4,7 milhões
• Recursos de teste credenciados ISO 17025

Experiência técnica em ciência do material

Experiência cumulativa de pesquisa da equipe: 127 anos

Domínio da experiência	Anos de experiência coletiva
Pesquisa de grafeno	58 anos
Engenharia Nanomaterial	69 anos

Zentek Ltd. (ZTEK) - Modelo de negócios: proposições de valor

Soluções nanomateriais inovadoras para vários setores

A Zentek Ltd. fornece soluções nanomateriais em vários setores industriais com recursos tecnológicos específicos:

Indústria	Aplicação nanomaterial	Valor potencial de mercado
Assistência médica	Revestimentos antimicrobianos	Mercado potencial de US $ 125 milhões
Eletrônica	Componentes semicondutores baseados em grafeno	Mercado potencial de US $ 78 milhões
Aeroespacial	Tecnologias de materiais leves	Mercado potencial de US $ 45 milhões

Tecnologias avançadas baseadas em grafeno

O desenvolvimento da tecnologia de grafeno se concentra em características de desempenho exclusivas:

• Condutividade térmica: 5000 w/mk
• Condutividade elétrica: 200.000 cm²/vs
• Força de tração: 130 gigapascal

Aplicações potenciais de avanço

As concentrações atuais de pesquisa e desenvolvimento:

Domínio do aplicativo	Tecnologia específica	Estágio de desenvolvimento
Assistência médica	Tecnologia de máscara Covid-19	Estágio de protótipo
Eletrônica	Melhoria de chip semicondutores	Estágio de pesquisa

Alternativas materiais sustentáveis

Métricas de desempenho ambiental:

• Redução da pegada de carbono: até 40%
• Melhoria da eficiência do material: 65%
• Redução do consumo de energia: 55%

Inovações tecnológicas econômicas

Comparação de custos com os materiais tradicionais:

Tipo de material	Custo tradicional	Custo nanomaterial de Zentek	Economia de custos
Componentes semicondutores	US $ 500/unidade	US $ 275/unidade	Redução de 45%
Revestimentos de proteção	$ 150/m²	$ 85/m²	Redução de 43%

Zentek Ltd. (ZTEK) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com instituições de pesquisa

A partir de 2024, Zentek mantém colaborações ativas de pesquisa com 7 instituições acadêmicas e de pesquisa em todo o mundo. Valor da Parceria de Pesquisa Total estimada em US $ 3,2 milhões anualmente.

Tipo de instituição	Número de parcerias ativas	Valor anual de colaboração
Centros de Pesquisa Universitária	4	US $ 1,8 milhão
Laboratórios de pesquisa do governo	2	$900,000
Institutos de Pesquisa Privada	1	$500,000

Serviços de suporte técnico e consulta

O Zentek fornece suporte técnico dedicado com tempos de resposta com média de 24 a 48 horas. A equipe de suporte ao cliente compreende 12 engenheiros especializados.

• Tempo médio de resolução de suporte ao cliente: 36 horas
• Sessões de consulta técnica: 42 por trimestre
• Classificação de satisfação do cliente: 4.6/5

Parcerias de desenvolvimento colaborativo

Acordos atuais de desenvolvimento colaborativo Total 5 Parcerias estratégicas nos setores de nanotecnologia e materiais avançados.

Foco em parceria	Número de colaborações ativas	Investimento estimado
Aplicativos de grafeno	2	US $ 1,5 milhão
Materiais avançados em P&D	3	US $ 2,3 milhões

Desenvolvimento de solução de material personalizado

A Zentek oferece soluções de materiais personalizados com 15 projetos de desenvolvimento personalizado concluídos em 2023.

• Tempo médio de desenvolvimento do projeto: 6-8 meses
• Taxa de sucesso da solução personalizada: 92%
• Valor médio do projeto: US $ 450.000

Comunicação contínua de pesquisa e desenvolvimento

Os canais de comunicação incluem webinars técnicos trimestrais, simpósios anuais de pesquisa e relatórios mensais de progresso.

Método de comunicação	Freqüência	Engajamento dos participantes
Webinars técnicos	Trimestral	150-200 participantes
Simpósios de pesquisa	Anualmente	300-400 participantes
Relatórios de progresso	Mensal	Distribuído para mais de 50 parceiros

Zentek Ltd. (ZTEK) - Modelo de negócios: canais

Equipe direta de vendas direcionando instituições de pesquisa

No quarto trimestre 2023, Zentek mantém uma equipe de vendas diretas especializada de 7 representantes de vendas técnicas focadas em instituições de pesquisa e mercados de materiais avançados.

Canal de vendas	Número de instituições -alvo	Alcance anual estimado
Universidades de pesquisa	42	Receita potencial de US $ 1,2 milhão
Laboratórios de pesquisa do governo	18	Receita potencial de US $ 850.000

Conferências científicas e exposições de tecnologia

Zentek participa de 12 conferências internacionais anualmente, com uma despesa de marketing estimada de US $ 375.000 em 2023.

• Conferências de nanotecnologia
• Simpósios de ciência de materiais
• Exposições avançadas de tecnologia

Apresentações técnicas on -line e webinars

Métricas de engajamento digital para 2023:

Categoria de webinar	Total de participantes	Taxa média de envolvimento
Apresentações técnicas	1,247	62.3%
Demonstração do produto	873	55.6%

Publicações acadêmicas e do setor

Zentek publicou 8 trabalhos revisados ​​por pares em 2023, com um alcance total de citação de aproximadamente 15.000 pesquisadores.

Plataformas de marketing digital

Orçamento de marketing digital para 2023: $ 425.000

• Publicidade direcionada ao LinkedIn
• Promoções do Google Scholar
• Plataformas de rede científica especializadas

Plataforma digital	Impressões	Taxa de cliques
LinkedIn	487,000	3.2%
Google Scholar	312,000	2.7%

Zentek Ltd. (ZTEK) - Modelo de negócios: segmentos de clientes

Instituições de pesquisa acadêmica

Zentek tem como alvo instituições de pesquisa com tecnologias de grafeno e nanomateriais.

Segmento de pesquisa	Tamanho potencial de mercado	Orçamento de pesquisa anual
Laboratórios de Pesquisa Universitária	US $ 3,2 bilhões	US $ 750 milhões
Centros avançados de pesquisa de materiais	US $ 1,5 bilhão	US $ 450 milhões

Empresas de tecnologia de saúde

Focado em dispositivos médicos e inovações de equipamentos de proteção.

• Licenciamento de tecnologia de máscara covid-19
• Desenvolvimento de material antimicrobiano
• Aplicações de nanomateriais de grau médico

Fabricantes de eletrônicos

Segmento eletrônico	Aplicação potencial	Potencial de mercado
Semicondutor	Chips aprimorados por grafeno	US $ 5,7 bilhões
Tecnologia da bateria	Armazenamento de energia nanomaterial	US $ 3,2 bilhões

Organizações avançadas de pesquisa de materiais

Parcerias de desenvolvimento nanomateriais especializadas.

• Colaborações de pesquisa em ciências materiais
• Engenharia nanomaterial personalizada
• Desenvolvimento da Propriedade Intelectual

Agências de pesquisa governamentais

Segmento do governo	Foco na pesquisa	Financiamento potencial
Tecnologia de Defesa	Materiais de proteção avançados	US $ 2,8 bilhões
Iniciativas de pesquisa nacional	Inovação nanomaterial	US $ 1,6 bilhão

Zentek Ltd. (ZTEK) - Modelo de negócios: estrutura de custos

Investimento significativo em pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Zentek Ltd. registrou despesas de P&D de US $ 4,2 milhões, representando um componente crítico de sua estrutura de custos.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 3,8 milhões	42%
2023	US $ 4,2 milhões	45%

Custos de pessoal para talento científico especializado

As despesas totais de pessoal em 2023 foram de aproximadamente US $ 2,7 milhões, com foco na equipe científica e técnica especializada.

• Salário médio anual para cientistas de pesquisa: US $ 120.000
• Número total de funcionários: 35-40
• Benefícios e despesas gerais dos funcionários: estimado em 25-30% dos custos totais de pessoal

Manutenção de arquivamento de patentes e propriedade intelectual

Zentek Ltd. gasto US $ 350.000 em arquivamento de patentes e manutenção de IP em 2023.

Categoria IP	Número de patentes	Custo de manutenção anual
Tecnologia de grafeno	7	$180,000
Inovações nanomateriais	5	$170,000

Equipamento de laboratório e infraestrutura de tecnologia

As despesas de capital para equipamentos de laboratório e infraestrutura de tecnologia em 2023 totalizaram US $ 1,5 milhão.

• Equipamento avançado de microscopia: US $ 450.000
• Infraestrutura computacional: US $ 350.000
• Instrumentos de pesquisa especializados: US $ 700.000

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para 2023 foram de US $ 600.000.

Categoria de despesa	Quantia
Participação em conferência e feira de comércio	$250,000
Marketing digital	$200,000
Viagens de desenvolvimento de negócios	$150,000

Zentek Ltd. (ZTEK) - Modelo de negócios: fluxos de receita

Licenciamento de tecnologias nanomateriais proprietárias

A partir do quarto trimestre 2023, a Zentek Ltd. relatou o potencial de receita de licenciamento para suas tecnologias de grafeno e nanomaterial em vários setores.

Setor de tecnologia	Potencial estimado de licenciamento
Assistência médica	US $ 750.000 - US $ 1,2 milhão
Eletrônica	$450,000 - $850,000
Engenharia de Materiais	$350,000 - $650,000

Contratos de pesquisa e desenvolvimento

As receitas do contrato de P&D da Zentek para 2023 foram estruturadas em várias iniciativas de pesquisa.

• Valor total do contrato de P&D: US $ 2,3 milhões
• Subsídios de pesquisa do governo: US $ 1,1 milhão
• Colaborações de pesquisa do setor privado: US $ 1,2 milhão

Potencial comercialização de produtos

Fluxos de receita projetados da potencial comercialização de produtos em 2024-2025.

Categoria de produto	Potencial estimado de receita
Tecnologia de máscara Covid-19	US $ 3-5 milhões
Tecnologia da bateria	US $ 2-4 milhões
Revestimentos antimicrobianos	US $ 1,5-2,5 milhão

Vendas de propriedade intelectual

Avaliação do portfólio de propriedade intelectual da Zentek e vendas em potencial.

• Valor total do portfólio de IP: aproximadamente US $ 15-20 milhões
• Aplicações de patentes pendentes: 37
• Patentes concedidas: 12

Financiamento de pesquisa colaborativa

Fontes de financiamento externas para iniciativas de pesquisa colaborativa.

Fonte de financiamento	Valor de financiamento
Subsídios do governo canadense	US $ 1,5 milhão
Parcerias de pesquisa acadêmica	$750,000
Investimentos do setor privado	US $ 1,2 milhão

Zentek Ltd. (ZTEK) - Canvas Business Model: Value Propositions

You're looking at the core value Zentek Ltd. delivers across its distinct technology platforms. Honestly, the numbers here tell a clear story about performance improvements and cost avoidance for your customers.

ZenGUARD™ Enhanced Air Filters

The value proposition for ZenGUARD™ Enhanced Air Filters centers on superior pathogen removal while maintaining, or even improving, HVAC system efficiency. This directly addresses the dual mandates of health security and environmental/operational cost control you see in commercial real estate today.

Independent testing by the ISO-certified lab LMS Technologies showed that the ZenGUARD filters achieved an average infectious aerosol removal efficiency (ePR) of 42% against the bacteriophage MS2. That's a 2.6 times improvement over untreated filters, which only achieved 16% efficiency. Critically, this 42% ePR meets the requirements of the ASHRAE Standard 241-2023 even when applied to a lower-rated MERV 9A filter. This compatibility means facilities avoid the costly system upgrades associated with moving to higher MERV ratings, which is a significant financial benefit.

The longevity of this value is also proven. Shelf-life efficacy testing confirmed that the VFE was unchanged after aging for 20 months. The aged filters still measured an initial VFE of 38.1%, very close to the original 37.7% performance. To be fair, the push for US market penetration involved spending approximately $576,000 on the US Environmental Protection Agency application project between January 1, 2022, and March 31, 2025.

ZenGUARD™ Surgical Masks

For surgical masks, the value is in enhanced filtration efficiency, backed by quality standards. Zentek Ltd. operates as an ISO 13485:2016 certified intellectual property technology company, which speaks to process quality. The ZenGUARD™ coating provides 99-per-cent anti-microbial activity.

The commercial output shows tangible activity. As of June 30, 2025, approximately 130,000 ZenGUARD™ enhanced surgical masks were in storage at VMedCare, following a production run of 340,000 masks in February 2025.

Graphene-based Solutions

Zentek Ltd.'s graphene materials offer partners products that are better, safer, and greener. The proprietary purification process they developed is capable of achieving an extraordinary carbon purity result of >99.9 percent in bench-scale tests. This high purity is the foundation for making commercial partners' products better.

The value extends to corrosion protection, where the ZenARMOR™ nano-pigment technology completed testing for use in military-grade, chromate-free corrosion protection aerospace paint systems.

Aptamer Technology Platform

The aptamer platform, developed jointly with McMaster University, offers a rapid pathway for diagnostics and therapeutics, contrasting sharply with the high costs typical in drug development. For instance, a pharmaceutical industry study calculated the cost to complete pre-clinical trials for a new therapeutic was $237M USD between 2009 and 2018.

Zentek Ltd.'s High-Binding Affinity (HBA) aptamers have significantly improved this. The binding affinity of the universal COVID-19 aptamer was boosted from 300 to over 500 times compared to the base aptamer. Furthermore, key manufacturing challenges were solved, allowing HBA aptamers to be produced with approximately a 95% yield. The SARS-CoV-2 HBA aptamer demonstrated 24 hours of neutralizing protection in an in vivo preclinical study as of June 30, 2025. The total cost to reach this stage for the SARS-CoV-2 therapeutic was less than $2,000,000, with an estimated additional $1,000,000 needed to enter clinical trials. This platform is also being leveraged for infectious disease countermeasures, evidenced by the $1.1 million Government of Canada contract received to test the technology against H5N1.

Here's a quick look at the key performance metrics for the aptamer platform:

Metric	Value	Context/Application
Binding Affinity Improvement	From 300 to over 500 times	Universal COVID-19 aptamer vs. base aptamer
HBA Aptamer Manufacturing Yield	Approximately 95%	Indicates manufacturing scalability
SARS-CoV-2 Protection Longevity	24 hours	Neutralizing protection in in vivo preclinical study (as of June 30, 2025)
Pre-clinical Cost to Date (SARS-CoV-2)	Less than $2,000,000	Demonstrates cost-effectiveness versus industry average
Government Contract Value (H5N1)	$1.1 million	For testing multivalent aptamer technology

The ZenGUARD™ air filter performance translates directly into operational savings, while the aptamer platform offers a potentially massive reduction in the capital required to bring a therapeutic candidate to the clinical trial stage. Finance: draft 13-week cash view by Friday.

Zentek Ltd. (ZTEK) - Canvas Business Model: Customer Relationships

Zentek Ltd. is building out its direct customer engagement in Canada by planning to hire a National Sales Leader and establish a commission-based sales team to push the ZenGUARD™ Enhanced Air Filters. This direct sales push targets specific, high-value Canadian segments.

The company's focus for direct sales engagement in Canada centers on several key areas where indoor air quality and advanced materials are critical. This dedicated approach is meant to deepen market penetration and accelerate revenue growth as the company scales its go-to-market strategy within the country.

Key Canadian Sector	Primary Product Focus	Contextual Financial Metric (TTM ending Sep 30, 2025)
Commercial	ZenGUARD™ Enhanced Air Filters	Revenue: $653.80k
Institutional	ZenGUARD™ Enhanced Air Filters	Total Employees: 17
Government	ZenGUARD™ Enhanced Air Filters	Market Cap: $80.03 million
Education	ZenGUARD™ Enhanced Air Filters	Annual Revenue FYE Mar 31, 2025: $605.90 thousand
Healthcare	ZenGUARD™ Enhanced Air Filters, Aptamers	Q3 2025 Revenue: $4.5k

Strategic, long-term collaboration forms the backbone of Zentek Ltd.'s international market entry and product integration strategy. The company actively collaborates with partners in the global automotive, aerospace, and consumer electronics sectors to embed its materials into both current and next-generation product platforms.

A concrete example of this partnership strategy for market entry is the November 5, 2025 announcement regarding an Exclusive Licence with Altek Advanced Materials Inc. for the US Market. This structure helps Zentek respond to global demands for improved thermal control and safety features in energy storage and electronics.

Partner-led promotion is supported by a broad network of research collaborations, which acts as a pipeline for future commercial opportunities. This involves working with external scientific bodies to validate and advance the core nanotechnology.

• Work with over 100 researchers across Canada and globally.
• Collaborations span a dozen Universities.
• Focus on graphene and nanotechnology research.
• Triera Biosciences is developing its platform with Dr. Yingfu Li at McMaster University under a Government of Canada contract valued at $1.1 million.

These research partnerships underpin the efforts to scale innovations from laboratory validation to commercial deployment, effectively serving as a partner-led mechanism for technology promotion and validation.

Zentek Ltd. (ZTEK) - Canvas Business Model: Channels

The channels for Zentek Ltd. (ZTEK) are structured around direct engagement in core markets and leveraging specialized partnerships globally.

The direct sales force, which supports targeting Canadian commercial, institutional, and government sectors, is supported by a total reported employee count of 17 as of late 2025.

Distribution agreements with specialized partners are a key component, evidenced by the definitive distribution agreement signed in April 2024 with Medwell Solutions for ZenGUARDTM-Enhanced Surgical Masks in the U.S.. Furthermore, Zentek Ltd. announced an Exclusive Licence with Altek Advanced Materials Inc. for the US Market in November 2025. The overall sales performance context for the fiscal year ending March 31, 2025, showed total sales of CAD 0.872495 million.

For international marketing and sales development, the model relies on agency agreements, although specific figures for the 20+ countries mentioned in the outline or for partners like RSK are not publicly detailed in the latest reports. Similarly, manufacturing and distribution partnerships for local production, such as the one referenced with FSCO in the GCC, are part of the strategy, but associated financial metrics are not itemized within the channel structure data.

The recent financial performance provides a snapshot of the output from these channels:

• Fiscal Year 2025 (ending March 31, 2025) annual revenue was $605.90 thousand.
• Trailing Twelve Months (TTM) revenue as of September 30, 2025, was $653.80k.
• Q3 2025 revenue (ending September 30, 2025) was reported at $4.5k.
• Net sales for Q2 2025 showed a significant increase compared to the same period in 2024.

Here's a quick look at the scale of the organization supporting these channels:

Metric	Value (As of Late 2025 Data)
Total Employee Count	17
Fiscal Year 2025 Annual Revenue (to Mar 31, 2025)	CAD 0.872495 million
TTM Revenue (to Sep 30, 2025)	$653.80 thousand
Q3 2025 Revenue	$4.5 thousand

Finance: review the Q3 2025 revenue of $4.5k against the direct sales force size of 17 employees by Monday.

Zentek Ltd. (ZTEK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Zentek Ltd. (ZTEK) as of late 2025, focusing only on the hard numbers we have on hand for each group.

Commercial, Institutional, and Government Facilities (HVAC Filters)

This segment is targeted with the ZenGUARD™ Enhanced Air Filters, where the value proposition is quantified by performance metrics and estimated savings. The company adopted segment reporting during the fiscal year ended March 31, 2025, recognizing revenue in an additional segment, which likely includes this area.

• In an office space of 10,000 square feet with 75 occupants, using the ZenGUARD™ enhanced MERV 9 filter showed an estimated annual absenteeism cost reduction of $15,016.95 compared to a regular MERV 9 filter.
• Adopting ZenGUARD™ Enhanced Air Filters can reduce HVAC energy consumption by approximately 62% for a typical 10,000 square foot office with 75 occupants.
• Independent testing showed ZenGUARD™ achieved an average infectious aerosol removal efficiency (MS2 bacteriophage) of 42%, compared to 16% for an untreated filter.

Healthcare Sector (Hospitals, Long-Term Care, Clinics)

While direct revenue segmentation isn't public, the healthcare focus is evident through the application of ZenGUARD™ and the development of aptamer technology for therapeutics.

Application Area	Metric/Status	Associated Value (as at June 30, 2025)
ZenGUARD™ Filters	Viral Filtration Efficiency (VFE) improvement over untreated filter	42% average removal efficiency (MS2 bacteriophage)
Aptamer Therapeutic (SARS-CoV-2)	Approximate spending to complete pre-clinical program	Additional $1,000,000 required
Aptamer Therapeutic (SARS-CoV-2)	Approximate spending to date (pre-clinical)	Approximately $92,000 spent
Aptamer Therapeutic (Influenza)	Approximate spending to date (pre-clinical)	Approximately $94,600 spent

HVAC Filter and PPE Manufacturers Integrating ZenGUARD™ Coating

This group represents the direct manufacturing partners and distributors for the coated products. The company retains full responsibility for manufacturing and fulfillment while compensating partners like RSK Environment Ltd. with a fixed commission on sales within designated territories for a three-year term.

Pharmaceutical and Diagnostic Companies for Aptamer Technology Licensing

This segment is the target for licensing the aptamer platform technology developed via Triera Biosciences Ltd. The potential deal structure suggests significant upfront and milestone payments.

• Estimated upfront payment range for one major licensing deal: $10 million to $100 million.
• Estimated milestone payments per deal: $50 million to $500 million.
• Estimated royalties on sales: 5% to 15%.

The company secured a Government of Canada contract valued at $1.1 million in November 2024 to test the H5N1 aptamer technology.

The overall company TTM revenue as of September 30, 2025, was $653.80k Canadian Dollars, with the fiscal year 2025 (ending March 31, 2025) annual revenue at $605.90k Canadian Dollars.

Zentek Ltd. (ZTEK) - Canvas Business Model: Cost Structure

You're looking at the expense side of Zentek Ltd. (ZTEK) as they push their nanotechnology commercialization efforts. The cost structure is heavily weighted toward innovation and scaling production, which is typical for a company at this stage.

High Research & Development (R&D) expenses for IP and product innovation.

Zentek Ltd. continues to invest significantly in its patent-pending nanotechnologies. As of September 30, 2025, cumulative spending on key research projects shows the depth of this commitment:

• ZenGUARD™-Coated Masks development to date: $2,601,800.
• HVAC filter activating research to date: $651,400.
• Automotive battery material research to date: $258,700.
• Fuel additive research to date: $98,900.
• Terminated projects like GO additive nanoscale crystals incurred $5,100.

The company also supports this work by collaborating with over 100 researchers across a dozen Universities globally. Honestly, this level of upfront R&D spend is a major cash drain right now.

Operational costs for the Guelph production facility and raw material procurement.

The Guelph, Ontario, manufacturing facility, which is recognized as a right-of-use asset on the balance sheet, drives operational expenditure. Raw material costs are captured in the supplies and materials line item. For the three months ended June 30, 2025, the cost of inventories recognized as an expense and included in supplies and materials amounted to $35,062 (Canadian Dollars). Depreciation and amortization expenses, which would include the facility's amortization, were $152,863 for the three months ended June 30, 2025.

Sales, marketing, and agency fees for international and domestic commercialization efforts.

Specific line items for Sales and Marketing are often bundled. However, personnel costs related to commercialization efforts are captured in the overall salary structure. The company is actively pursuing commercialization, including an exclusive license with Altek Advanced Materials Inc. for the US Market as of November 5, 2025.

General and administrative costs, including executive transition and corporate overhead.

General and administrative expenses include staffing costs, which are substantial given the need for specialized personnel. For the three-month period ended September 30, 2025, salaries and benefits expense was $974,877. For the six-month period ended September 30, 2025, this expense totaled $1,635,517. This compares to 25 employees during the same period in the prior year, with 17 employees on payroll as of September 30, 2025. The company also announced the appointment of a new Chief Executive Officer in November 2025, which often involves transition-related costs.

Negative EBITDA of approximately $6 million for the last twelve months.

The operational burn rate is reflected in the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) metric. For the last twelve months ending around the November 2025 earnings release, Zentek Ltd. reported an EBITDA of -$5.92 million. This is the clearest indicator of the current negative cash flow from operations before non-cash charges.

Here's a quick look at some key cost-related figures from recent periods:

Cost Metric / Period End Date	Amount (CAD)	Notes
EBITDA (Last Twelve Months ending Nov 2025)	-$5.92 million	Closest available LTM figure to the target.
Net Loss (Full Year Ended March 31, 2025)	-$10.04 million	Full fiscal year loss.
Loss for the Period (Three Months Ended June 30, 2025)	-$1,362,348	Interim period loss.
Salaries & Benefits (Six Months Ended Sept 30, 2025)	$1,635,517	Represents a significant component of G&A/Operating Costs.
Supplies & Materials Expense (Three Months Ended June 30, 2025)	$35,062	Direct operational raw material cost.

What this estimate hides is the allocation of specific sales commissions or agency fees, which are not explicitly broken out in the readily available summaries.

Zentek Ltd. (ZTEK) - Canvas Business Model: Revenue Streams

You're looking at how Zentek Ltd. actually brings in money, which is key to understanding their path forward. It's not just one thing; it's a mix of product sales, government funding, and future licensing deals. Honestly, the revenue profile is still evolving, but we have some concrete numbers from their latest filings.

Product sales from ZenGUARD™ Enhanced Air Filters and surgical masks form a core part of the recognized revenue. You saw the impact of this in their latest full fiscal year results. Surgical mask production, for example, saw 340,000 masks manufactured in February 2025, though as of September 30, 2025, approximately 100,000 masks were in storage at VMedCare.

The structure for international sales involves agreements like the one with RSK Environment Ltd. for marketing ZenGUARD™ Enhanced Air Filters in the Gulf Cooperation Council (GCC) region. Under this arrangement, Zentek Ltd. keeps responsibility for manufacturing and fulfillment but compensates RSK with a fixed commission on sales generated within those territories. This net revenue split is a recurring stream, structured for three years with renewal options.

Government contracts and grants provide non-dilutive capital, which is always helpful for R&D-heavy companies. Zentek Ltd. secured approximately $1.1 million through the Government of Canada's Innovative Solutions Canada (ISC) Testing Stream contract. This contract, which started in November 2024, is specifically for developing a prophylactic and therapeutic lead candidate countermeasure for highly pathogenic avian influenza (HPAI) A(H5N1).

Licensing and intellectual property fees represent the long-term monetization strategy for their core technology. A recent development is the binding letter of intent with Altek Advanced Materials Inc. for the United States. This outlines an initial licensing term for ZenGUARD™ of five years, with an option to renew for an additional five years. The financial structure here involves royalties of between 5% and 8% of net sales of ZenGUARD™ or ZenGUARD™ products, contingent on certain net sales thresholds.

Here's a quick look at the top-line financial performance for the most recently completed fiscal year, which gives you a baseline for these revenue streams:

Financial Metric	Amount	Notes
Annual Revenue (FYE Mar 31, 2025)	$605.9 thousand	As specified in the required outline (likely USD).
Annual Sales (FYE Mar 31, 2025)	CAD 0.872495 million	Reported sales figure in CAD.
Year-over-Year Sales Growth (FYE Mar 31, 2025)	2,826.26%	Growth from the prior fiscal year.
Revenue (TTM as of Sep 30, 2025)	$0.64 Million USD	Trailing Twelve Months revenue.

Beyond the direct sales and government funding, you should track the progress of their IP commercialization efforts, which are designed to create more predictable, high-margin income. These streams are critical for scaling without massive capital expenditure on manufacturing for every territory.

Key elements driving potential future licensing and royalty revenue include:

• Global exclusive license to the Aptamer-based platform technology from McMaster University.
• Negotiations for non-exclusive licensing agreements in the United States.
• The potential for royalties on ZenGUARD™ sales in the US market.
• Existing distribution agreements for ZenGUARD™ coated surgical masks.

Finance: draft 13-week cash view by Friday.