中网载线 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2026 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to _____ Commission File Number: 001-34647 ZW Data Action Technologies Inc.(Exact name of registrant as specified in its charter) Nevada20-4672080(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 8/F, 29 Des Voeux Road Central, Central,Hong KongSpecial Administrative Region of the People’s Republic of China (Address of principal executive offices) (Zip Code) +852 2669-8078(Registrant’s telephone number, including area code) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Nasdaq Capital Market Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days: Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒As of May 15, 2026, the registrant had3,668,429 shares of common stock outstanding. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1. Interim Financial StatementsCondensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 20251-2Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31,2026 and 2025 (Unaudited)3Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025(Unaudited)4-5Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025(Unaudited)6Notes to Condensed Consolidated Financial Statements (Unaudited)7-23Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations24-35Item 3. Quantitative and Qualitative Disclosures About Market Risk35Item 4. Controls and Procedures35PART II. OTHER INFORMATIONItem 1. Legal Proceedings35Item 1A. Risk Factors35Item 2. Unregistered Sales of Equity Securities and Use of Proceeds35Item 3. Defaults Upon Senior Securities35Item 4. Mine Safety Disclosures35Item 5. Other Information35Item 6. Exhibits36Signatures37 Item 1.Interim Financial Statements The Public Company Accounting Oversight Board (the“PCAOB”) had historically been unable to inspect our auditor inrelation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspectionsover our auditor deprived our investors of the benefits of such inspections. Our auditor, the independent registered public accounting firm that issues the audit report in our SEC filings, as an auditor ofcompanies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United Statespursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Ourauditor is located in Hong Kong Special Administrative Region of the PRC ("Hong Kong"), China, a jurisdiction where the PCAOBwas unable to conduct inspections and investigations before 2022. As a result, we and investors in our securities were deprived of thebenefits of such PCAOB inspections. On December15, 2022, the PCAOB announced that it was able to secure complete access toinspect and investigate PCAOB-registered public accounting firms headquartered in China mainland and Hong Kong in 2022.However, the inability of the PCAOB to conduct inspections of auditors in Hong Kong in the past made it more difficult to evaluatethe effectiveness of our ind