ZONE (CleanCore) Customer Map: Concentration, Contracts and Where Revenue Really Comes From

Thesis: CleanCore Solutions (NYSE: ZONE) sells aqueous-ozone cleaning systems and consumables through a mix of direct customers and distributor relationships, monetizing via product sales and distributor channels. Revenue is concentrated among a small number of large customers, with recent commercial expansion into Europe and a mix of short-term purchase orders and a handful of longer distributor arrangements shaping near-term cash flow visibility. For a deeper operational read on counterparty risk and customer concentration, visit https://nullexposure.com/.

What the commercial footprint looks like in one sentence

ZONE operates as a seller of cleaning hardware and supplies, using distributors and large enterprise purchasers to scale; the business model is driven by a few large accounts and strategic distributor agreements that accelerate European reach.

If you want the raw company and market signals collected for investors, see the platform homepage: https://nullexposure.com/.

Major relationship takeaways — every named counterparty

Below I cover each relationship mentioned in the company filings and press coverage, with one- to two-sentence summaries and source notes.

CleanCore Global
CleanCore Global is ZONE’s only subsidiary as disclosed in the FY2025 10‑K, and it serves as the vehicle for European distribution and operations. According to the FY2025 Form 10‑K, the company is explicitly using CleanCore Global to sell units in Europe, linking it to the company’s EMEA expansion strategy.

Consensus Group
Consensus Group is referenced in the FY2025 10‑K as a party tied to accounts receivable concentration: for FY2024 Consensus Group accounted for a substantial share (28%) of accounts receivable. The 10‑K highlights this as a material receivables concentration risk for that period.

Kellermeyer Bergensons Services, LLC (KBS)
ZONE signed a three‑year memorandum of understanding with KBS on January 10, 2025; the MOU is non‑binding and does not obligate purchase quantities. The FY2025 10‑K and subsequent TradingView coverage note KBS as a new, significant commercial partner under a three‑year MOU that materially increased CleanCore segment revenue in reported periods.

Prolink, Inc. (Pro‑Link)
Prolink has been a measurable revenue contributor: the FY2025 10‑K states Prolink accounted for 17% of revenue for the year ended June 30, 2025, and earlier filings showed Pro‑Link contributed 14% in FY2024. These disclosures make Prolink a consistent, high‑value direct customer for ZONE.

Tharaldson Hospitality
Tharaldson Hospitality was cited in the FY2025 10‑K as accounting for 28% of accounts receivable as of June 30, 2024, flagging it as a large outstanding receivable concentration for that fiscal year. The 10‑K positions Tharaldson alongside Consensus Group in the company’s receivables profile.

Sanzonate Europe Ltd.
Sanzonate is referenced in press coverage and company statements as the former operation whose distribution base ZONE intends to leverage in Europe; distribution agreements tied to Sanzonate are amortized over an estimated useful life of five years, reflecting multi‑year commercial expectations. A Yahoo Finance release covering CleanCore’s transaction noted Sanzonate will immediately access CleanCore’s product line and customer base in EMEA.

FalconX
FalconX is listed among over 80 institutional and crypto‑native investors participating in a private placement reported in September 2025; the financing supported initiatives described in press materials. GlobeNewswire coverage of the private placement lists FalconX as a participating investor in that transaction.

Mythos
Mythos is similarly identified as a participant in the September 2025 private placement alongside other crypto and institutional investors, per GlobeNewswire reporting.

Borderless
Borderless is named among investors in the same September 2025 private placement reported on GlobeNewswire, indicating a broad investor base for that financing.

Serrur & Co. LLC
Serrur & Co. LLC appears in the GlobeNewswire private placement announcement as a participating investor in the September 2025 financing round.

GSR (GSRF)
GSR (traded as GSRF in some contexts) is listed as a marquee participant in the September 2025 private placement, per GlobeNewswire, indicating institutional crypto‑native interest in the company’s financing activity.

Pantera (PNTRF)
Pantera is named among the private‑placement investors in GlobeNewswire’s September 2025 release; Pantera’s inclusion signals crypto fund interest in the transaction.

MOZAYYX (MZYX‑U)
MOZAYYX is reported by GlobeNewswire as one of the investors in the September 2025 private placement, underscoring the diversity of institutional and crypto participants.

(Each relationship summary above is drawn from ZONE’s FY2025 Form 10‑K and related press coverage: FY2025 10‑K filings and news releases including TradingView, Yahoo Finance and GlobeNewswire in 2025–2026.)

How contracts, geography and concentration constrain the model

ZONE’s customer and contract profile creates a clear set of operational characteristics investors must price.

• Contracting posture: The company primarily sells under individual purchase orders and standard terms, which creates transactional short‑term revenue visibility; however, Sanzonate distribution agreements are treated as longer‑lived commercial arrangements (amortized over five years). The FY2025 disclosures note the KBS memorandum of understanding is non‑binding and does not require firm purchases, confirming the coexistence of transactional and limited longer‑term arrangements.
• Concentration and criticality: Two customers represented 42% and 17% of revenue in FY2025, and the company explicitly warns that the loss of a major customer could have a material adverse effect. Receivables concentration in FY2024 showed two counterparties holding 28% each of accounts receivable, demonstrating both revenue and receivable concentration risks.
• Geography and go‑to‑market: ZONE’s historical sales footprint includes the United States and Europe; the company uses CleanCore Global and agreements tied to the former Sanzonate operation to expand EMEA distribution and leverage the EOTA license for EU sales.
• Relationship maturity and role: Most customer interactions are seller → buyer with distributors used in EMEA; distribution agreements are structured as multi‑year commercial channels while the majority of U.S. sales remain order‑by‑order.

These constraints are company‑level signals drawn from the FY2025 filing and supporting disclosures; they frame how predictable revenue is, and which counterparties are systemically important to performance.

If you need a structured counterparty risk brief or a customer concentration dashboard for ZONE, start here: https://nullexposure.com/.

Investment implications and the short checklist

ZONE’s growth depends on converting distributor wins in EMEA into repeatable revenue while replacing concentrated U.S. customers over time. Key investor considerations: high revenue concentration that increases downside sensitivity; a mixed contract portfolio that limits long‑term revenue visibility; and recent financing activity that brought in crypto‑native and institutional investors, expanding the shareholder base but not directly altering customer concentration.

To evaluate exposure more deeply — request a tailored counterparty risk memo or model a scenario where the top two customers decline — visit the platform: https://nullexposure.com/.

Final takeaway: ZONE is a small‑base, high‑concentration commercial model with targeted EMEA expansion via subsidiary and distribution agreements; investors should prioritize counterparty diligence and monitor receivables concentration and the conversion of distribution MOUs into binding purchase commitments.