ZONE customers relationship map

ZONE (CleanCore) — Customer Map, Concentration and Contracting Posture

CleanCore Solutions Inc. (Ticker: ZONE) manufactures and sells eco‑friendly, aqueous‑ozone cleaning products into commercial janitorial, hospitality and industrial channels, monetizing primarily through direct product sales, distributor agreements and strategic commercial partnerships. Revenue is generated by unit sales to large janitorial contractors and distributors in North America and Europe, with expanding distribution in the EU through acquired Sanzonate operations. For deeper relationship intelligence and investor-oriented signal aggregation, visit https://nullexposure.com/.

Quick investor thesis

CleanCore is a narrow‑scale revenue generator with high customer concentration and a distribution strategy that mixes short‑term purchase orders with targeted multi‑year distributor arrangements in EMEA; this structure delivers near‑term revenue exposure but leaves headline downside if one of its major customers reduces volumes. With FY2025 revenue of roughly $3.4M and negative operating margins, the company’s path to scalable profitability depends on converting distribution footholds in Europe into recurring, larger‑ticket contracts while diversifying its customer base.

How the company contracts and where risk sits

CleanCore’s SEC disclosures and public releases document two simultaneous contracting postures: the firm largely sells under individual purchase orders and standard sales terms, while selectively executing longer distribution agreements in Europe. The FY2025 10‑K states the company primarily sells products via customer purchase orders and that the memorandum of understanding with KBS is non‑binding and does not obligate volume purchases, which establishes a predominantly short‑term commercial posture for most North American customers. Conversely, the company describes Sanzonate’s EU distribution contracts as agreements that are amortized over an estimated five‑year useful life, signaling longer‑term commercial durability in the EMEA channel. The net effect: operational revenue remains concentrated and somewhat fragile, with material customers representing a large share of sales and receivables.

Concentration is acute. The 10‑K discloses two customers accounted for 42% and 17% of FY2025 revenue, and major customers are acknowledged as material to results.
Contracting is mixed but tilted toward short‑term. Most sales are on purchase orders; a non‑binding MOU with KBS confirms limited contractual protection for the largest customers in North America.
EMEA is a strategic growth lane. CleanCore has EOTA licensing and intends to leverage Sanzonate and CleanCore Global to expand EU sales.

For more on CleanCore’s relationship signals and document‑level citations, see https://nullexposure.com/.

Relationship-by-relationship investor brief

Below are the named counterparties from CleanCore’s public materials and press coverage, each with a concise plain‑English summary and the source.

CleanCore Global — CleanCore Global is the company’s sole subsidiary and the operational vehicle for European expansion, used to distribute products in the EU and to operate the former Sanzonate business. According to CleanCore’s FY2025 10‑K, CleanCore Global is the only subsidiary as of the filing. (FY2025 10‑K)
Consensus Group — Consensus Group is identified in the FY2025 10‑K as one of the entities that accounted for a significant portion (28%) of accounts receivable as of June 30, 2024, indicating concentrated receivables exposure. (FY2025 10‑K)
Kellermeyer Bergensons Services, LLC (KBS) — CleanCore signed a three‑year memorandum of understanding with KBS on January 10, 2025; the company and reporting show revenue increases tied to a new KBS arrangement but the MOU is non‑binding and does not obligate purchases. (FY2025 10‑K; TradingView summary of SEC filing, March 2026)
Prolink, Inc. (Pro‑Link) — Prolink was a material customer, representing 14% of revenue in the year ended June 30, 2024 and 17% of revenue for the year ended June 30, 2025, making it one of CleanCore’s largest repeat buyers. (FY2025 10‑K)
Tharaldson Hospitality — Tharaldson Hospitality accounted for 28% of accounts receivable as of June 30, 2024, highlighting concentrated working capital risk even if not the largest revenue contributor. (FY2025 10‑K)
Sanzonate Europe Ltd. — Sanzonate’s EU distribution agreements are positioned as part of CleanCore’s European strategy; reports state Sanzonate will immediately access CleanCore’s product line to sell into existing European clientele, and distribution agreements are amortized over a five‑year useful life. (Yahoo Finance press release; FY2025 10‑K)
FalconX — Named among more than 80 institutional and crypto native investors participating in a private placement announced September 2, 2025, FalconX is listed as a financial participant in a capital transaction tied to CleanCore’s ancillary initiatives. (GlobeNewswire press release, Sept 2, 2025)
Borderless — Borderless was identified as one of the institutional/crypto investors in the September 2025 private placement forming part of a fundraising group; coverage lists Borderless among marquee participants. (The Block, May 2026; GlobeNewswire, Sept 2025)
Mythos — Mythos appears in the list of investors that participated in CleanCore’s September 2025 private placement and is reported by multiple outlets as a named participant in that syndicate. (GlobeNewswire, Sept 2025; The Block, May 2026)
Serrur & Co. LLC — Serrur & Co. is listed alongside other investors in the Sept 2025 private placement and is cited in public releases as one of the named parties in the financing round. (GlobeNewswire, Sept 2025)
GSR (GSRF) — GSR is included among the over‑80 institutional and crypto native investors in CleanCore’s September 2025 private placement, appearing in multiple press reports that covered the offering. (GlobeNewswire, Sept 2025; The Block, May 2026)
MOZAYYX (MZYX / MZYX‑U) — MOZAYYX (and related tickers MZYX / MZYX‑U in reporting) is listed in press coverage as a participant in the September 2025 private placement, indicating engagement from a crypto‑native investor group. (The Block, May 2026; GlobeNewswire, Sept 2025)
Pantera (PNTRF) — Pantera is listed among marquee investors in the September 2025 private placement, reported by industry press as part of the investor syndicate. (GlobeNewswire, Sept 2025; The Block, May 2026)

Note: the investor names above derive from CleanCore’s announced private placement activity and press coverage tied to the company’s Sept 2, 2025 financing and subsequent reporting in The Block and other outlets.

What the relationship mix means for investors

Customer concentration is a principal valuation risk. Two customers produced 59% of FY2025 revenue (42% + 17%), and several counterparties accounted for outsized receivables, making cash collection and contract retention central to short‑term performance. (FY2025 10‑K)
Contracting posture is mixed but levered to short‑term sales. Most revenue flows from purchase orders under standard terms, exposing the company to volume fluctuations; the KBS MOU is non‑binding and therefore does not materially de‑risk that concentration. (FY2025 10‑K)
EMEA distribution provides strategic optionality. Sanzonate distribution agreements and an EOTA license create a credible route to persistent European revenue under multi‑year distributor contracts that are accounted for over a five‑year life, improving net present value of those flows if executed. (FY2025 10‑K; Yahoo Finance release)

Given the concentration and negative operating margin profile, investors should prioritize evidence of contract conversion from short‑term orders to binding multi‑year supply or distribution contracts, improved receivables diversification, and demonstrable scale in EMEA distribution.

Bottom line

CleanCore’s commercial picture is defined by high customer concentration, a largely transactional North American book of business, and targeted longer‑term distribution architecture in Europe. These dynamics create both a path to scale if EU distribution and large‑account conversion succeed, and a clear downside if major buyers reduce spend. For a structured investor view and ongoing relationship monitoring, see https://nullexposure.com/.