zSpace, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Performance and Operational Context Revenue decline of 27% was primarily driven by external headwinds, including U.S. tariff policies, education funding freezes, and the longest federal government shutdown in history. Strategic shift toward a software-led model resulted in software and services comprising 49% of annual revenue, driving a 6.7 percentage point expansion in gross margins. Margin improvement was further supported by hardware pr ...