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    Zeo Energy Corp. Reports Fourth Quarter and Full Year 2024 Financial Results

    5/27/25 8:30:00 AM ET
    $ZEO
    Industrial Machinery/Components
    Miscellaneous
    Get the next $ZEO alert in real time by email

    NEW PORT RICHEY, Fla., May 27, 2025 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (NASDAQ:ZEO) ("Zeo", "Zeo Energy", or the "Company"), a leading Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024.

    Recent Financial and Operational Highlights

    • Reported $73.2 million of revenue in 2024 despite pricing challenges from a prolonged, higher interest rate environment
    • Reported $2.0 million of adjusted EBITDA in 2024, driven by the Company's flexible operating model and disciplined cost management
    • Completed the integration of Lumio's assets, which were acquired in November 2024 as part of Zeo's market expansion plan
    • Secured $4.0 million in December to develop a year-round sales force and expand market presence, accelerating the Company's growth trajectory heading into the second half of 2025
    • Achieved 6th straight year of positive adjusted EBITDA

    Management Commentary

    "While 2024 was a challenging year for the solar business as a whole, we are entering 2025 with a sense of renewed optimism around the opportunities ahead," said Zeo Energy Corp. CEO Tim Bridgewater. "In a consolidating market, we remain positioned to acquire compelling renewable energy assets at attractive valuations to fuel our growth and gain market share over the intermediate term. Our November transaction with Lumio is an example of our ability to identify targets that offer Zeo accretive value with improved geographic and strategic positioning.

    "Financially, thanks to our continued focus on efficiency as well as the flexibility in our operating model, we drove our sixth straight year of positive adjusted EBITDA. At the same time, our topline performance largely stabilized quarter-over-quarter, which was encouraging to see as we move through our traditionally slower seasons with limited sales in Q4 and Q1. As of today, our expanded recruitment initiatives remain on target as we begin our peak summer sales season in the second quarter of 2025. Put together, we believe we have the right strategy to operate sustainably today and to thrive over the long term."

    Full Year 2024 Financial Results

    Results compare the full year ended December 31, 2024 to the full year ended December 31, 2023.

    • Total revenue was $73.2 million in 2024, a 33.2% decrease from $109.7 million in 2023. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar sales throughout 2024.
    • Gross profit decreased to $34.4 million (47.0% of total revenue) in 2024 from $49.8 million (45.4% of total revenue) in 2023. The decrease in gross profit was driven in part by the decrease in sales compared to the prior period. The improvement in gross profit as a percentage of revenue was the result of improved operational efficiencies in labor, a reduction in materials costs, and an increase in sales volume from our internal sales teams.
    • Net loss was $9.9 million in 2024 compared to net income of $4.8 million in the comparable 2023 period. The decrease was primarily due to stock compensation, increased headcount, and costs incurred as a result of becoming a public company.
    • Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, remained positive, but decreased to $2.0 million (2.7% of total revenue) in 2024 from $7.0 million (6.4% of total revenue) in 2023. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar sales in 2024.

    Fourth Quarter 2024 Financial Results

    Results compare the 2024 fourth quarter ended December 31, 2024 to the 2024 fourth quarter ended December 31, 2023.

    • Total revenue was $18.6 million in Q4 2024, an 18.9% decrease from $23.0 million in the comparable 2023 period. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar direct sales throughout 2024.
    • Gross profit decreased to $11.2 million (60.1% of total revenue) in Q4 2024 from $12.7 million (55.1% of total revenue) in the comparable 2023 period. The decrease was driven in part by the decrease in sales compared to the prior period. The improvement in gross profit as a percentage of revenue was the result of improved operational efficiencies in labor and a reduction in materials costs.
    • Net loss for Q4 2024 was $1.1 million compared to $1.6 million in the comparable 2023 period. The improvement was primarily related to a $0.7 million tax benefit.
    • Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, increased to $3.1 million (16.8% of total revenue) in Q4 2024 from approximately $(0.9) million (4.1% of total revenue) in the comparable 2023 period. The change was primarily related to a $3.0 million change in depreciation and amortization.

    For more information, please visit the Zeo Energy Corp. investor relations website at investors.zeoenergy.com.

    About Zeo Energy Corp.

    Zeo Energy Corp. is a Florida-based regional provider of residential solar, distributed energy, and energy efficiency solutions. Zeo focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo, through its Sunergy Solar business unit, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.

    Non-GAAP Financial Measures

    Adjusted EBITDA

    Zeo Energy defines Adjusted EBITDA, a non-GAAP financial measure, as net income (loss) before interest and other expenses, net, income tax expense, and depreciation and amortization, as adjusted to exclude stock-based compensation. Zeo utilizes Adjusted EBITDA as an internal performance measure in the management of the Company's operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of Zeo's results of operations to other companies in the industry. Adjusted EBITDA should not be viewed as a substitute for net loss calculated in accordance with GAAP, and other companies may define Adjusted EBITDA differently.

    The following table provides a reconciliation of net income (loss) to Adjusted EBITDA for the periods presented:

          
     Year Ended December 31,  Quarter Ended December 31,
      2024

      2023

      2024

      2023

    Net income (loss) $(9,872,358)  $4,845,069   $(1,135,513)  $(1,596,773)
    Adjustment:               
    Other income, net  (233,151)   183,401    (44,822)   190,383 
    Change in fair value of warrant liabilities  (69,000)   -    759,000    0 
    Interest expense  333,539    110,857    39,282    47,937 
    Income tax benefit  (988,802)   -    (753,450)   0 
    Stock compensation  7,951,248    -    849,430    0 
    Depreciation and amortization  4,836,538    1,841,874    3,423,464    410,392 
                    
    Adjusted EBITDA  1,958,014    6,981,201    3,137,391    (948,061)
     

    Adjusted EBITDA Margin

    Zeo Energy defines Adjusted EBITDA margin, a non-GAAP financial measure, expressed as a percentage, as the ratio of Adjusted EBITDA to revenue, net. Adjusted EBITDA margin measures net income (loss) before interest and other expenses, net, income tax expense, depreciation and amortization, as adjusted to exclude stock-based compensation and is expressed as a percentage of revenue. In the table above, Adjusted EBITDA is reconciled to the most comparable GAAP measure, net income (loss). Zeo utilizes Adjusted EBITDA margin as an internal performance measure in the management of the Company's operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of the Company's results of operations to other companies in Zeo's industry.

    The following table sets forth Zeo's calculations of Adjusted EBITDA margin for the periods presented:

          
     Year Ended December 31,  Quarter Ended December 31, 
     2024

      2023

      2024

      2023

     
    Total Revenue$73,244,083   $109,691,001   $18,647,750   $22,985,981  
    Adjusted EBITDA 1,958,014    6,981,201    3,137,391    (948,061) 
    Adjusted EBITDA margin 2.7 %  6.4 %  16.8 %  (4.1)%
                    

    Forward-Looking Statements

    This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company's success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company's ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company's securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company's resources; (ix) the Company's ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") for the year ended December 31, 2023 and in its subsequent periodic reports and other filings with the SEC.

    In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.

    Zeo Energy Corp. Contacts

    For Investors:

    Tom Colton and Greg Bradbury

    Gateway Group

    [email protected]

    For Media:

    Zach Kadletz

    Gateway Group

    [email protected]

    -Financial Tables to Follow-

     
    ZEO ENERGY CORP.

    CONDENSED CONSOLIDATED BALANCE SHEET
     
      As of December 31, As of December 31,
       2024   2023 
    Assets      
    Current assets      
    Cash and cash equivalents $5,634,115  $8,022,306 
    Accounts receivable, including $191,662 and $396,488 from related parties, net of allowance for credit losses of $1,165,336 and $862,580, as of December 31, 2024 and 2023, respectively  10,186,543   2,905,205 
    Inventories  872,470   350,353 
    Contract assets  64,202   4,915,064 
    Prepaid expenses and other current assets  2,131,345   40,403 
    Total current assets  18,888,675   16,233,331 
    Other assets  314,426   62,140 
    Property, equipment and other fixed assets, net  2,475,963   2,289,723 
    Right of use operating lease assets  1,268,139   1,135,668 
    Right of use financing lease assets  447,012   583,484 
    Intangibles, net  7,571,156   771,028 
    Related party note receivable  3,000,000    
    Goodwill  27,010,745   27,010,745 
    Total assets $60,976,116  $48,086,119 
           
    Liabilities, mezzanine equity and stockholders� (deficit) equity      
    Current liabilities      
    Accounts payable $2,780,885  $4,699,855 
    Accrued expenses and other current liabilities, including $3,359,101 and $2,415,966 with related parties at December 31, 2024 and 2023, respectively  8,540,188   4,646,365 
    Current portion of long-term debt  291,036   294,398 
    Current portion of obligations under operating leases  583,429   539,599 
    Convertible promissory note  2,440,000   - 
    Contract liabilities, including $2,000 and $1,160,848 with related parties as of December 31, 2024 and 2023, respectively  203,607   5,223,518 
    Total current liabilities  14,969,609   15,522,151 
    Obligations under operating leases, non-current  799,385   636,414 
    Obligations under financing leases, non-current  348,807   479,271 
    Warrant liabilities  1,449,000   - 
    Long-term debt  496,623   825,764 
    Total liabilities  18,063,424   17,463,600 
           
    Commitments and contingencies (Note 14)      
           
    Redeemable noncontrolling interests      
    Convertible preferred units  16,130,871   - 
    Class B Units  115,693,900   - 
           
    Stockholders' (deficit) equity      
    Class V common stock, $0.0001 par value, 100,000,000 authorized shares; 35,230,000 and 33,730,000 shares issued and outstanding as of December 31, 2024, and December 31, 2023, respectively  3,523   3,373 
    Class A common stock, $0.0001 par value, 300,000,000 authorized shares; 13,252,964 and no shares issued and outstanding as of December 31, 2024, and December 31, 2023, respectively  1,326   - 
    Additional paid in capital  14,523,963   31,152,491 
    Accumulated deficit  (103,440,891)  (533,345)
    Total stockholders' (deficit) equity  (88,912,079)  30,622,519 
    Total liabilities, redeemable noncontrolling interests and stockholders' (deficit) equity $60,976,116  $48,086,119 
           



     
    ZEO ENERGY CORP.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
     
     Year Ended December 31,  3 Months Ended December 31,
     2024

     2023  2024

     2023

    Revenue, net$51,088,065  $94,226,149  $14,630,831  $7,521,129 
    Related party revenue, net 22,156,018   15,464,852   4,016,919   15,464,852 
    Total revenue 73,244,083   109,691,001   18,647,750   22,985,981 
    Operating costs and expenses:           
    Cost of goods sold (exclusive of depreciation and amortization shown below) 38,021,519   59,436,674   7,216,364   10,190,953 
    Depreciation and amortization 4,836,538   1,841,874   3,423,464   410,392 
    Sales and marketing 19,587,073   30,324,059   3,408,698   10,510,080 
    General and administrative 21,628,725   12,949,067   5,734,727   3,233,009 
    Total operating expenses 84,073,855   104,551,674   19,783,253   24,344,434 
    (Loss) income from operations (10,829,772)  5,139,327   (1,135,503)  (1,358,453)
    Other (expenses) income, net:           
    Other income, net 233,151   (183,401)  44,822   (190,383)
    Change in fair value of warrant liabilities 69,000   -   (759,000)  - 
    Interest expense (333,539)  (110,857)  (39,282)  (47,937)
    Total other income (expense), net (31,388)  (294,258)  (753,460)  (238,320)
    Net (loss) income before taxes (10,861,160)  4,845,069   (1,888,963)  (1,596,773)
    Income tax benefit 988,802   -   753,450   - 
    Net (loss) income (9,872,358)  4,845,069   (1,135,513)  (1,596,773)
    Net (loss) attributable to Sunergy Renewables LLC prior to the Business Combination (523,681)  4,845,069   -   (1,596,773)
    Net (loss) income subsequent to the Business Combination (9,348,677)  -   (1,135,513)  - 
    Net (loss) income attributable to redeemable non-controlling interests (6,679,788)  -   (700,167)  - 
    Net (loss) income attributable to Class A common stock$(2,668,889) $-  $(435,346) $- 
                
    Basic and diluted net (loss) income per common unit$(0.48) $-  $(0.04) $- 
    Weighted average units outstanding, basic and diluted 5,546,925   -   11,057,312   - 
                



     
    ZEO ENERGY CORP.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
     
     Year Ended December 31,
     2024

     2023

    Cash Flows from Operating Activities     
    Net (loss) income$(9,872,358) $4,845,069 
    Adjustment to reconcile net (loss) income to cash (used in) provided by operating activities     
    Depreciation and amortization 4,836,538   1,841,874 
    Gain on disposal of asset (91,684)  - 
    Change in fair value of warrant liabilities (69,000)  - 
    Provision for credit losses 2,815,633   1,531,223 
    Noncash operating lease expense 705,293   550,425 
    Stock based compensation expense 7,951,248   - 
    Deferred tax asset (997,702)  - 
    Changes in operating assets and liabilities:     
    Accounts receivable (8,785,973)  (3,475,661)
    Accounts receivable due from related parties 204,826   (396,488)
    Inventories (131,898)  (63,207)
    Contract assets 4,850,862   (4,795,309)
    Prepaids and other current assets (1,757,354)  61,852 
    Other assets (13,795)  - 
    Due from related party -   (104,056)
    Accounts payable (2,512,834)  4,501,798 
    Accrued expenses and other current liabilities (1,140,780)  1,536,287 
    Accrued expenses and other current liabilities due to related parties 943,135   2,415,996 
    Contract liabilities (3,861,063)  2,913,623 
    Contract liabilities due to related parties (1,158,848)  1,160,848 
    Operating lease payments (630,963)  (547,140)
    Net cash (used in) provided by operating activities (8,716,717)  11,977,134 
          
    Cash flows from Investing Activities     
    Purchases of property, equipment and other assets (369,137)  (1,034,666)
    Investment in related party (3,000,000)  - 
    Lumio asset purchase (4,000,000)  - 
    Net cash used in investing activities (7,369,137)  (1,034,666)
          
    Cash flows from Financing Activities     
    Proceeds from the issuance of debt -   311,029 
    Principal payment of finance lease liabilities (118,416)  (84,678)
    Proceeds from private placement 2,716,000   - 
    Proceeds from the issuance of convertible preferred stock, net of transaction costs 9,221,649   - 
    Repayments of debt (332,503)  (241,423)
    Proceeds from convertible promissory note, net of debt issuance costs 2,440,000   - 
    Dividends paid to Convertible preferred units (139,067)   
    Distributions to members (90,000)  (5,173,396)
    Net cash provided by (used in) financing activities 13,697,663   (5,188,468)
          
    Net (decrease) increase in cash and cash equivalents (2,388,191)  5,754,000 
    Cash and cash equivalents, beginning of period 8,022,306   2,268,306 
    Cash and cash equivalents, end of the period$5,634,115  $8,022,306 
          
    Supplemental Cash Flow Information     
    Cash paid for interest$124,488  $103,421 
    Accrual of distribution to owners$-  $325,000 
    Cash paid for income taxes$-  $- 
    Noncash finance lease expense$136,472  $98,881 
          
    Non-cash transactions     
    Right-of-use assets obtained in exchange for operating lease liabilities$837,764  $- 
    Deferred equity issuance costs$2,769,039  $- 
    Issuance of Class A common stock to vendors$891,035  $- 
    Issuance of Class A common stock to backstop investors$1,569,463  $- 
    Preferred dividends$9,275,795  $- 
          


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      NEW PORT RICHEY, Fla., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (NASDAQ:ZEO) ("Zeo", "Zeo Energy", or the "Company"), a leading Florida-based provider of residential solar and energy efficiency solutions, today announced the appointment of Cannon Holbrook as Chief Financial Officer ("CFO"). Holbrook joined Zeo in March of 2024, serving as Advisor to the CEO during the Company's de-SPAC process where he led the accounting, finance, and treasury functions. With over two decades of experience in finance and accounting, Holbrook has held leadership and finance roles in companies across various high-growth industries, including Vivint Smart Homes, Built Bar, HZO, and KLA-Te

      8/20/24 8:30:00 AM ET
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    • Zeo Energy Corp. Reports First Quarter 2025 Financial Results

      NEW PORT RICHEY, Fla., June 16, 2025 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (NASDAQ:ZEO) ("Zeo", "Zeo Energy", or the "Company"), a Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the first quarter ended March 31, 2025. Recent Operational Highlights Entered into a definitive agreement to acquire Heliogen, a provider of on-demand clean energy technology solutions, allowing the company to establish a division focused on long-duration energy generation and storage for commercial and industrial-scale facilities, including artificial intelligence (AI) and cloud computing data centers.Recruited and retained adequate staff ahead of

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      NEW PORT RICHEY, Fla., May 27, 2025 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (NASDAQ:ZEO) ("Zeo", "Zeo Energy", or the "Company"), a leading Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024. Recent Financial and Operational Highlights Reported $73.2 million of revenue in 2024 despite pricing challenges from a prolonged, higher interest rate environmentReported $2.0 million of adjusted EBITDA in 2024, driven by the Company's flexible operating model and disciplined cost managementCompleted the integration of Lumio's assets, which were acquired in November 2024 as part of Z

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    • Zeo Energy Corp. Reports Third Quarter 2024 Financial Results

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    • SEC Form SC 13D filed by Zeo Energy Corporation

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    • SEC Form SC 13G filed by Zeo Energy Corporation

      SC 13G - Zeo Energy Corp. (0001865506) (Subject)

      11/19/24 4:15:11 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Zeo Energy Corporation

      SC 13G/A - Zeo Energy Corp. (0001865506) (Subject)

      11/14/24 6:08:25 AM ET
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