Z
Zeo Energy Corp.
Period
FY 2025
Revenue
$69.35M
Net Income
$-14.01M
Total Assets
$56.93M
Equity
$5.30M
Shares Out
0
Op. Cash Flow
$-8.70M
Business
Zeo Energy Corp. is a vertically integrated residential solar energy company that designs, installs, and maintains solar photovoltaic systems for homeowners. The company offers solar systems, energy efficiency equipment including battery storage and roofing, operating in Florida, Texas, Arkansas, Missouri, Ohio, Illinois, California, Colorado, Minnesota, Utah, and Virginia. It markets through direct sales and dealer channels, with customers purchasing or leasing systems; the company also acquired Heliogen, which develops concentrated solar and thermal energy storage technology.
Summary from 10-K filed 2026-04-01
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Total Net Revenues | 69 | 73 | 110 | — | |
| Cost of revenues | 31 | 38 | — | — | |
| Depreciation and amortization | 9 | 5 | — | — | |
| Sales and marketing | 23 | 20 | 30 | — | |
| General and administrative | 28 | 22 | 13 | — | |
| Total Operating Expenses | 90 | 84 | — | 0 | |
| LOSS FROM OPERATIONS | −21 | −11 | 5 | −3 | |
| Other income | 363,918 | 141,467 | — | — | |
| Interest expense | −155,490 | −333,539 | −110,857 | — | |
| Gain on disposal of property and equipment | — | 91,684 | — | — | |
| Gain on change in fair value of warrant liabilities | 957,720 | 69,000 | — | 13 | |
| Total Other Income (Expense) | 1 | −31,388 | −294,258 | 17 | |
| NET LOSS FROM OPERATIONS BEFORE INCOME TAXES | −19 | −11 | 5 | — | |
| Income tax benefit (provision) | −263,649 | 963,790 | — | — | |
| NET LOSS | −20 | −10 | 5 | — | |
| Less: Net loss attributable to Sunergy Renewables LLC prior to the business combination | — | −523,681 | — | — | |
| NET LOSS SUBSEQUENT TO THE BUSINESS COMBINATION | −20 | −9 | 5 | — | |
| Less: Net loss attributable to redeemable noncontrolling interests | −6 | −7 | — | — | |
| NET LOSS ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | −14 | −3 | −3 | 14 | |
| Foreign currency translation adjustments | 4,895 | — | — | — | |
| NET COMPREHENSIVE LOSS | −14 | −3 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 6 | 6 | 8 | 614,767 | 1 | |
| Accounts receivable, net | 8 | 9 | 3 | — | — | |
| Inventories | 852,179 | 872,470 | 350,353 | — | — | |
| Contract assets | 3 | 1 | 5 | 119,755 | — | |
| Prepaid expenses and other current assets | 4 | 2 | 40,403 | — | — | |
| Total Current Assets | 23 | 19 | 16 | 645,877 | 2 | |
| Other assets | 92,712 | 75,935 | 62,140 | — | — | |
| Deferred tax asset, net | — | 238,491 | — | — | — | |
| Property and equipment, net | 3 | 2 | — | — | — | |
| Operating lease right-of-use assets | 897,476 | 1 | 1 | — | — | |
| Finance lease right-of-use assets | 310,539 | 447,012 | 583,484 | — | — | |
| Intangibles, net | — | 8 | 771,028 | — | — | |
| Goodwill | 27 | 27 | 27 | — | — | |
| TOTAL ASSETS | 57 | 61 | 48 | 286 | 283 | |
| Accounts payable | 4 | 3 | 5 | — | — | |
| Accrued expenses and other current liabilities | 2 | 5 | 5 | — | — | |
| Contract liabilities | 1 | 201,607 | 5 | — | — | |
| Current portion of operating lease obligations | 684,819 | 583,429 | 539,599 | — | — | |
| Current portion of finance lease obligations | 142,095 | 130,464 | 118,416 | — | — | |
| Current portion of long-term debt | 23,526 | 291,036 | 294,398 | — | — | |
| Convertible promissory note, net | — | 2 | — | — | — | |
| Total Current Liabilities | 8 | 15 | 16 | 2 | 606,955 | |
| Operating lease obligations, net of current portion | 304,295 | 799,385 | 636,414 | — | — | |
| Finance lease obligations, net of current portion | 208,865 | 348,807 | 479,271 | — | — | |
| Long-term debt, net of current portion | 55,586 | 496,623 | — | — | — | |
| Warrant liabilities | 491,280 | 1 | — | 796,224 | — | |
| TOTAL LIABILITIES | 9 | 18 | 17 | 13 | 24 | |
| Additional paid-in capital | 63 | 15 | 31 | — | — | |
| Accumulated other comprehensive loss | −4,895 | — | — | — | — | |
| Accumulated deficit | −58 | −103 | −533,345 | −12 | −22 | |
| TOTAL STOCKHOLDERS EQUITY (DEFICIT) | 5 | −89 | 31 | −12 | −22 | |
| TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS EQUITY (DEFICIT) | 57 | 61 | 48 | 286 | 283 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Amortization of debt discount | 60,000 | — | — | — | |
| Gain on disposal of fixed assets | — | −91,684 | — | — | |
| Stock-based compensation | 6 | 8 | — | — | |
| Class A common stock issued to employees for services | 100,698 | 255,500 | — | — | |
| Provision for credit losses | 3 | 3 | 2 | — | |
| Deferred taxes | 238,491 | −997,702 | — | — | |
| Non-cash operating lease expense | 641,863 | 705,293 | 550,425 | — | |
| Accounts receivable | −2 | −9 | −3 | — | |
| Accounts receivable related parties | −420,145 | 204,826 | −396,488 | — | |
| Inventories | 20,291 | −131,898 | −63,207 | — | |
| Contract assets | −2 | 5 | −5 | — | |
| Prepaids and other current assets | −1 | −2 | 61,852 | — | |
| Other assets | −2,180 | −13,795 | — | — | |
| Interest receivable related parties | −153,485 | — | — | — | |
| Accounts payable | 3 | −3 | 5 | — | |
| Accrued expenses and other current liabilities | −2 | −1 | 2 | — | |
| Accrued expenses and other current liabilities related parties | −3 | 943,135 | 2 | — | |
| Contract liabilities | 1 | −4 | 3 | — | |
| Contract liabilities related parties | −2,000 | −1 | 1 | — | |
| Operating lease payments | −664,900 | −630,963 | −547,140 | — | |
| Net cash used in operating activities | −9 | −9 | 12 | 3 | |
| Purchases of property and equipment | −1 | −369,137 | −1 | — | |
| Investment in note receivable related party | — | −3 | — | — | |
| Cash paid in the asset acquisition of Lumio | — | −4 | — | — | |
| Cash acquired in the acquisition of Heliogen | 15 | — | — | — | |
| Net cash provided by (used in) investing activities | 13 | −7 | −1 | −4 | |
| Net proceeds from the issuance of convertible preferred stock | — | 9 | — | — | |
| Proceeds from the issuance of Class A common stock in a private placement | — | 3 | — | — | |
| Net proceeds from the issuance of convertible promissory note | — | 2 | — | — | |
| Repayments of finance lease liabilities | −128,311 | −118,416 | −84,678 | — | |
| Repayments of debt | −3 | −332,503 | −241,423 | — | |
| Dividends paid to OpCo Class A preferred unit holders | −621,063 | −139,067 | — | — | |
| Tax withholdings paid related to stock-based compensation | −166,929 | — | — | — | |
| Distributions to members | — | −90,000 | −5 | — | |
| Net cash (used in) provided by financing activities | −4 | 14 | −5 | — | |
| Effect on foreign exchange on cash | −4,895 | — | — | — | |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 503,824 | −2 | — | −709,136 | |
| Cash paid for interest | 99,384 | 124,488 | 103,421 | — | |
| Cash paid for income taxes | — | — | — | — | |
| Net loss attributable to redeemable noncontrolling interest | 7 | 16 | — | — | |
| OpCo Class A preferred dividends | 2 | 9 | — | — | |
| Subsequent measurement of redeemable noncontrolling interest | 59 | 106 | — | — | |
| Class A common stock issued upon vesting of restricted stock awards | 24 | — | — | — | |
| Class A common stock issued in exchange for Class V common stock | 1,085 | — | — | — | |
| Fair value of Class A common stock issued in exchange for OpCo Class B units | 24 | — | — | — | |
| Class A common stock issued in settlement of accrued advisory fees | 2 | — | — | — | |
| Class A common stock issued upon conversion of convertible note payable | 3 | — | — | — | |
| Operating lease right-of-use asset and liability measurement | 140,975 | 837,764 | — | — | |
| Accounts payable settled for loan payable | 3 | — | — | — | |
| Net assets acquired in the acquisition of Heliogen | 14 | — | — | — | |
| Class A common stock issued in the acquisition of Heliogen | 14 | — | — | — | |
| Class A common stock issued in the asset acquisition of Lumio | — | 8 | — | — | |
| Deferred equity issuance costs | — | 3 | — | — | |
| Issuance of Class A common stock to vendors | — | 891,035 | — | — | |
| Issuance of Class A common stock to backstop investors | — | 2 | — | — |
Filings
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Frequently asked questions
What is Zeo Energy Corp.'s CIK number?
Zeo Energy Corp.'s SEC CIK number is 0001865506 (1865506). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Zeo Energy Corp.'s SEC filings?
All of Zeo Energy Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Zeo Energy Corp. last report earnings?
Zeo Energy Corp. (ZEO) most recently filed an earnings 8-K with the SEC on Jun 18, 2025, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001213900-25-055295). This is Zeo Energy Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Zeo Energy Corp.'s most recent earnings 8-K?
Zeo Energy Corp.'s latest earnings 8-K (Item 2.02) was filed Jun 18, 2025 under accession 0001213900-25-055295. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Zeo Energy Corp.'s latest earnings 8-K →
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