Zeo Energy Corp.

Listed Company

ZEOCIK 0001865506NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthConstruction - Special Trade ContractorsFY ends Dec 31

Period

FY 2025

Revenue

$69.35M

Net Income

$-14.01M

Total Assets

$56.93M

Equity

$5.30M

Shares Out

Op. Cash Flow

$-8.70M

Business

Zeo Energy Corp. sells, designs, procures, installs and maintains residential solar energy systems and complementary services through a vertically integrated platform. Its main products and services include residential solar systems, battery-based energy storage, insulation and other energy-efficiency equipment, and roofing services. The company operates through integrated internal sales, external dealer sales channels, installation teams and subcontractors as its primary business segments and operating model. Zeo sells and installs systems primarily in Florida, Texas, Arkansas, Missouri, Ohio and Illinois and distributes services through in-home direct sales, external dealers and digital marketing across additional U.S. states.

Summary from filing dated 2025-05-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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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