NASDAQ : ZEO
Zeo Energy Corp. — Financial statements
Technology · Solar · United States
Last price 0.2456 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 14.44M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Zeo Energy Corp. (ZEO) reported revenue of 71.82M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 71.82M | 69.35M | 73.24M | 109.69M | 88.96M | 24.59M |
| Cost of Revenue | 35.12M | 31.07M | 38.07M | 59.44M | 71.21M | 14.10M |
| Gross Profit | 36.70M | 38.28M | 35.18M | 50.25M | 17.75M | 10.49M |
| Selling, General & Admin | 46.79M | 50.24M | 41.15M | 43.27M | 7.40M | 3.05M |
| Operating Expenses | 47.79M | 58.82M | 45.98M | 45.12M | 9.11M | 3.43M |
| Operating Income | -11.09M | -20.53M | -10.80M | 5.14M | 8.65M | 7.06M |
| Interest Expense | -198.48K | -155.49K | -333.54K | -110.86K | -51.30K | |
| Other Non Operating Income (Expenses) | 979.50K | 1.32M | 210.47K | -183.40K | -2.51K | 28.40K |
| EBT Excluding Unusual Items | -10.31M | -19.37M | -10.93M | 4.85M | 8.59M | 7.09M |
| Gain (Loss) on Sale of Assets | 91.68K | |||||
| Other Unusual Items | 73.81K | |||||
| Pretax Income | -11.14M | -19.37M | -10.84M | 4.85M | 8.67M | 7.09M |
| Income Tax Expense | -68.20K | 263.65K | -963.79K | |||
| Earnings From Continuing Operations | -11.07M | -19.63M | -9.87M | 4.85M | 8.67M | 7.09M |
| Minority Interest in Earnings | -7.47K | 5.62M | 6.68M | |||
| Net Income | -11.08M | -14.01M | -3.19M | 4.85M | 8.67M | 7.09M |
| Preferred Dividends & Other Adjustments | -523.68K | |||||
| Net Income to Common | -11.08M | -14.01M | -2.67M | 4.85M | 8.67M | 7.09M |
| Shares Outstanding (Basic) | 32.09M | 24.94M | 5.55M | 1.00M | 1.00M | 626.03K |
| Shares Outstanding (Diluted) | 32.09M | 24.94M | 5.55M | 1.00M | 1.00M | 626.03K |
| EPS (Basic) | -0.35 | -0.56 | -0.48 | 4.85 | 8.67 | 11.33 |
| EPS (Diluted) | -0.35 | -0.56 | -0.48 | 4.85 | 8.67 | 11.33 |
| Free Cash Flow | -6.28M | -9.91M | -13.09M | 10.94M | 9.64M | 6.17M |
| Free Cash Flow Per Share | -0.20 | -0.40 | -2.36 | 10.94 | 9.64 | 9.86 |
| Gross Margin | 51.10% | 55.20% | 48.03% | 45.81% | 19.96% | 42.67% |
| Operating Margin | -15.44% | -29.61% | -14.75% | 4.69% | 9.72% | 28.72% |
| Profit Margin | -15.43% | -20.20% | -3.64% | 4.42% | 9.74% | 28.84% |
| Free Cash Flow Margin | -8.74% | -14.30% | -17.87% | 9.98% | 10.84% | 25.11% |
| EBITDA | -10.09M | -11.96M | -5.97M | 6.98M | 10.35M | 7.44M |
| EBITDA Margin | -14.05% | -17.24% | -8.15% | 6.36% | 11.64% | 30.27% |
| D&A For EBITDA | 997.01K | 8.58M | 4.84M | 1.84M | 1.71M | 379.82K |
| EBIT | -11.09M | -20.53M | -10.80M | 5.14M | 8.65M | 7.06M |
| EBIT Margin | -15.44% | -29.61% | -14.75% | 4.69% | 9.72% | 28.72% |
| Revenue as Reported | 71.82M | 69.35M | 73.24M | 109.69M | 88.96M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.45M | 6.14M | 5.63M | 8.02M | 2.27M | 450.85K |
| Cash & Short-Term Investments | 2.45M | 6.14M | 5.63M | 8.02M | 2.27M | 450.85K |
| Receivables | 13.86M | 11.37M | 10.28M | 7.82M | 564.28K | 390.06K |
| Inventory | 820.55K | 852.18K | 872.47K | 350.35K | 287.15K | |
| Prepaid Expenses | 425.73K | 4.19M | 2.11M | 40.40K | 222.01K | 113.34K |
| Total Current Assets | 19.62M | 22.55M | 18.89M | 16.23M | 3.34M | 954.24K |
| Property, Plant & Equipment | 2.82M | 4.04M | 4.19M | 4.01M | 2.72M | 939.90K |
| Goodwill | 27.09M | 27.09M | 27.01M | 27.01M | 27.01M | 27.01M |
| Other Intangible Assets | 7.57M | 771.03K | 2.07M | 3.46M | ||
| Long-Term Deferred Tax Assets | 238.49K | |||||
| Other Long-Term Assets | 61.28K | 246.20K | 75.94K | 62.14K | 62.14K | 10.21K |
| Total Assets | 55.97M | 56.93M | 60.98M | 48.09M | 35.20M | 32.37M |
| Accounts Payable | 4.72M | 3.77M | 2.78M | 4.70M | 302.11K | 675.71K |
| Accrued Expenses | 2.91M | 2.17M | 1.95M | 4.65M | 302.61K | 81.81K |
| Short-Term Debt | 2.44M | 73.81K | ||||
| Current Portion of Long-Term Debt | 24.86K | 23.53K | 291.04K | 294.40K | 229.84K | 130.61K |
| Current Portion of Leases | 645.22K | 826.91K | 713.89K | 658.01K | 473.80K | |
| Current Unearned Revenue | 244.03K | 1.30M | 203.61K | 5.22M | 1.15M | |
| Other Current Liabilities | 4.02M | 299.32K | 6.59M | 66.47K | 56.07K | |
| Total Current Liabilities | 12.56M | 8.39M | 14.97M | 15.52M | 2.52M | 1.02M |
| Long-Term Debt | 571.90K | 55.59K | 496.62K | 825.76K | 820.71K | 539.26K |
| Long-Term Leases | 299.13K | 513.16K | 1.15M | 1.12M | 580.98K | |
| Other Long-Term Liabilities | 1.23M | 491.28K | 1.45M | -1.00 | ||
| Total Liabilities | 14.67M | 9.45M | 18.06M | 17.46M | 3.93M | 1.56M |
| Common Stock | 5.83K | 5.76K | 4.85K | 3.37K | 31.16M | 31.16M |
| Additional Paid-In Capital | 65.68M | 63.39M | 14.52M | 31.15M | ||
| Retained Earnings | -56.44M | -58.06M | -103.44M | -533.35K | 119.98K | |
| Comprehensive Income & Other | 15.90K | -4.89K | -340.25K | |||
| Total Common Equity | 9.26M | 5.33M | -88.91M | 30.62M | 31.28M | 30.82M |
| Minority Interest | 32.04M | 42.15M | 131.82M | |||
| Shareholders' Equity | 41.31M | 47.48M | 42.91M | 30.62M | 31.28M | 30.82M |
| Total Liabilities & Equity | 55.97M | 56.93M | 60.98M | 48.09M | 35.20M | 32.37M |
| Total Debt | 1.54M | 1.42M | 5.09M | 2.89M | 2.11M | 743.68K |
| Net Cash (Debt) | 910.87K | 4.72M | 544.37K | 5.13M | 162.97K | -292.83K |
| Net Cash Per Share | 0.03 | 0.19 | 0.10 | 5.13 | 0.16 | -0.47 |
| Filing Date Shares Outstanding | 38.30M | 33.59M | 22.82M | 5.03M | 1.00M | 626.03K |
| Total Common Shares Outstanding | 35.40M | 33.18M | 13.25M | 1.00M | 1.00M | 626.03K |
| Working Capital | 7.05M | 14.16M | 3.92M | 711.18K | 817.86K | -63.77K |
| Book Value Per Share | 0.26 | 0.16 | -6.71 | 30.62 | 31.28 | 49.22 |
| Tangible Book Value | -17.83M | -21.76M | -123.49M | 2.84M | 2.20M | 347.08K |
| Tangible Book Value Per Share | -0.50 | -0.66 | -9.32 | 2.84 | 2.20 | 0.55 |
| Machinery | 2.87M | 2.86M | 2.86M | 2.35M | 2.12M | 1.04M |
| Leasehold Improvements | 10.00K | 10.00K | 10.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -11.08M | -14.01M | -3.19M | 4.85M | 8.67M | 7.09M |
| Depreciation & Amortization | 997.01K | 8.58M | 4.84M | 1.84M | 1.71M | 379.82K |
| Other Amortization | 77.81K | 60.00K | ||||
| Loss (Gain) From Sale of Assets | -91.68K | |||||
| Stock-Based Compensation | 4.49M | 6.50M | 7.95M | |||
| Provision & Write-off of Bad Debts | 559.75K | 3.36M | 2.82M | 1.53M | 742.77K | |
| Other Operating Activities | 319.62K | -5.70M | -7.04M | 550.42K | -73.81K | |
| Change in Accounts Receivable | -4.28M | -4.15M | -3.73M | -8.67M | -916.99K | -283.86K |
| Change in Inventory | 97.19K | 20.29K | -131.90K | -63.21K | -287.15K | |
| Change in Accounts Payable | 1.46M | 2.75M | -2.51M | 4.50M | -477.65K | -297.18K |
| Change in Unearned Revenue | 39.49K | 1.10M | -5.02M | 4.07M | 1.15M | |
| Change in Other Net Operating Assets | 1.03M | -7.20M | -2.60M | 3.36M | 211.71K | -7.80K |
| Operating Cash Flow | -5.46M | -8.69M | -8.72M | 11.98M | 10.72M | 6.88M |
| Capital Expenditures | -822.69K | -1.22M | -4.37M | -1.03M | -1.08M | -707.87K |
| Cash Acquisitions | 14.60M | 14.60M | 1.09M | |||
| Other Investing Activities | -3.15M | -3.00M | ||||
| Investing Cash Flow | 10.62M | 13.37M | -7.37M | -1.03M | -1.08M | 379.13K |
| Short-Term Debt Issued | 2.44M | |||||
| Long-Term Debt Issued | 311.03K | 561.79K | 523.08K | |||
| Total Debt Issued | 1.50M | 2.44M | 311.03K | 561.79K | 523.08K | |
| Long-Term Debt Repaid | -3.38M | -450.92K | -326.10K | -181.11K | -13.93K | |
| Net Debt Issued (Repaid) | -1.76M | -3.38M | 1.99M | -15.07K | 380.69K | 509.15K |
| Issuance of Common Stock | 13.46K | 2.72M | ||||
| Repurchase of Common Stock | -197.04K | -166.93K | ||||
| Preferred Dividends Paid | -781.22K | -621.06K | -139.07K | |||
| Common Dividends Paid | -90.00K | -5.17M | -8.21M | -7.44M | ||
| Dividends Paid | -781.22K | -621.06K | -229.07K | -5.17M | -8.21M | -7.44M |
| Financing Cash Flow | -2.78M | -4.17M | 13.70M | -5.19M | -7.82M | -6.93M |
| Foreign Exchange Rate Adjustments | -5.64K | -4.89K | ||||
| Net Cash Flow | 2.38M | 503.82K | -2.39M | 5.75M | 1.82M | 329.71K |
| Free Cash Flow | -6.28M | -9.91M | -13.09M | 10.94M | 9.64M | 6.17M |
| Free Cash Flow Margin | -8.74% | -14.30% | -17.87% | 9.98% | 10.84% | 25.11% |
| Free Cash Flow Per Share | -0.20 | -0.40 | -2.36 | 10.94 | 9.64 | 9.86 |
| Levered Free Cash Flow | -7.56M | -6.16M | -6.63M | 9.56M | 6.44M | |
| Unlevered Free Cash Flow | -7.52M | -6.12M | -6.42M | 9.63M | 6.47M | |
| Cash Interest Paid | 70.38K | 99.38K | 124.49K | 103.42K | 54.74K | 5.08K |
| Change in Working Capital | -1.66M | -7.48M | -13.99M | 3.21M | -321.03K | -588.85K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.44M | 36.13M | 19.91M | 93.55M | 356.73M | 342.24M |
| Enterprise Value | 13.53M | 84.14M | 105.00M | 93.28M | ||
| Last Close Price | 0.25 | 1.09 | 3.43 | 11.26 | 10.34 | 9.92 |
| PE Ratio | 19.31 | 41.16 | 48.26 | |||
| PS Ratio | 0.20 | 0.52 | 0.27 | 0.85 | 4.01 | 13.92 |
| PB Ratio | 0.94 | 0.76 | 0.46 | 3.06 | 11.41 | 11.11 |
| P/TBV Ratio | 32.93 | 162.46 | 986.05 | |||
| P/FCF Ratio | 8.55 | 37.00 | 55.43 | |||
| P/OCF Ratio | 7.81 | 33.28 | 49.73 | |||
| EV/Sales Ratio | 0.19 | 1.21 | 1.43 | 0.85 | ||
| EV/EBITDA Ratio | 13.36 | |||||
| EV/EBIT Ratio | 18.15 | |||||
| EV/FCF Ratio | 8.53 | |||||
| Debt / Equity Ratio | 0.04 | 0.03 | 0.12 | 0.10 | 0.07 | 0.02 |
| Debt / EBITDA Ratio | 0.38 | 0.20 | 0.10 | |||
| Debt / FCF Ratio | 0.26 | 0.22 | 0.12 | |||
| Net Debt / Equity Ratio | -0.02 | -0.10 | -0.01 | -0.17 | -0.01 | 0.01 |
| Net Debt / EBITDA Ratio | 0.09 | 0.40 | 0.09 | -0.73 | -0.02 | 0.04 |
| Net Debt / FCF Ratio | 0.14 | 0.48 | 0.04 | -0.47 | -0.02 | 0.05 |
| Asset Turnover | 1.41 | 1.18 | 1.34 | 2.63 | 2.63 | |
| Inventory Turnover | 40.41 | 36.03 | 62.26 | 186.47 | ||
| Quick Ratio | 1.30 | 2.09 | 1.06 | 1.02 | 1.12 | 0.83 |
| Current Ratio | 1.56 | 2.69 | 1.26 | 1.05 | 1.32 | 0.94 |
| Return on Equity (ROE) | -31.07% | -43.43% | -26.85% | 15.65% | 27.91% | |
| Return on Assets (ROA) | -13.56% | -21.77% | -12.38% | 7.71% | 15.99% | |
| Return on Capital Employed (ROCE) | -25.50% | -42.30% | -23.50% | 15.80% | 26.50% | 22.50% |
| Earnings Yield | -140.84% | -38.77% | -16.03% | 5.18% | 2.43% | 2.07% |
| FCF Yield | -43.49% | -27.44% | -65.72% | 11.70% | 2.70% | 1.80% |
| Payout Ratio | 106.78% | 94.69% | 104.93% | |||
| Buyback Yield / Dilution | -128.70% | -349.56% | -454.69% | -59.74% |