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ZEOWW

Zeo Energy Corp.

ZEOWW

Zeo Energy Corp. • NASDAQ
$0.04 ▼ -15.63% (-0.01)
Market Cap $98.39 M
52w High $0.07
52w Low $0.04
Dividend Yield 0%
P/E 0
Volume 3.64K
Outstanding Shares 1.91B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $23.896M ▲ $15.823M ▲ $-3.225M ▼ -13.496% ▼ $-0.12 ▼ $-1.442M ▼
Q2-2025 $18.102M ▲ $13.671M ▼ $-2.416M ▲ -13.346% ▲ $-0.11 ▲ $321.946K ▲
Q1-2025 $8.784M ▼ $17.505M ▲ $-6.361M ▼ -72.421% ▼ $-0.48 ▼ $-7.865M ▼
Q4-2024 $18.648M ▼ $12.567M ▼ $-435.346K ▼ -2.335% ▼ $-0.039 ▼ $1.676M ▲
Q3-2024 $19.658M $12.853M $-424.262K -2.158% $-0.039 $-2.207M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.916M ▲ $58.5M ▲ $12.424M ▼ $-1.721M ▲
Q2-2025 $68.691K ▼ $46.231M ▼ $33.235M ▲ $-59.447M ▼
Q1-2025 $2.894M ▼ $47.448M ▼ $32.428M ▲ $-23.078M ▲
Q4-2024 $5.634M ▲ $61.4M ▲ $18.487M ▼ $-88.912M ▼
Q3-2024 $4.33M $47.098M $29.422M $17.676M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.225M ▼ $-6.583M ▼ $14.356M ▲ $-3.921M ▼ $3.847M ▲ $-6.824M ▼
Q2-2025 $-2.679M ▲ $-2.286M ▼ $-434.447K ▼ $-104.469K ▼ $-2.825M ▼ $-2.721M ▼
Q1-2025 $-13.319M ▼ $-2.263M ▼ $-372.578K ▲ $-103.996K ▼ $-2.74M ▼ $-2.636M ▼
Q4-2024 $-1.136M ▲ $3.473M ▲ $-7.084M ▼ $4.915M ▲ $1.304M ▲ $3.389M ▲
Q3-2024 $-2.872M $162.215K $45.762K $-1.22M $-1.012M $207.977K

Five-Year Company Overview

Income Statement

Income Statement Zeo Energy is still a very small, early-stage business from a revenue and profit standpoint. Sales have grown off a tiny base and remain very limited, more like a young startup than an established energy company. Gross profit is positive, which means the core services can generate value above direct costs, but operating profit has slipped back into a small loss in the most recent year. That suggests overhead, integration work, and growth efforts are outweighing the scale of the current business. Net results have bounced between slightly positive and flat to slightly negative, showing no stable profitability trend yet. Earnings per share have also swung around, which is common for a very small, evolving company, but it underlines that current earnings are not yet a reliable indicator of steady performance. Overall, the income statement shows a company in transition with tiny scale, uneven profits, and a business model that has not yet matured financially.

Balance Sheet

Balance Sheet The balance sheet highlights how financially thin and fragile Zeo Energy is today. Total assets are small and have actually shrunk compared with earlier years, which is not what you typically want to see in a growth-stage energy technology business. Cash is modest, providing only a limited cushion to fund operations or big projects. Debt has started to appear but is still small. The more notable issue is equity: it has moved from clearly positive to negative in the latest year. Negative equity usually means accumulated losses and a capital base that has been largely used up. This leaves less room to absorb setbacks and often means the company will depend on new capital injections or restructurings to support its plans. In short, the balance sheet is very light, with limited safety margin and a clear need for careful capital management if the company is to pursue its ambitious growth agenda.

Cash Flow

Cash Flow Zeo Energy’s cash flow picture fits an early-stage, shifting business and shows increasing pressure. Operating cash flow was previously around break-even or slightly positive but has recently turned modestly negative. That means the business is now consuming cash, not generating it, from its day-to-day activities. Free cash flow mirrors this pattern, since capital spending has been minimal. The lack of heavy capital expenditures keeps cash burn from being extreme, but it also reflects that the company has not yet deployed large sums into building out industrial-scale projects. As it tries to commercialize Heliogen’s technology, cash demands could rise sharply. Overall, Zeo is currently a small cash burner with limited reserves, suggesting an ongoing reliance on external funding if it wants to scale its technology and sales footprint.

Competitive Edge

Competitive Edge Zeo Energy’s competitive position is mostly about strategic positioning and advanced technology potential rather than current market dominance. In residential solar and home efficiency, Zeo’s main advantages are its vertically integrated model and its very hands-on, direct-to-consumer sales approach. Controlling everything from sales to installation and service can help with customer experience and costs. Focusing on less saturated regions can also help. However, residential solar is a crowded field with many local and national competitors and relatively low barriers to entry, so any edge here is likely to be modest and hard to defend over time. The acquisition of Heliogen is where the more distinct competitive story emerges. The high-temperature concentrated solar technology, AI-controlled mirrors, long-duration thermal storage, and potential for industrial heat and green hydrogen give Zeo a differentiated position in a niche market that is still in its early days. If it can prove this technology at scale, it would compete more on unique capabilities than on price alone. That said, this industrial decarbonization space is capital intensive, technically challenging, and will attract large, well-funded players. Zeo’s competitive position therefore carries both meaningful upside potential and substantial execution and scale-up risk.

Innovation and R&D

Innovation and R&D Innovation is the core of Zeo Energy’s long-term story, especially after absorbing Heliogen. On the residential side, innovation has been more about business model and service integration than new hardware. By packaging solar, efficiency upgrades, roofing, and financing under one roof, Zeo is trying to simplify the homeowner journey and capture more value per customer. This is incremental rather than breakthrough innovation but can still be powerful if executed well. Heliogen’s technology is far more cutting-edge. The use of computer-controlled mirror fields, advanced computer vision, and AI to generate extremely high temperatures, paired with thermal storage, targets problems that traditional solar cannot easily solve: round-the-clock clean power, industrial heat, and green hydrogen production. These are technically demanding areas with long development timelines but also very large potential markets. Future innovation milestones to watch include successful pilot and commercial projects using CSP and thermal storage, real-world performance data for industrial clients and data centers, and concrete progress in green hydrogen. Another key challenge will be integrating these advanced technologies into a company with very limited financial resources, without overextending. In short, the innovation story is ambitious and compelling on paper, but it will need disciplined R&D, strong partnerships, and careful capital allocation to translate into durable commercial success.

Summary

Zeo Energy is a tiny, evolving clean energy company trying to make a big leap—from small-scale residential solar and efficiency services into highly sophisticated industrial solar and storage solutions. Financially, it operates at a very small scale, with limited revenue, no consistent profitability, negative equity, and modest cash, now burning rather than generating cash from operations. The balance sheet offers little buffer, which heightens the importance of access to new capital and disciplined spending. Strategically, the residential business provides a base of operations and some recurring activity, but it is in a highly competitive, low-moat market. The real swing factor is the Heliogen technology: high-temperature concentrated solar, AI-driven optimization, long-duration thermal storage, and green hydrogen capabilities aimed at hard-to-decarbonize industries and power-hungry data centers. If Zeo can prove and scale this technology, it could carve out a unique position in industrial decarbonization. However, this path is technically complex, capital intensive, and faces competition from much larger players and alternative clean energy solutions. Overall, ZEOWW represents an early-stage, high-uncertainty story: meaningful technological promise and strategic vision, set against a very thin financial base and significant execution risk.