1. Zeo Energy's Q3 2025 net revenue rose 32% from Q2 2025. 2. Adjusted EBITDA improved to $2.0 million, showing operational efficiency. 3. Acquisition of Heliogen boosts interest in long-duration energy solutions. 4. Zeo anticipates stable Q4 revenues, expanding into new markets. 5. Softer residential solar conditions impact overall nine-month revenues.
Zeo's robust Q3 performance coupled with positive acquisition impacts may enhance investor confidence, reminiscent of other energy firms post-acquisition spikes.
The article directly discusses financial performance and strategic acquisitions that are pivotal for ZEO's market position and potential growth.
Immediate interest from new customers and operational growth might drive short-term stock price increases.
NEW PORT RICHEY, Fla., Nov. 14, 2025 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (NASDAQ:ZEO) ("Zeo," "Zeo Energy," or the "Company"), a Florida-based provider of residential solar and commercial long-duration energy-storage solutions, today reported financial results for the third quarter and nine months ended September 30, 2025.
Recent Financial and Operational Highlights
Management Commentary
"While the broader residential solar market remains challenging, we believe that we have demonstrated a consistent ability to maintain revenue and manage our costs, positioning us well as conditions improve," said Zeo Energy Corp. CEO Tim Bridgewater. "In the third quarter we generated approximately $23.9 million in net revenue, up more than 20% from the third quarter of 2024. Looking ahead, we expect Q4 net revenues to be consistent with Q3, having stabilized in the near term as we navigate typical seasonality associated with the year end. At the same time, we are continuing to expand into favorable new markets, like Virginia, and attract top sales talent that values our competitive differentiation, both of which we believe have us set up well for future growth in 2026.
"Separately, our recently completed acquisition of Heliogen has begun to create additional interest and awareness for the business with exciting potential new opportunities on the horizon. More specifically, we are engaged in several discussions with potential data center and commercial end customers seeking large-scale behind-the-meter energy solutions utilizing photovoltaic (PV) solar and storage. As our diversified platform for energy solutions thesis begins to emerge, we intend to balance select opportunities while remaining committed to profitable growth of our core business."
Third Quarter 2025 Financial Results
Results comparing the third quarter ended September 30, 2025 to the third quarter ended September 30, 2024.
First Nine Months 2025 Financial Results
Results compare the nine months ended September 30, 2025 to the nine months ended September 30, 2024.
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 diversified clean energy company providing residential, commercial, industrial, and utility-scale solutions that cut costs and carbon emissions. Based in Florida, Zeo operates Sunergy, a residential solar, distributed energy, and efficiency solutions business, in high-growth markets with limited competitive saturation. As of August 8, 2025, the closing of the acquisition, it also operates Heliogen, Inc., a long-duration energy generation and storage business designed to deliver renewable power for high-demand applications such as AI, data centers, and other energy-intensive industries. With its vertically integrated approach, Zeo helps customers with a cost-effective transition to 24/7 clean energy. 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:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (1,869,472 | ) | $ | (2,872,424 | ) | $ | (17,868,299 | ) | $ | (8,736,845 | ) | ||||
| Adjustments: | ||||||||||||||||
| Other income, net | (165,308 | ) | (137,508 | ) | (300,999 | ) | (188,329 | ) | ||||||||
| Interest expense | 129,719 | 209,227 | 130,007 | 294,257 | ||||||||||||
| Gain on change in fair value of warrant liabilities | (124,200 | ) | (138,000 | ) | (691,380 | ) | (828,000 | ) | ||||||||
| Income tax provision (benefit) | 48,752 | (44,146 | ) | 385,258 | (235,352 | ) | ||||||||||
| Stock-based compensation | 2,733,674 | 1,503,129 | 6,069,014 | 7,101,818 | ||||||||||||
| Acquisition-related expenses | 953,515 | 738,134 | 2,025,813 | 1,268,647 | ||||||||||||
| Depreciation and amortization | 249,447 | 499,876 | 8,325,628 | 1,413,074 | ||||||||||||
| Adjusted EBITDA | $ | 1,956,127 | $ | (241,712 | ) | $ | (1,924,958 | ) | $ | 89,270 | ||||||
| Net loss margin | (7.8 | )% | (14.6 | )% | (35.2 | )% | (16.0 | )% | ||||||||
| Adjusted EBITDA margin | 8.2 | % | (1.2 | )% | (3.8 | )% | 0.2 | % | ||||||||
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:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (1,869,472 | ) | $ | (2,872,424 | ) | $ | (17,868,299 | ) | $ | (8,736,845 | ) | ||||
| Adjusted EBITDA | $ | 1,956,127 | $ | (241,712 | ) | $ | (1,924,958 | ) | $ | 89,270 | ||||||
| Adjusted EBITDA margin | 8.2 | % | (1.2 | )% | (3.8 | )% | (0.2 | )% | ||||||||
Forward-Looking Statements
This earnings 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 Heliogen 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 earnings 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 Heliogen 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, 2024 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 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 earnings release represent the views of the Company as of the date of this earnings 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 earnings release.
Zeo Energy Corp. Contacts
For Investors:
Tom Colton and Greg Bradbury
Gateway Group
ZEO@gateway-grp.com
For Media:
Zach Kadletz
Gateway Group
ZEO@gateway-grp.com
-Financial Tables to Follow-
| ZEO ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEET | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | (Unaudited) | |||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 3,915,900 | $ | 5,634,115 | ||||
| Accounts receivable, net | 10,918,344 | 9,994,881 | ||||||
| Accounts receivable – related parties | 465,047 | 191,662 | ||||||
| Inventories | 934,871 | 872,470 | ||||||
| Contract assets | 2,511,737 | 640,709 | ||||||
| Contract assets – related parties | 3,581,890 | - | ||||||
| Prepaid expenses and other current assets | 1,590,333 | 1,554,838 | ||||||
| Total Current Assets | 23,918,122 | 18,888,675 | ||||||
| Other assets | 92,712 | 75,935 | ||||||
| Interest receivable – related parties | 114,393 | - | ||||||
| Deferred tax asset, net | - | 238,491 | ||||||
| Property and equipment, net | 2,871,507 | 2,475,963 | ||||||
| Operating lease right-of-use assets | 1,067,373 | 1,268,139 | ||||||
| Finance lease right-of-use assets | 344,657 | 447,012 | ||||||
| Related party note receivable | 3,000,000 | 3,000,000 | ||||||
| Intangibles, net | - | 7,571,156 | ||||||
| Goodwill | 27,091,695 | 27,010,745 | ||||||
| TOTAL ASSETS | $ | 58,500,459 | $ | 60,976,116 | ||||
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' DEFICIT | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 3,446,248 | $ | 2,780,885 | ||||
| Accrued expenses and other current liabilities | 2,844,376 | 5,181,087 | ||||||
| Accrued expenses and other current liabilities – related parties | - | 3,359,101 | ||||||
| Contract liabilities | 1,250,465 | 201,607 | ||||||
| Contract liabilities – related parties | - | 2,000 | ||||||
| Current portion of operating lease obligations | 724,083 | 583,429 | ||||||
| Current portion of finance lease obligations | 140,300 | 130,464 | ||||||
| Current portion of long-term debt | 22,887 | 291,036 | ||||||
| Convertible promissory note, net | 2,485,000 | 2,440,000 | ||||||
| Total Current Liabilities | 10,913,359 | 14,969,609 | ||||||
| Operating lease obligations, net of current portion | 448,633 | 799,385 | ||||||
| Finance lease obligations, net of current portion | 242,318 | 348,807 | ||||||
| Long-term debt, net of current portion | 61,713 | 496,623 | ||||||
| Warrant liabilities | 757,620 | 1,449,000 | ||||||
| TOTAL LIABILITIES | 12,423,643 | 18,063,424 | ||||||
| Redeemable Non-Controlling Interests | ||||||||
| Convertible preferred units, 1,500,000 units issued and outstanding as of September 30, 2025 and December 31, 2024 | 16,775,111 | 16,130,871 | ||||||
| Class B Units, 22,980,000 and 33,730,000 units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 31,023,000 | 115,693,900 | ||||||
| Stockholders' Deficit | ||||||||
| Class V common stock, $0.0001 par value, 100,000,000 authorized shares; 24,480,000 and 35,230,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2,448 | 3,523 | ||||||
| Class A common stock, $0.0001 par value, 300,000,000 authorized shares; 31,198,080 and 13,252,964 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 3,120 | 1,326 | ||||||
| Additional paid-in capital | 60,084,125 | 14,523,963 | ||||||
| Accumulated other comprehensive loss | (4,895 | ) | - | |||||
| Accumulated deficit | (61,806,093 | ) | (103,440,891 | ) | ||||
| TOTAL STOCKHOLDERS' DEFICIT | (1,721,295 | ) | (88,912,079 | ) | ||||
| TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' DEFICIT | $ | 58,500,459 | $ | 60,976,116 | ||||
| ZEO ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Revenue, net | $ | 16,879,429 | $ | 17,329,201 | $ | 33,072,267 | $ | 36,457,234 | ||||||||
| Related party revenue, net | 7,017,019 | 2,328,704 | 17,709,806 | 18,139,099 | ||||||||||||
| Total Net Revenues | 23,896,448 | 19,657,905 | 50,782,073 | 54,596,333 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Cost of revenues | 10,053,666 | 9,787,350 | 22,127,832 | 30,805,155 | ||||||||||||
| Depreciation and amortization | 249,447 | 499,876 | 8,325,628 | 1,413,074 | ||||||||||||
| Sales and marketing | 9,588,385 | 5,202,525 | 17,354,517 | 16,178,375 | ||||||||||||
| General and administrative | 5,985,459 | 7,151,005 | 21,319,509 | 15,893,998 | ||||||||||||
| Total Operating Expenses | 25,876,957 | 22,640,756 | 69,127,486 | 64,290,602 | ||||||||||||
| LOSS FROM OPERATIONS | (1,980,509 | ) | (2,982,851 | ) | (18,345,413 | ) | (9,694,269 | ) | ||||||||
| Other Income (Expense) | ||||||||||||||||
| Other income | 165,308 | 137,508 | 300,999 | 188,329 | ||||||||||||
| Interest expense | (129,719 | ) | (209,227 | ) | (130,007 | ) | (294,257 | ) | ||||||||
| Gain on change in fair value of warrant liabilities | 124,200 | 138,000 | 691,380 | 828,000 | ||||||||||||
| Total Other Income | 159,789 | 66,281 | 862,372 | 722,072 | ||||||||||||
| NET LOSS FROM OPERATIONS BEFORE INCOME TAXES | (1,820,720 | ) | (2,916,570 | ) | (17,483,041 | ) | (8,972,197 | ) | ||||||||
| Income tax benefit (provision) | (48,752 | ) | 44,146 | (385,258 | ) | 235,352 | ||||||||||
| NET LOSS | $ | (1,869,472 | ) | $ | (2,872,424 | ) | $ | (17,868,299 | ) | $ | (8,736,845 | ) | ||||
| Less: net loss attributable to Sunergy Renewables LLC prior to the business combination | - | - | - | (523,681 | ) | |||||||||||
| NET LOSS SUBSEQUENT TO THE BUSINESS COMBINATION | (1,869,472 | ) | (2,872,424 | ) | (17,868,299 | ) | (8,213,164 | ) | ||||||||
| Less: Net income (loss) attributable to redeemable non-controlling interests | 1,355,548 | (2,448,162 | ) | (5,866,178 | ) | (5,979,621 | ) | |||||||||
| NET LOSS ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $ | (3,225,020 | ) | $ | (424,262 | ) | $ | (12,002,121 | ) | $ | (2,233,543 | ) | ||||
| LOSS PER CLASS A COMMON SHARE – BASIC AND DILUTED | $ | (0.12 | ) | $ | (0.08 | ) | $ | (0.53 | ) | $ | (0.60 | ) | ||||
| WEIGHTED-AVERAGE CLASS A COMMON SHARES OUTSTANDING – BASIC AND DILUTED | 27,307,260 | 5,053,942 | 22,489,940 | 3,696,721 | ||||||||||||
| COMPREHENSIVE LOSS | ||||||||||||||||
| Foreign currency translation adjustments | 4,895 | - | 4,895 | - | ||||||||||||
| COMPREHENSIVE LOSS | $ | (3,229,915 | ) | $ | (424,262 | ) | $ | (12,007,016 | ) | $ | (2,233,543 | ) | ||||
| ZEO ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (17,868,299 | ) | $ | (8,736,845 | ) | ||
| Adjustment to reconcile net loss to cash used in operating activities | ||||||||
| Depreciation and amortization | 8,325,628 | 1,413,074 | ||||||
| Amortization of debt discount | 45,000 | - | ||||||
| Gain on change in fair value of warrant liabilities | (691,380 | ) | (828,000 | ) | ||||
| Gain on disposal of fixed assets | - | (91,684 | ) | |||||
| Stock-based compensation | 6,005,505 | 6,846,318 | ||||||
| Class A common stock issued to employees for services | 63,509 | 255,500 | ||||||
| Provision for credit losses | 2,557,343 | 2,282,588 | ||||||
| Non-cash operating lease expense | 471,966 | 523,821 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (3,175,426 | ) | (7,864,274 | ) | ||||
| Accounts receivable – related parties | (273,385 | ) | (36,410 | ) | ||||
| Inventories | (62,401 | ) | (131,898 | ) | ||||
| Contract assets | (1,871,028 | ) | 3,842,974 | |||||
| Contract assets – related parties | (3,581,890 | ) | - | |||||
| Prepaids and other current assets | 974,118 | (689,656 | ) | |||||
| Other assets | (2,180 | ) | (254,806 | ) | ||||
| Interest receivable – related parties | (114,393 | ) | - | |||||
| Accounts payable | 2,431,056 | (437,190 | ) | |||||
| Accrued expenses and other current liabilities | (1,573,123 | ) | (1,195,659 | ) | ||||
| Accrued expenses and other current liabilities – related parties | (3,359,101 | ) | (1,985,281 | ) | ||||
| Contract liabilities | 1,048,858 | (3,460,989 | ) | |||||
| Contract liabilities – related parties | (2,000 | ) | (1,160,848 | ) | ||||
| Operating lease payments | (481,298 | ) | (480,270 | ) | ||||
| Net cash used in operating activities | (11,132,921 | ) | (12,189,535 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchases of property and equipment | (1,047,661 | ) | (285,067 | ) | ||||
| Cash acquired in the acquisition of Heliogen | 14,596,267 | - | ||||||
| Net cash provided by (used in) investing activities | 13,548,606 | (285,067 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from the issuance of convertible preferred stock, net of transaction costs | - | 9,221,649 | ||||||
| Repayments of debt | (3,250,936 | ) | (261,563 | ) | ||||
| Repayments of finance lease liabilities | (96,653 | ) | (87,728 | ) | ||||
| Dividends paid to OpCo class A preferred unit holders | (621,063 | ) | - | |||||
| Tax withholdings paid related to stock-based compensation | (160,353 | ) | - | |||||
| Distributions to members | - | (90,000 | ) | |||||
| Net cash (used in) provided by financing activities | (4,129,005 | ) | 8,782,358 | |||||
| Effect on foreign exchange on cash | (4,895 | ) | - | |||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,718,215 | ) | (3,692,244 | ) | ||||
| Cash and cash equivalents, beginning of period | 5,634,115 | 8,022,306 | ||||||
| Cash and cash equivalents, end of the period | $ | 3,915,900 | $ | 4,330,062 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Cash paid for interest | $ | 85,007 | $ | 135,980 | ||||
| Cash paid for income taxes | $ | - | $ | - | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
| Net loss attributable to redeemable non-controlling interest | $ | 7,131,481 | $ | 14,986,655 | ||||
| OpCo class A preferred dividends | $ | 1,265,303 | $ | 9,007,034 | ||||
| Subsequent measurement of redeemable non-controlling interest | $ | 53,636,919 | $ | 45,873,807 | ||||
| Class A common stock issued upon vesting of restricted stock awards | $ | 25 | $ | - | ||||
| Class A common stock issued in exchange for class V common stock | $ | 1,075 | $ | - | ||||
| Fair value of class A common stock issued in exchange for OpCo class B units | $ | 23,902,500 | $ | - | ||||
| Reverse recapitalization related deferred taxes and adjustments | $ | (238,491 | $ | 112,909 | ||||
| Operating lease right-of-use asset and liability measurement | $ | 140,975 | $ | 790,615 | ||||
| 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 | ||||
| Issuance of class A common stock for services | $ | - | $ | 255,485 | ||||
| Accounts payable settled for loan payable | $ | 2,547,877 | $ | - | ||||
| Net assets acquired in the acquisition of Heliogen | $ | 14,424,860 | $ | - | ||||
| Class A common stock issued in the acquisition of Heliogen | $ | 14,424,860 | $ | - | ||||
| Class A common stock issued in settlement of accrued advisory fees | $ | 1,619,729 | $ | - | ||||
