Zeo Energy Financials
Zeo Energy (ZEO) reported $69.3M in revenue for fiscal year 2025, down 5.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 reveals a shrinking revenue base and margin compression that turned weaker scale into persistent cash burn.
The non-obvious shift is that liquidity improved on paper: the current ratio more than doubled to 2.7x and total liabilities fell to$51.6M , while the core business still was not self-funding. Operating cash flow stayed near-$8.7M and free cash flow reached-$9.9M in FY2025, so the cleaner balance sheet appears to come more from financing and asset movements than from operating recovery.
FY2025's gross-margin reset to
The company now looks less debt-driven than in FY2024, but not yet internally financed: long-term debt is minimal, while cash is only
Financial Health Signals
Zeo Energy does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Zeo Energy scores -0.80, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($25.9M) relative to total liabilities ($51.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zeo Energy passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Zeo Energy reported a net loss of $14.0M while operations used $8.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Zeo Energy reported an operating loss of $20.5M against $155K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Zeo Energy generated $69.3M in revenue in fiscal year 2025. This represents a decrease of 5.3% from the prior year.
Zeo Energy's EBITDA was -$20.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 91.2% from the prior year.
Zeo Energy reported -$14.0M in net income in fiscal year 2025. This represents a decrease of 424.9% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Zeo Energy recorded an outflow of $9.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 9.1% from the prior year.
Zeo Energy held $6.1M in cash against $56K in long-term debt as of fiscal year 2025, with $8.4M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
Zeo Energy's gross margin was 55.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 38.1 percentage points from the prior year.
Zeo Energy's operating margin was -29.6% in fiscal year 2025, reflecting core business profitability. This is down 14.9 percentage points from the prior year.
Zeo Energy's net profit margin was -20.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 16.6 percentage points from the prior year.
Zeo Energy's ROE was -262.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Zeo Energy invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 231.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ZEO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | $71.8M | $69.3M-5.3% | $73.2M-33.2% | $109.7M | N/A |
| Cost of Revenue | $39.8M | $31.1M+532.1% | $4.9M+4004.3% | $120K | N/A |
| Gross Profit | $32.0M | $38.3M-44.0% | $68.3M-37.6% | $109.6M | N/A |
| SG&A Expenses | $25.4M | $27.5M+27.8% | $21.6M+17865.1% | $120K0.0% | $120K |
| Operating Income | -$11.9M | -$20.5M-90.0% | -$10.8M-310.2% | $5.1M+281.6% | -$2.8M |
| Interest Expense | $198K | $155K-53.4% | $334K+200.9% | $111K | N/A |
| Income Tax | -$68K | $264K+127.4% | -$964K | N/A | N/A |
| Net Income | -$11.1M | -$14.0M-424.9% | -$2.7M+11.1% | -$3.0M-120.9% | $14.3M |
| EPS (Diluted) | — | N/A | -$0.48-109.9% | $4.85 | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZEO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $56.9M-6.6% | $61.0M+26.8% | $48.1M-83.2% | $286.2M |
| Current Assets | $22.6M+19.4% | $18.9M+16.4% | $16.2M+2413.4% | $646K |
| Cash & Equivalents | $6.1M+8.9% | $5.6M-29.8% | $8.0M+1204.9% | $615K |
| Inventory | $852K-2.3% | $872K+149.0% | $350K | N/A |
| Accounts Receivable | $8.2M-9.3% | $9.0M+209.6% | $2.9M | N/A |
| Goodwill | $27.1M+0.3% | $27.0M0.0% | $27.0M | N/A |
| Total Liabilities | $51.6M-65.6% | $149.9M+758.3% | $17.5M-93.1% | $254.9M |
| Current Liabilities | $8.4M-43.9% | $15.0M-3.6% | $15.5M+611.2% | $2.2M |
| Long-Term Debt | $56K-88.8% | $497K | N/A | N/A |
| Total Equity | $5.3M+106.0% | -$88.9M-390.3% | $30.6M-2.1% | $31.3M |
| Retained Earnings | -$58.1M+43.9% | -$103.4M-19294.7% | -$533K+95.6% | -$12.0M |
ZEO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$5.5M | -$8.7M+0.3% | -$8.7M-172.8% | $12.0M+265.7% | $3.3M |
| Capital Expenditures | $823K | $1.2M+231.4% | $369K-64.3% | $1.0M | N/A |
| Free Cash Flow | -$6.3M | -$9.9M-9.1% | -$9.1M-183.0% | $10.9M | N/A |
| Investing Cash Flow | $10.6M | $13.4M+281.5% | -$7.4M-612.2% | -$1.0M+74.0% | -$4.0M |
| Financing Cash Flow | -$2.8M | -$4.2M-130.5% | $13.7M+364.0% | -$5.2M | N/A |
| Dividends Paid | N/A | $621K+346.6% | $139K | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | $272.6M | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ZEO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 55.2%-38.1pp | 93.3%-6.6pp | 99.9% | N/A |
| Operating Margin | -29.6%-14.9pp | -14.8%-19.4pp | 4.7% | N/A |
| Net Margin | -20.2%-16.6pp | -3.6%-0.9pp | -2.7% | N/A |
| Return on Equity | -262.8% | N/A | -9.8%-55.6pp | 45.8% |
| Return on Assets | -24.6%-20.2pp | -4.4%+1.9pp | -6.2%-11.2pp | 5.0% |
| Current Ratio | 2.69+1.4x | 1.26+0.2x | 1.05+0.7x | 0.30 |
| Debt-to-Equity | 0.01 | N/A | 0.57-7.6x | 8.15 |
| FCF Margin | -14.3%-1.9pp | -12.4%-22.4pp | 10.0% | N/A |
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Where Zeo Energy Ranks
Frequently Asked Questions
What is Zeo Energy's annual revenue?
Zeo Energy (ZEO) reported $69.3M in total revenue for fiscal year 2025. This represents a -5.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zeo Energy's revenue growing?
Zeo Energy (ZEO) revenue declined by 5.3% year-over-year, from $73.2M to $69.3M in fiscal year 2025.
Is Zeo Energy profitable?
No, Zeo Energy (ZEO) reported a net income of -$14.0M in fiscal year 2025, with a net profit margin of -20.2%.
What is Zeo Energy's EBITDA?
Zeo Energy (ZEO) had EBITDA of -$20.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Zeo Energy have?
As of fiscal year 2025, Zeo Energy (ZEO) had $6.1M in cash and equivalents against $56K in long-term debt.
What is Zeo Energy's gross margin?
Zeo Energy (ZEO) had a gross margin of 55.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zeo Energy's operating margin?
Zeo Energy (ZEO) had an operating margin of -29.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zeo Energy's net profit margin?
Zeo Energy (ZEO) had a net profit margin of -20.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zeo Energy's return on equity (ROE)?
Zeo Energy (ZEO) has a return on equity of -262.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zeo Energy's free cash flow?
Zeo Energy (ZEO) recorded an outflow of $9.9M in free cash flow during fiscal year 2025. This represents a -9.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zeo Energy's operating cash flow?
Zeo Energy (ZEO) recorded an outflow of $8.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Zeo Energy's total assets?
Zeo Energy (ZEO) had $56.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zeo Energy's capital expenditures?
Zeo Energy (ZEO) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Zeo Energy's current ratio?
Zeo Energy (ZEO) had a current ratio of 2.69 as of fiscal year 2025, which is generally considered healthy.
What is Zeo Energy's debt-to-equity ratio?
Zeo Energy (ZEO) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zeo Energy's return on assets (ROA)?
Zeo Energy (ZEO) had a return on assets of -24.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zeo Energy's Altman Z-Score?
Zeo Energy (ZEO) has an Altman Z-Score of -0.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zeo Energy's Piotroski F-Score?
Zeo Energy (ZEO) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zeo Energy's earnings high quality?
Zeo Energy (ZEO) reported a net loss of $14.0M while operations used $8.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Zeo Energy cover its interest payments?
Zeo Energy (ZEO) reported an operating loss of $20.5M against $155K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.