Zeo Energy Financials
This page shows Zeo Energy (ZEO) financial statements, including the 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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Zeo Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zeo Energy has an operating margin of -29.6%, meaning the company retains $-30 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -14.8% the prior year.
Zeo Energy's revenue declined 5.3% year-over-year, from $73.2M to $69.3M. This contraction results in a growth score of 0/100.
Zeo Energy carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Zeo Energy's current ratio of 2.69 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
While Zeo Energy generated -$8.7M in operating cash flow, capex of $1.2M consumed most of it, leaving -$9.9M in free cash flow. This results in a low score of 3/100, reflecting heavy capital investment rather than weak cash generation.
Zeo Energy generates a -262.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Zeo Energy passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Zeo Energy generates $0.62 in operating cash flow (-$8.7M OCF vs -$14.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Zeo Energy earns $-132.0 in operating income for every $1 of interest expense (-$20.5M vs $155K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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.
Cash & Balance Sheet
Zeo Energy generated -$9.9M in free cash flow in fiscal year 2025, representing cash available 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.
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.
ZEO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2M-29.0% | $18.6M-22.3% | $23.9M+32.0% | $18.1M+106.1% | $8.8M-52.9% | $18.6M-5.1% | $19.7M+32.9% | $14.8M |
| Cost of Revenue | $7.6M-44.5% | $13.7M+35.9% | $10.1M+38.0% | $7.3M+11246.2% | $64K-98.7% | $4.9M-49.8% | $9.8M+38.6% | $7.1M |
| Gross Profit | $5.6M+14.3% | $4.9M-64.6% | $13.8M+28.0% | $10.8M+24.1% | $8.7M | N/A | $9.9M+27.6% | $7.7M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.3M-12.8% | $7.2M+20.2% | $6.0M+23.0% | $4.9M-48.7% | $9.5M+67.6% | $5.7M-20.8% | $7.2M+29.5% | $5.5M |
| Operating Income | -$4.8M-117.9% | -$2.2M-10.4% | -$2.0M+30.6% | -$2.9M+78.9% | -$13.5M-1116.7% | -$1.1M+62.8% | -$3.0M-12.0% | -$2.7M |
| Interest Expense | $11K-57.4% | $25K-80.4% | $130K+532.6% | -$30K-199.0% | $30K-19.2% | $37K-82.1% | $209K+320.1% | $50K |
| Income Tax | -$92K+24.2% | -$122K-349.4% | $49K+126.1% | -$187K-135.7% | $524K+171.9% | -$728K-1550.1% | -$44K+42.3% | -$77K |
| Net Income | -$3.5M-75.1% | -$2.0M+37.8% | -$3.2M-33.5% | -$2.4M+62.0% | -$6.4M-1361.2% | -$435K-2.6% | -$424K-52.7% | -$278K |
| EPS (Diluted) | N/A | N/A | N/A | N/A | $-0.48 | N/A | $-0.08-366.7% | $0.03 |
ZEO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $56.5M-0.7% | $56.9M-2.7% | $58.5M+26.5% | $46.2M-2.6% | $47.4M-22.2% | $61.0M+29.5% | $47.1M-4.0% | $49.1M |
| Current Assets | $20.0M-11.2% | $22.6M-5.7% | $23.9M+121.1% | $10.8M+5.5% | $10.3M-45.7% | $18.9M+21.2% | $15.6M-12.9% | $17.9M |
| Cash & Equivalents | $1.7M-71.8% | $6.1M+56.7% | $3.9M+5600.7% | $69K-97.6% | $2.9M-48.6% | $5.6M+30.1% | $4.3M-18.9% | $5.3M |
| Inventory | $855K+0.3% | $852K-8.8% | $935K+1.9% | $918K+8.3% | $847K-2.9% | $872K+80.9% | $482K+10.4% | $437K |
| Accounts Receivable | $10.4M+27.0% | $8.2M-25.3% | $10.9M+101.7% | $5.4M+8.3% | $5.0M-44.4% | $9.0M+5.5% | $8.5M+18.3% | $7.2M |
| Goodwill | $27.1M0.0% | $27.1M0.0% | $27.1M+0.3% | $27.0M0.0% | $27.0M0.0% | $27.0M0.0% | $27.0M0.0% | $27.0M |
| Total Liabilities | $42.8M-17.0% | $51.6M-14.3% | $60.2M-43.0% | $105.7M+49.8% | $70.5M-52.9% | $149.9M+73.4% | $86.4M-15.4% | $102.1M |
| Current Liabilities | $12.1M+44.4% | $8.4M-23.1% | $10.9M-23.2% | $14.2M+3.6% | $13.7M-8.4% | $15.0M+49.5% | $10.0M+21.6% | $8.2M |
| Long-Term Debt | $49K-11.3% | $56K-9.9% | $62K-81.7% | $337K-18.5% | $414K-16.6% | $497K-12.5% | $568K-51.7% | $1.2M |
| Total Equity | $13.7M+156.7% | $5.3M+409.7% | -$1.7M+97.1% | -$59.4M-157.6% | -$23.1M+74.0% | -$88.9M-126.1% | -$39.3M+25.8% | -$53.0M |
| Retained Earnings | -$51.4M+11.5% | -$58.1M+6.1% | -$61.8M+35.8% | -$96.2M-143.2% | -$39.6M+61.7% | -$103.4M-139.4% | -$43.2M+18.7% | -$53.2M |
ZEO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$853K-134.9% | $2.4M+137.1% | -$6.6M-187.9% | -$2.3M-1.0% | -$2.3M-165.2% | $3.5M+2040.9% | $162K+107.4% | -$2.2M |
| Capital Expenditures | $205K+16.8% | $176K-27.0% | $241K-44.6% | $434K+16.6% | $373K+343.2% | $84K+283.7% | -$46K-143.7% | $105K |
| Free Cash Flow | -$1.1M-146.7% | $2.3M+133.2% | -$6.8M-150.8% | -$2.7M-3.2% | -$2.6M-177.8% | $3.4M+2810.0% | $116K+105.1% | -$2.3M |
| Investing Cash Flow | -$3.4M-1809.3% | -$176K-101.2% | $14.4M+3404.3% | -$434K-16.6% | -$373K+94.7% | -$7.1M-15580.2% | $46K+143.7% | -$105K |
| Financing Cash Flow | -$198K-353.1% | -$44K+98.9% | -$3.9M-3652.8% | -$104K-0.5% | -$104K-102.1% | $4.9M+502.9% | -$1.2M-1344.0% | -$84K |
| Dividends Paid | $160K | $0 | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ZEO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.5%+16.1pp | 26.4%-31.5pp | 57.9%-1.8pp | 59.8%-39.5pp | 99.3% | N/A | 50.2%-2.1pp | 52.3% |
| Operating Margin | -36.1%-24.4pp | -11.8%-3.5pp | -8.3%+7.5pp | -15.8%+138.1pp | -153.8%-147.9pp | -6.0%+9.2pp | -15.2%+2.8pp | -18.0% |
| Net Margin | -26.6%-15.8pp | -10.8%+2.7pp | -13.5%-0.2pp | -13.4%+59.1pp | -72.4%-70.1pp | -2.3%-0.2pp | -2.2%-0.3pp | -1.9% |
| Return on Equity | -25.7%+12.0pp | -37.6% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -6.2%-2.7pp | -3.5%+2.0pp | -5.5%-0.3pp | -5.2%+8.2pp | -13.4%-12.7pp | -0.7%+0.2pp | -0.9%-0.3pp | -0.6% |
| Current Ratio | 1.65-1.0 | 2.69+0.5 | 2.19+1.4 | 0.76+0.0 | 0.75-0.5 | 1.26-0.3 | 1.56-0.6 | 2.17 |
| Debt-to-Equity | 0.000.0 | 0.01+0.0 | -0.04-0.0 | -0.01+0.0 | -0.02-0.0 | -0.010.0 | -0.010.0 | -0.02 |
| FCF Margin | -8.0%-20.2pp | 12.2%+40.8pp | -28.5%-13.5pp | -15.0%+15.0pp | -30.0%-48.2pp | 18.2%+17.6pp | 0.6%+16.2pp | -15.6% |
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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) generated -$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) generated -$8.7M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?
Based on fiscal year 2025 data, Zeo Energy (ZEO) had $6.1M in cash against an annual operating cash burn of $8.7M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Zeo Energy's Piotroski F-Score?
Zeo Energy (ZEO) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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) has an earnings quality ratio of 0.62x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -132.0x, meaning it can struggle to cover its interest obligations. 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.
How financially healthy is Zeo Energy?
Zeo Energy (ZEO) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.