Zeo Energy Corp. Reports Third Quarter 2025 Financial Results

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

• Third quarter net revenue was approximately $23.9 million, a 32% increase from the second quarter and a 22% increase from the third quarter of 2024.

• Third quarter Adjusted EBITDA, a non-GAAP financial measure, was $2.0 million, an improvement from $1.4 million in the second quarter and $(0.2) million in the third quarter of 2024.

• The Company’s completed acquisition, during the third quarter, of Heliogen, a provider of on-demand clean energy technology solutions, provides the company with an opportunity to establish a division focused on long-duration energy generation and storage for commercial and industrial-scale facilities, including artificial intelligence (AI) and cloud computing data centers.

• As a result of the acquisition of Heliogen, the Company has begun to receive strong interest from potential customers interested in solutions supported by Heliogen’s technology, including data centers and other energy infrastructure projects.

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.

• Total net revenue was approximately $23.9 million in Q3 2025, a 21.6% increase from approximately $19.7 million in the comparable 2024 period. The increase was largely due to an increase in installations and revenues compared to the prior year.

• Gross profit increased to approximately $13.7 million (57.4% of total net revenue) in Q3 2025 from approximately $9.6 million (48.8% of total net revenue) in the comparable 2024 period. The increase was driven in part by an increase in the average selling price of contracts to customers compared to the prior year.

• Net loss for Q3 2025 was approximately $1.9 million compared to approximately $2.9 million in the comparable 2024 period. The decrease was primarily due to an net increase in revenue during the third quarter of 2025.

• Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, increased to approximately $2.0 million (8.2% of total net revenue) in Q3 2025 from approximately $(0.2) million (1.2% of total net revenue) in the comparable 2024 period. The change was primarily related to the improvement in net revenue in the third quarter of 2025.

First Nine Months 2025 Financial Results
Results compare the nine months ended September 30, 2025 to the nine months ended September 30, 2024.

• Total revenue was $50.8 million, a 7.0% decrease from $54.6 million in the comparable 2024 period. The primary reason for the decrease in revenue was a decrease in deferred revenue recognized in first quarter of 2025 compared to the first quarter of 2024. The first quarter of 2024 benefited from systems which were installed at the end of 2023 that were recognized in 2024.

• Gross profit increased to $28.1 million (55.3% of total revenue) from $23.2 million (42.5% of total revenue) in the comparable 2024 period. The increase was driven primarily by an improvement in cost of goods sold, mainly driven by the impact of the costs associated with the deferred revenue in 2023 being deferred to 2024. There were no such costs in 2025.

• Net loss was $17.9 million compared to $8.7 million in the comparable 2024 period. The increase is primarily due to a decrease in revenue related to softer residential solar market conditions in the first half of the year.

• Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, decreased to $(1.9) million (3.8% of total revenue) from $0.1 million (0.2% of total revenue) in the comparable 2024 period. The change was primarily related to lower revenues and bad debt associated with the bankruptcy of a customer.

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:

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:

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-