Zeo Energy Corp. Class A ( (ZEO) ) has released its Q3 earnings. Here is a breakdown of the information Zeo Energy Corp. Class A presented to its investors.
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Zeo Energy Corp., a Florida-based provider of residential solar and energy efficiency solutions, recently reported its financial results for the third quarter and the first nine months of 2024. The company is focused on high-growth markets and utilizes a differentiated sales approach and vertically integrated offerings to help customers reduce energy costs and promote sustainability.
In the third quarter of 2024, Zeo Energy achieved a revenue of $19.7 million, marking an increase compared to the previous quarter. The company completed the acquisition of Lumio Holdings’ assets, which is expected to enhance its market presence, particularly in California. Zeo Energy’s management is navigating the challenges in the solar industry through strategic acquisitions and disciplined cost management.
Despite facing a challenging economic environment with higher interest rates, Zeo Energy’s total revenue for the first nine months of 2024 was $54.6 million, a significant decrease from the $86.7 million recorded in the same period in 2023. The company reported a net loss of $8.7 million for the first nine months of 2024, primarily due to stock compensation expenses and costs associated with becoming a public company. Adjusted EBITDA also saw a decline, reflecting the tough market conditions.
The third quarter results showed a 48.1% decrease in revenue compared to the same period in 2023, attributed to the broader economic challenges impacting direct solar sales. However, improvements in operational efficiencies partially offset the decline in sales, as evidenced by the increase in gross profit as a percentage of revenue.
Looking forward, Zeo Energy Corp. is poised for continued growth by capitalizing on strategic acquisitions and enhancing its geographic reach. Management believes that with ongoing sales and recruitment efforts, the company is well-positioned to achieve above-industry growth rates in 2025 and beyond.
