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Zeo Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$662K in Q2 2026 · −$6.3M over twelve months

Operating cash flow−$461K
Capital spending−$201K
Free cash flow−$662K
Cash conversion cycle14 days

Analysis

In Q2 2026, Zeo Energy generated −$461K of operating cash flow and spent $201K on capital projects, leaving free cash flow of −$662K. That is $2.1M more than in Q2 2025 (−$2.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$5.5M; the largest uses were operating cash flow ($5.5M), net borrowing (+) / repaid (−) ($3.3M), capital spending ($823K); besides operations, cash came from other investing ($11.4M), other financing ($478K); the cash balance rose by $2.4M.

Operating cash flow was −$461K against net income of −$2.7M. The largest differences: accrued liabilities +$1.3M, stock-based pay +$634K, deferred revenue −$380K.

Its cash conversion cycle was 14 days (receivables 57 + inventory 9 − payables 52).

Free cash flow

Zeo Energy: free cash flow by quarterZeo Energy: free cash flow by quarter$208KQ3 2024$3.4MQ4 2024−$2.6MQ1 2025−$2.7MQ2 2025−$6.8MQ3 2025$2.3MQ4 2025−$1.1MQ1 2026−$662KQ2 2026
Operating cash flow less capital spending.
Zeo Energy: operating cash flow against capital spendingZeo Energy: operating cash flow against capital spendingOperating cash flowCapital spending$162K−$46KQ3 2024$3.5M$84KQ4 2024−$2.3M$373KQ1 2025−$2.3M$434KQ2 2025−$6.6M$241KQ3 2025$2.4M$176KQ4 2025−$853K$205KQ1 2026−$461K$201KQ2 2026
Latest (Q2 2026): Operating cash flow −$461K, Capital spending $201K.

Capital allocation, year by year

Zeo Energy: where the cash came from (up) and went (down), by fiscal yearZeo Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $3.3M$3.3MFY2022FY2023: Operating cash flow $900KFY2023: Net borrowing −$15KFY2023: Capital spending −$1.0MFY2023: Acquisitions −$10.4MFY2023: Buybacks −$273M$900KFY2023FY2024: Operating cash flow −$8.7MFY2024: Net borrowing $2.0MFY2024: Shares issued $9.2MFY2024: Capital spending −$369KFY2024: Acquisitions −$4.0MFY2024: Dividends −$139K$11.2MFY2024FY2025: Operating cash flow −$8.7MFY2025: Net borrowing −$3.4MFY2025: Capital spending −$1.2MFY2025: Dividends −$621KFY2025
Over these 4 years operating cash flow totalled −$13.2M; the largest uses were buybacks ($273M) and operating cash flow ($17.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5M
Debt$79K
Net cash$2.4M
Due within a year$24K
Cash runway5 months

Zeo Energy is burning cash: its operations consume cash, a free cash flow of −$6.3M a year at the current rate against $2.5M of cash and investments: a runway of about 5 months; $24K of debt also comes due within a year, which would need refinancing or new money before any new financing.

Zeo Energy: debt maturities by year (FY2025)Zeo Energy: debt maturities by year (FY2025)$24KYear 1$26KYear 2$29KYear 3
Principal due in each year as disclosed in the annual report, against $2.5M of cash and investments now.

Where the cash came from and went

Zeo Energy: sources (+) and uses (−) of cash, Q2 2026Zeo Energy: sources (+) and uses (−) of cash, Q2 2026Other financing$1.4MCash drawn (+) / kept (−)−$721KOperating cash flow−$461KCapital spending−$201KNet borrowing (+) / repaid (−)−$41KTaxes on employees’ shares−$18KExchange rates−$271
Zeo Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Zeo Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$11.4MOperating cash flow−$5.5MNet borrowing (+) / repaid (−)−$3.3MCash drawn (+) / kept (−)−$2.4MCapital spending−$823KOther financing$478KNot reconciled−$6K

From profit to cash

Zeo Energy: net income to operating cash flow, Q2 2026Zeo Energy: net income to operating cash flow, Q2 2026Net income−$2.7MDepreciation & amortization$34KStock-based pay$634KReceivables$75KInventory$34KPayables−$282KAccrued liabilities$1.3MDeferred revenue−$380KContract assets$337KPrepaid and other assets−$63KOperating cash flow−$461K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20265795214
Q1 202663105221
Q4 20254793719
Q3 2025318391
Q2 2025261154-17
Q1 202572166028
Q4 2024439483
Q3 2024374392

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$461K−$201K—−$41K—−$721K−$662K
Q1 2026−$853K−$205K−$160K−$40K—$4.4M−$1.1M
Q4 2025$2.4M−$176K—−$37K—−$2.2M$2.3M
Q3 2025−$6.6M−$241K—−$3.1M—−$3.8M−$6.8M
Q2 2025−$2.3M−$434K—−$104K—$2.8M−$2.7M
Q1 2025−$2.3M−$373K—−$104K—$2.7M−$2.6M
Q4 2024$3.5M−$84K—−$102K—−$1.3M$3.4M
Q3 2024$162K$46K—−$164K−$1.1M$1.0M$208K

Zeo Energy: income statement and cash flow

Zeo Energy, Q2 2026: revenue $16.2M (-11% year over year), operating margin -18.5%. The chart follows the revenue to costs, profit and cash.

Zeo Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.