Filing Flows › Zeo Energy (ZEO) › Q1 2025
Zeo Energy (ZEO) Q1 2025 earnings results (first quarter 2025)
10-Q filed Jun 16, 2025
Zeo Energy (ZEO) reported revenue of $8.8M for the first quarter 2025 (Q1 2025), -56% from a year earlier and -53% from the quarter before. Operating margin was -153.8%, net loss $13.3M (151.6% of revenue).
Zeo Energy, Q1 2025: revenue $8.8M (-56% year over year), operating margin -153.8%, net loss $13.3M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8M | -53% | -56% |
| Operating profit | −$13.5M | — | — |
| Net earnings | −$13.3M | — | — |
| Operating cash flow | −$2.3M | -165% | — |
What changed
Revenue was $8.8M in Q1 2025, down 56% year over year and down 53% from the previous quarter. Solar Systems Installations Net was the largest line at 95% of revenue. Solar Systems Installations Net lost $10.7M year over year (down 56%), 94% of the total change.
Operating costs exceeded revenue by $13.5M, an operating margin of -153.8%. Total costs fell 8% while revenue fell 56%. The fastest-growing cost line was General & admin (+225%). The quarter ended with a net loss of $13.3M, wider than the previous quarter's $1.1M loss. Minority interests bore $7.0M of it: to shareholders the quarter was a loss of $6.4M.
Operating cash flow was −$2.3M. Non-cash charges added back $4.9M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $4.0M. Capital expenditures of $373K exceeded it, leaving free cash flow of −$2.6M.
Questions
What was Zeo Energy's revenue in the first quarter 2025?
Zeo Energy (ZEO) reported revenue of $8.8M for the first quarter 2025 (Q1 2025), -56% from a year earlier and -53% from the quarter before.
Was Zeo Energy profitable in the first quarter 2025?
Operating loss was $13.5M (-153.8% of revenue) and net loss $13.3M.
Source: Zeo Energy 10-Q on SEC EDGAR.