Filing Flows › Zeo Energy (ZEO) › Q1 2026
Zeo Energy (ZEO) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
Zeo Energy (ZEO) reported revenue of $13.2M for the first quarter 2026 (Q1 2026), +50% from a year earlier and -29% from the quarter before. Operating margin was -36.1%, net loss $4.7M (35.6% of revenue).
Zeo Energy, Q1 2026: revenue $13.2M (+50% year over year), operating margin -36.1%, net loss $4.7M, operating cash flow −$853K. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.2M | -29% | +50% |
| Operating profit | −$4.8M | — | — |
| Net earnings | −$4.7M | — | — |
| Operating cash flow | −$853K | -135% | — |
What changed
Revenue was $13.2M in Q1 2026, up 50% year over year and down 29% from the previous quarter. Solar System Installations Net was the largest line at 99% of revenue. Solar System Installations Net added $4.7M year over year (up 56%), 106% of the total change. Roofing Installations declined 66%.
Operating costs exceeded revenue by $4.8M, an operating margin of -36.1%. Total costs fell 19% while revenue rose 50%. The fastest-growing cost line was Cost of revenue (+58%). The quarter ended with a net loss of $4.7M, wider than the previous quarter's $1.8M loss. Minority interests bore $1.2M of it: to shareholders the quarter was a loss of $3.5M.
Operating cash flow was −$853K. Non-cash charges added back $34K of depreciation and amortization and $663K of share-based compensation. Working capital and other items added $3.1M. Capital expenditures of $205K exceeded it, leaving free cash flow of −$1.1M.
Questions
What was Zeo Energy's revenue in the first quarter 2026?
Zeo Energy (ZEO) reported revenue of $13.2M for the first quarter 2026 (Q1 2026), +50% from a year earlier and -29% from the quarter before.
Was Zeo Energy profitable in the first quarter 2026?
Operating loss was $4.8M (-36.1% of revenue) and net loss $4.7M.
Source: Zeo Energy 10-Q on SEC EDGAR.