Filing Flows › Zeo Energy (ZEO) › Q2 2025
Zeo Energy (ZEO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Zeo Energy (ZEO) reported revenue of $18.1M for the second quarter 2025 (Q2 2025), +22% from a year earlier and +106% from the quarter before. Operating margin was -15.8%, net loss $2.7M (14.8% of revenue).
Zeo Energy, Q2 2025: revenue $18.1M (+22% year over year), operating margin -15.8%, net loss $2.7M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.1M | +106% | +22% |
| Operating profit | −$2.9M | — | — |
| Net earnings | −$2.7M | — | — |
| Operating cash flow | −$2.3M | — | — |
What changed
Revenue was $18.1M in Q2 2025, up 22% year over year and up 106% from the previous quarter.
Operating costs exceeded revenue by $2.9M, an operating margin of -15.8%. Total costs grew 20% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+600%). The quarter ended with a net loss of $2.7M, narrower than the previous quarter's $13.3M loss. Minority interests bore $264K of it: to shareholders the quarter was a loss of $2.4M.
Operating cash flow was −$2.3M. Non-cash charges added back $3.2M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $3.9M. Capital expenditures of $434K exceeded it, leaving free cash flow of −$2.7M.
Questions
What was Zeo Energy's revenue in the second quarter 2025?
Zeo Energy (ZEO) reported revenue of $18.1M for the second quarter 2025 (Q2 2025), +22% from a year earlier and +106% from the quarter before.
Was Zeo Energy profitable in the second quarter 2025?
Operating loss was $2.9M (-15.8% of revenue) and net loss $2.7M.
Source: Zeo Energy 10-Q on SEC EDGAR.