Filing Flows › Zeo Energy (ZEO) › Q3 2025
Zeo Energy (ZEO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Zeo Energy (ZEO) reported revenue of $23.9M for the third quarter 2025 (Q3 2025), +22% from a year earlier and +32% from the quarter before. Operating margin was -8.3%, net loss $1.9M (7.8% of revenue).
Zeo Energy, Q3 2025: revenue $23.9M (+22% year over year), operating margin -8.3%, net loss $1.9M, operating cash flow −$6.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.9M | +32% | +22% |
| Operating profit | −$2.0M | — | — |
| Net earnings | −$1.9M | — | — |
| Operating cash flow | −$6.6M | — | — |
What changed
Revenue was $23.9M in Q3 2025, up 22% year over year and up 32% from the previous quarter. Solar System Installations Net was the largest line at 99% of revenue. Solar System Installations Net added $4.4M year over year (up 23%), 104% of the total change. Roofing Installations declined 39%.
Operating costs exceeded revenue by $2.0M, an operating margin of -8.3%. Total costs grew 14% against revenue growth of 22%. The fastest-growing cost line was Sales & marketing (+84%). The quarter ended with a net loss of $1.9M, narrower than the previous quarter's $2.7M loss.
Operating cash flow was −$6.6M. Non-cash charges added back $249K of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items used $7.7M. Capital expenditures of $241K exceeded it, leaving free cash flow of −$6.8M.
Questions
What was Zeo Energy's revenue in the third quarter 2025?
Zeo Energy (ZEO) reported revenue of $23.9M for the third quarter 2025 (Q3 2025), +22% from a year earlier and +32% from the quarter before.
Was Zeo Energy profitable in the third quarter 2025?
Operating loss was $2.0M (-8.3% of revenue) and net loss $1.9M.
Source: Zeo Energy 10-Q on SEC EDGAR.