Filing Flows › Zeo Energy (ZEO) › Q4 2024
Zeo Energy (ZEO) Q4 2024 earnings results (fourth quarter 2024)
10-K filed May 28, 2025
Zeo Energy (ZEO) reported revenue of $18.6M for the fourth quarter 2024 (Q4 2024), -19% from a year earlier and -5% from the quarter before. Operating margin was -6.0%, net loss $1.1M (6.1% of revenue).
Zeo Energy, Q4 2024: revenue $18.6M (-19% year over year), operating margin -6.0%, net loss $1.1M, operating cash flow $3.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.6M | -5% | -19% |
| Operating profit | −$1.1M | — | — |
| Net earnings | −$1.1M | — | — |
| Operating cash flow | $3.5M | 21× | — |
| Free cash flow | $3.4M | 16× | — |
What changed
Revenue was $18.6M in Q4 2024, down 19% year over year and down 5% from the previous quarter. Solar Systems Installations Net was the largest line at 98% of revenue.
Operating costs exceeded revenue by $1.1M, an operating margin of -6.0%. Total costs fell 43% while revenue fell 19%. The quarter ended with a net loss of $1.1M, narrower than the previous quarter's $2.9M loss. Minority interests bore $700K of it: to shareholders the quarter was a loss of $435K. Net interest and other expense of $753K was the main reason.
Operating cash flow was $3.5M. Non-cash charges added back $3.4M of depreciation and amortization and $849K of share-based compensation. Working capital and other items added $335K. Capital expenditures of $84K left free cash flow of $3.4M.
Questions
What was Zeo Energy's revenue in the fourth quarter 2024?
Zeo Energy (ZEO) reported revenue of $18.6M for the fourth quarter 2024 (Q4 2024), -19% from a year earlier and -5% from the quarter before.
Was Zeo Energy profitable in the fourth quarter 2024?
Operating loss was $1.1M (-6.0% of revenue) and net loss $1.1M.
Source: Zeo Energy 10-K on SEC EDGAR.