# Zeo Energy Corp. (ZEO)

> Source: Nexqual · https://nexqual.com/ZEO · data as of 2026-10-23 17:23 UTC · cite as "Nexqual, Zeo Energy Corp. (ZEO), nexqual.com/ZEO" · informational, not investment advice.

**Price:** USD 0.28 (-1.29% today) · US market open, as of October 23, 2026 at 17:23 UTC; quotes may be delayed. Prev close 0.28 · day 0.27–0.28 · 52w 0.19–2.06 · market cap $25.2M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $71.8M, net income -$11.1M (-15.4% margin), free cash flow -$6.3M (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y -85.5% vs S&P 500 +14.4%; 5Y -97.2% vs S&P 500 +77.0%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | — | $110M | $73.2M | $69.3M | $71.8M |
| Gross profit | — | $110M | $35.2M | $38.3M | — |
| Operating income | -$2.8M | $5.1M | -$10.8M | -$20.5M | -$11.9M |
| Net income | $14.3M | -$3.0M | -$2.7M | -$14.0M | -$11.1M |
| EPS (diluted) | — | $4.85 | -$0.48 | — | — |
| Free cash flow | — | $10.9M | -$9.1M | -$9.9M | -$6.3M |
| Gross margin | — | 99.9% | 48.0% | 55.2% | — |
| Operating margin | — | 4.7% | -14.8% | -29.6% | -16.6% |
| Net margin | — | -2.7% | -3.6% | -20.2% | -15.4% |
| Revenue growth | — | — | -33.2% | -5.3% | — |
| Cash + short-term investments | $615K | $8.0M | $5.6M | $30.0M | — |
| Total debt | — | — | $788K | $79K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.3x · EV/Sales -0.1x · P/B 2.7x · FCF yield -24.94% · Earnings yield -44.02% · Net cash $30.0M · EV -$4.8M

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-12-13) |
|---|---|---|
| Total return | -85.5% | -97.2% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -85.5% | -52.1% |
| Volatility (annualized) | 117.6% | 98.8% |
| Max drawdown | -89.4% (Oct 2025→Sep 2026) | -97.9% (Feb 2024→Sep 2026) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.34 +2.46% · ARRY (Array Technologies, Inc.) USD 3.18 -3.64% · CSIQ (Canadian Solar Inc.) USD 9.22 -0.00% · SHLS (Shoals Technologies Group, Inc.) USD 7.6 -1.75% · RUN (Sunrun Inc.) USD 7.55 -2.01% · SEDG (SolarEdge Technologies, Inc.) USD 33.21 +0.82%

## More
Full page: https://nexqual.com/ZEO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ZEO's own 10-K filed 2026-04-01 (https://www.sec.gov/Archives/edgar/data/1865506/000121390026037791/ea0283937-10k_zeoenergy.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Consolidated Electrical Distributors | "the primary supplier from which we purchase the equipment that we install is Consolidated Electrical Distributors, Inc. (d/b/a Greentech" |
| Customer | Lumio HX | "In November 2024, we also began serving customers for whom Lumio HX, Inc. (as described under" |
| Partner | ESGEN OpCo | "partnership taxable as a corporation for U.S. federal income tax purposes, we and OpCo might be subject to potentially significant tax" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Solar System Installations Net | $16.0M | 99.2% | -9.3% |
| Roofing Installations | $132,531 | 0.8% | -67.9% |
| Total revenue | $16.2M | 100% | — |

## Company outlook (8-K filed 2025-06-18)

- "This move will also enhance our balance sheet and diversify our revenue base going forward.” “As anticipated, in Q1 we experienced a slowdown due to the seasonality of our intensive summer sales model."
- "(ix) the Company's ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company's Annual Report on Form 10-K filed with the U.S."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $0 | — |