Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Zeo Energy Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
110
73.2
69.3
Cost of revenue
0.12
38.1
31.1
Gross profit
110
35.2
38.3
Selling, general and administrative
0.12
0.12
Selling and marketing
30.3
19.6
22.7
General and administrative
12.9
21.6
27.5
Operating expenses
105
84.1
Operating income
-2.83
5.14
-10.8
-20.5
Interest expense
0.11
0.33
0.16
Interest income
3.98
1.95
0
0.15
Other non-operating income
17.2
-0.29
-0.03
1.17
Pre-tax income
4.85
-10.8
-19.4
Income tax
-0.96
0.26
Net income
14.3
-3
-2.67
-14
EBITDA
6.98
-10.7
-20.4
EPS, basic
4.85
-0.48
EPS, diluted
4.85
-0.48
Shares, basic (weighted)
1
5.55
Shares, diluted (weighted)
1
5.55
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.61
8.02
5.63
6.14
Receivables
2.91
8.99
8.16
Inventory
0.35
0.87
0.85
Other current assets
0.03
0.04
2.11
4.19
Total current assets
0.65
16.2
18.9
22.6
Property, plant and equipment
2.29
2.48
2.83
Lease right-of-use assets
1.14
1.27
0.9
Goodwill
27
27
27.1
Intangible assets
0.77
7.57
Long-term investments
286
16
Other non-current assets
0.06
0.09
Total assets
286
48.1
61
56.9
Accounts payable
1.87
4.7
2.78
3.77
Accrued liabilities
4.65
5.18
2.42
Deferred revenue
1.15
5.22
0.2
1.3
Short-term debt
3.46
9.98
Total current liabilities
2.18
15.5
15
8.39
Long-term debt
0.5
0.06
Lease liabilities
0.64
0.8
0.3
Total liabilities
12.6
17.5
18.1
9.45
Total debt
0.79
0.08
Paid-in capital
31.2
14.5
63.4
Retained earnings
-12
-0.53
-103
-58.1
Other comprehensive income
-0
Shareholders' equity
31.3
30.6
-88.9
5.33
Total equity
31.3
30.6
-88.9
5.33
Total liabilities and equity
286
48.1
61
56.9
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
14.3
4.85
-9.87
-19.6
Depreciation and amortization
1.84
0.14
0.14
Stock-based compensation
7.7
6.4
Deferred income tax
-1
0.24
Change in receivables
-3.48
-8.79
-2.22
Change in inventory
-0.06
-0.13
0.02
Change in payables
0.12
4.5
-2.51
2.75
Cash from operations
3.28
12
-8.72
-8.69
Capital expenditures
-1.03
-0.37
-1.22
Acquisitions
-4
Purchases of investments
-3.98
-1.79
Sales and maturities of investments
15.9
Cash from investing
-3.98
-1.03
-7.37
13.4
Debt issued
0.31
Debt repaid
-0.24
-0.33
-3.26
Share buybacks
-273
Dividends paid
-0.14
-0.62
Cash from financing
-5.19
13.7
-4.17
Exchange rate effect
-0
Net change in cash
-0.71
5.75
-2.39
0.5
Free cash flow
10.9
-9.09
-9.91
Interest paid
0.1
0.12
0.1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.38 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
51.1%
Gross profit / revenue.
Operating margin
-16.6%
Operating income / revenue.
EBITDA margin
-15.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-15.5%
Pre-tax income / revenue.
Net margin
-15.4%
Net income / revenue.
FCF margin
-8.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-7.6%
Cash from operations / revenue.
Return on equity (ROE)
-119.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-19.8%
Net income / average total assets.
Return on invested capital (ROIC)
-137.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
2.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.1%
Capital expenditures / revenue.
D&A / revenue
0.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-5.3%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
8.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-44.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-6.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-41.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.56x
Current assets / current liabilities.
Quick ratio
0.99x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.20x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
0.1%
Total debt / total assets.
Liabilities / assets
26.2%
Total liabilities / total assets.
Net debt
-$2.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Valuation
Metric
Value
How it is calculated
Market cap
$22.4M
Share price x shares outstanding.
Enterprise value
$20.0M
Market cap + total debt - cash - short-term investments.
P/S
0.31x
Market cap / revenue.
P/B
2.42x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
0.28x
Enterprise value / revenue.
FCF yield
-28.0%
Free cash flow / market cap.
Earnings yield
-49.4%
Net income / market cap (the inverse of P/E).
What was Zeo Energy Corp.'s revenue in fiscal 2025?
Zeo Energy Corp. reported revenue of $69.3M for fiscal 2025, 5.3% lower than the year before.
Was Zeo Energy Corp. profitable in fiscal 2025?
No. It reported a net loss of $14.0M.
How much free cash flow did Zeo Energy Corp. generate in fiscal 2025?
Cash from operations of $8.7M minus capital expenditures of $1.2M left free cash flow of -$9.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.