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Zeo Energy Corporation (ZEO-9.35%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net revenue of $19,657,905 for the quarter, a decrease from $37,894,166 in the same period the previous year. This decline is attributed to higher interest rates affecting consumer financing rates, reducing the demand for solar products.
Cost of goods sold was $9,787,350, representing 51.2% of revenue, compared to 55.0% in the previous year. The decrease in cost ratio is due to reduced material costs and labor efficiencies.
General and administrative expenses increased to $7,151,005 from $4,302,853, primarily due to stock compensation expenses incurred during the quarter.
Net loss for the quarter was $2,872,424, compared to a net income of $4,000,047 in the previous year. The loss is attributed to decreased revenues and increased administrative expenses.
The company experienced a gain of $138,000 from changes in the fair value of warrant liabilities.
Zeo Energy reported cash and cash equivalents of $4,330,062 as of September 30, 2024, down from $8,022,306 at the end of 2023.
The filing also details the completion of an asset purchase agreement with Lumio Holdings, Inc., involving the acquisition of certain assets for $4 million in cash and 6,206,897 shares of Class A Common Stock.
Zeo Energy continues to focus on expanding its sales into new markets and enhancing its product offerings, including roofing and energy-efficient appliances, to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zeo Energy Corporation quarterly 10-Q report dated January 23, 2025. To report an error, please email earnings@qz.com.