ZEOHIGH SIGNALFINANCIAL10-K

Zeo Energy shows substantial debt reduction but significantly deteriorating operating losses amid continued business integration following its SPAC merger.

The company has successfully reduced total debt by 90% and improved its current asset position, suggesting better liquidity management. However, the substantially higher operating losses indicate the solar energy company is burning cash at an accelerated rate, which could pressure the improved balance sheet position if operational efficiency doesn't improve.

Comparing 2026-04-01 vs 2025-05-28View on EDGAR →
FINANCIAL ANALYSIS

Zeo's balance sheet strengthened meaningfully with total debt declining 90% to just $79K and current assets growing 19% to $22.6M, while total liabilities fell nearly 48%. However, operating losses roughly doubled, signaling deteriorating operational performance that could quickly erode the improved financial position. The mixed picture suggests a company that has cleaned up its balance sheet post-merger but is struggling with fundamental business execution in the competitive solar energy market.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-90%
$788K→$79K

Debt reduced 90% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Income
P&L
-89.6%
-$10.8M→-$20.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Total Liabilities
Balance Sheet
-47.7%
$18.1M→$9.5M

Liabilities reduced 47.7% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-43.9%
$15.0M→$8.4M

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
-19.9%
$10.2M→$8.2M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
+19.4%
$18.9M→$22.6M

Current assets grew 19.4% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-04-01
PRIOR — 2025-05-28
ADDED
As of March 27, 2026, 33,593,737 shares of Class A Common Stock, par value $0.0001, were issued and outstanding and 24,380,000 shares of Class V Common Stock, par value $0.0001, were issued and outstanding.
FORM 10-K SUMMARY 100 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report contains, and our officers and representatives may from time to time make, forward-looking statements within the meaning of the safe harbor provisions of the U.S.
Unless otherwise stated in this Annual Report on Form 10-K (this Report ), references to we, us, our, Company or our Company are to Zeo Energy Corp., a Delaware corporation, and its consolidated subsidiaries.
Zeo or Zeo Energy , we , us , the Company or our Company refers to Zeo Energy Corp., a Delaware corporation.
Risks Related to Zeo s Business The solar energy industry is an emerging market which is constantly evolving and additional demand for solar energy systems may not develop to the size or at the rate expected.
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REMOVED
As of May 19, 2025, 22,824,845 shares of Class A Common Stock, par value $0.0001, were issued and outstanding and 26,480,000 shares of Class V Common Stock, par value $0.0001, were issued and outstanding.
Prior to the Closing, (i) except as otherwise specified in the Business Combination Agreement, each issued and outstanding Class B ordinary share of ESGEN was converted into one Class A ordinary share of ESGEN (the ESGEN Class A Ordinary Shares and such conversion, the ESGEN Share Conversion ); and (ii) ESGEN was domesticated into the State of Delaware so as to become a Delaware corporation (the Domestication ).
In connection with the Closing, the registrant changed its name from ESGEN Acquisition Corporation to Zeo Energy Corp.
Unless otherwise stated in this Annual Report on Form 10-K (this Report ), or the context otherwise requires, references to: Board refers to the board of directors of the Company; ESGEN refers to ESGEN Acquisition Corporation prior to the Closing; Sunergy refers to Sunergy Renewables, LLC; and we, us, our, Zeo, and the Company refer to Zeo Energy Corp., a Delaware corporation, and its consolidated subsidiaries, including Sunergy (as defined above), following the Closing.
ii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report contains, and our officers and representatives may from time to time make, forward-looking statements within the meaning of the safe harbor provisions of the U.S.
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