ZEOHIGH SIGNALFINANCIAL10-K

ZEO experienced a dramatic deterioration in profitability with net losses expanding over 400% while simultaneously achieving a remarkable turnaround from deeply negative stockholders equity to positive territory.

The massive increase in net losses from -$2.7M to -$14.0M signals serious operational challenges in the solar energy business, which management attributes to the evolving nature of this emerging market. However, the extraordinary swing from -$88.9M to +$5.3M in stockholders equity suggests a major capital restructuring or debt conversion that has fundamentally altered the company's financial foundation.

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

ZEO shows a tale of two stories - operational performance deteriorated sharply with net losses expanding 425% and operating losses nearly doubling, while the balance sheet underwent a dramatic transformation with stockholders equity swinging $94.2M into positive territory and total debt collapsing 90%. Current assets grew 19% while liabilities fell significantly across the board, suggesting either a major capital injection, debt restructuring, or asset revaluation that has stabilized the financial foundation despite worsening operational cash burn. This mixed picture creates both opportunity from the balance sheet repair and risk from accelerating losses.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-424.9%
-$2.7M→-$14.0M

Net income declined 424.9% — review whether driven by operations, interest costs, or non-recurring items.

Dividends Paid
Cash Flow
+346.6%
$139K→$621K

Dividend payments increased 346.6% — management confidence in sustained cash generation.

Capital Expenditure
Cash Flow
+231.4%
$369K→$1.2M

Capital expenditure jumped 231.4% — major investment cycle underway; assess returns on deployment.

Stockholders Equity
Balance Sheet
+106%
-$88.9M→$5.3M

Equity base grew 106% — retained earnings accumulation or equity issuance strengthening the balance sheet.

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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