Financial Performance - Total revenue for Q2 2024 was 30.1 million in Q2 2023, primarily due to higher interest rates affecting residential solar direct sales[8] - Gross profit for Q2 2024 decreased to 5.6 million (18.7% of total revenue) in Q2 2023, driven by decreased sales but improved operational efficiencies[9] - Net loss for Q2 2024 was 0.8 million (2.7% of total revenue) in Q2 2023, largely due to stock compensation expenses[10] - Adjusted EBITDA for Q2 2024 was 1.3 million (4.4% of total revenue) in Q2 2023, primarily due to decreased gross profit[11] - Total revenue for the first six months of 2024 was 48.8 million in the same period of 2023, attributed to higher interest rates[4] - Gross profit for the first six months of 2024 decreased to 8.6 million (17.7% of total revenue) in the same period of 2023[5] - Net loss for the first six months of 2024 was 2.4 million (4.9% of total revenue) in the same period of 2023[6] - Net loss for 2024 was 2,400,187 in 2023[24] Strategic Initiatives - The company plans to reignite sales efforts and pursue strategic M&A opportunities as market conditions improve[3] - The recent launch into Ohio and Illinois markets has yielded encouraging initial results, with plans to build on this progress[2] - The appointment of Cannon Holbrook as Chief Financial Officer is expected to enhance the company's strategic capabilities[2] Assets and Liabilities - Total current assets increased to 16,233,331 as of December 31, 2023, reflecting a growth of approximately 10.2%[21] - Total liabilities decreased to 17,540,167 as of December 31, 2023, a decline of about 30.6%[21] - Cash and cash equivalents decreased to 8,022,306 as of December 31, 2023, a drop of approximately 33.4%[21] - Accounts receivable increased to 2,905,205 as of December 31, 2023, an increase of about 147.5%[21] - The total stockholders' equity as of June 30, 2024, was 30,591,065 as of December 31, 2023[21] Cash Flow and Financing - Net cash used in operating activities was 1,849,251 in 2023[24] - Cash and cash equivalents at the end of the period were 8,022,306 at the beginning of the period[24] - Proceeds from the issuance of convertible preferred stock amounted to 8,224,091, with no preferred dividends reported in the previous year[24] - Net cash provided by financing activities was 79,986 in the previous year[24] Expenses - Operating costs and expenses totaled 29,250,949 in 2023, a reduction of about 42.2%[23] - Depreciation and amortization expenses were 922,165 in 2023[24] - Cash paid for interest was 37,851 in 2023[24] Non-Cash Transactions - Non-cash transactions included 2,478,480 in Class A common stock issued to vendors[24] - The company recorded a change in the fair value of warrant liabilities amounting to $828,000 for the six months ended June 30, 2024[23]
Zeo Energy Corporation(ZEO) - 2024 Q2 - Quarterly Results