Zeo Energy Corp. Reports Third Quarter 2024 Financial Results

Core Insights - Zeo Energy Corp. reported financial results for Q3 and the first nine months of 2024, highlighting a focus on profitability despite challenges in the solar industry [2][4] - The company experienced a significant revenue decline due to higher interest rates affecting residential solar sales, but managed to achieve some revenue growth quarter-over-quarter [6][7] - Zeo Energy's acquisition of Lumio's assets is part of a strategy to enhance geographic and strategic positioning, particularly in California [3][4] Financial Performance - Q3 2024 revenue was $19.7 million, a decrease of 48.1$37.9 million in Q3 2023 [6][7] - Total revenue for the first nine months of 2024 was $54.6 million, down 37.0$86.7 million in the same period of 2023 [7] - Gross profit for Q3 2024 decreased to $9.9 million (50.2$20.5 million (46.0% of total revenue) in Q3 2023, driven by lower sales but improved operational efficiencies [7][8] Profitability Metrics - The net loss for the first nine months of 2024 was $8.7 million (15.9$6.4 million (7.3% of total revenue) in the same period of 2023 [7] - Adjusted EBITDA for the first nine months of 2024 decreased to $(1.2) million (2.2$7.9 million (9.1% of total revenue) in the comparable 2023 period [7][12] - The net loss for Q3 2024 was $2.9 million (14.7$4.0 million (10.6% of total revenue) in Q3 2023 [13][20] Strategic Outlook - The company is optimistic about its sales and recruitment efforts, expecting to grow at above-industry rates in 2025 and beyond [4][3] - Zeo Energy plans to continue identifying acquisition opportunities to bolster its market presence amid ongoing industry consolidation [3][4]