Zeo Energy Corp. Reports Q2 2024 Financial Results
Zeo Energy Corp. (NASDAQ: ZEO), a leading provider of residential solar and energy efficiency solutions, today reported financial results for the second quarter and the six months ended June 30, 2024.
Recent Financial and Operational Highlights
- Recent launch into new markets has yielded encouraging initial results.
- Appointment of Cannon Holbrook as Chief Financial Officer.
- Decline in revenue for residential solar in the quarter to $14.7 million.
- Positive adjusted EBITDA for the second quarter at $0.7 million driven by flexible operating model and disciplined cost management.
Management Commentary
“While the second quarter of 2024 had significant challenges across the solar industry, we successfully navigated through this period ????????? ????? ?????? ???????????? ???????, & ??????????????????? ?????????? ?????????,” says CEO Tim Bridgewater. “Emphasizing profitability in this environment positions us to benefit as the market recovers and consolidation opportunities arise. Our expansion into new markets has been promising, and we plan to build on our initial success over the coming months.”
First Six Months 2024 Financial Results
Comparison of the six months ended June 30, 2024, to the same period in 2023:
- Total revenue was $34.6 million, a decrease from $48.8 million in the same period of 2023, largely attributed to higher interest rates affecting sales.
- Gross profit decreased to $6.0 million (17.3% of total revenue) from $8.6 million (17.7% of total revenue).
- Net loss was $3.2 million (9.2% of total revenue) compared to net income of $2.4 million (4.9% of total revenue) in the prior period.
- Adjusted EBITDA showed a decrease to a loss of $0.1 million (0.3% of total revenue) from $3.4 million (6.9% of total revenue).
Second Quarter 2024 Financial Results
Results comparing the Q2 2024 to Q2 2023:
- Total revenue was $14.7 million, down from $30.1 million in Q2 2023.
- Gross profit decreased to $4.4 million (29.8% of revenue) from $5.6 million (18.7% of revenue).
- Net loss for the quarter was $1.3 million (8.8% of revenue) compared to net income of $0.8 million (2.7% of revenue) in Q2 2023.
- Adjusted EBITDA decreased to $0.7 million (4.6% of revenue) from approximately $1.3 million (4.4% of revenue) in the previous year.
About Zeo Energy Corp.
Zeo Energy Corp. is committed to providing innovative residential solar and energy efficiency solutions, focusing on markets with significant growth potential. With a unique approach to sales and a vertically integrated model, Zeo aims to help customers reduce energy costs and support sustainability efforts.
Investor and Media Contacts
For Investors:
Tom Colton and Greg Bradbury
Gateway Group
ZEO@gateway-grp.com
For Media:
Christina Lockwood and Anna Rutter
Gateway Group
ZEO@gateway-grp.com
Frequently Asked Questions
What are the key highlights from Zeo Energy's Q2 2024 report?
The report emphasizes a decrease in revenue, the appointment of a new CFO, and positive adjusted EBITDA.
How did Zeo Energy perform in comparison to the previous year?
Total revenue decreased significantly, with adjusted EBITDA showing a slight decline as well.
What strategic steps is Zeo Energy taking for future growth?
Zeo is focusing on profitability and market expansion while preparing to leverage new opportunities as the market recovers.
Who is the new CFO of Zeo Energy?
Cannon Holbrook has been appointed to the role of Chief Financial Officer.
How does Zeo Energy define adjusted EBITDA?
Adjusted EBITDA is defined as net income before interest, taxes, depreciation, and amortization, adjusted for stock-based compensation.
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