Zeo Energy Corp. Reports Q2 2024 Financial Results
Zeo Energy Corp. (NASDAQ: ZEO), a prominent provider of residential solar and energy efficiency solutions, has announced its financial results for the second quarter and the first half of the year ending June 30, 2024.
Recent Financial and Operational Highlights
- Recent launch into new markets has produced encouraging initial outcomes.
- Appointment of Cannon Holbrook as Chief Financial Officer.
- Decline in revenue for residential solar in the quarter, totaling $14.7 million.
- Positive adjusted EBITDA for the second quarter at $0.7 million, driven by a flexible operating model and disciplined cost management.
Management Commentary
“Despite facing significant challenges in the solar industry during the second quarter of 2024, we successfully navigated this difficult period,” stated CEO Tim Bridgewater. “Focusing on profitability in this environment positions us well to capitalize on market recovery and consolidation opportunities. Our expansion into new markets has shown promise, and we intend to build on our initial successes in the months ahead.”
First Six Months 2024 Financial Results
Here's a comparison of the first six months ending June 30, 2024, with the same timeframe in 2023:
- Total revenue reached $34.6 million, down from $48.8 million during the same period in 2023, primarily due to higher interest rates impacting sales.
- Gross profit fell to $6.0 million (17.3% of total revenue) compared to $8.6 million (17.7% of total revenue).
- The net loss was $3.2 million (9.2% of total revenue), in contrast to a net income of $2.4 million (4.9% of total revenue) in the previous year.
- Adjusted EBITDA decreased 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
Here's how Q2 2024 compares 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).
- The net loss for the quarter was $1.3 million (8.8% of revenue), compared to a net income of $0.8 million (2.7% of revenue) in Q2 2023.
- Adjusted EBITDA dropped 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 dedicated to delivering innovative residential solar and energy efficiency solutions, concentrating on markets with significant growth potential. With a distinctive sales approach and a vertically integrated model, Zeo aims to assist customers in reducing energy costs while promoting 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 highlights a drop in revenue, the appointment of a new CFO, and a positive adjusted EBITDA.
How did Zeo Energy perform in comparison to the previous year?
Total revenue saw a significant decline, and adjusted EBITDA also reflected a slight decrease.
What strategic steps is Zeo Energy taking for future growth?
Zeo is prioritizing profitability and market expansion while preparing to seize new opportunities as the market recovers.
Who is the new CFO of Zeo Energy?
Cannon Holbrook has been appointed as the 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.
