Zeo Energy (ZEO) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue increased 22.3% year-over-year to $18.1M, driven by market expansion and higher related-party operator sales.

• Gross margin improved to 58.6% in Q2 2025 from 51.2% in Q2 2024, reflecting higher average selling prices.

• Net loss attributable to Class A shareholders was $2.4M for Q2 2025, compared to $0.3M in Q2 2024.

• Completed the Heliogen acquisition in August 2025, expanding into long-duration energy storage and commercial markets.

• Joined the Russell Microcap Index, enhancing market visibility.

Financial highlights

• Q2 2025 revenue: $18.1M (up from $14.8M in Q2 2024); H1 2025 revenue: $26.9M (down from $34.9M in H1 2024).

• Q2 2025 net loss: $2.4M; H1 2025 net loss: $8.8M.

• Adjusted EBITDA for Q2 2025 was $1.4M (7.7% margin), up from $0.8M in Q2 2024.

• Cash and cash equivalents at June 30, 2025: $68.7K, down from $5.6M at year-end 2024.

• Six-month 2025 net loss widened to $16.0M from $5.9M year-over-year; adjusted EBITDA was $(5.0)M.

Outlook and guidance

• Management expects continued revenue growth from expansion into new markets and product offerings.

• Proceeds from the Heliogen merger expected to support business needs for the next twelve months.

• Management expects to build on current momentum in the second half of 2025, citing a favorable buyer's market and ongoing growth initiatives.