Zeo Energy (ZEO) Registration Filing summary

Company overview and business model

• Vertically integrated provider of residential solar energy systems, including sales, design, procurement, installation, and maintenance, with additional offerings in energy efficiency equipment and roofing services.

• Operations concentrated in Florida, Texas, Arkansas, Missouri, Ohio, and Illinois, with recent expansion into California, Colorado, Minnesota, Utah, and Virginia.

• Completed business combination with Sunergy Renewables in March 2024 and acquired Heliogen, a renewable energy technology company, in August 2025.

• Recent asset acquisition from Lumio expanded presence into new states and added uninstalled solar contracts and inventory.

Financial performance and metrics

• For the year ended December 31, 2024, reported revenue of $73.2 million, down from $109.7 million in 2023, primarily due to higher interest rates impacting consumer financing and demand.

• Gross profit for 2024 was $34.4 million (47.0% margin), with a net loss of $9.9 million.

• As of September 30, 2025, cash and cash equivalents were $3.9 million, with positive working capital of $13.0 million.

• Heliogen contributed a net loss of $1.0 million post-acquisition; Heliogen's 2024 revenue was $23.2 million with net income of $32.5 million, driven by favorable contract adjustments.

• Adjusted EBITDA for 2024 was $2.0 million (2.7% margin).

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by White Lion; proceeds from sales to White Lion under the equity line of credit may be up to $11.7 million and are expected to be used for general corporate purposes and working capital.

• Capital allocation priorities include expanding into new markets, investing in sales and installation capacity, and supporting growth initiatives.