Summary of Zeo Energy Conference Call Company Overview - **Company**: Zeo Energy, a Nasdaq-listed company focused on residential solar and long-duration energy storage [1] - **Founded**: 2019 in Florida, initially selling residential solar systems [1] - **Business Model**: Primarily a construction company that sells, installs, and services residential solar systems [1] Core Business Segments - **Residential Solar**: Core business facing volatility with significant bankruptcies in the sector, but expected growth in 2026 [2] - **Long-Duration Energy Storage**: Targeting commercial and industrial projects, particularly data centers; acquired Heliogen for its storage technology [2][3] Market Dynamics - **Market Volatility**: The residential solar market has been flat for the last two years due to rising interest rates and industry bankruptcies [2] - **Growth Potential**: Anticipated growth of 25%-50% year-over-year in residential solar as interest rates stabilize [8] - **Total Addressable Market (TAM)**: Approximately 100 million homes in the U.S. could adopt solar, with only 8% currently utilizing it [8] Strategic Initiatives - **Acquisition of Heliogen**: Acquired for its concentrated solar and energy storage technology, enhancing capabilities for data centers [3][10] - **MOU with Gigasite**: Signed to deliver 280 MW of storage, marking entry into the data center market [3][17] - **Sales Strategy**: Utilizes a door-to-door sales model with over 300 sales representatives [3][5] Financial Performance - **Revenue Trends**: Revenue expected to be similar to the previous year; business is cyclical with peak sales in Q3 [22][23] - **Debt Management**: Company maintains a low debt level, enhancing financial stability [4] Industry Trends - **Utility Price Inflation**: Rising utility costs (5%-15% increases) create demand for solar as a cost-effective alternative [9][25] - **Virtual Power Plants (VPPs)**: Increasing interest in utilizing home and business batteries as power sources, benefiting Zeo Energy [25][26] - **Investment Tax Credits**: Continued support for solar and energy storage through tax incentives until 2032 [27] Future Outlook - **Expansion Plans**: Opportunities for organic growth and strategic M&A in roofing and energy storage sectors [27][28] - **Technological Innovations**: Focus on compressed CO2 technology for energy storage, with potential partnerships and investments [28] Conclusion - **Market Position**: Zeo Energy is well-positioned to capitalize on the growing demand for residential solar and energy storage solutions, particularly in the context of rising utility costs and technological advancements [9][27]

A non-exhaustive list of some of these risks and uncertainties include the following: (a) the energy industry is evolving, demand for solar energy systems may not develop to the size or at the rate expected; (b) a material reduction in the price of electricity charged by electric utilities or other retail providers would harm Zeo's financial condition and results; (c) sales/installation of energy systems depend on suitable meteorological and environmental conditions which may change; (d) our business has be ...

Zeo Energy Conference Call Summary Company Overview - **Company Name**: Zeo Energy - **Ticker**: ZEO - **Exchange**: Nasdaq - **Industry**: Residential Solar and Energy Storage - **Public Listing**: Went public via a De-SPAC process in March 2024 [4][19] Core Business Segments - **Residential Solar**: - Core business involves selling, installing, and maintaining residential solar systems across various states [4][10] - Experienced challenges in the residential solar industry due to high interest rates, leading to bankruptcies among competitors [5] - Anticipates a profitable year in 2026, with signs of recovery in the industry [5][19] - **Long-Duration Energy Storage**: - Acquired Heliogen in August 2025, focusing on long-duration storage solutions [5][13] - Developing projects, including a partnership with Creekstone Energy for a 280 MW solar and storage facility in Utah [6][15] Market Position and Strategy - **Sales and Installation**: - Vertically integrated with a sales force of approximately 350 representatives [6][10] - Installation typically occurs within 30-45 days post-sale [6] - Focus on providing a seamless experience for customers, including financing options [10] - **Geographic Expansion**: - Currently operating in states like Virginia, Ohio, Pennsylvania, Illinois, and expanding into California [11] - U.S. solar market penetration is around 8%, indicating significant growth potential [11] Financial Performance and Projections - **Revenue**: - Generated approximately $110 million in revenue before interest rates impacted growth [19] - Expected to maintain sustainable cash flow positive status in 2026 [20] - **Market Trends**: - Increasing utility prices and demand for residential solar solutions due to rising energy costs [20] - Anticipated stabilization of interest rates could enhance market opportunities [12] Technological Innovations - **Energy Storage Technologies**: - Focus on molten salt and compressed CO2 storage systems for energy management [16][23] - These technologies are designed to provide reliable power for data centers and other industrial users [16][18] Future Outlook - **Growth Opportunities**: - Plans to pursue strategic M&A, targeting 1-2 acquisitions per year to enhance service offerings [22] - Aiming to expand into commercial sectors and develop integrated services like roofing [22] - **AI Data Center Projects**: - Positioning as a provider of energy solutions for AI data centers, which require reliable power sources [30] - Expecting to leverage expertise in long-duration storage to meet the growing energy demands of data centers [30][34] Key Challenges - **Market Perception**: - Current market valuation may not fully reflect the company's potential in the AI data center space and its 2 GW pipeline [41] - Need for further development and successful project execution to enhance investor confidence [41] Conclusion Zeo Energy is positioned as a diversified renewable energy company with a strong focus on residential solar and emerging opportunities in energy storage and AI data centers. The company anticipates a rebound in performance in 2026, driven by strategic expansions and technological advancements in energy storage solutions.

Company Overview - Zeo Energy Corp. is a diversified clean energy company that provides residential, commercial, industrial, and utility-scale solutions aimed at reducing costs and carbon emissions [3] - The company operates Sunergy, focusing on residential solar and distributed energy solutions in high-growth markets with limited competition [3] - Zeo also operates Heliogen, Inc., which specializes in long-duration energy generation and storage for high-demand applications such as AI and data centers [3] - The company's vertically integrated approach facilitates a cost-effective transition to 24/7 clean energy for its customers [3] Upcoming Events - Zeo Energy Corp. will participate in the 38th Annual ROTH Conference from March 22-24, 2026, at the Ritz Carlton in Dana Point, California [1] - CEO Tim Bridgewater will attend the conference and conduct one-on-one meetings with institutional investors and analysts [1]

Core Viewpoint - Zacks Investment Research has initiated coverage of Zeo Energy Corp. (ZEO) with a "Neutral" recommendation, indicating an earnings inflection point, balanced by notable financial and structural risks [1] Company Overview - Zeo Energy is a vertically integrated provider of residential solar systems and energy efficiency solutions, focusing on selling, designing, installing, and maintaining residential solar systems, along with roofing services and complementary energy products [2] - The company operates primarily in Florida, Texas, and several Midwestern states, with plans to expand into additional markets, including Virginia [2] Financial Performance - In Q3 2025, Zeo Energy reported net revenues of $23.9 million, reflecting a 32% sequential increase and approximately 22% year-over-year growth [3] - Adjusted EBITDA for the same period was $2 million, a recovery from a slight loss in the prior-year period [3] - The gross margin improved to 57.4% from 48.8% a year earlier, driven by higher average selling prices and favorable pricing agreements [3] - The cost of revenues decreased to 42.1% of sales from nearly 50% in the prior-year period, indicating improved unit economics [4] - Management anticipates fourth-quarter revenues to align with the third-quarter levels despite typical seasonal softness [4] Growth Initiatives - Zeo Energy is expanding its platform beyond residential solar, with the acquisition of Heliogen in August 2025, which allows entry into commercial and industrial solar generation and long-duration storage [5] - Although Heliogen has not yet contributed revenues, it positions Zeo Energy to meet the growing demand from data centers and grid-constrained regions [5] - Industry forecasts predict rising U.S. electricity demand in 2026 and 2027, alongside significant solar capacity additions, creating a favorable environment for distributed solar and storage solutions [5] Financing and Customer Adoption - The company's financing model supports customer adoption, with fewer than 5% of customers paying cash; most opt for third-party leases or financing arrangements, sustaining demand even in a higher-rate environment [6] Challenges and Risks - Zeo Energy recorded a $2.6 million provision for credit losses in the first nine months of 2025, highlighting receivable exposure in its contract-heavy model [7] - A significant portion of revenues is tied to a related party, with the company guaranteeing approximately $10 million of that entity's indebtedness, raising governance and concentration concerns [7] - Amortization related to acquired contracts has pressured reported earnings, and preferred securities with a 10% distribution increase capital costs [8] - Ongoing share issuance and equity-linked transactions may limit per-share upside [8] Valuation - ZEO trades at 1.32X trailing 12-month book value and 13.99X trailing earnings, which is in line with historical ranges and below broader market multiples [9] - Shares have outperformed the alternative energy sub-industry and the broader sector over the past six months [9]

Core Viewpoint - Zeo Energy has signed a memorandum of understanding with Creekstone Energy to develop approximately 280 megawatts of power generation for a data center in Millard County, Utah, in response to the increasing electricity demand from rapidly expanding data centers supporting artificial intelligence workloads [1]. Company Summary - Zeo Energy plans to supply Creekstone's data center with a combination of solar power and battery storage, potentially fulfilling 60% to 80% of the electricity requirements [1]. - The company is gaining interest from developers for its long-duration storage technologies, which include a molten-salt system and a compressed CO2 storage solution [1]. - CEO Tim Bridgewater indicated that while current federal incentives make projects cost-effective, costs are expected to rise once these subsidies expire, which will ultimately affect end users [1]. Industry Summary - The demand for electricity from data centers is surging, prompting U.S. utilities and independent power developers to accelerate grid upgrades [1]. - Tighter regional supply has led to increased wholesale power prices and heightened competition for generation projects [1]. - Creekstone Energy plans to provide over 300 megawatts of gas-fired power to clients at its Gigasite development by the first half of 2027 [1].

Core Viewpoint - Zeo Energy Corp. has signed a memorandum of understanding with Creekstone Energy to develop approximately 280 megawatts of baseload energy generation for a data center in Millard County, Utah, indicating a strategic expansion into the energy market for cloud computing and AI [1][2]. Company Overview - Zeo Energy Corp. is a diversified clean energy company focused on providing residential, commercial, industrial, and utility-scale solutions aimed at reducing costs and carbon emissions [8]. - The company operates Sunergy, a residential solar and distributed energy business, and Heliogen, which specializes in long-duration energy generation and storage [8]. Strategic Initiatives - The MOU with Creekstone is part of Zeo's strategy to leverage its long-duration energy solutions in response to the growing power demands of data centers, particularly driven by AI workloads [2][7]. - Following the acquisition of Heliogen in August 2025, Zeo aims to apply its expertise in long-duration energy storage to meet the unprecedented power demand in the data center sector [3][7]. Project Details - Creekstone plans to provide over 300 megawatts of gas-powered energy to data center clients at the Gigasite, with an initial 50 megawatts allocated to Blue Sky AI Inc. [4]. - The Gigasite is designed to support the energy and cooling demands of large-scale AI computing, with plans to expand power production to multiple gigawatts [4][9]. Activities Under the MOU - Zeo has initiated a pre-feasibility study to identify the most energy-efficient and cost-effective solar power and energy storage solutions for the Gigasite [5]. - The MOU outlines potential project financing for solar and storage solutions, as well as engineering services including Front-End Loading and Front-End Engineering Design studies [6]. Management Commentary - Zeo's CEO emphasized the importance of the MOU as a milestone in addressing the power demands of data centers and highlighted ongoing discussions for additional projects that could benefit from Zeo's clean baseload power solutions [7]. - Creekstone's CEO noted the urgency of providing baseload power to meet the demands of AI workloads and the collaboration with Zeo as a means to expand clean power offerings [7].

As filed with the Securities and Exchange Commission on January 27, 2026 Registration No. 333-291120 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEO ENERGY CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 4931 001-40927 (I.R.S. Employer Identification Number) ...

As filed with the Securities and Exchange Commission on January 27, 2026 Registration No. 333-291120 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEO ENERGY CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 4931 001-40927 (I.R.S. Employer Identification Number) ...

Core Insights - Zeo Energy Corp. reported a net revenue of approximately $23.9 million for Q3 2025, representing a 22% increase compared to Q3 2024 and a 32% increase from Q2 2025 [3][7][8] - The company anticipates Q4 net revenues to remain stable, navigating typical seasonal fluctuations while expanding into new markets like Virginia [3][4] - The acquisition of Heliogen is generating interest in large-scale energy solutions, particularly for data centers and commercial customers [4][7] Financial Performance - Q3 2025 Adjusted EBITDA was approximately $2.0 million, an improvement from $(0.2) million in Q3 2024 [7][8] - Gross profit for Q3 2025 increased to approximately $13.7 million, representing 57.4% of total net revenue, up from 48.8% in Q3 2024 [8] - The net loss for Q3 2025 was approximately $1.9 million, a decrease from a net loss of approximately $2.9 million in Q3 2024 [8] Operational Highlights - The company has shown resilience in maintaining revenue and managing costs despite challenges in the broader residential solar market [3] - Zeo Energy is focusing on attracting top sales talent and expanding into favorable new markets to position itself for future growth in 2026 [3][4] - The acquisition of Heliogen is expected to enhance Zeo's capabilities in long-duration energy generation and storage, particularly for high-demand applications [4][7]