Financial Performance - Total revenue for 2024 was $73.2 million, a 33.2% decrease from $109.7 million in 2023 due to higher interest rates impacting residential solar sales[7] - Adjusted EBITDA for 2024 was $2.0 million, down from $7.0 million in 2023, representing 2.7% of total revenue compared to 6.4% in the prior year[12][15] - Gross profit for 2024 decreased to $34.4 million (47.0% of total revenue) from $49.8 million (45.4% of total revenue) in 2023, driven by lower sales but improved operational efficiencies[7] - The company reported a net loss of $9.9 million in 2024, compared to net income of $4.8 million in 2023, primarily due to stock compensation and increased costs[12] - In Q4 2024, total revenue was $18.6 million, an 18.9% decrease from $23.0 million in Q4 2023, again attributed to higher interest rates[12] - Q4 2024 adjusted EBITDA increased to $3.1 million (16.8% of total revenue) from approximately $(0.9) million in Q4 2023, mainly due to a significant change in depreciation and amortization[12][15] - Total revenue for the year ended December 31, 2024, was $73,244,083, a decrease of 33.3% compared to $109,691,001 in 2023[22] - Net loss for the year ended December 31, 2024, was $9,872,358, compared to a net income of $4,845,069 in 2023[22] - The company reported a basic and diluted net loss per common unit of $(0.48) for the year ended December 31, 2024[22] Cash Flow and Assets - Cash and cash equivalents decreased to $5,634,115 as of December 31, 2024, from $8,022,306 in 2023, representing a decline of 29.6%[24] - Total assets increased to $60,976,116 as of December 31, 2024, up from $48,086,119 in 2023, reflecting a growth of 26.8%[20] - Total liabilities rose to $18,063,424 as of December 31, 2024, compared to $17,463,600 in 2023, an increase of 3.4%[20] - Cash flows used in operating activities for the year ended December 31, 2024, were $(8,716,717), compared to $11,977,134 in 2023[24] Operating Expenses and Investments - Operating expenses for the year ended December 31, 2024, totaled $84,073,855, down from $104,551,674 in 2023, a decrease of 19.6%[22] - The company made a significant investment of $3,000,000 in a related party during the year ended December 31, 2024[24] Related Party Revenue - Related party revenue for the year ended December 31, 2024, was $22,156,018, an increase of 43.3% from $15,464,852 in 2023[22] Non-Cash Transactions - Non-cash transactions related to operating lease liabilities amounted to $837.76 million[25] - Deferred equity issuance costs totaled $2.769039 billion[25] - Class A common stock issued to vendors reached $891.035 million[25] - Class A common stock issued to backstop investors was $156.946 million[25] - Preferred dividends amounted to $9.275795 million[25] Strategic Initiatives - The company completed the integration of Lumio's assets acquired in November 2024, as part of its market expansion strategy[6] - Zeo secured $4.0 million in December 2024 to develop a year-round sales force and expand market presence, aiming for growth in the second half of 2025[6] - The company achieved its sixth consecutive year of positive adjusted EBITDA, indicating a focus on operational efficiency[6] - Management expressed optimism for 2025, highlighting opportunities for acquiring renewable energy assets in a consolidating market[3]
Zeo Energy Corporation(ZEO) - 2025 Q1 - Quarterly Results