Financial Performance - Net revenue for the full year 2023 increased 24% to $110.1 million compared to $89.0 million in 2022[6] - Gross profit for the full year 2023 increased 26% to $20.2 million, representing 18.3% of net revenue[6] - Adjusted EBITDA for the full year 2023 increased 8% to $11.2 million, which is 10.2% of net revenue[6] - Fourth quarter net revenue totaled $23.4 million, a 2% increase from $22.9 million in the comparable 2022 period[10] - Total revenue for the year ended December 31, 2023, increased to $110,066,601, up 23.8% from $88,963,855 in 2022[20] - Net income for the year ended December 31, 2023, was $6,230,438, a decrease of 28.2% compared to $8,665,770 in 2022[20] - Adjusted EBITDA margin decreased from 11.7% in 2022 to 10.2% in 2023[14] Cash and Assets - Cash and cash equivalents as of December 31, 2023, totaled $8.0 million, up from $4.3 million at September 30, 2023[10] - Cash and cash equivalents at the end of 2023 were $8,022,306, significantly up from $2,268,306 at the end of 2022, representing a 253.5% increase[23] - Total assets increased to $47,987,187 in 2023, compared to $35,201,421 in 2022, reflecting a growth of 36.3%[18] Liabilities and Expenses - Total liabilities rose to $15,654,299 in 2023, up from $3,925,575 in 2022, marking a substantial increase of 298.5%[18] - Operating expenses for the year ended December 31, 2023, totaled $103,528,766, an increase of 29.0% from $80,318,089 in 2022[20] - The company reported a provision for credit losses of $1,531,223 in 2023, compared to $742,772 in 2022, indicating a 106.5% increase[23] - The company incurred interest expenses of $123,996 in 2023, compared to $51,295 in 2022, reflecting an increase of 142.4%[20] Strategic Developments - The company opened a new market in Missouri, advancing its commitment to geographic expansion in the US[4] - The completed business combination with ESGEN Acquisition Corp. occurred on March 13, 2024, resulting in ZEO and ZEOWW trading on the Nasdaq Capital Market[6] - The company plans to expand into several new geographies and drive sustainable profitability in 2024[5] Operating Activities - The net cash provided by operating activities for the year ended December 31, 2023, was $11,963,994, an increase from $10,719,945 in 2022[23] - The weighted average units outstanding remained stable at 1,000,000 for both 2023 and 2022[20] - The company reported a net income loss of $0.1 million in Q4 2023, down from a net income of approximately $1.1 million in Q4 2022[10]
ESGEN Acquisition (ESAC) - 2023 Q4 - Annual Results