Thu, May 16, 10:07 AM (71 days ago)
Zeo Energy Corp. reported a net loss of $1.7 million for Q1 2024, a significant decline from a net income of $1.6 million in Q1 2023, primarily due to increased costs and expenses. Revenue increased by 4% to $19.5 million, driven by higher sales volume, but cost of goods sold rose by 16%, reflecting increased labor and material costs. Operating expenses surged by 23%, notably in general and administrative expenses, which more than doubled due to investments in customer support, technology, and public company costs. Adjusted EBITDA fell to -$1.2 million from $2.0 million, reflecting these higher costs. Cash flow from operations was negative at $10.2 million, largely due to the net loss and changes in working capital, while financing activities provided $10.1 million, mainly from the business combination proceeds. The company highlighted ongoing challenges from inflation, interest rates, and supply chain constraints, which could impact future operations.