Mon, Aug 19, 8:33 PM (148 days ago)
For the quarter ending June 30, 2024, Zeo Energy Corp. reported a significant decline in revenue, totaling $14.7 million, a 51.1% drop from $30.1 million in the previous year, primarily due to reduced sales volume amid higher interest rates affecting customer financing options. The cost of goods sold also decreased to $10.3 million, improving the cost percentage to 70%, down from 81% in 2023. Operating expenses rose to $16.9 million, driven largely by a $2.4 million stock compensation expense, resulting in an operating loss of $2.2 million. The net loss for the quarter was $1.3 million, compared to a profit of $797,000 in the prior year. Cash flow from operations was notably negative at $12.3 million, attributed to increased accounts receivable and lower contract liabilities as projects were completed. The company ended the quarter with $5.3 million in cash, down from $8.0 million at year-end 2023. The financial outlook remains uncertain due to inflationary pressures and ongoing supply chain challenges.