Revenue: As of FY2026 Q1, the actual value is USD 13.18 M.

EPS: As of FY2026 Q1, the actual value is USD -0.11.

EBIT: As of FY2026 Q1, the actual value is USD -4.794 M.

Segmented Financial Metrics (Three Months Ended March 31)

Net Revenues

• Total Net Revenues: Increased by 50.1% to $13,184,944 in 2026 from $8,783,695 in 2025 .
  • Sunergy Segment: Generated $13,184,944 in net revenues in 2026, up from $8,783,695 in 2025, primarily driven by growth in solar system installations .
  • Heliogen Segment: Reported $0 in net revenues in both 2026 and 2025 .

Operating Expenses

• Total Operating Expenses: Decreased by 19.5% to $17,950,068 in 2026 from $22,295,093 in 2025 .
  • Cost of Revenues: Increased by 58.3% to $7,580,046 in 2026 from $4,789,679 in 2025, reflecting higher solar system installation activity . As a percentage of net revenues, cost of revenues increased from 54.5% to 57.5% .
    • Sunergy Cost of Revenues: $7,580,046 in 2026 ($2,069,421 Direct labor, $4,860,545 Materials, $650,080 Other) compared to $4,789,679 in 2025 ($1,719,462 Direct labor, $2,224,562 Materials, $845,655 Other) .
    • Heliogen Cost of Revenues: $0 in both 2026 and 2025 .
  • Depreciation and Amortization: Decreased by 77.9% to $1,081,528 in 2026 from $4,900,729 in 2025, mainly due to the full amortization of a customer-related intangible asset in 2025, partially offset by $833,014 in accelerated depreciation from abandoned software in 2026 .
  • Sales and Marketing: Decreased by 3.2% to $3,011,770 in 2026 from $3,112,799 in 2025, driven by lower stock-based compensation, despite higher sales commissions .
    • Sunergy Sales and Marketing: $3,009,169 in 2026 ($2,278,640 Commissions expense, $730,529 Other sales and marketing) compared to $3,112,799 in 2025 ($1,864,112 Commissions expense, $1,248,687 Other sales and marketing) .
    • Heliogen Sales and Marketing: $2,601 (Commissions expense) in 2026 compared to $0 in 2025 .
  • General and Administrative: Decreased by 33.9% to $6,276,724 in 2026 from $9,491,886 in 2025, primarily due to significant reductions in bad debt expense and stock-based compensation .
    • Sunergy General and Administrative: $5,336,035 in 2026 compared to $9,491,886 in 2025 .
    • Heliogen General and Administrative: $940,689 in 2026 compared to $0 in 2025 .

Operational Profitability

• Loss from Operations: Improved by 64.7% to -$4,765,124 in 2026 from -$13,511,398 in 2025 .
  • Sunergy Loss from Operations: -$3,821,834 in 2026 compared to -$13,511,398 in 2025 .
  • Heliogen Loss from Operations: -$943,290 in 2026 compared to $0 in 2025 .
• Net Loss before Income Taxes: -$4,783,440 in 2026 compared to -$12,795,863 in 2025 .
  • Sunergy Net Loss before Income Taxes: -$3,849,007 in 2026 compared to -$12,795,863 in 2025 .
  • Heliogen Net Loss before Income Taxes: -$934,433 in 2026 compared to $0 in 2025 .
• Net Loss: -$4,691,311 in 2026 compared to -$13,319,363 in 2025 .
  • Sunergy Net Loss: -$3,756,878 in 2026 compared to -$13,319,363 in 2025 .
  • Heliogen Net Loss: -$934,433 in 2026 compared to $0 in 2025 .
• Contribution Profit: $2,242,129 in 2026 compared to -$2,770,825 in 2025 .
• Contribution Margin: 17.0% in 2026 compared to -31.5% in 2025 .
• Adjusted EBITDA: -$2,850,505 in 2026 compared to -$5,507,671 in 2025 .
• Adjusted EBITDA Margin: -21.6% in 2026 compared to -62.7% in 2025 .

Other Income (Expense)

• Total Other Income (Expense): -$18,316 in 2026 compared to $715,535 in 2025, primarily due to a loss on change in fair value of warrant liabilities in 2026 versus a significant gain in 2025 .

Cash Flow (Three Months Ended March 31)

• Net cash used in operating activities: -$852,842 in 2026, an improvement from -$2,263,438 in 2025, driven by favorable working capital changes .
• Net cash used in investing activities: -$3,355,342 in 2026, compared to -$372,578 in 2025, largely due to a note receivable investment with a related party .
• Net cash used in financing activities: -$198,124 in 2026, compared to -$103,996 in 2025 .
• Cash and cash equivalents: Ended the period at $1,731,160 in 2026, down from $6,137,939 at the beginning of the period .

Unique Metrics / Related Party Transactions

• Related party revenue: Decreased to $1,029,423 in 2026 from $2,567,304 in 2025, from Solar Leasing I, LLC (SLI) .
• Accounts receivable – related parties: $765,757 as of March 31, 2026, from SLI .
• Note receivable – related party: Increased to $6,343,069 as of March 31, 2026, from $3,153,485 as of December 31, 2025, primarily due to an increased subordinated loan to White Horse Energy, LLC .
• Accrued expenses and other current liabilities – related parties: Increased significantly to $3,849,754 as of March 31, 2026, from $49,269 as of December 31, 2025, largely due to customer advances .

Future Outlook and Strategy

ZEO ENERGY CORP. plans to achieve profitable operations in 2026 by increasing sales agents, improving operational efficiency, and implementing new CRM software . The company aims to expand residential sales into new underserved markets and grow its roofing business, while integrating concentrated solar power and energy storage technology from the Heliogen acquisition to broaden market reach . To address short-term cash needs, ZEO ENERGY CORP. is utilizing a common stock purchase agreement with White Lion Capital LLC for up to $30.0 million in Class A common stock and exploring other capital-raising opportunities .