Zeo Energy Corp. Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Zeo Energy Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

Zeo Energy Corp. (ZEOWW) filed a Quarterly Report (10-Q) with the SEC on May 16, 2024. Zeo Energy Corp. filed a 10-Q quarterly report for the period ending March 31, 2024. The company is registered under the 1934 Act with SEC file number 001-40927. Zeo Energy Corp. is classified as a smaller reporting company and an emerging growth company. The company's Class A Common Stock trades on The Nasdaq Stock Market LLC under the symbol ZEO. Warrants exercisable for shares of Class A Common Stock trade under the symbol ZEOWW on The Nasdaq Stock Market LLC.

Why It Matters

For investors and stakeholders tracking Zeo Energy Corp., this filing contains several important signals. This filing provides investors with an update on Zeo Energy Corp.'s financial performance and operational status for the first quarter of 2024. As a smaller reporting and emerging growth company, this 10-Q is crucial for stakeholders to assess the company's trajectory and compliance with SEC regulations.

Risk Assessment

Risk Level: low — Zeo Energy Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new financial data or operational changes that would indicate a high-risk profile at this stage.

Analyst Insight

Monitor future filings for detailed financial results and operational updates from Zeo Energy Corp. to assess growth and potential risks.

Key Numbers

• 20240331 — Quarterly Period End Date (Conformed Period of Report)
• 001-40927 — SEC File Number (Commission File Number)
• 3690 — Standard Industrial Classification (SIC Code for the company)
• 11.50 — Warrant Exercise Price (Subject to adjustment)

Key Players & Entities

• Zeo Energy Corp. (company) — Registrant name
• 0001213900-24-043932 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 0001865506 (other) — Central Index Key
• 3690 (other) — Standard Industrial Classification
• 001-40927 (other) — Commission File Number
• ZEO (ticker) — Trading Symbol for Class A Common Stock
• ZEOWW (ticker) — Trading Symbol for Warrants

FAQ

Industry Context

Zeo Energy Corp. operates in the Miscellaneous Electrical Machinery, Equipment & Supplies sector, indicated by its SIC code 3690.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring quarterly reports from public companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track future SEC filings from Zeo Energy Corp. for ongoing financial and operational updates.
3. Analyze the trading activity and price movements of ZEO and ZEOWW on Nasdaq.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-16: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This is a standard 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing is not detailed in this header information.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share ZEO The Nasdaq Stock Market L
• $11 — e of Class A Common Stock at a price of $11.50, subject to adjustment ZEOWW The Nas
• $0 — ares of Class V common stock, par value $0.0001, outstanding. Page PART 1 – FIN

Filing Documents

• ea0205966-10q_zeo.htm (10-Q) — 814KB
• ea020596601ex31_zeo.htm (EX-31) — 16KB
• ea020596601ex32_zeo.htm (EX-32) — 6KB
• 0001213900-24-043932.txt (&nbsp;) — 5272KB
• zeo-20240331.xsd (EX-101.SCH) — 65KB
• zeo-20240331_cal.xml (EX-101.CAL) — 37KB
• zeo-20240331_def.xml (EX-101.DEF) — 270KB
• zeo-20240331_lab.xml (EX-101.LAB) — 458KB
• zeo-20240331_pre.xml (EX-101.PRE) — 271KB
• ea0205966-10q_zeo_htm.xml (XML) — 578KB

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 3 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to Condensed Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Control and Procedures

Item 4. Control and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION 33

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

– FINANCIAL

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ZEO ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEET As of March 31, As of December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 7,731,124 $ 8,022,306 Accounts receivable, including $ 3,089,328 and $ 396,488 from related parties, net of allowance for credit losses of $ 2,420,620 and $ 2,270,620 , as of March 31, 2024 and December 31, 2023, respectively 7,392,075 2,970,705 Inventories 379,321 350,353 Prepaid installation costs 424,792 4,705,519 Prepaid expenses and other current assets 4,004,532 40,403 Total current assets 19,931,844 16,089,286 Other assets 207,846 62,140 Property, equipment and other fixed assets, net 2,938,703 2,918,320 Operating lease right of use assets 982,951 1,135,668 Intangibles, net 514,020 771,028 Goodwill 27,010,745 27,010,745 Total assets $ 51,586,109 $ 47,987,187 Liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) Current liabilities Accounts payable $ 4,604,583 $ 3,785,755 Accrued expenses and other current liabilities, including $ 267,006 and $ 2,415,966 with related parties at March 31, 2024 and December 31, 2023, respectively 2,788,460 3,874,697 Current portion of long-term debt 412,834 404,871 Current operating lease liabilities 487,348 539,599 Contract liabilities, including $ 106,585 and $ 1,160,848 with related parties as of March 31, 2024 and December 31, 2023, respectively 585,809 5,023,418 Total current liabilities 8,879,034 13,628,340 Non-current operating lease liabilities 529,015 636,414 Other liabilities 1,500,000 - Warrant liabilities 1,656,000 - Long-term debt 1,283,022 1,389,545 Total liabilities 13,847,071 15,654,299 Commitments and contingencies (Note 14) Redeemable noncontrolling interests Convertible preferred units 15,079,167 - Class B units 192,261,000 - Stockholders' equity (deficit) Class V common stock 3,523 3

Business

Business Combination On March 13, 2024 (the "Closing Date"), the Company consummated its previously announced business combination (the "Closing"), pursuant to that certain Business Combination Agreement, dated as of April 19, 2023 (as amended on January 24, 2024, the "Business Combination Agreement"), by and among Zeo Energy Corp., a Delaware corporation (f/k/a ESGEN Acquisition Corporation, a Cayman Islands exempted company), ESGEN OpCo, LLC, a Delaware limited liability company("OpCo"), Sunergy Renewables, LLC, a Nevada limited liability company ("Sunergy"), the Sunergy equity holders set forth on the signature pages thereto or joined thereto (collectively, "Sellers" and each, a "Seller", and collectively with Sunergy, the "Sunergy Parties"), for limited purposes, ESGEN LLC, a Delaware limited liability company (the "Sponsor"), and for limited purposes, Timothy Bridgewater, an individual, in his capacity as the Sellers Representative (collectively, the "Business Combination"). Prior to the Closing, (i) except as otherwise specified in the Business Combination Agreement, each issued and outstanding Class B ordinary share of ESGEN was converted into one Class A ordinary share of ESGEN (the "ESGEN Class A Ordinary Shares" and such conversion, the "ESGEN Share Conversion"); and (ii) ESGEN was domesticated into the State of Delaware so as to become a Delaware corporation (the "Domestication"). In connection with the Closing, the registrant changed its name from "ESGEN Acquisition Corporation" to "Zeo Energy Corp." Upon the Domestication, each then-outstanding ESGEN Class A Ordinary Share was cancelled and converted into one share of Class A common stock of the Company, par value $ 0.0001 per share ("Zeo Class A Common Stock"), and each then-outstanding ESGEN Public Warrant was assumed and converted automatically into a warrant of the registrant, exercisable for one share of Zeo Class A Common Stock. Additionally, each outstanding unit of ESGEN was cancelled and co

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View this 10-Q filing on SEC EDGAR