Business
Zeo Energy Corp. Reports Second Quarter 2024 Financial Results
NEW PORT RICHEY, Fla., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a leading Florida-based
About this update from Zeo Energy Corporation
[{"type":"text","content":"NEW PORT RICHEY, Fla., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the second quarter and six months ended June 30, 2024. Recent Financial and Operational Highlights Recent launch into Ohio and Illinois markets have yielded encouraging initial resultsAppointment of experienced finance and accounting executive Cannon Holbrook as Chief Financial OfficerDecline in revenue for residential solar in the quarter to $14.7 millionPositive adjusted EBITDA for the second quarter 2024 at $0.7 million driven by flexible operating model and disciplined cost management Management Commentary “While the second quarter of 2024 presented well-documented and significant challenges across the solar industry, we believe we have successfully navigated through this turbulent period thanks to our flexible operating model and disciplined expense management,” said Zeo Energy Corp. CEO Tim Bridgewater. “We also believe that our strategic decision to emphasize profitability in the current environment has us positioned to benefit long-term as the market recovers and consolidation opportunities present themselves. Additionally, our recent launch into the Ohio and Illinois markets has been encouraging, and we’ll be looking to build on our initial progress over the coming months as we continue pursuing expansion plans. “As macroeconomic and industry pressures eventually dissipate, we plan to take advantage of the consolidating and more favorable market environment. We anticipate that this offensive stance will mean reigniting our sales efforts through the return of a significant number of successful sales managers as well as bringing new representatives to the field later this year. Additionally, with the appointment of our new CFO Cannon Holbrook, we believe we have the necessary experience and team resources to pursue strategic M&A opportunities currently available in the market. Put together, we are executing a plan that will we hope will enable us to emerge from this period with a stronger overall position in the residential solar market.” First Six Months 2024 Financial Results Results compare the six months ended June 30, 2024 to the six months ended June 30, 2023, unless ...