ZEO earnings analysis
What we found in ZEO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Zeo reported $16.169 million of revenue and a $0.07 diluted EPS loss, with revenue improving approximately 24.4% sequentially but declining approximately 10.2% year over year. EPS improved by $0.04 from both 2026Q1 and 2025Q2, although current-quarter gross margin, operating margin, free cash flow, balance-sheet changes, and segment revenue were not included in the submitted extract. The outlook is not quantitatively provided, while unresolved material weaknesses as of June 30, 2026 and a Nasdaq $1 bid-price deficiency pose significant risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Sequential revenue recovery, year-over-year decline
- Revenue was $16.169 million, up approximately 24.4% from $13 million in 2026Q1 but down approximately 10.2% from $18 million in 2025Q2.
- EPS loss narrowed by $0.04
- EPS was a loss of $0.07, improving from a loss of $0.11 in both 2026Q1 and 2025Q2, a $0.04 per-share improvement sequentially and year over year.
- Margin disclosure unavailable for current quarter
- Historical gross margin declined from 59.8% in 2025Q2 to 42.5% in 2026Q1; the current 10-Q extract does not provide a 2026Q2 gross margin.
- Nasdaq cure period remains available
- The company states that Nasdaq granted a 180-calendar-day compliance period, ending October 20, 2026, to regain compliance with the $1 minimum bid-price requirement.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Material weaknesses remain unresolved
- Management concluded disclosure controls were not effective as of June 30, 2026, due to material weaknesses involving period-end reporting, reconciliations, accounting controls, and journal-entry review; remediation remains in process.
- Potential Nasdaq delisting
- Zeo received a Nasdaq deficiency letter on April 23, 2026, after its closing bid price was below the $1 minimum for 30 consecutive business days. The initial 180-day compliance period runs through October 20, 2026, creating a potential delisting risk.
- Second compliance period is conditional
- If compliance is not regained by October 14, 2026, the company may seek a second 180-day compliance period, subject to meeting Nasdaq’s other initial listing standards and notifying Nasdaq of its intent to cure the deficiency.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.07
What they said about what is next.
No quantitative revenue or EPS outlook was provided in the submitted 10-Q extract; outlook deferred or not disclosed.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 15, 2026
- Zeo Energy reported a significant revenue increase of 50.1% year-over-year, reaching approximately $13.2 million in Q1 2026. While the gross margin contracted to 42.5%, the company managed to reduce operating loss to…
- 10-K · April 1, 2026
- Zeo Energy’s 2025 results show stable quarterly revenue run-rate (~$70.0M for FY2025) with materially improved gross margins but persistent operating losses and cash outflows. Management discloses a material weakness in…
- 10-Q · November 14, 2025
- Zeo reported Q3 2025 total net revenues of $23,896,448, up $4,238,543 (21.6%) versus Q3 2024, with gross profit rising to $13,707,389 and gross margin expanding to ~57.4%. Operating loss narrowed to $(1,980,509)…
- 10-Q · August 13, 2025
- Zeo reported Q2 total revenue of $18,101,930 (up from $14,796,272 in Q2 2024) with gross profit of $10,603,679 (gross margin ~58.6%) but a loss from operations of $(2,853,506) and GAAP loss per Class A share of $(0.11).…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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