Zeo Energy Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-12.44	-3.19	4.85	8.67	7.09
Depreciation & Amortization	11.75	4.84	1.84	1.71	0.38
Loss (Gain) From Sale of Assets	-	-0.09	-	-	-
Stock-Based Compensation	6.92	7.95	-	-	-
Provision & Write-off of Bad Debts	3.09	2.82	1.53	0.74	-
Other Operating Activities	-6.84	-7.04	0.55	-0.07	-
Change in Accounts Receivable	-8.57	-3.73	-8.67	-0.92	-0.28
Change in Inventory	-0.06	-0.13	-0.06	-0.29	-
Change in Accounts Payable	0.36	-2.51	4.5	-0.48	-0.3
Change in Unearned Revenue	0.65	-5.02	4.07	1.15	-
Change in Other Net Operating Assets	-2.55	-2.6	3.36	0.21	-0.01
Operating Cash Flow	-7.66	-8.72	11.98	10.72	6.88
Operating Cash Flow Growth	-	-	11.73%	55.77%	-
Capital Expenditures	-5.13	-4.37	-1.03	-1.08	-0.71
Cash Acquisitions	14.6	-	-	-	1.09
Other Investing Activities	-3	-3	-	-	-
Investing Cash Flow	6.46	-7.37	-1.03	-1.08	0.38
Short-Term Debt Issued	-	2.44	-	-	-
Long-Term Debt Issued	-	-	0.31	0.56	0.52
Total Debt Issued	2.44	2.44	0.31	0.56	0.52
Long-Term Debt Repaid	-	-0.45	-0.33	-0.18	-0.01
Net Debt Issued (Repaid)	-1.01	1.99	-0.02	0.38	0.51
Issuance of Common Stock	2.72	2.72	-	-	-
Preferred Dividends Paid	-0.76	-0.14	-	-	-
Common Dividends Paid	-	-0.09	-5.17	-8.21	-7.44
Dividends Paid	-0.76	-0.23	-5.17	-8.21	-7.44
Financing Cash Flow	0.79	13.7	-5.19	-7.82	-6.93
Net Cash Flow	-0.41	-2.39	5.75	1.82	0.33
Free Cash Flow	-12.79	-13.09	10.94	9.64	6.17
Free Cash Flow Growth	-	-	13.48%	56.17%	-
Free Cash Flow Margin	-18.42%	-17.87%	9.98%	10.84%	25.11%
Free Cash Flow Per Share	-0.65	-2.36	10.94	9.64	9.86
Cash Interest Paid	0.07	0.12	0.1	0.05	0.01
Levered Free Cash Flow	-8.45	-6.65	9.56	6.44	-
Unlevered Free Cash Flow	-8.39	-6.44	9.63	6.47	-
Change in Working Capital	-10.18	-13.99	3.21	-0.32	-0.59

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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