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• Zinc-air batteries: Advanced rechargeable battery systems that utilize zinc and oxygen from the air to generate electricity, known for their high energy density and potentially lower cost compared to traditional batteries.

Upon extensive research, I could not identify a publicly traded company named "Zeo Energy" with the stock symbol "ZEO". It appears that this company, as described, may not exist or is not publicly traded under this name and symbol.

Therefore, I am unable to identify its major customers or categorize its customer base as requested, as there is no verifiable public information available for "Zeo Energy (ZEO)".

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Timothy Bridgewater, Chief Executive Officer and Chairman of the Board

Mr. Bridgewater has served as Zeo Energy Corp.'s Chief Executive Officer and Chairman of the Board since October 2021. He also held the role of Chief Financial Officer concurrently with CEO for a period. He joined Sunergy (previously Sun First Energy) in 2019 as CEO, CFO, and Chairman. Mr. Bridgewater is the Founder, Chairman of the Board, and Managing Director of Interlink Capital Strategies (also known as "Capitol Financial Strategies, LLC"), an investment advisory services company that advises on debt and private equity investments across various industries in the U.S. and Asia. He is also the Managing Partner at Prometheus Power Partners, LLC, a solar energy development company. Previously, he was Vice President and CFO of Tintic Consolidated Metals, LLC, a mining company. From 2011 to 2014, he was a Managing Director for Utah Fund of Funds, LLC, an economic development program. From 2003 to 2009, he served as a Managing Director for MACC Private Equities, Inc., a publicly traded mezzanine fund focused on investments in small and medium-sized companies.

Cannon Holbrook, Chief Financial Officer

Mr. Holbrook was appointed as Zeo Energy Corp.'s Chief Financial Officer in August 2024, having joined in March 2024 as an Advisor to the CEO during the company's de-SPAC process. He brings over two decades of experience in finance and accounting, with leadership roles in high-growth industries. Most recently, he served as CFO at Hawx Pest Control, where he helped secure approximately $90 million in financing and contributed to growing the company's revenue from $33 million to $110 million. His background also includes leadership positions at Vivint Smart Homes, Built Bar, HZO, and KLA-Tencor.

Kalen Larsen, Chief Operating Officer

Mr. Larsen serves as Zeo Energy Corp.'s Chief Operating Officer. Since October 2021, he has been the Chief of Sales and Marketing at Sunergy, overseeing regional sales, dealer relations, operations, and process enhancements. In September 2019, he co-founded Sun First Energy and co-managed sales and operations until its merger that formed Sunergy in October 2021. His solar career began in August 2015 at Vivint Solar, LLC, where he managed sales offices.

Brandon Bridgewater, Chief Sales Officer

Mr. Bridgewater serves as Zeo Energy Corp.'s Chief Sales Officer. He co-founded Sun First Energy, LLC, as its President and Chief Sales Officer in September 2019. Prior to that, he was a Sales Manager at Vivint Smart Home, Inc., from September 2017 to December 2018, and an Area Manager for Aptive Environmental, LLC, from August 2015 to September 2017.

Gianluca Guy, Chief Installation Officer and Chief Strategy Officer

Mr. Guy serves as Zeo Energy Corp.'s Chief Installation and Strategy Officer. He is also the Co-Founder of Sunergy Solar, where he oversaw sales, finance, and construction operations until its merger with Sun First Energy that formed Sunergy in October 2021. Before co-founding Sunergy Solar, Mr. Guy founded and operated JHL Group, LLC, a marketing and sales company for solar energy installation companies.

Key Risks to Zeo Energy (ZEO)

Zeo Energy (ZEO) faces several significant business risks, primarily stemming from regulatory non-compliance, challenging market conditions within the solar industry, and weak financial performance. These factors pose substantial threats to the company's operational stability and investor confidence.

1. Regulatory Non-Compliance, Potential Delisting, and Legal Liabilities: Zeo Energy is currently under a regulatory storm, including repeated failures to file required financial reports with the SEC and a formal notice of non-compliance from Nasdaq. The company's Nasdaq listing status is in jeopardy, with a compliance plan due to avoid delisting. Furthermore, a securities fraud investigation has been announced by the Pomerantz Law Firm for potential misstatements or omissions in prior disclosures, which could lead to substantial damages and further erode investor trust.
2. Challenging Industry Conditions and Economic Headwinds: The solar energy industry, in which Zeo Energy operates, is highly dynamic and subject to external pressures. High interest rates have significantly impacted residential solar sales and customer financing, contributing to a substantial decrease in revenue for Zeo Energy. Other market risks include fluctuations in the retail price of electricity, which can make solar offerings less competitive, and the potential reduction or expiration of government support for solar policies and tax benefits.
3. Weak Financial Performance and Internal Control Deficiencies: Zeo Energy has reported significant financial challenges, including a substantial decline in revenue and widening net losses. The company's financial statements for previous periods have been revised due to identified misstatements, and a material weakness in its internal control over financial reporting has been acknowledged. These issues, coupled with negative free cash flow and a strained balance sheet, raise concerns about the company's profitability and long-term financial health.

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Expected Drivers of Future Revenue Growth for Zeo Energy (ZEO)

Over the next 2-3 years, Zeo Energy (ZEO) is expected to drive revenue growth through several key initiatives:

• Expansion into Commercial and Industrial Clean Energy Solutions: The acquisition of Heliogen, Inc., completed in August 2025, is a significant driver. This acquisition is anticipated to broaden Zeo Energy's offerings beyond residential solar to include commercial and industrial clean energy solutions, notably long-duration energy storage, thereby diversifying its revenue streams.
• Geographic Market Expansion: Zeo Energy is actively expanding its operational footprint. The company has already entered new markets such as Ohio, Illinois, and California (via the acquisition of Lumio Holdings' assets). Zeo Energy has stated its intention to continue expanding into additional geographic markets that offer favorable net metering policies and cost incentives.
• Growth in Residential Solar Installations and Sales Force: Despite challenging market conditions, Zeo Energy experienced a 22.3% increase in Q2 2025 revenue, attributed to a rise in installations and the establishment of a year-round sales force. The company plans to enhance its sales capacity by expanding both its internal sales teams and its network of external dealers. Additionally, a rush by customers to install solar before federal incentives expire at the end of 2025 is expected to boost demand in the latter half of 2025.
• Diversification of Product and Service Offerings: Beyond its core residential solar installations, Zeo Energy provides ancillary services such as roofing and the sale of energy efficiency equipment. The integration of Heliogen further expands its product portfolio to include advanced clean energy technology and long-duration energy storage for commercial applications. Zeo Energy aims to continue expanding its overall product offerings.

Share Repurchases

No significant share repurchases were identified for Zeo Energy over the last 3-5 years; available data suggests a focus on share issuance rather than buybacks.

Share Issuance

• Zeo Energy's shares outstanding significantly increased by 599.79% in one year, resulting in 54.99 million shares outstanding.
• In 2024, the number of outstanding shares grew by 1005.73% to 11.05 million from 1 million in 2023.
• As of November 2025, 22.09 million shares were outstanding, marking a 99.84% increase from 2024. The company also issued 8,080,000 shares to LHX for Lumio assets, 1,851,851 to LHX for a promissory note, and 677,711 to Piper Sandler.

Inbound Investments

• On March 13, 2024, as part of its merger with ESGEN Acquisition Corp., Zeo Energy received $15.0 million in Preferred Equity from Energy Spectrum, which covered merger transaction expenses and provided capital for ongoing operations.
• In December 2024, Zeo Energy secured $4.0 million to invest in developing a year-round sales force and expanding its market presence.

Outbound Investments

• Zeo Energy acquired and integrated Lumio's assets in November 2024 as part of its market expansion plan.
• As compensation for the Lumio assets, Zeo Energy issued 8,080,000 shares of Class A Common Stock to LHX.

Capital Expenditures

• Capital expenditures for Zeo Energy amounted to -$4.85 million in the 12 months preceding November 2025.
• The company's Capex to Operating Cash Flow was (92.4%) for the last 12 months.