Zeo Energy Corp. (ZEO) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 244.86% of current shares
Recent Dilution: 699.13% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
33M
Potential Supply
82M
Additional shares possible
Splits
None
Past 2 years

Summary

ZEO currently has 33.4M outstanding shares. with significant dilution risk as 81.7M authorized shares could dilute existing holders by 244.9%. The company has significantly diluted shareholders by 699.13% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 33.4M shares outstanding

33M 82M
Nov 14, 2025

10-Q filing | 33.1M shares outstanding

33M 82M
Oct 28, 2025

S-1 filing: This is an S-1 filing for Zeo Energy Corp. regarding the offering of Class A Common Stock by selling securityholders.

31M 82M
Aug 19, 2025

8-K filing: Zeo Energy Corp. will issue 677,711 shares of Class A common stock to Piper Sandler & Co. as part of the Heliogen Buyside Advisory Fee, with 338,855 of the shares subject to a lock-up until September 22, 2025, and will pay $1.6875 million in cash. The company also agreed to register the Zeo Shares for resale on or before September 7, 2025.

23M 31M
Jun 16, 2025

10-Q filing | 22.8M shares outstanding

23M 31M
May 28, 2025

10-K filing | 22.8M shares outstanding

23M 31M
Feb 07, 2025

POS AM filing: This is a POS AM filing for the issuance of Class A Common Stock upon warrant exercise and resale of Class A Common Stock by selling securityholders.

14M 31M
Jan 23, 2025

10-Q filing | 14.0M shares outstanding

14M 31M
Oct 31, 2024

8-K filing: Zeo Energy Corp. entered into an Asset Purchase Agreement to acquire certain assets of Lumio Holdings, Inc. and Lumio HX, Inc. for $4 million in cash and 6,206,897 shares of Class A Common Stock and entered into a Subscription Agreement with LHX, where LHX agreed to purchase 1,873,103 shares of Common Stock at $1.45 per share. ($2.72M proceeds)

40M 31M
Sep 27, 2024

POS AM filing: This POS AM filing from 2024-09-27 relates to the issuance of 13,800,000 shares of Class A Common Stock upon exercise of warrants and the resale of up to 40,118,434 shares of Class A Common Stock by selling securityholders.

40M 31M
Aug 19, 2024

10-Q filing | 5.8M shares outstanding

5.8M 85M
May 23, 2024

S-1/A filing: This S-1/A filing relates to the issuance of 13,800,000 shares of Class A Common Stock upon exercise of warrants and the resale of up to 40,118,434 shares of Class A Common Stock by selling securityholders.

5.8M 85M
May 16, 2024

10-Q filing | 5.8M shares outstanding

5.8M 85M
Apr 17, 2024

S-1 filing: This S-1 filing includes the registration of 13,800,000 shares of Class A Common Stock issuable upon the exercise of warrants and 40,118,434 shares of Class A Common Stock for resale by selling securityholders.

5M 85M
Mar 25, 2024

10-K filing | 5.0M shares outstanding

5M 31M
Mar 20, 2024

8-K filing: Zeo entered into several agreements, including an Amended and Restated Registration Rights Agreement, an OpCo A&R LLC Agreement, a Lock-Up Agreement, a Tax Receivable Agreement, and Indemnification Agreements, and issued shares of Zeo Class V Common Stock.

7M 31M
Nov 14, 2023

10-Q filing | 7.0M shares outstanding

7M 31M
Aug 14, 2023

10-Q filing | 2.9M shares outstanding

2.9M 31M
May 15, 2023

10-Q filing | 2.9M shares outstanding

2.9M 31M
Mar 31, 2023

10-K filing | 2.9M shares outstanding

2.9M 31M
Nov 10, 2022

10-Q filing | 27.6M shares outstanding

28M 31M
Aug 12, 2022

10-Q filing | 27.6M shares outstanding

28M 31M
May 12, 2022

10-Q filing | 27.6M shares outstanding

28M 31M
Apr 01, 2022

10-K filing | 7.5M shares outstanding

7.5M 31M
Dec 03, 2021

10-Q filing | 5.8M shares outstanding

5.8M 31M
Oct 28, 2021

8-K filing: ESGEN Acquisition Corporation consummated an initial public offering of 27,600,000 units at $10.00 per Unit and a private placement of 14,040,000 private placement warrants at $1.00 per warrant. ($290.04M proceeds)

5.8M 31M
Sep 28, 2021

S-1 filing: ESGEN Acquisition Corporation is a blank check company formed for the purpose of effecting a business combination, offering 20,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant.

5.8M 31M
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