Zeo Energy completes acquisition of Heliogen; Heliogen reports $6.4M Q1 loss, going concern doubt

Zeo Energy Corp.

Merger closed on Aug 8, 2025; exchange ratio 0.9591 Zeo shares per Heliogen share.
Post-merger Zeo expects 54,832,032 shares outstanding, up from 48,526,464 pre-merger.
Heliogen Q1 2025 net loss $6.4M, revenue $0, cash burn $8.4M; $30.1M cash, no debt.
Heliogen auditors express substantial doubt about ability to continue as going concern.
Heliogen's prior year (2024) revenue was $1.5M with $15.2M net loss in Q1 2024.

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