Heliogen Inc ( (HLGN) ) has released its Q3 earnings. Here is a breakdown of the information Heliogen Inc presented to its investors.
Heliogen Inc. is a renewable energy technology company that provides AI-enabled concentrating solar energy solutions aimed at decarbonizing industry and supporting sustainable operations.
In its third-quarter 2024 earnings report, Heliogen Inc. highlighted a decrease in total operating expenses by 32% compared to the previous quarter, alongside ongoing progress on its Texas Steam Plant project, despite weather-related delays. The company also reported a liquidity position of $44.6 million as of September 30, 2024.
Key financial metrics revealed a decline in total revenue from $2.3 million in both Q2 2024 and Q3 2023 to $1.1 million in Q3 2024. However, there was a noticeable improvement in net loss, which narrowed to $11.8 million from $19.3 million in the previous quarter. The Adjusted EBITDA also improved to a loss of $11.9 million compared to $14.6 million in Q2 2024.
Despite challenges, Heliogen continues to pursue significant sales opportunities, with proposals for projects totaling over 2 gigawatts in development stages. The company remains focused on cost reduction and liquidity extension as it reviews strategic alternatives with a third-party advisor.
Looking ahead, Heliogen’s management is optimistic about bridging clean energy supply gaps in collaboration with large industrial entities, positioning itself strategically in the clean energy sector.
