Heliogen (HLGN) AI Stock Analysis

• Market Cap: $8.60M
• Dividend Yield: N/A
• Average Volume (3M): 10.12K
• Price to Earnings (P/E): 0.2
• Beta (1Y): 2.36
• Revenue Growth: 437.56%
• EPS Growth: N/A
• Country: US
• Employees: 57
• Sector: Utilities
• Sector Strength: 70
• Industry: Renewable Utilities
• EPS (TTM): -1.03
• Shares Outstanding: 6,141,183
• 10 Day Avg. Volume: 5,175
• 30 Day Avg. Volume: 10,124
• PEG Ratio: 0.00
• Price to Book (P/B): -1.72
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.33
• Enterprise Value/Market Cap: 2.44
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 0.24
• Enterprise Value/Ebitda: -0.13
• 1Y Price Target: $2.00
• Price Target Upside: 50.38% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 57 Neutral
• Price Target: $1.50 ▲(12.78%Upside)

Heliogen's stock score is driven by a mix of promising financial recovery and strategic growth opportunities, such as the merger with Zeo Energy. However, technical analysis reflects bearish trends, and cash flow challenges remain a significant concern. The valuation suggests potential undervaluation, but historical volatility requires cautious optimism.

Heliogen Business Overview & Revenue Model

Company Description

Heliogen (HLGN) is a renewable energy technology company focused on developing and deploying solar energy systems. The company leverages advanced computer vision software and artificial intelligence to enhance solar thermal energy generation. Heliogen's core product is its proprietary concentrated solar power (CSP) systems, designed to generate carbon-free energy for industrial processes, electricity generation, and hydrogen production. The company operates within the renewable energy and technology sectors, aiming to provide sustainable and cost-effective energy solutions.

How the Company Makes Money

Heliogen makes money primarily through the sale and deployment of its concentrated solar power systems. Revenue streams include project development fees, sales of solar energy systems, and long-term service agreements for system maintenance and operation. The company may also generate income through strategic partnerships and collaborations with industrial entities seeking sustainable energy solutions. Significant factors contributing to its earnings include technological advancements, government incentives for renewable energy, and the growing demand for carbon-neutral industrial processes.

Heliogen Financial Statement Overview

Summary

Heliogen shows promising financial recovery in 2024, with significant revenue and profit improvements, and a stronger equity position. However, historical instability, cash flow challenges, and previous losses underscore the need for cautious optimism moving forward. Continued focus on cash management and sustainable growth is essential for future stability.

Income Statement

Heliogen's income statement shows significant improvement in 2024 with Total Revenue increasing to $23.22 million from $0.88 million in 2023, resulting in a remarkable revenue growth rate of over 2500%. The Gross Profit Margin has dramatically improved to 384.4% in 2024 from negative margins in previous years. Net Profit Margin has turned positive at 140.2%, suggesting a turnaround in profitability. However, volatility in earnings and a history of losses indicate potential risks.

Balance Sheet

The balance sheet reflects a stronger equity position with Stockholders' Equity improving to $29.02 million in 2024 from a negative position in 2023. The Debt-to-Equity Ratio is low at 0.08, indicating low leverage. However, the Equity Ratio is 65.5%, showing moderate reliance on equity financing. Past years of negative equity and high liabilities pose stability concerns despite recent improvements.

Cash Flow

Cash flow statements reveal challenges with negative Free Cash Flow of $39.11 million in 2024, although improved from prior years. Operating Cash Flow remains negative at -$38.85 million. The Free Cash Flow to Net Income Ratio is negative, highlighting cash generation issues despite reported profits. Overall, cash flow management requires attention to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.32M	19.84M	888.00K	13.75M	8.80M	200.00K
Gross Profit	85.88M	85.93M	-59.16M	-33.78M	-4.88M	-217.11K
EBITDA	47.02M	37.62M	-126.66M	-150.70M	-42.26M	-7.37M
Net Income	41.41M	32.55M	-129.60M	-142.00M	-142.19M	-7.53M
Balance Sheet
Total Assets	32.68M	44.29M	107.03M	191.62M	257.45M	19.76M
Cash, Cash Equivalents and Short-Term Investments	30.06M	36.95M	75.10M	143.22M	222.41M	18.33M
Total Debt	730.00K	4.86M	14.67M	15.49M	16.46M	1.02M
Total Liabilities	9.65M	15.27M	115.05M	66.30M	48.17M	47.62M
Stockholders Equity	23.03M	29.02M	-8.02M	125.32M	209.28M	-27.86M
Cash Flow
Free Cash Flow	-35.06M	-39.11M	-72.90M	-78.87M	-34.89M	-7.30M
Operating Cash Flow	-35.25M	-38.85M	-71.64M	-69.84M	-31.05M	-7.00M
Investing Cash Flow	-1.17M	13.14M	86.65M	-73.76M	-38.65M	-294.53K
Financing Cash Flow	-51.00K	-59.00K	1.33M	-107.00K	242.95M	10.69M

Heliogen Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.33
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLGN, the sentiment is Negative. The current price of 1.33 is below the 20-day moving average (MA) of 1.59, below the 50-day MA of 1.90, and below the 200-day MA of 1.48, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 42.51 is Neutral, neither overbought nor oversold. The STOCH value of 29.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HLGN.

Heliogen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	67 Neutral	$16.55B	16.99	4.47%	3.56%	4.76%	6.17%
HLGN	57 Neutral	$8.60M	0.21	7475.27%	―	437.56%	―
WAVE	54 Neutral	$39.29M	―	-27.32%	―	-46.17%	-18.67%
ADN	40 Underperform	$5.53M	―	-771.66%	―	-88.80%	58.27%
HTOO	38 Underperform	$4.42M	―	-1134.77%	―	―	―
BNRG	32 Underperform	$5.83M	―	-335.00%	―	―	―
CREG	31 Underperform	$5.91M	―	-1.94%	―	―	-91.89%

Heliogen Corporate Events

Heliogen Announces Merger Agreement with Zeo Energy

On May 28, 2025, Heliogen, Inc. entered into a merger agreement with Zeo Energy Corp., with the transaction expected to close in the third quarter of 2025. The merger aims to combine Zeo’s solar energy platform with Heliogen’s advanced clean storage solutions, creating a robust clean energy platform for residential, commercial, and utility markets. This strategic move is anticipated to enhance market reach, operational synergies, and financial capabilities, while positioning Zeo to capitalize on the growing demand for low-carbon energy infrastructure.