Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, provided its third quarter 2024 financial and operational results.
Financial and Operational Highlights
- Liquidity of $44.6 million as of September 30, 2024
- Total operating expenses for Q3 2024 decreased by 32% sequentially, compared to Q2 2024
- Texas Steam Plant, Heliogen’s first commercial-scale installation, continues to progress toward mechanical completion in Q1 2025, following impacts on schedule from severe weather events
- Over 2 gigawatts of sales opportunities; outstanding proposals with 5 customers for early design stage projects representing 1.0 gigawatts
“During the third quarter, we continued to advance the company’s engagements with large industrial entities particularly in the U.S. The recent commitments made by large tech companies toward purchasing output from future nuclear energy projects is an indicator of the significant need for reliable clean energy solutions, and we see opportunity for our solution to bridge the nearer-term clean energy supply gaps,” said Christie Obiaya, Heliogen’s Chief Executive Officer. “On the operations side, our team continues to reduce costs and extend liquidity as we continue our external strategic review with our third-party advisor.”
Third Quarter 2024 Financial Results
For the third quarter of 2024, Heliogen reported total revenue of $1.1 million, compared to $2.3 million in the second quarter of 2024 and $2.3 million in the third quarter of 2023.
Total operating expenses were $12.6 million for the third quarter of 2024, an improvement compared to $18.4 million in the second quarter of 2024 and $20.2 million in the third quarter of 2023.
Net loss was $(11.8) million for the third quarter of 2024, an improvement compared to $(19.3) million in the second quarter of 2024 and $(18.6) million in the third quarter of 2023.
Heliogen’s Adjusted EBITDA was $(11.9) million for the third quarter of 2024, an improvement compared to $(14.6) million in the second quarter of 2024 and $(18.8) million in the third quarter of 2023.
As of September 30, 2024, the Company had available liquidity of $44.6 million, consisting of cash and cash equivalents and no debt.
