Heliogen (HLGN) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $1.1 million, down from $2.3 million in Q2 2024 and Q3 2023.

• Net loss for Q3 2024 was $11.8 million, improved from $18.6 million in Q3 2023 and $19.3 million in Q2 2024.

• Operating expenses for Q3 2024 were $12.6 million, down 38% year-over-year and 32% sequentially.

• Liquidity stood at $44.6 million as of September 30, 2024, with no debt.

• Texas Steam Plant, first commercial-scale project, is on track for mechanical completion in Q1 2025 despite weather delays.

Financial highlights

• Total revenue for Q3 2024 was $1.1 million, down 54% year-over-year; nine-month revenue was $4.8 million, down 14%.

• Net loss for Q3 2024 was $11.8 million, improved from $18.6 million in Q3 2023; nine-month net loss was $46.3 million, improved from $50.8 million year-over-year.

• Gross loss for Q3 2024 was $0.1 million, compared to gross profit of $0.4 million in Q3 2023; nine-month gross loss was $1.7 million.

• Adjusted EBITDA for Q3 2024 was $(11.9) million, improved from $(14.6) million in Q2 2024 and $(18.8) million in Q3 2023.

• Total assets were $58.0 million and stockholders’ deficit was $(51.6) million as of September 30, 2024.

Outlook and guidance

• Management expects continued operating losses and significant cash outflows for at least the next few years.

• Existing liquidity is expected to fund operations into the second half of 2025, assuming no additional funding.

• Texas Steam Plant expected to reach mechanical completion in Q1 2025.

• Over 2 GW of sales opportunities, with 1 GW in outstanding proposals to 5 customers.

• The company is pursuing cost-saving measures and additional revenue opportunities, but there is no assurance of successful capital raising.