Heliogen, Inc. reported significant financial challenges in its 10-Q filing for the third quarter of 2024, reflecting a continued decline in revenue and increased operating losses. For the three months ended September 30, 2024, the company generated total revenue of $1.05 million, a decrease from $2.27 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $4.84 million, down from $5.60 million year-over-year. The decline in revenue was primarily attributed to reduced contributions from the Capella Project, a concentrated solar energy facility, and decreased grant revenue from the U.S. Department of Energy.

The cost of revenue for the third quarter was $1.11 million, down from $1.86 million in 2023, while for the nine months, it increased to $6.52 million from $5.76 million. Heliogen reported a gross loss of $60,000 for the third quarter, compared to a gross profit of $414,000 in the prior year. The gross loss for the nine months was $1.68 million, worsening from a loss of $159,000 in 2023.

Operating expenses for the third quarter decreased to $12.57 million from $20.16 million in 2023, and for the nine months, they totaled $47.13 million, down from $53.19 million. The operating loss for the third quarter was $12.63 million, an improvement from $19.75 million in 2023, while the nine-month operating loss was $48.80 million, down from $53.35 million.

Net losses also showed a decline, with a net loss of $11.82 million for the third quarter of 2024 compared to $18.57 million in 2023. For the nine months, the net loss was $46.32 million, down from $50.80 million in the previous year. Loss per share improved to $(1.94) for the third quarter from $(3.13) in 2023, and $(7.66) for the nine months compared to $(8.81).

As of September 30, 2024, Heliogen's cash and cash equivalents stood at $44.63 million, a decrease from $62.72 million at the end of 2023. The company reported a total stockholders' equity deficit of $(51.59 million), worsening from $(8.02 million) at the end of 2023. Heliogen is facing substantial doubt about its ability to continue as a going concern, prompting management to explore cost-saving measures, including workforce reductions and the closure of its Long Beach manufacturing facility.

In May 2024, Heliogen implemented a strategic plan that included workforce reductions and the closure of its manufacturing facility to align operations with a technology-centric model. The company anticipates continued operating losses and significant cash outflows for the foreseeable future. Additionally, Heliogen is currently undergoing delisting proceedings initiated by the NYSE, with its common stock now quoted on the OTCQX market.