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Heliogen, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $1,050,000 from $2,273,000 in the same quarter the previous year. The decrease is attributed to a reduction in services revenue and grant revenue.
Cost of revenue for the quarter was $1,110,000, compared to $1,859,000 in the same quarter of the previous year. This resulted in a gross loss of $60,000, compared to a gross profit of $414,000 in the previous year.
Selling, general, and administrative expenses decreased to $7,854,000 from $14,882,000, primarily due to reductions in professional and consulting fees and employee compensation.
Research and development expenses decreased to $4,509,000 from $5,162,000, primarily due to a decrease in employee compensation.
Impairment and other charges increased to $202,000 from $115,000, mainly due to severance costs.
Net loss for the quarter was $11,815,000, compared to $18,570,000 in the previous year.
Cash used in operating activities was $31,110,000, while cash provided by investing activities was $13,083,000.
Heliogen had liquidity of $44,631,000 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern due to its liquidity position and ongoing operating losses.
The filing also details the company's strategic decision to implement a targeted plan, including workforce reduction, closing its manufacturing facility, and reducing third-party costs, as part of efforts to align its operating structure.
Heliogen continues to focus on developing its next-generation concentrated solar energy technology, with efforts to secure additional capital and explore strategic alternatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Heliogen Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.