Heliogen, Inc. reported total revenue of $18.4 million for the fourth quarter of 2024 and $23.2 million for the full year 2024. This increase was primarily driven by a favorable cumulative adjustment of $17.5 million to project revenue associated with the cancellation of the Capella Project.
The company announced a net income of $78.9 million for Q4 2024 and $32.5 million for the full year 2024, a significant improvement from net losses in prior periods. This positive net income was largely due to a favorable non-cash adjustment of $74.1 million to the contract loss provision related to the Capella Project cancellation.
Heliogen undertook substantial cost-cutting and restructuring actions in 2024, including closing its Manufacturing Facility, halting construction of the Texas Steam Plant, closing the R&D Facility, and implementing workforce reductions. Total SG&A and R&D expenses decreased by 25% for the full year 2024 to $52.7 million. As of December 31, 2024, the company had $36.9 million in cash and cash equivalents.
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