Heliogen, Inc. reported total revenue of $1.1 million for the third quarter of 2024, a decrease compared to $2.3 million in both the second quarter of 2024 and the third quarter of 2023. This decline in revenue indicates ongoing challenges in commercializing its concentrated solar energy technology.
Despite the revenue decrease, the company demonstrated improvements in its bottom line, with a net loss of $(11.8) million for Q3 2024, an improvement from $(19.3) million in Q2 2024 and $(18.6) million in Q3 2023. Total operating expenses were reduced to $12.6 million, down from $18.4 million in the prior quarter and $20.2 million in the same period last year, reflecting aggressive cost-cutting measures.
Adjusted EBITDA also improved to $(11.9) million for the quarter, compared to $(14.6) million in Q2 2024 and $(18.8) million in Q3 2023. As of September 30, 2024, Heliogen maintained $44.6 million in available liquidity, consisting of cash and cash equivalents, with no outstanding debt.
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