Based on the provided financial report, the title of the article is: "Heliogen, Inc. (HLGN) Annual Report (Form 10-K) for the fiscal year ended December 31, 2024
Heliogen, Inc. filed its annual report for the fiscal year ended December 31, 2024, reporting a market value of approximately $10.8 million as of June 28, 2024. The company’s common stock, par value $0.0001 per share, had 6,116,752 shares outstanding as of March 20, 2025. The report does not include any financial statements or other documents incorporated by reference.
Overview of the Company’s Financial Performance
Heliogen, a renewable energy technology company, reported its financial results for the year ended December 31, 2024. The company experienced significant changes in its operations and financial performance compared to the previous year.
Revenue and Gross Profit (Loss)
During the year ended December 31, 2024, Heliogen recognized total revenue of $23.2 million, an increase of $18.8 million compared to the previous year. This increase was primarily driven by a favorable cumulative adjustment of $17.5 million recorded to services revenue due to the decision to not move forward with the Capella Project and the termination of the CSDA. Heliogen also recognized a gross profit of $89.3 million, a significant improvement from the gross loss of $55.6 million in the prior year.
Selling, General and Administrative (SG&A) Expenses
Heliogen’s SG&A expenses decreased by $13.2 million to $36.3 million, primarily due to a reduction in other SG&A expenses, employee compensation, and the elimination of Collaboration Warrants expenses.
Research and Development (R&D) Expenses
R&D expenses decreased by $4.7 million to $16.3 million, driven by a decrease in other R&D expenses and employee compensation.
Impairment and Other Charges
Heliogen recognized $7.0 million in impairment and other charges, including $3.4 million related to property, plant, and equipment, $2.0 million in employee severance, $1.1 million in costs associated with closing the manufacturing facility, and a $0.5 million right-of-use asset impairment related to the Texas Steam Plant.
Liquidity and Capital Resources
As of December 31, 2024, Heliogen had liquidity of $36.9 million, consisting of cash and cash equivalents, and no debt. However, the company’s financial statements raise substantial doubt about its ability to continue as a going concern due to its accumulated deficit and expected continued operating losses and cash outflows.
Outlook
Heliogen is taking various steps to address its liquidity concerns, including cost-saving measures, exploring strategic transactions, and engaging with a financial advisor. The company’s ability to continue as a going concern will depend on its success in implementing these plans.
