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Private company

Heliogen, Inc.

American electric services company, incorporated in Delaware1

In its 2025 annual report the company says: “Heliogen, Inc. and its subsidiaries is a renewable energy technology company focused on delivering round-the-clock, low-carbon U.S. energy production, using concentrated sunlight and thermal energy storage to deliver cost-effective, load-following, high-capacity factor thermal and electric energy. We took these actions in order to allocate our resources to the design and deployment of CSP plants, that are commercial utility scale and use molten salt for thermal energy storage.”3 It is headquartered in Pasadena, California.1

Last updated Oct 21, 2026.

Overview

  • IndustryElectric Services1
  • HeadquartersPasadena, California1
  • Incorporated inDE2
  • Business address130 W Union St., Pasadena, Ca 911032
  • Filer category, Emerging growth company2

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Heliogen, Inc. and its subsidiaries (collectively, “Heliogen,” the “Company,” “we,” “us,” or “our”) is a renewable energy technology company focused on delivering round-the-clock, low-carbon U.S. energy production, using concentrated sunlight and thermal energy storage to deliver cost-effective, load-following, high-capacity factor thermal and electric energy.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

450.0%Gross margin4
149.3%Operating margin4
164.0%Net margin4
2134.7%Revenue growth, 20244
112.2%Return on equity4
-$39.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue5¢$4.7M
  • Research and development18¢$16.3M
  • Selling, general and admin40¢$36.3M
  • Income tax0¢$6.0K
  • Profit36¢$32.5M

Out of $19.8M in revenue.4

Financial statements

Revenue5674$19.8M in 2024+9822% since 2020
0$5.0M$10.0M$15.0M$20.0M2020: $200.0K$200.0K20202021: $7.4M$7.4M2021+3581%2022: $6.5M$6.5M2022−11%2023: $888.0K$888.0K2023−86%2024: $19.8M$19.8M2024+2135%
Gross profit5674$89.3M in 2024
-$100.0M-$50.0M0$50.0M$100.0M2020: -$217.0K-$217.0K20202021: -$643.0K-$643.0K2021+196%2022: -$33.8M-$33.8M2022+5154%2023: -$55.6M-$55.6M2023+65%2024: $89.3M$89.3M2024
Operating income5674$29.6M in 2024
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2020: -$7.5M-$7.5M20202021: -$44.0M-$44.0M2021+485%2022: -$160.2M-$160.2M2022+264%2023: -$135.1M-$135.1M2023−16%2024: $29.6M$29.6M2024
Net income5674$32.5M in 2024
-$150.0M-$100.0M-$50.0M0$50.0M2020: -$7.4M-$7.4M20202021: -$137.4M-$137.4M2021+1748%2022: -$142.0M-$142.0M2022+3%2023: -$129.6M-$129.6M2023−9%2024: $32.5M$32.5M2024
Fiscal year2018201920202021202220232024
Revenue$200.0K5$7.4M6$6.5M7$888.0K4$19.8M4
Cost of revenue$417.0K5$9.4M6$47.5M7$60.0M7$4.7M4
Gross profit-$217.0K5-$643.0K6-$33.8M7-$55.6M4$89.3M4
Research and development$3.6M5$13.5M6$38.3M7$21.0M4$16.3M4
Selling, general and admin$3.7M5$29.8M6$81.2M7$49.5M4$36.3M4
Operating expenses$43.3M6$126.4M7$79.5M4$59.7M4
Operating income-$7.5M5-$44.0M6-$160.2M7-$135.1M4$29.6M4
Income before tax-$137.4M6-$143.0M7-$129.6M4$32.6M4
Income tax$011$2.0K6-$1.0M7$1.0K4$6.0K4
Net income-$7.4M5-$137.4M6-$142.0M7-$129.6M4$32.5M4
Earnings per share-$0.935-$11.486-$26.137-$22.264$5.364
Earnings per share (diluted)-$0.935-$11.486-$26.137-$22.264$5.224
Shares (weighted, basic)12.0M shares65.4M shares75.8M shares46.1M shares4
Shares (weighted, diluted)12.0M shares65.4M shares75.8M shares46.2M shares4

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Corporate structure

Heliogen, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Heliogen, Inc.

  • Heliogen, Inc. Pasadena, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Heliogen, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.9M4 Dec 31, 2024$10.4M4 Dec 31, 2023−72.2%
Accumulated depreciation$2.6M4 Dec 31, 2024$4.8M4 Dec 31, 2023−46.5%
Property and equipment, net$315.0K4 Dec 31, 2024$5.6M4 Dec 31, 2023−94.4%
Operating-lease assets (leased space)$2.8M4 Dec 31, 2024$13.9M4 Dec 31, 2023−79.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$36.9M4 Dec 31, 2024$62.7M4 Dec 31, 2023−41.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$07 Dec 31, 2023$1.0M7 Dec 31, 2022−100.0%
Finite-lived intangibles, gross$259.0K7 Dec 31, 2023$4.1M7 Dec 31, 2022−93.6%
Accumulated amortization$188.0K7 Dec 31, 2023$3.9M7 Dec 31, 2022−95.2%
Finite-lived intangibles, net$71.0K7 Dec 31, 2023$156.0K7 Dec 31, 2022−54.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$04 Dec 31, 2024$2.0M4 Dec 31, 2023−100.0%
Raw materials$04 Dec 31, 2024$1.9M4 Dec 31, 2023−100.0%
Work in process$04 Dec 31, 2024$53.0K4 Dec 31, 2023−100.0%
Finished goods$04 Dec 31, 2024$2.4M4 Dec 31, 2023−100.0%

Properties, in its own words

As of December 31, 2024, our principal properties consisted of the following:

Nature · Location · Held · Lease End Term

The rest of Item 2

Corporate headquarters · Pasadena, California · Lease · May 2026

Corporate offices · Houston, Texas · Lease · August 2026

Manufacturing Facility (1) · Long Beach, California · Lease · September 2026

Developmental property · Plains, Texas · Lease · September 2033

(1)In February 2025, the lease in Long Beach, California for our Manufacturing Facility was terminated.

Item 2 of the 10-K filed Mar 27, 2025.3

Leadership

Who has led Heliogen, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Phyllis W. Newhouse2021
  2. Bill Gross2022
  3. Christiana Obiaya2023–now

Chair

  1. Isabelle D. Freidheim2021

Chief financial officer

  1. Grace Vandecruze2021
  2. Christiana Obiaya2022
  3. Kelly Rosser2023
  4. Sagar Kurada2023
  5. Alan O. Gahm2024
  6. Robert Phelps Morris2024–now
2025
Board members and other officers (18)

Former names

  • Athena Technology Acquisition Corp.Jan 19, 2021 to Dec 30, 20212

Timeline

  1. Aug 11, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer37
  2. May 29, 20258-K Entered a material agreement; Regulation FD disclosure38
  3. Apr 15, 20258-K Entered a material agreement; Change to shareholders' rights39
  4. Mar 27, 20258-K Results of operations40
  5. Jan 23, 20258-K Ended a material agreement; Regulation FD disclosure41
  6. Jan 3, 20258-K Executive or director change42
  7. Dec 17, 20248-K Entered a material agreement; Change to shareholders' rights43
  8. Nov 8, 20248-K Results of operations44
  9. Aug 6, 20248-K Shareholder vote45
  10. Aug 6, 20248-K Exit or restructuring costs46
  11. Aug 6, 20248-K Results of operations47
  12. Jun 14, 20248-K Listing notice or transfer48
  13. Mar 17, 2023New chief executive Christiana Obiaya becomes CEO12
  14. Jan 4, 2022New chief executive Bill Gross becomes CEO13
  15. Mar 16, 2021New chief executive Phyllis W. Newhouse becomes CEO14

Calendar

When it reported results

  1. Mar 27, 2025Reported quarterly or annual results40
  2. Nov 8, 2024Reported quarterly or annual results44
  3. Aug 6, 2024Reported quarterly or annual results47
  4. May 8, 2024Reported quarterly or annual results49
  5. Mar 25, 2024Reported quarterly or annual results50
  6. Aug 8, 2023Reported quarterly or annual results51
  7. May 9, 2023Reported quarterly or annual results52
  8. Mar 28, 2023Reported quarterly or annual results53

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

350 filings to the SEC since October 2021: 5 annual reports, 11 quarterly reports, 50 major events, 153 insider forms, 28 large holders, 103 other. The latest 20:

  1. Aug 14, 2025SCHEDULE 13G/A EDGAR
  2. Aug 12, 202515-12G EDGAR
  3. Aug 11, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 REGISTRATION STATEMENT EDGAR
  4. Aug 11, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 REGISTRATION STATEMENT EDGAR
  5. Aug 11, 2025S-8 POS POST-EFFECTIVE AMENDMENT NO. 1 TO FORM S-8 REGISTRATION STATEMENT EDGAR
  6. Aug 11, 20258-K CURRENT REPORT EDGAR
  7. Jul 30, 2025425 EDGAR
  8. Jul 11, 2025DEFM14A PROXY STATEMENT EDGAR
  9. Jun 17, 20254 PRIMARY DOCUMENT EDGAR
  10. Jun 17, 20254 PRIMARY DOCUMENT EDGAR
  11. Jun 17, 20254 PRIMARY DOCUMENT EDGAR
  12. May 29, 2025425 EDGAR
  13. May 29, 2025425 CURRENT REPORT EDGAR
  14. May 29, 20258-K CURRENT REPORT EDGAR
  15. May 13, 2025SCHEDULE 13G EDGAR
  16. May 7, 202510-Q EDGAR
  17. Apr 15, 20258-A12B/A AMENDMENT NO. 3 TO FORM 8-A12B EDGAR
  18. Apr 15, 20258-K CURRENT REPORT EDGAR
  19. Apr 2, 20254 PRIMARY DOCUMENT EDGAR
  20. Mar 27, 202510-K EDGAR

The 350 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

96 open-market trades by officers, directors and large owners since October 2021: 27 buys and 69 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 9, 2024Newhouse Phyllis W.DirectorSale12,582$1.88$23.7KForm 4
Feb 15, 2024GROSS WILLIAM10% ownerSale442,298$1.52$672.3KForm 4
Feb 15, 2024MP 13 Ventures, LLC10% ownerBuy442,298$1.52$672.3KForm 4
Sep 1, 2023SOON-SHIONG PATRICK10% ownerBuy7,360$6.49$47.8KForm 4
Jun 22, 2023GROSS WILLIAM10% ownerSale730,311$0.23$168.0KForm 4
Jun 22, 2023SOON-SHIONG PATRICK10% ownerBuy634,251$0.23$145.9KForm 4
Jun 21, 2023SOON-SHIONG PATRICK10% ownerBuy263,695$0.23$60.6KForm 4
Jun 20, 2023Obiaya ChristianaChief Executive OfficerSale30,441$0.23$7.0KForm 4
Jun 20, 2023Rosser KellyChief Accounting OfficerSale2,238$0.23$515Form 4
Jun 20, 2023Doyle Thomas P.Chief Commercial OfficerSale10,302$0.23$2.4KForm 4
Jun 20, 2023SOON-SHIONG PATRICK10% ownerBuy62,916$0.23$14.5KForm 4
Jun 16, 2023SOON-SHIONG PATRICK10% ownerBuy40,048$0.22$8.8KForm 4
Jun 15, 2023SOON-SHIONG PATRICK10% ownerBuy387,612$0.21$81.4KForm 4
Jun 14, 2023SOON-SHIONG PATRICK10% ownerBuy279,752$0.21$58.7KForm 4
Jun 13, 2023Prime Movers Lab GP I LLC10% ownerSale2,925,000$0.20$585.0KForm 4
Jun 13, 2023SOON-SHIONG PATRICK10% ownerBuy1,058,542$0.20$211.7KForm 4
Jun 12, 2023Prime Movers Lab GP I LLC10% ownerSale275,000$0.20$55.0KForm 4
Jun 9, 2023GROSS WILLIAM10% ownerSale474,513$0.23$109.1KForm 4
Jun 9, 2023SOON-SHIONG PATRICK10% ownerBuy768,835$0.23$176.8KForm 4
Jun 8, 2023GROSS WILLIAM10% ownerSale204,255$0.22$44.9KForm 4

All 96 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Heliogen, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHeliogen, Inc.1
  • CIK0001840292
  • Employer ID (EIN)85-42049533
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address130 W Union St., Pasadena, CA 911031
  • Phone97092404461
  • Shares outstanding6,129,942 as of Apr 30, 202510
  • Public float$10.8M as of Jun 28, 20243
  • AuditorPricewaterhouseCoopers LLP, Los Angeles, California PCAOB ID 238; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJan 19, 20211
  • Filings411 in all: 4 (121), 8-K (53), 425 (43), 3 (29), CORRESP (16), 144 (14), 10-Q (13), SC 13D/A (12)1
    All 44 form types

    UPLOAD (11), 4/A (9), 424B3 (8), EFFECT (8), SC 13D (6), SC 13G (6), SC 13G/A (5), 10-K (4), POS AM (4), S-4/A (4), DEF 14A (3), S-1/A (3), S-3/A (3), S-8 (3), S-8 POS (3), 25-NSE (2), 3/A (2), 8-A12B (2), 8-A12B/A (2), ARS (2), CERT (2), DEFA14A (2), NT 10-Q (2), S-1 (2), 10-K/A (1), 15-12G (1), 424B4 (1), 424B5 (1), 8-K/A (1), DEFM14A (1), DRS (1), PRE 14A (1), S-3 (1), S-4 (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2025
    Quarterly report (10-Q) May 7, 2025
    Proxy statement (DEF 14A) Jun 18, 2024
    Latest 8-K (8-K) Aug 11, 2025

Securities registered for trading

ClassSymbolExchange
Common stock, $0.0001 par value per shareHLGN
Warrants, each 35 warrants exercisable for one share of common stock at an exercise price of $402.50 per shareHLGNW
Preferred Share Purchase Rights

From the cover page of the 10-K filed Mar 27, 2025 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Heliogen, Inc. names in Item 1A of its 10-K filed Mar 27, 2025: 33 risks under these headings, as written.3

  • Risks Related to our Business
  • We have identified conditions that raise substantial doubt about our ability to continue as a going concern.
  • Demand for our energy solutions has not developed as we expected and, as a result, we have not been able to enter into new contracts and find additional financing, which has resulted in actions taken to reorganize our operating structure in alignment with our strategic priorities and reduce costs, however, actions that we are taking may not be as effective as anticipated.
  • If our estimates of market opportunity and forecasts of market growth prove to be inaccurate, our revenues may suffer, and our business may be harmed.
  • If we are unable to attract and retain qualified management our ability to compete and successfully grow our business could be harmed.
  • Our business depends on experienced and skilled personnel and specialty subcontractor resources, and if we lose key personnel or if we are unable to attract and integrate additional skilled personnel, it will be more difficult for us to manage our business and complete projects.
  • We may not be able to develop technologies and products to satisfy changes in customer demand or industry standards, and our competitors could develop products that decrease the demand for our products.
  • Our engagements could involve complex projects that could be impacted by a number of factors, some of which are outside of our control, and therefore may result in significant losses on the projects.
  • Our CSP plant designs, enhanced by our energy solutions, may not generate expected output levels.
  • The development of CSP plants will require significant capital, which our customers may finance through third parties, and such financing may not be available to our customers on favorable terms, if at all.
  • Project development or construction activities may not be successful, and we may make significant investments without first obtaining project financing, which could increase our costs and impair our ability to recover our investments.
  • Failure of third parties to manufacture quality products or provide reliable services in a timely manner could cause delays in the delivery of our services and completion of our projects, which could damage our reputation, have a negative impact on our relationships with our customers and adversely affect our growth.
The other 22 risks
  • If we fail to license our technology or attract customers, our business operations and financial results may be adversely affected.
  • Our revenue, expenses and operating results may fluctuate significantly.
  • Our business could be negatively affected as a result of stockholder actions and such actions could adversely affect our business and relationships with our customers, suppliers and employees and divert time from our management.
  • We have identified material weaknesses in our internal control over financial reporting and any failure to maintain effective internal control over financial reporting may have a material and adverse effect on our business, operating results, financial condition and prospects.
  • Our ability to utilize our NOL carryforwards and other certain tax attributes may be limited.
  • Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • If we fail to introduce or acquire new products or services that achieve broad market acceptance on a timely basis, or if our products or services are not adopted as expected, we will not be able to compete effectively.
  • Risks Related to our Technology and Intellectual Property
  • An inability to protect our IP could negatively affect our ability to compete, our business and our results of operations.
  • If our information technology systems or those of third parties that we work with, or our data are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse consequences.
  • Regulatory Risks
  • We are subject to stringent and evolving U.S. laws, regulations, and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.
  • Our business benefits in part from federal, state, provincial and local government support for renewable energy, and a decline in such support could harm our business.
  • Legislative or regulatory actions relating to renewable energy may impact demand for our services, our ability to remain in compliance with applicable laws and our cost of operations.
  • Opportunities associated with government contracts could lead to increased governmental regulation applicable to us.
  • Risks Related to Ownership of Shares and Warrants
  • Our common stock and Public Warrants have been delisted from the NYSE and are not listed on any other national securities exchange.
  • Our stock price is subject to volatility, which could have a material adverse impact on investors and employee retention.
  • We may redeem our outstanding Public and Private Warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making such warrants worthless.
  • We have outstanding Public and Private Warrants that are exercisable into our common stock, which would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
  • General Risk Factors
  • Our stockholders may not be able to enforce judgments entered by U.S. courts against certain of our directors.
  • Anti-takeover provisions contained in our second amended and restated certificate of incorporation as well as provisions of Delaware law, could impair a takeover attempt.
  • Our Certificate of Incorporation provides, subject to limited exceptions, that the Court of Chancery of the State of Delaware and the U.S. federal district courts will be the sole and exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, stockholders or employees.
  • The warrant agreement governing our Public and Private Warrants designates the courts of the State of New York or the U.S. District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.

Legal proceedings

Information relating to various commitments and contingencies is described in Note 16—Commitments and Contingencies to our consolidated financial statements in Part II, Item 8 of this Annual Report and the information discussed therein is incorporated by reference into this Part I, Item 3.

The opening of Item 3, Legal Proceedings.3

Sources

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