Heliogen Inc (HLGN) said after close Monday that it lost $3.13 per share in quarter three 2023.
On the revenue line, the company reported $2.3 million, missing estimates by $697 thousand.
In the same quarter a year ago, the company lost $4.9 per share on revenue of $3.1 million.
The stock is up 31.18% to $1.18 after the report.
The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
Trading in the five days leading up to the report earned Heliogen Inc a Neutral Sentiment Rank from InvestorsObserver.
Heliogen Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 0, putting Heliogen Inc in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $0.52 on November 10, 2023 and set a 52-week high on November 25, 2022 at $40.42.
Heliogen Inc is a concentrated solar energy system that is being developed to unlock the power of sunlight to replace fossil fuels. Powered by artificial intelligence (AI), its modular system aims to deliver low-cost renewable energy in the form of heat, power, or hydrogen fuel. The company's computer vision software aligns an array of mirrors to reflect sunlight to a target on the top of a Sunlight Refinery tower.
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Heliogen Inc Up 31.18% To $1.18 After Earnings Beat
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