Despite a narrower net loss compared to a year ago, Heliogen Inc. saw a decrease in its stock price after releasing second quarter financial results early last month.

On Aug. 6, the Pasadena alternative energy company reported after the market closed a net loss of $19.3 million (-$3.19 a share) for the quarter ending June 30, compared to a net loss of $21.7 million (-$3.79) in the same period of the previous year. Revenue went up 64% from the second quarter of the prior year to $2.3 million.

The company said in its earnings release that the increase in revenue was driven primarily by continued work on the Capella project – the engineering, procurement and construction of a new 5-megawatt concentrated solar energy facility to be built in Mojave – and engineering services performed during the period.

On the day it reported its second quarter financial results, the company’s stock price closed at $2.90. By the following day, it had closed at $2.56 for a drop of nearly 12%.

The stock closed at $2.07 on Aug. 29.

Heliogen Chief Executive Christie Obiaya said that during the quarter the company made a number of advancements.

It engaged with prospective customers on several open proposals for early design work on commercial-scale projects to deploy Heliogen’s technology, she said.

“We also kicked off the next design phase of our Brenda power project,” Obiaya said in a statement. “In addition, construction on our west Texas steam plant remains on-track for mechanical completion by the end this year, consistent with our goal for that project since its launch in mid-2023.”

The Brenda power project will be built in Arizona and will combine concentrated solar power, solar panels and thermal energy storage using molten salt.

The West Texas project mentioned by Obiaya is a high-capacity factor steam product at a small commercial scale site in that state.

Additionally, she said in her statement that operationally “our team continues to focus on liquidity and opportunities to reduce non-billable costs.”

Cost reductions resulted in the reduction in third-party costs, layoffs of employees and the closure of the Long Beach heliostat manufacturing plant which became operational just two years ago.

The facility included assembly lines, a test facility and rapid development center to produce heliostats and other components in Heliogen’s concentrated solar energy system.