https://www.helionenergy.com/faq/
(See "How does Helion generate electricity from fusion?" question)
To entirely skip the steam cycle portion is to intentionally make a much less efficient design.
For space-constrained, high-value, applications where economics don't matter that much, such as a submarine, that would make sense, but otherwise...
(I'm still not convinced of their explanations, but a fast proton may be easy to catch by the magnetic field and create the effect they want.)
See the diagram here: https://undsci.berkeley.edu/teach-resources/products-of-deut...
With fuel costs insignificant, your cost per kWh is mainly capital cost. Let's say it's all capital just to keep it simple. I don't know how much the input energy will be but if your choice is between, say, generating net energy of 50MW without a turbine or 54MW with a turbine, then you would skip the turbine if it adds more than 8% to the capital cost. I suspect Helion has done this calculation in detail.
Helion's other fuel is helium-3 which they'll make themselves by fusing deuterium. So the helium-3 cost will directly depend on the capital cost of the reactor producing it.
However, D+T fusion is the only type of fusion that we have been able to sustain for any significant amount of time with reasonable energy inputs. What Helion is planning to do is completely unexplored and requires some major scientific advances.
Still, it seems very indirect. Like generating solar power by using a parabolic mirror to heat water instead of photovoltaic panels... but of course I just found an example of doing that too: https://en.wikipedia.org/wiki/Parabolic_trough
Usually the liquid is some sort of oil that csn reach higher temperature and then the oil is used to heat water
Another design uses hundreds of mirror centered around a high tower with molten salts as the heat medium
The really good part of this design is that the molted salts can produce energy for 3-4h after the sun is set.
The 90% efficiency quoted in the comments is 90% of theoretical maximum efficiency. This theoretical maximum is about 50% for the best systems.