Heliogen, Inc. Announces First Quarter 2022 Financial and Operational Results; Reports Progress on Deployment of Commercial-Scale Solar Energy Systems
Heliogen, a leader in AI-enabled solar energy technology, reported Q1 2022 results, reaffirming its guidance of $20-$25 million in revenue and 2-3 contracted modules. Key highlights include a full project agreement with Woodside Energy for a 5 MWe facility, site preparation for a manufacturing plant in Long Beach, and a lease finalized for the Brenda Solar Energy Zone. However, the company reported a net loss of $59 million, driven mainly by a non-cash provision for contract losses. Adjusted EBITDA for the quarter was negative $16.3 million.
- Full project agreement signed with Woodside Energy for a 5 MWe facility.
- Collaboration with Woodside to market technology in Australia.
- Progress in Long Beach manufacturing facility with operational pilot lines.
- Net loss of $59 million, including a non-cash provision for contract losses of $33.8 million.
- Total operating expenses of $30 million compared to revenue of $3.5 million.
- Adjusted EBITDA was negative $16.3 million.
Reaffirms 2022 Guidance
First Quarter 2022 Highlights
-
Signed full project agreement with
Woodside Energy (USA) Inc. (“Woodside”) for the commercial-scale demonstration and deployment of Heliogen’s AI-enabled concentrated solar energy technology -
Entered into a collaboration agreement with Woodside to jointly market Heliogen’s technology in
Australia -
Began site preparation and setup for its first full-scale manufacturing facility in
Long Beach, California
Recent Highlights
-
Finalized and executed a lease for
Brenda Solar Energy Zone withU.S. Bureau of Land Management -
Announced partnership with
Hanwha Power Systems for the production of a 5 megawatt electric (MWe) next-generation supercritical CO2 power block integrated with high-temperature solid media thermal energy storage designed byHeliogen and to be deployed with the Woodside project -
Reported significant progress in the operationalization of the
Long Beach manufacturing facility
Executive Commentary
“Heliogen’s progress in deploying our groundbreaking solar energy technology with world class partners continued at a rapid pace during the first quarter of this year,” said
“During the first quarter, we finalized and signed the full project agreement with Woodside for our first commercial-scale, single-module 5 MWe facility,” continued Gross. “We continue to make great progress with several other potential customers including global metals and mining company Rio Tinto. I’m also pleased with the discussions taking place with Woodside as we kick off our collaboration effort to jointly market Heliogen’s technology in
“On the manufacturing and development side, we have made rapid progress on the build-out of our facility in
2022 Guidance Reaffirmed
First Quarter 2022 Financial Results
For the first quarter 2022,
Conference Call Information
The
An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.
About
Use of Non-GAAP Financial Information
Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our guidance for full-year 2022, the development of our manufacturing and production facilities, maintaining our trajectory in 2022, achieving our financial and operational goals, progress with potential customers and future growth opportunities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of
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($ in thousands, except share data) |
|||||
Condensed Consolidated Balance Sheets |
|||||
(unaudited) |
|||||
|
|
|
|
||
|
2022 |
|
2021 |
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
63,615 |
|
$ |
190,081 |
Investments, available-for-sale |
|
128,269 |
|
|
32,332 |
Other current assets |
|
20,973 |
|
|
4,770 |
Total current assets |
|
212,857 |
|
|
227,183 |
Non-current assets |
|
43,310 |
|
|
30,265 |
Total assets |
$ |
256,167 |
|
$ |
257,448 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||
Trade payables |
$ |
2,294 |
|
$ |
4,645 |
Contract liabilities |
|
7,866 |
|
|
513 |
Contract loss provisions |
|
34,188 |
|
|
397 |
Other current liabilities |
|
6,266 |
|
|
6,974 |
Total current liabilities |
|
50,614 |
|
|
12,529 |
Long-term liabilities |
|
28,250 |
|
|
30,861 |
Total liabilities |
|
78,864 |
|
|
43,390 |
Shareholders’ equity |
|
177,303 |
|
|
214,058 |
Total liabilities, convertible preferred stock, and shareholders’ equity |
$ |
256,167 |
|
$ |
257,448 |
|
|||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss |
|||||||
($ in thousands, except per share and share data) |
|||||||
(unaudited) |
|||||||
|
Three Months Ended |
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|
2022 |
|
2021 |
||||
Revenue |
$ |
3,539 |
|
|
$ |
516 |
|
Cost of revenue |
|
37,261 |
|
|
|
516 |
|
Gross loss |
|
(33,722 |
) |
|
|
— |
|
|
|
|
|
||||
Operating expenses: |
|
|
|
||||
Selling, general, and administrative |
|
20,395 |
|
|
|
2,152 |
|
Research and development |
|
9,605 |
|
|
|
1,608 |
|
Total operating expenses |
|
30,000 |
|
|
|
3,760 |
|
Operating loss |
|
(63,722 |
) |
|
|
(3,760 |
) |
|
|
|
|
||||
Interest income, net |
|
194 |
|
|
|
40 |
|
Gain (loss) on warrant remeasurement |
|
4,026 |
|
|
|
(303 |
) |
Other expense, net |
|
(76 |
) |
|
|
(33 |
) |
Net loss before taxes |
|
(59,578 |
) |
|
|
(4,056 |
) |
Income tax benefit |
|
610 |
|
|
|
— |
|
Net loss |
|
(58,968 |
) |
|
|
(4,056 |
) |
Other comprehensive loss, net of taxes |
|
|
|
||||
Unrealized losses on available-for-sale securities |
|
(379 |
) |
|
|
(12 |
) |
Cumulative translation adjustment |
|
(1 |
) |
|
|
— |
|
Total comprehensive loss |
$ |
(59,348 |
) |
|
$ |
(4,068 |
) |
|
|
|
|
||||
Loss per share |
|
|
|
||||
Loss per share – Basic and Diluted |
$ |
(0.32 |
) |
|
$ |
(0.42 |
) |
Weighted average number of shares outstanding – Diluted |
|
184,031,015 |
|
|
|
9,763,675 |
|
Non-GAAP Financial Measures
EBITDA represents condensed consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.
Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
The following reconciles net loss to EBITDA and Adjusted EBITDA for the periods as shown:
|
Three Months Ended |
||||||
$ in thousands |
2022 |
|
2021 |
||||
Net loss |
$ |
(58,968 |
) |
|
$ |
(4,056 |
) |
Adjustments |
|
|
|
||||
Interest income, net |
|
(194 |
) |
|
|
(40 |
) |
Income tax benefit |
|
(610 |
) |
|
|
— |
|
Depreciation and amortization |
|
760 |
|
|
|
54 |
|
EBITDA |
$ |
(59,012 |
) |
|
$ |
(4,042 |
) |
Adjustments |
|
|
|
||||
(Gain) loss on warrant remeasurement(1) |
|
(4,026 |
) |
|
|
303 |
|
Share-based compensation |
|
12,982 |
|
|
|
211 |
|
Provision for contract losses, net(2) |
|
33,766 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(16,290 |
) |
|
$ |
(3,528 |
) |
__________________ |
(1) Represents the change in fair value on our warrant liabilities for the outstanding warrants that we assumed in our business combination with |
(2) Represents contract losses related to three contracts with customers for which estimated costs to satisfy performance obligations exceeded considerations expected to be realized. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005394/en/
Heliogen Investor Contact
Investor Relations
Louis.Baltimore@Heliogen.com
Heliogen Media Contact:
HeliogenPR@icrinc.com
Source:
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