Heliogen, Inc. Announces First Quarter 2024 Financial and Operational Results
Heliogen, Inc. announced its first quarter 2024 financial and operational results, showcasing a strong opportunity pipeline of 1.9 GW and a contracted revenue backlog of $76.2 million. The company added $1.8 million to its backlog through a U.S. Department of Energy award and is on track for the first commercial-scale installation of its steam plant in west Texas by year-end 2024. Heliogen reported total revenue of $1.5 million, a net loss of $(15.2) million, and an Adjusted EBITDA of $(14.9) million for the first quarter.
Strong opportunity pipeline of 1.9 GW.
Contracted revenue backlog of $76.2 million.
Addition of $1.8 million to backlog through a U.S. Department of Energy award.
On track for the first commercial-scale installation of the steam plant in west Texas by year-end 2024.
Available liquidity of $60.7 million as of March 31, 2024, with no debt.
Total revenue of $1.5 million reported for the first quarter.
Net loss of $(15.2) million for the first quarter.
Adjusted EBITDA of $(14.9) million for the first quarter.
Financial and Operational Highlights
- 1.9 gigawatts (“GW”) in opportunity pipeline
-
$76.2 million -
Added
$1.8 million U.S. Department of Energy award to accelerate the large-scale development and deployment of a solar thermal calciner to decarbonize cement production -
First commercial-scale installation of Heliogen steam plant in west
Texas remains on-track for mechanical completion at year-end 2024 -
$60.7 million - Ongoing comprehensive review process to further drive cost reductions while continuing to explore and evaluate strategic alternatives with our third-party financial advisor
“During the first quarter of 2024, Heliogen continued to execute on our strategy for deploying our differentiated solar energy technology,” said Christie Obiaya, Heliogen’s Chief Executive Officer. “Our team has made strong progress on our first commercial-scale project in west
First Quarter 2024 Financial Results
For the first quarter 2024, Heliogen reported total revenue of
As of March 31, 2024, the Company had available liquidity of
About Heliogen
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.
Backlog
Contracted revenue backlog represents contracted revenue with customers and government entities we expect to realize for the construction of facilities, engineering services agreements, operating agreements, and products delivered under purchase agreements. We cannot guarantee that our revenue projected in our backlog will be realized or, if realized, will result in profits. In addition, project cancellations or scope adjustments may occur with respect to contracts reflected in our backlog. Accordingly, our backlog as of any particular date is an uncertain indicator of future earnings.
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 generally accepted accounting principles in
EBITDA represents consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. We define Adjusted EBITDA as 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. Please see the accompanying tables for a reconciliation of net loss to 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 intent to further drive cost reductions, intent to explore and evaluate strategic alternatives, the timing for mechanical completion of our commercial-scale installation steam plant, expectations for realization of our contracted revenue backlog and our expanding opportunity pipeline. 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) changes in our business and strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; (iii) 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; (iv) our ability to access sources of capital to finance operations, growth and future capital requirements; (v) our ability to maintain and enhance our products and brand, and to attract and retain customers; (vi) our ability to scale in a cost effective manner; (vii) changes in applicable laws or regulations; (viii) developments and projections relating to our competitors and industry; (ix) unexpected adjustments and cancellations related to our backlog; (x) our ability to protect our intellectual property; and (xi) whether the objectives of the strategic alternative review process will be achieved. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented in our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024, and other documents filed by Heliogen from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Heliogen, Inc. Condensed Consolidated Statements of Operations ($ in thousands, except per share and share data) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
March 31, |
||||||
|
2024 |
|
2023 |
||||
Revenue |
$ |
1,528 |
|
|
$ |
1,937 |
|
Cost of revenue |
|
1,477 |
|
|
|
2,382 |
|
Gross profit (loss) |
|
51 |
|
|
|
(445 |
) |
|
|
|
|
||||
Operating expenses: |
|
|
|
||||
Selling, general and administrative |
|
12,387 |
|
|
|
4,165 |
|
Research and development |
|
3,791 |
|
|
|
5,260 |
|
Impairment charges |
|
— |
|
|
|
1,008 |
|
Total operating expenses |
|
16,178 |
|
|
|
10,433 |
|
Operating loss |
|
(16,127 |
) |
|
|
(10,878 |
) |
|
|
|
|
||||
Interest income, net |
|
683 |
|
|
|
283 |
|
Gain (loss) on warrant remeasurement |
|
(24 |
) |
|
|
304 |
|
Other income (expense), net |
|
245 |
|
|
|
(253 |
) |
Net loss before taxes |
|
(15,223 |
) |
|
|
(10,544 |
) |
Provision for income taxes |
|
(2 |
) |
|
|
— |
|
Net loss |
$ |
(15,225 |
) |
|
$ |
(10,544 |
) |
|
|
|
|
||||
Loss per share: |
|
|
|
||||
Loss per share – Basic and Diluted (1) |
$ |
(2.53 |
) |
|
$ |
(1.87 |
) |
Weighted average number of shares outstanding – Basic and Diluted (1) |
|
6,020,992 |
|
|
|
5,623,430 |
|
________________ |
||
(1) |
Periods presented have been adjusted to reflect the 1-for-35 reverse stock split on August 31, 2023. |
|
Heliogen, Inc. Condensed Consolidated Balance Sheets ($ in thousands) (unaudited) |
|||||||
|
March 31, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
58,235 |
|
|
$ |
62,715 |
|
Investments |
|
2,491 |
|
|
|
12,386 |
|
Other current assets |
|
10,703 |
|
|
|
8,365 |
|
Total current assets |
|
71,429 |
|
|
|
83,466 |
|
Non-current assets |
|
21,497 |
|
|
|
23,567 |
|
Total assets |
$ |
92,926 |
|
|
$ |
107,033 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
||||
Trade payables |
$ |
1,172 |
|
|
$ |
746 |
|
Contract liabilities |
|
18,247 |
|
|
|
17,008 |
|
Contract loss provisions |
|
74,516 |
|
|
|
75,340 |
|
Other current liabilities |
|
8,216 |
|
|
|
8,907 |
|
Total current liabilities |
|
102,151 |
|
|
|
102,001 |
|
Long-term liabilities |
|
12,696 |
|
|
|
13,047 |
|
Total liabilities |
|
114,847 |
|
|
|
115,048 |
|
Stockholders’ equity (deficit) |
|
(21,921 |
) |
|
|
(8,015 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
92,926 |
|
|
$ |
107,033 |
|
Heliogen, Inc. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA ($ in thousands) (unaudited) |
|||||||
|
Three Months Ended |
||||||
|
March 31, |
||||||
|
2024 |
|
2023 |
||||
Net loss |
$ |
(15,225 |
) |
|
$ |
(10,544 |
) |
Interest income, net |
|
(683 |
) |
|
|
(283 |
) |
Provision for income taxes |
|
2 |
|
|
|
— |
|
Depreciation and amortization |
|
446 |
|
|
|
601 |
|
EBITDA |
$ |
(15,460 |
) |
|
$ |
(10,226 |
) |
Impairment charges (1) |
|
— |
|
|
|
1,008 |
|
Gain (loss) on warrant remeasurement (2) |
|
24 |
|
|
|
(304 |
) |
Share-based compensation (3) |
|
1,286 |
|
|
|
(9,199 |
) |
Contract loss provisions (4) |
|
— |
|
|
|
370 |
|
Contract losses incurred (4) |
|
(824 |
) |
|
|
(447 |
) |
Change in fair value of contingent consideration (5) |
|
— |
|
|
|
1,125 |
|
Reorganization costs (6) |
|
32 |
|
|
|
481 |
|
Adjusted EBITDA |
$ |
(14,942 |
) |
|
$ |
(17,192 |
) |
________________ |
||
(1) |
Impairment charges during the first quarter 2023 are associated with goodwill. |
|
(2) |
Represents the change in fair value on our outstanding warrant liabilities. |
|
(3) |
Share-based compensation for the three months ended March 31, 2023 includes a one-time reversal of |
|
(4) |
Represents contract loss provisions with customers for which estimated costs to satisfy performance obligations exceeded considerations expected to be realized. The contract loss provision is reduced and recognized in cost of revenue as expenditures are incurred and related revenue is recognized. |
|
(5) |
Represents the change in fair value of our contingent consideration associated with the acquisition of HelioHeat GmbH. |
|
(6) |
Represents reorganization costs related to employee severance and related benefits. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508813488/en/
Heliogen Investors Contact:
Phelps Morris
Chief Financial Officer
Phelps.Morris@heliogen.com
Heliogen Media Contact:
Sam Padreddii
Manager, Corporate Communications
media@heliogen.com
Source: Heliogen, Inc.
FAQ
What is Heliogen's opportunity pipeline size?
What was Heliogen's total revenue for the first quarter 2024?
What is the contracted revenue backlog for Heliogen?
How much liquidity did Heliogen have as of March 31, 2024?
What was Heliogen's net loss for the first quarter 2024?
