Heliogen, Inc. Announces Second Quarter 2024 Financial and Operational Results
Heliogen, Inc. (OTCQX: HLGN), an AI-enabled concentrating solar energy technology provider, released its Q2 2024 financial results. Key highlights include:
- Revenue of $2.3 million, primarily from the Capella Project and engineering services
- Net loss of $(19.3) million, impacted by impairment charges and inventory reserves
- Adjusted EBITDA of $(14.6) million
- Available liquidity of $51.8 million as of June 30, 2024
The company implemented a targeted plan in May 2024, including workforce reduction and facility closure, to reduce costs. Heliogen's first commercial-scale steam plant in west Texas is progressing towards mechanical completion by year-end 2024. The company continues to focus on liquidity and cost reduction while exploring strategic alternatives.
Heliogen, Inc. (OTCQX: HLGN), un fornitore di tecnologia solare a concentrazione abilitato dall'IA, ha pubblicato i risultati finanziari del secondo trimestre del 2024. I punti salienti includono:
- Ricavi di $2,3 milioni, principalmente dal Progetto Capella e da servizi di ingegneria
- Perdita netta di $(19,3) milioni, influenzata da oneri di dismissione e riserve di inventario
- EBITDA rettificato di $(14,6) milioni
- Liquidità disponibile di $51,8 milioni al 30 giugno 2024
L'azienda ha implementato un piano mirato a maggio 2024, che include la riduzione della forza lavoro e la chiusura di strutture, per ridurre i costi. Il primo impianto di vapore su scala commerciale di Heliogen in Texas occidentale sta progredendo verso il completamento meccanico entro la fine del 2024. L'azienda continua a concentrarsi sulla liquidità e sulla riduzione dei costi, mentre esplora alternative strategiche.
Heliogen, Inc. (OTCQX: HLGN), un proveedor de tecnología solar de concentración habilitada por IA, ha publicado sus resultados financieros del segundo trimestre de 2024. Los aspectos destacados incluyen:
- Ingresos de $2.3 millones, principalmente del Proyecto Capella y servicios de ingeniería
- Pérdida neta de $(19.3) millones, afectada por cargos por deterioro y reservas de inventario
- EBITDA ajustado de $(14.6) millones
- Liquidez disponible de $51.8 millones al 30 de junio de 2024
La empresa implementó un plan específico en mayo de 2024, que incluye reducción de personal y cierre de instalaciones, para reducir costos. La primera planta de vapor a escala comercial de Heliogen en el oeste de Texas avanza hacia la finalización mecánica para finales de 2024. La empresa continúa enfocándose en la liquidez y la reducción de costos mientras explora alternativas estratégicas.
헬리오겐 주식회사(OTCQX: HLGN), AI 기반의 집광 태양 에너지 기술 제공업체가 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 수익 $2.3백만, 주로 카펠라 프로젝트와 엔지니어링 서비스에서 발생
- 순손실 $(19.3)백만, 자산 손상 비용과 재고 준비금에 영향을 받음
- 조정 EBITDA $(14.6)백만
- 2024년 6월 30일 기준으로 사용할 수 있는 유동성 $51.8백만
회사는 2024년 5월에 인력 감축과 시설 폐쇄를 포함한 목표 계획을 시행하여 비용을 절감했습니다. 헬리오겐의 첫 상업 규모 증기 플랜트는 2024년 말까지 기계적 완공을 목표로 하고 있습니다. 회사는 유동성과 비용 절감에 계속 집중하면서 전략적 대안을 모색하고 있습니다.
Heliogen, Inc. (OTCQX: HLGN), un fournisseur de technologie solaire à concentration activé par l'IA, a publié ses résultats financiers du deuxième trimestre 2024. Les points clés incluent :
- Chiffre d'affaires de $2,3 millions, principalement provenant du projet Capella et des services d'ingénierie
- Perte nette de $(19,3) millions, impactée par des charges de dépréciation et des réserves d'inventaire
- EBITDA ajusté de $(14,6) millions
- Liquidité disponible de $51,8 millions au 30 juin 2024
L'entreprise a mis en œuvre un plan ciblé en mai 2024, comprenant une réduction de personnel et la fermeture d'installations, afin de réduire les coûts. La première centrale à vapeur à l'échelle commerciale de Heliogen au Texas occidental progresse vers l'achèvement mécanique d'ici la fin de 2024. L'entreprise continue de se concentrer sur la liquidité et la réduction des coûts tout en explorant des alternatives stratégiques.
Heliogen, Inc. (OTCQX: HLGN), ein Anbieter von KI-gestützten konzentrierenden Solarenergiesystemen, hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Zu den wichtigsten Ergebnissen gehören:
- Einnahmen von $2,3 Millionen, hauptsächlich aus dem Capella-Projekt und Ingenieurdienstleistungen
- Nettoverlust von $(19,3) Millionen, beeinflusst durch Wertminderungen und Lagerreservierungen
- Bereinigtes EBITDA von $(14,6) Millionen
- Verfügbare Liquidität von $51,8 Millionen zum 30. Juni 2024
Das Unternehmen hat im Mai 2024 einen gezielten Plan umgesetzt, der die Reduzierung der Mitarbeiterzahl und die Schließung von Einrichtungen umfasst, um Kosten zu senken. Das erste kommerzielle Dampfkraftwerk von Heliogen im westlichen Texas schreitet auf die mechanische Fertigstellung bis Ende 2024 zu. Das Unternehmen konzentriert sich weiterhin auf Liquidität und Kostensenkung, während es strategische Alternativen in Betracht zieht.
- First commercial-scale steam plant in west Texas on track for mechanical completion by year-end 2024
- Engaged with prospective customers on proposals for early design work on commercial-scale projects
- Kicked off next design phase of Brenda power project
- $51.8 million in available liquidity with no debt
- Net loss of $(19.3) million in Q2 2024
- Adjusted EBITDA of $(14.6) million for Q2 2024
- Implemented workforce reduction and facility closure to reduce costs
- Recorded $4.1 million in impairment charges and $1.7 million inventory reserve
Financial and Operational Highlights
- No significant changes to contracts or backlog vs. prior quarter; outstanding proposals with 4 customers for early design stage projects representing 0.9 gigawatts
-
First commercial-scale installation of Heliogen steam plant in west
Texas continues to progress toward mechanical completion by year-end 2024 -
$51.8 million -
In May 2024, implemented a targeted plan, which included a workforce reduction, closing of the
Long Beach manufacturing facility, and a reduction in third-party costs
“During the second quarter of 2024, we advanced on a number of fronts. We engaged with prospective customers on several open proposals for early design work on commercial-scale projects to deploy Heliogen’s technology. We also kicked off the next design phase of our Brenda power project. In addition, construction on our west
Second Quarter 2024 Financial Results
For the second quarter 2024, Heliogen reported total revenue of
On May 16, 2024, Heliogen made the strategic decision to implement a targeted plan, which included a workforce reduction, the closing of Heliogen’s manufacturing facility in
For the second quarter 2024, Heliogen reported a net loss of
As of June 30, 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, or power at scale to support round-the-clock industrial operations. Powered by AI and computer vision, 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 the timing for mechanical completion of our commercial-scale installation steam plant and our intent to further reduce structural costs and operating expenses, to align our operating structure for commercialization with a technology-centric and capital light model to continue to explore and evaluate strategic alternatives. 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 Report 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 |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue |
$ |
2,261 |
|
|
$ |
1,394 |
|
|
$ |
3,789 |
|
|
$ |
3,331 |
|
Cost of revenue |
|
3,929 |
|
|
|
1,522 |
|
|
|
5,406 |
|
|
|
3,904 |
|
Gross loss |
|
(1,668 |
) |
|
|
(128 |
) |
|
|
(1,617 |
) |
|
|
(573 |
) |
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
9,505 |
|
|
|
17,652 |
|
|
|
21,860 |
|
|
|
21,345 |
|
Research and development |
|
4,751 |
|
|
|
4,946 |
|
|
|
8,542 |
|
|
|
10,206 |
|
Impairment and other charges |
|
4,128 |
|
|
|
— |
|
|
|
4,160 |
|
|
|
1,480 |
|
Operating loss |
|
(20,052 |
) |
|
|
(22,726 |
) |
|
|
(36,179 |
) |
|
|
(33,604 |
) |
|
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
675 |
|
|
|
270 |
|
|
|
1,358 |
|
|
|
553 |
|
Gain (loss) on warrant remeasurement |
|
45 |
|
|
|
(52 |
) |
|
|
21 |
|
|
|
252 |
|
Other income, net |
|
52 |
|
|
|
827 |
|
|
|
297 |
|
|
|
574 |
|
Net loss before taxes |
|
(19,280 |
) |
|
|
(21,681 |
) |
|
|
(34,503 |
) |
|
|
(32,225 |
) |
Provision for income taxes |
|
(2 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(2 |
) |
Net loss |
$ |
(19,282 |
) |
|
$ |
(21,683 |
) |
|
$ |
(34,507 |
) |
|
$ |
(32,227 |
) |
|
|
|
|
|
|
|
|
||||||||
Loss per share: |
|
|
|
|
|
|
|
||||||||
Loss per share – Basic and Diluted (1) |
$ |
(3.19 |
) |
|
$ |
(3.79 |
) |
|
$ |
(5.72 |
) |
|
$ |
(5.68 |
) |
Weighted average number of shares outstanding – Basic and Diluted (1) |
|
6,045,324 |
|
|
|
5,728,261 |
|
|
|
6,033,158 |
|
|
|
5,676,134 |
|
________________
| (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) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
51,839 |
|
|
$ |
62,715 |
|
Investments |
|
— |
|
|
|
12,386 |
|
Other current assets |
|
7,009 |
|
|
|
8,365 |
|
Total current assets |
|
58,848 |
|
|
|
83,466 |
|
Non-current assets |
|
10,439 |
|
|
|
23,567 |
|
Total assets |
$ |
69,287 |
|
|
$ |
107,033 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
||||
Trade payables |
$ |
1,403 |
|
|
$ |
746 |
|
Contract liabilities |
|
19,259 |
|
|
|
17,008 |
|
Contract loss provisions |
|
74,763 |
|
|
|
75,340 |
|
Other current liabilities |
|
9,015 |
|
|
|
8,907 |
|
Total current liabilities |
|
104,440 |
|
|
|
102,001 |
|
Long-term liabilities |
|
5,326 |
|
|
|
13,047 |
|
Total liabilities |
|
109,766 |
|
|
|
115,048 |
|
Stockholders’ equity (deficit) |
|
(40,479 |
) |
|
|
(8,015 |
) |
Total liabilities and stockholders’ equity (deficit) |
$ |
69,287 |
|
|
$ |
107,033 |
|
Heliogen, Inc. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA ($ in thousands) (unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
June 30, |
|
June 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss |
$ |
(19,282 |
) |
|
$ |
(21,683 |
) |
|
$ |
(34,507 |
) |
|
$ |
(32,227 |
) |
Interest income, net |
|
(675 |
) |
|
|
(270 |
) |
|
|
(1,358 |
) |
|
|
(553 |
) |
Provision for income taxes |
|
2 |
|
|
|
2 |
|
|
|
4 |
|
|
|
2 |
|
Depreciation and amortization |
|
349 |
|
|
|
592 |
|
|
|
795 |
|
|
|
1,193 |
|
EBITDA |
$ |
(19,606 |
) |
|
$ |
(21,359 |
) |
|
$ |
(35,066 |
) |
|
$ |
(31,585 |
) |
Impairment charges (1) |
|
3,354 |
|
|
|
— |
|
|
|
3,354 |
|
|
|
1,008 |
|
Gain (loss) on warrant remeasurement (2) |
|
(45 |
) |
|
|
52 |
|
|
|
(21 |
) |
|
|
(252 |
) |
Share-based compensation (3) |
|
681 |
|
|
|
2,816 |
|
|
|
1,967 |
|
|
|
(6,383 |
) |
Contract loss provisions (4) |
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
390 |
|
Contract losses incurred (4) |
|
247 |
|
|
|
(877 |
) |
|
|
(577 |
) |
|
|
(1,324 |
) |
Change in fair value of contingent consideration (5) |
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
1,237 |
|
Severance costs (6) |
|
613 |
|
|
|
— |
|
|
|
645 |
|
|
|
472 |
|
Manufacturing Facility closing costs (7) |
|
161 |
|
|
|
— |
|
|
|
161 |
|
|
|
— |
|
Employee retention credit (8) |
|
— |
|
|
|
(41 |
) |
|
|
— |
|
|
|
(41 |
) |
Adjusted EBITDA |
$ |
(14,595 |
) |
|
$ |
(19,277 |
) |
|
$ |
(29,537 |
) |
|
$ |
(36,478 |
) |
________________
| (1) |
Impairment charges for the three and six months ended June 30, 2024 are associated with impairments to property, plant and equipment related to leasehold improvements, machinery and equipment and other fixed assets located at our manufacturing facility in |
|
| (2) | Represents the change in fair value on our outstanding warrant liabilities. |
|
| (3) |
Share-based compensation for the six months ended June 30, 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 severance costs related to employee severance and related benefits. |
|
| (7) |
Represents reorganization costs associated with closing our manufacturing facility in |
|
| (8) | Represents an adjustment to the employee tax credit pursuant to the Coronavirus Aid, Relief and Economic Security Act (CARES Act) recorded as grant revenue in the fourth quarter of 2022. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806595264/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 was Heliogen's (HLGN) revenue for Q2 2024?
When is Heliogen's (HLGN) west Texas steam plant expected to be completed?
What strategic actions did Heliogen (HLGN) take in May 2024?
How much available liquidity did Heliogen (HLGN) have as of June 30, 2024?
