STOCK TITAN

Heliogen, Inc. Announces Second Quarter 2024 Financial and Operational Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

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.

Positive
  • 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
Negative
  • 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

PASADENA, Calif.--(BUSINESS WIRE)-- Heliogen, Inc. (“Heliogen”) (OTCQX: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its second quarter 2024 financial and operational results.

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 available liquidity as of June 30, 2024
  • 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 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,” said Christie Obiaya, Heliogen’s Chief Executive Officer. “On the operations side, our team continues to focus on liquidity and opportunities to reduce non-billable costs.”

Second Quarter 2024 Financial Results

For the second quarter 2024, Heliogen reported total revenue of $2.3 million, which was driven primarily by continued execution on its Capella Project – the engineering, procurement and construction of a new 5 MWe concentrated solar energy facility to be built in Mojave, California – and engineering services performed during the period.

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 Long Beach, California and a reduction in third-party costs. These actions are intended to further reduce structural costs and operating expenses and better align Heliogen’s operating structure for commercialization with a technology-centric and capital light model, as Heliogen continues to explore and evaluate strategic alternatives with its third-party financial advisor.

For the second quarter 2024, Heliogen reported a net loss of $(19.3) million, which was impacted by $4.1 million of impairment and other charges and an inventory reserve of $1.7 million to adjust for excess and obsolete inventories, that were recorded in association with Heliogen’s targeted plan. Heliogen’s Adjusted EBITDA was $(14.6) million for the second quarter 2024.

As of June 30, 2024, the Company had available liquidity of $51.8 million, consisting of cash and cash equivalents and no debt.

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 the United States of America (“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.

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 Long Beach, California. Impairment charges for the six months ended June 30, 2023 are associated with goodwill.

(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 $12.5 million of expense as a result of stock options forfeited in connection with the termination of our former Chief Executive Officer.

(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 Long Beach, California.

(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.

 

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?

Heliogen reported total revenue of $2.3 million for the second quarter of 2024, primarily driven by the Capella Project and engineering services.

When is Heliogen's (HLGN) west Texas steam plant expected to be completed?

Heliogen's first commercial-scale steam plant in west Texas is progressing towards mechanical completion by year-end 2024.

What strategic actions did Heliogen (HLGN) take in May 2024?

On May 16, 2024, Heliogen implemented a targeted plan including workforce reduction, closing of the Long Beach manufacturing facility, and reduction in third-party costs to align with a technology-centric and capital light model.

How much available liquidity did Heliogen (HLGN) have as of June 30, 2024?

As of June 30, 2024, Heliogen had available liquidity of $51.8 million, consisting of cash and cash equivalents and no debt.

HELIOGEN INC

OTC:HLGN

HLGN Rankings

HLGN Latest News

HLGN Stock Data

12.10M
5.91M
39.32%
0.52%
2.12%
Utilities - Renewable
Utilities
Link
United States of America
Pasadena