Heliogen, Inc. Announces Third Quarter 2024 Financial and Operational Results
Heliogen (OTCQX: HLGN) reported its Q3 2024 financial results with total revenue of $1.1 million, down from $2.3 million in Q2 2024. The company reduced operating expenses by 32% sequentially to $12.6 million, and reported a net loss of $(11.8) million, improving from $(19.3) million in Q2. The company maintains $44.6 million in liquidity with no debt. Their Texas Steam Plant, their first commercial-scale installation, is progressing toward completion in Q1 2025, despite weather-related delays. The company has over 2 gigawatts of sales opportunities, including proposals with 5 customers for early design stage projects representing 1.0 gigawatts.
Heliogen (OTCQX: HLGN) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato totale di 1,1 milioni di dollari, in calo rispetto ai 2,3 milioni di dollari del secondo trimestre 2024. L'azienda ha ridotto le spese operative del 32% rispetto al trimestre precedente a 12,6 milioni di dollari, e ha registrato una perdita netta di 11,8 milioni di dollari, migliorando rispetto ai 19,3 milioni di dollari del secondo trimestre. L'azienda mantiene una liquidità di 44,6 milioni di dollari senza debiti. Il loro impianto di vapore del Texas, la loro prima installazione su scala commerciale, sta progredendo verso il completamento nel primo trimestre del 2025, nonostante ritardi legati al maltempo. L'azienda ha oltre 2 gigawatt di opportunità di vendita, comprese proposte con 5 clienti per progetti in fase iniziale di design che rappresentano 1,0 gigawatt.
Heliogen (OTCQX: HLGN) informó sobre sus resultados financieros del tercer trimestre de 2024, con ingresos totales de 1.1 millones de dólares, una disminución respecto a los 2.3 millones de dólares en el segundo trimestre de 2024. La compañía redujo los gastos operativos en un 32% secuencialmente a 12.6 millones de dólares, y reportó una pérdida neta de 11.8 millones de dólares, mejorando desde los 19.3 millones de dólares en el segundo trimestre. La empresa mantiene 44.6 millones de dólares en liquidez y sin deudas. Su planta de vapor en Texas, su primera instalación a escala comercial, avanza hacia su finalización en el primer trimestre de 2025, a pesar de los retrasos por el clima. La compañía tiene más de 2 gigavatios de oportunidades de venta, incluyendo propuestas con 5 clientes para proyectos en etapas iniciales de diseño que representan 1.0 gigavatios.
헬리오젠 (OTCQX: HLGN)은 2024년 3분기 재무 결과를 발표했으며, 총 수익은 110만 달러로, 2024년 2분기의 230만 달러에서 감소했습니다. 회사는 운영 비용을 순차적으로 32% 줄여 1,260만 달러로 조정했으며, 1,180만 달러의 순손실을 기록하여 2분기의 1,930만 달러보다 개선되었습니다. 이 회사는 4,460만 달러의 유동성을 유지하고 있으며, 부채는 없습니다. 텍사스 스팀 플랜트, 이들의 첫 상업 규모의 설치는 날씨 관련 지연에도 불구하고 2025년 1분기 완공을 향해 진행 중입니다. 이 회사는 2기가와트 이상의 판매 기회를 가지고 있으며, 5명의 고객을 포함한 초기 설계 단계 프로젝트 제안이 1.0기가와트를 차지하고 있습니다.
Heliogen (OTCQX: HLGN) a publié ses résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires total de 1,1 million de dollars, en baisse par rapport aux 2,3 millions de dollars du deuxième trimestre 2024. L'entreprise a réduit ses dépenses d'exploitation de 32% d'un trimestre à l'autre à 12,6 millions de dollars, et a enregistré une perte nette de 11,8 millions de dollars, s'améliorant par rapport aux 19,3 millions de dollars du deuxième trimestre. L'entreprise maintient une liquité de 44,6 millions de dollars sans dette. Leur centrale à vapeur du Texas, leur première installation à échelle commerciale, progresse vers son achèvement au premier trimestre 2025, malgré des retards dus aux conditions climatiques. L'entreprise a plus de 2 gigawatts d'opportunités de vente, y compris des propositions avec 5 clients pour des projets en phase de conception initiale représentant 1,0 gigawatt.
Heliogen (OTCQX: HLGN) berichtete über seine finanziellen Ergebnisse für das dritte Quartal 2024 mit einem Umsatz von 1,1 Millionen Dollar, ein Rückgang von 2,3 Millionen Dollar im zweiten Quartal 2024. Das Unternehmen reduzierte die Betriebskosten sequenziell um 32% auf 12,6 Millionen Dollar und meldete einen Nettverlust von 11,8 Millionen Dollar, eine Verbesserung gegenüber 19,3 Millionen Dollar im zweiten Quartal. Das Unternehmen hält 44,6 Millionen Dollar an Liquidität und hat keine Schulden. Ihr Texas Steam Plant, die erste großflächige kommerzielle Installation, schreitet trotz wetterbedingter Verzögerungen auf den Abschluss im ersten Quartal 2025 zu. Das Unternehmen hat über 2 Gigawatt an Verkaufschancen, einschließlich Vorschlägen von 5 Kunden für Projekte in der frühen Entwurfsphase, die 1,0 Gigawatt repräsentieren.
- 32% sequential reduction in operating expenses
- Improved net loss to $(11.8) million from $(19.3) million in Q2
- Strong liquidity position of $44.6 million with no debt
- 2 gigawatts of sales opportunities in pipeline
- Revenue declined to $1.1 million from $2.3 million in Q2 2024
- Weather-related delays affecting Texas Steam Plant completion
- Continued quarterly net losses
- Adjusted EBITDA remains negative at $(11.9) million
Financial and Operational Highlights
-
Liquidity of
$44.6 million -
Total operating expenses for Q3 2024 decreased by
32% sequentially, compared to Q2 2024 - Texas Steam Plant, Heliogen’s first commercial-scale installation, continues to progress toward mechanical completion in Q1 2025, following impacts on schedule from severe weather events
- Over 2 gigawatts of sales opportunities; outstanding proposals with 5 customers for early design stage projects representing 1.0 gigawatts
“During the third quarter, we continued to advance the company’s engagements with large industrial entities particularly in the
Third Quarter 2024 Financial Results
For the third quarter of 2024, Heliogen reported total revenue of
Total operating expenses were
Net loss was
Heliogen’s Adjusted EBITDA was
As of September 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.
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, the Company’s expectations around nearer-term clean energy supply gaps, 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 Reports on Form 10-Q for the quarter ended March 31, 2024 and June 30, 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) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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June 30, |
|
September 30, |
||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
1,050 |
|
|
$ |
2,273 |
|
|
$ |
2,261 |
|
|
$ |
4,839 |
|
|
$ |
5,604 |
|
|
Cost of revenue |
|
1,110 |
|
|
|
1,859 |
|
|
|
3,929 |
|
|
|
6,516 |
|
|
|
5,763 |
|
|
Gross profit (loss) |
|
(60 |
) |
|
|
414 |
|
|
|
(1,668 |
) |
|
|
(1,677 |
) |
|
|
(159 |
) |
|
|
|
|
|
|
|
|
|
|
|
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Operating expenses: |
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|
|
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|
|
|
|
|
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Selling, general and administrative |
|
7,854 |
|
|
|
14,882 |
|
|
|
9,505 |
|
|
|
29,714 |
|
|
|
36,227 |
|
|
Research and development |
|
4,509 |
|
|
|
5,162 |
|
|
|
4,751 |
|
|
|
13,051 |
|
|
|
15,368 |
|
|
Impairment and other charges |
|
202 |
|
|
|
115 |
|
|
|
4,128 |
|
|
|
4,362 |
|
|
|
1,595 |
|
|
Total operating expenses |
|
12,565 |
|
|
|
20,159 |
|
|
|
18,384 |
|
|
|
47,127 |
|
|
|
53,190 |
|
|
Operating loss |
|
(12,625 |
) |
|
|
(19,745 |
) |
|
|
(20,052 |
) |
|
|
(48,804 |
) |
|
|
(53,349 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest income, net |
|
535 |
|
|
|
335 |
|
|
|
675 |
|
|
|
1,893 |
|
|
|
888 |
|
|
Gain on warrant remeasurement |
|
53 |
|
|
|
74 |
|
|
|
45 |
|
|
|
74 |
|
|
|
326 |
|
|
Other income, net |
|
223 |
|
|
|
767 |
|
|
|
52 |
|
|
|
520 |
|
|
|
1,341 |
|
|
Net loss before taxes |
|
(11,814 |
) |
|
|
(18,569 |
) |
|
|
(19,280 |
) |
|
|
(46,317 |
) |
|
|
(50,794 |
) |
|
Provision for income taxes |
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(3 |
) |
|
Net loss |
$ |
(11,815 |
) |
|
$ |
(18,570 |
) |
|
$ |
(19,282 |
) |
|
$ |
(46,322 |
) |
|
$ |
(50,797 |
) |
|
|
|
|
|
|
|
|
|
|
|
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Loss per share: |
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|
|
|
|
|
|
|
|
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Loss per share – Basic and Diluted |
$ |
(1.94 |
) |
|
$ |
(3.13 |
) |
|
$ |
(3.19 |
) |
|
$ |
(7.66 |
) |
|
$ |
(8.81 |
) |
|
Weighted average number of shares outstanding – Basic and Diluted |
|
6,086,382 |
|
|
|
5,935,823 |
|
|
|
6,045,324 |
|
|
|
6,051,029 |
|
|
|
5,765,356 |
|
|
Heliogen, Inc. Condensed Consolidated Balance Sheets ($ in thousands) (unaudited) |
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September 30, 2024 |
|
December 31, 2023 |
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ASSETS |
|
|
|
|||||
Cash and cash equivalents |
$ |
44,631 |
|
|
$ |
62,715 |
|
|
Investments |
|
— |
|
|
|
12,386 |
|
|
Other current assets |
|
4,129 |
|
|
|
8,365 |
|
|
Total current assets |
|
48,760 |
|
|
|
83,466 |
|
|
Non-current assets |
|
9,232 |
|
|
|
23,567 |
|
|
Total assets |
$ |
57,992 |
|
|
$ |
107,033 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|||||
Trade payables |
$ |
1,073 |
|
|
$ |
746 |
|
|
Accrued expenses and other current liabilities |
|
9,795 |
|
|
|
8,907 |
|
|
Contract liabilities |
|
19,818 |
|
|
|
17,008 |
|
|
Contract loss provisions |
|
74,271 |
|
|
|
75,340 |
|
|
Total current liabilities |
|
104,957 |
|
|
|
102,001 |
|
|
Long-term liabilities |
|
4,627 |
|
|
|
13,047 |
|
|
Total liabilities |
|
109,584 |
|
|
|
115,048 |
|
|
Stockholders’ equity (deficit) |
|
(51,592 |
) |
|
|
(8,015 |
) |
|
Total liabilities and stockholders’ equity (deficit) |
$ |
57,992 |
|
|
$ |
107,033 |
|
|
Heliogen, Inc. Reconciliation of Net Loss to EBITDA and Adjusted EBITDA ($ in thousands) (unaudited) |
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|
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Three Months Ended |
|
Nine Months Ended |
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|
|
September 30, |
|
June 30, |
|
September 30, |
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|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(11,815 |
) |
|
$ |
(18,570 |
) |
|
$ |
(19,282 |
) |
|
$ |
(46,322 |
) |
|
$ |
(50,797 |
) |
|
Interest income, net |
|
(535 |
) |
|
|
(335 |
) |
|
|
(675 |
) |
|
|
(1,893 |
) |
|
|
(888 |
) |
|
Provision for income taxes |
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
|
|
3 |
|
|
Depreciation and amortization |
|
107 |
|
|
|
499 |
|
|
|
349 |
|
|
|
902 |
|
|
|
1,692 |
|
|
EBITDA |
$ |
(12,242 |
) |
|
$ |
(18,405 |
) |
|
$ |
(19,606 |
) |
|
$ |
(47,308 |
) |
|
$ |
(49,990 |
) |
|
Impairment charges (1) |
|
— |
|
|
|
— |
|
|
|
3,354 |
|
|
|
3,354 |
|
|
|
1,008 |
|
|
Gain (loss) on warrant remeasurement (2) |
|
(53 |
) |
|
|
(74 |
) |
|
|
(45 |
) |
|
|
(74 |
) |
|
|
(326 |
) |
|
Share-based compensation (3) |
|
709 |
|
|
|
305 |
|
|
|
681 |
|
|
|
2,676 |
|
|
|
(6,078 |
) |
|
Contract loss (adjustment) provisions (4) |
|
— |
|
|
|
(538 |
) |
|
|
— |
|
|
|
— |
|
|
|
(148 |
) |
|
Contract losses incurred (4) |
|
(492 |
) |
|
|
(304 |
) |
|
|
247 |
|
|
|
(1,069 |
) |
|
|
(1,628 |
) |
|
Change in fair value of contingent consideration (5) |
|
— |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
1,289 |
|
|
Severance costs (6) |
|
202 |
|
|
|
115 |
|
|
|
613 |
|
|
|
847 |
|
|
|
587 |
|
|
Manufacturing Facility closing costs (7) |
|
— |
|
|
|
— |
|
|
|
161 |
|
|
|
161 |
|
|
|
— |
|
|
Employee retention credit (8) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41 |
) |
|
Adjusted EBITDA |
$ |
(11,876 |
) |
|
$ |
(18,849 |
) |
|
$ |
(14,595 |
) |
|
$ |
(41,413 |
) |
|
$ |
(55,327 |
) |
|
________________ |
||
(1) |
|
Impairment charges for the three months ended June 30, 2024 and nine months ended September 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 nine months ended September 30, 2023 includes a one-time reversal of |
(4) |
|
Represents contract loss (adjustments) provisions with customers for which estimated costs to satisfy performance obligations exceeded considerations expected to be realized. The contract loss (adjustment) 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/20241108628949/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 in Q3 2024?
How much did Heliogen (HLGN) reduce operating expenses in Q3 2024?
What is the current liquidity position of Heliogen (HLGN)?
When is Heliogen's (HLGN) Texas Steam Plant expected to complete construction?
