Heliogen to Restate Full Year 2021 Financials
Heliogen, Inc. (NYSE:HLGN) announced a restatement of its full-year 2021 financial statements due to a revised contract accounting method, which reclassifies a government contract as a government grant. This adjustment will reverse a previously recognized contract loss, resulting in improved financial metrics. The restatement is not expected to impact the company's operations, prospects, or liquidity. Heliogen is set to release its first quarter 2022 results on
- Restatement leads to a reversal of a contract loss, improving net loss figures.
- No material impact on operations, prospects, or liquidity from the restatement.
- None.
First Quarter 2022 Results and Conference Call Now Scheduled for
As part of the Company’s accounting for revenue contracts with customers during the first quarter of 2022, management, in consultation with its independent registered public accounting firm, considered ongoing contracts that were entered into and accounted for during the year ended
The Company’s Audit Committee made the restatement decision in consultation with management and the Company's independent registered public accounting firm. As a result of the restatement, investors should no longer rely upon the Company's previously issued financial statements for the period set forth above, earnings releases for such period, and other communications relating to the financial statements. The impact of the restatement described above is preliminary and subject to change, and will be finalized with the filing of the Company’s amended 10-K.
First Quarter 2022 Earnings and Conference Call Details
The Company will release its first quarter 2022 results prior to the market open on
A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.
About
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company’s restatement of certain historical financial statements and the Company’s financial position, operations or liquidity. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including that the process of preparing the restated financials or other subsequent events would require the Company to make additional adjustments to its previously issued financial statements. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220516006112/en/
Heliogen Investor Contact:
VP, Investor Relations
Louis.Baltimore@heliogen.com
Heliogen Media Contact:
HeliogenPR@icrinc.com
Source:
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