Heliogen, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operational Results; Appoints New CFO
Financial and Operational Highlights
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2.0 gigawatts (“GW”) in opportunity pipeline, an increase of nearly 1.2 GW since
August 2023 - Demonstrated third-party validation of the effectiveness of Heliogen’s proprietary control system at Sandia National Laboratories’ National Solar Thermal Test Facility, validating software’s role in enhancing solar plant efficiency and interoperability, paving the way for commercialization through licensing opportunities
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Executed a joint development agreement with Omanor, a real estate developer of logistics & energy infrastructure assets, and provider of permitting and off-take services for renewable projects in
Mexico , unlocking an expanded market inLatin America and gaining on-the-ground expertise needed to initiate projects of scale -
Executed a contract with Woodside Energy for up to
$1.6 million to progress engineering and development for theBrenda Green Hydrogen Project inArizona , anticipated to produce up to 20,000 metric tons per year of fuel cell electric vehicle grade liquid hydrogen -
Began site preparation for heliostat field installation at the
Heliogen steam plant in thePermian Basin with mechanical completion on track for the end of 2024 -
Developed and executed on an operating cost reduction plan forecasted to address both investment and operating needs of
Heliogen intoMarch 2025 -
$76 million contracted revenue backlog driven by a diverse set of contracts ranging from next-generation concentrated solar power (“CSP”) to green hydrogen to sustainable aviation fuel -
$75.1 million in available liquidity as ofDecember 31, 2023 - Initiated a comprehensive review process to explore and evaluate strategic alternatives for enhancing value
“Reflecting on the past year, I am proud of the
Appointment of Chief Financial Officer
“I’m delighted to welcome Phelps to the
Fourth Quarter and Full Year 2023 Financial Results
During the fourth quarter 2023,
For the fourth quarter and full year 2023,
Heliogen’s Adjusted EBITDA was
As of
Conference Call Information
The
An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.
Open Conference Call Question Submission
Members of the investor community may submit questions before the start of the conference call for consideration via email to louis.baltimore@heliogen.com.
About
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 expectation that our cost reduction strategy will position us to continue our work into
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Three Months Ended |
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Year Ended |
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2023 |
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|
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2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
(1,159 |
) |
|
$ |
4,720 |
|
|
$ |
4,445 |
|
|
$ |
13,751 |
|
Cost of revenue |
|
54,285 |
|
|
|
3,475 |
|
|
|
60,048 |
|
|
|
47,536 |
|
Gross profit (loss) |
|
(55,444 |
) |
|
|
1,245 |
|
|
|
(55,603 |
) |
|
|
(33,785 |
) |
|
|
|
|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
|
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Selling, general and administrative |
|
13,841 |
|
|
|
20,491 |
|
|
|
50,655 |
|
|
|
81,224 |
|
Research and development |
|
5,660 |
|
|
|
11,833 |
|
|
|
21,028 |
|
|
|
38,281 |
|
Impairment charges |
|
6,766 |
|
|
|
6,922 |
|
|
|
7,774 |
|
|
|
6,922 |
|
Total operating expenses |
|
26,267 |
|
|
|
39,246 |
|
|
|
79,457 |
|
|
|
126,427 |
|
Operating loss |
|
(81,711 |
) |
|
|
(38,001 |
) |
|
|
(135,060 |
) |
|
|
(160,212 |
) |
|
|
|
|
|
|
|
|
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Interest income, net |
|
560 |
|
|
|
329 |
|
|
|
1,448 |
|
|
|
995 |
|
Gain on warrant remeasurement |
|
216 |
|
|
|
1,242 |
|
|
|
542 |
|
|
|
13,921 |
|
Other income, net |
|
2,132 |
|
|
|
1,209 |
|
|
|
3,473 |
|
|
|
2,280 |
|
Net loss before taxes |
|
(78,803 |
) |
|
|
(35,221 |
) |
|
|
(129,597 |
) |
|
|
(143,016 |
) |
Benefit (provision) for income taxes |
|
2 |
|
|
|
235 |
|
|
|
(1 |
) |
|
|
1,016 |
|
Net loss |
$ |
(78,801 |
) |
|
$ |
(34,986 |
) |
|
$ |
(129,598 |
) |
|
$ |
(142,000 |
) |
|
|
|
|
|
|
|
|
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Loss per share: |
|
|
|
|
|
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|
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Loss per share – Basic and Diluted (1) |
$ |
(13.15 |
) |
|
$ |
(6.32 |
) |
|
$ |
(22.26 |
) |
|
$ |
(26.13 |
) |
Weighted average number of shares outstanding – Basic and Diluted (1) |
|
5,991,628 |
|
|
|
5,537,887 |
|
|
|
5,822,389 |
|
|
|
5,433,912 |
|
________________ |
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(1) Periods presented have been adjusted to reflect the 1-for-35 reverse stock split on |
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2023 |
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2022 |
ASSETS |
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Cash and cash equivalents |
$ |
62,715 |
|
|
$ |
45,719 |
Investments |
|
12,386 |
|
|
|
97,504 |
Other current assets |
|
8,365 |
|
|
|
15,598 |
Total current assets |
|
83,466 |
|
|
|
158,821 |
Non-current assets |
|
23,567 |
|
|
|
32,798 |
Total assets |
$ |
107,033 |
|
|
$ |
191,619 |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
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Trade payables |
$ |
746 |
|
|
$ |
6,921 |
Contract liabilities |
|
17,008 |
|
|
|
10,348 |
Contract loss provisions |
|
75,340 |
|
|
|
28,418 |
Other current liabilities |
|
8,907 |
|
|
|
5,602 |
Total current liabilities |
|
102,001 |
|
|
|
51,289 |
Long-term liabilities |
|
13,047 |
|
|
|
15,006 |
Total liabilities |
|
115,048 |
|
|
|
66,295 |
Stockholders’ equity (deficit) |
|
(8,015 |
) |
|
|
125,324 |
Total liabilities and stockholders’ equity (deficit) |
$ |
107,033 |
|
|
$ |
191,619 |
|
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Three Months Ended |
|
Year Ended |
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|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(78,801 |
) |
|
$ |
(34,986 |
) |
|
$ |
(129,598 |
) |
|
$ |
(142,000 |
) |
Interest income, net |
|
(560 |
) |
|
|
(329 |
) |
|
|
(1,448 |
) |
|
|
(995 |
) |
Provision (benefit) for income taxes |
|
(2 |
) |
|
|
(235 |
) |
|
|
1 |
|
|
|
(1,016 |
) |
Depreciation and amortization |
|
450 |
|
|
|
298 |
|
|
|
2,142 |
|
|
|
2,587 |
|
EBITDA |
$ |
(78,913 |
) |
|
$ |
(35,252 |
) |
|
$ |
(128,903 |
) |
|
$ |
(141,424 |
) |
Impairment charges (1) |
|
6,766 |
|
|
|
6,922 |
|
|
|
7,774 |
|
|
|
6,922 |
|
Gain on warrant remeasurement (2) |
|
(216 |
) |
|
|
(1,242 |
) |
|
|
(542 |
) |
|
|
(13,921 |
) |
Share-based compensation (3) |
|
914 |
|
|
|
8,249 |
|
|
|
(5,164 |
) |
|
|
42,861 |
|
Contract loss provisions (4) |
|
53,002 |
|
|
|
39 |
|
|
|
52,854 |
|
|
|
33,776 |
|
Contract losses incurred (4) |
|
(4,338 |
) |
|
|
(2,216 |
) |
|
|
(5,966 |
) |
|
|
(5,718 |
) |
Change in fair value of contingent consideration (5) |
|
(1,642 |
) |
|
|
(593 |
) |
|
|
(353 |
) |
|
|
(1,656 |
) |
Reorganization costs (6) |
|
573 |
|
|
|
— |
|
|
|
1,160 |
|
|
|
— |
|
Employee retention credit (7) |
|
— |
|
|
|
(1,579 |
) |
|
|
(41 |
) |
|
|
(1,579 |
) |
Adjusted EBITDA |
$ |
(23,854 |
) |
|
$ |
(25,672 |
) |
|
$ |
(79,181 |
) |
|
$ |
(80,739 |
) |
________________ |
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(1) |
Impairment charges during 2023, are associated with our Collaboration Warrants, cloud computing implementation costs and goodwill. Impairment charges during 2022, are associated with property, plant and equipment for construction in progress for certain project-related costs and intangible assets. |
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(2) |
Represents the change in fair value on our outstanding warrant liabilities. |
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(3) |
Share-based compensation for the year ended |
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(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. |
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(5) |
Represents the change in fair value of our contingent consideration associated with the acquisition of |
|
(6) |
Represents reorganization costs related to employee severance and related benefits recorded during 2023. |
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(7) |
Represents the employee tax credit to the Coronavirus Aid, Relief, and Economic Security Act recorded as grant revenue. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240325559340/en/
Heliogen Investors Contact:
VP, Strategic Finance & Investor Relations
Louis.Baltimore@heliogen.com
Heliogen Media Contact:
Manager, Corporate Communications
media@heliogen.com
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