Monday, May 23, 2022 1:41:57 PM
May 23 2022 - 07:00AM, Business Wire
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/88181975/heliogen-inc-announces-first-quarter-2022-financ
Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today provided its first quarter 2022 financial and operational results and reaffirmed its previously announced guidance for 2022.
First Quarter 2022 Highlights
- Signed full project agreement with Woodside Energy (USA) Inc. (“Woodside”) for the commercial-scale demonstration and deployment of Heliogen’s AI-enabled concentrated solar energy technology
- Entered into a collaboration agreement with Woodside to jointly market Heliogen’s technology in Australia
- Began site preparation and setup for its first full-scale manufacturing facility in Long Beach, California
Recent Highlights
- Finalized and executed a lease for Brenda Solar Energy Zone with U.S. Bureau of Land Management
- Announced partnership with Hanwha Power Systems for the production of a 5 megawatt electric (MWe) next-generation supercritical CO2 power block integrated with high-temperature solid media thermal energy storage designed by Heliogen and to be deployed with the Woodside project
- Reported significant progress in the operationalization of the Long Beach manufacturing facility
Executive Commentary
“Heliogen’s progress in deploying our groundbreaking solar energy technology with world class partners continued at a rapid pace during the first quarter of this year,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “The momentum we built during 2021 has put us in a great position to maintain our trajectory in 2022 and continue meeting milestones on our path to deployment of solar energy systems for heavy industry. We remain on track to achieve our financial and operational goals this year, which will serve as the foundation for our continued growth in 2023 and beyond.
“During the first quarter, we finalized and signed the full project agreement with Woodside for our first commercial-scale, single-module 5 MWe facility,” continued Gross. “We continue to make great progress with several other potential customers including global metals and mining company Rio Tinto. I’m also pleased with the discussions taking place with Woodside as we kick off our collaboration effort to jointly market Heliogen’s technology in Australia.
“On the manufacturing and development side, we have made rapid progress on the build-out of our facility in Long Beach, California. Multiple fully-automated pilot production lines are now operational along with the vast majority of our reliability and testing lab. We remain on track for the main production lines to be operational in the second half of this year. The impressive progress our production team has made on this facility is a testament to their ingenuity and efficiency, which we expect to apply across all manufacturing, installation and operational efforts,” concluded Gross.
2022 Guidance Reaffirmed
Heliogen today also reaffirmed its previously announced 2022 guidance of between two and three modules contracted and $20 - $25 million of revenue. Heliogen believes the number of modules contracted is the most useful indicator of demand for its products and technology at this stage in its lifecycle. Over time, Heliogen expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion.
First Quarter 2022 Financial Results
For the first quarter 2022, Heliogen reported total revenue of $3.5 million, total operating expenses of $30.0 million and net loss of $59.0 million. Heliogen’s net loss was driven primarily by a non-cash provision for contract losses of $33.8 million related to its first commercial-scale facility and non-cash share-based compensation expense of $13.0 million. Heliogen’s Adjusted EBITDA, which excludes these and other impacts, was negative $16.3 million for the first quarter 2022.
Conference Call Information
The Heliogen management team will host a conference call to discuss its first quarter 2022 financial results today, Monday, May 23, 2022, at 10:00 a.m. EDT. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.
An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.
About Heliogen
Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. Heliogen’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com.
Use of 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 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. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA.
Heliogen, Inc.
($ in thousands, except share data)
Condensed Consolidated Balance Sheets
(unaudited)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005394/en/
Heliogen Investor Contact
Louis BaltimoreHeliogenPR@icrinc.com
Investor Relations
Louis.Baltimore@Heliogen.com
Heliogen Media Contact:
Cory Ziskind
ICR, Inc.
Recent HLGN News
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/23/2024 10:11:18 PM
- Form SC 13D - General statement of acquisition of beneficial ownership • Edgar (US Regulatory) • 05/23/2024 06:48:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 08:37:00 PM
- Heliogen, Inc. Announces First Quarter 2024 Financial and Operational Results • Business Wire • 05/08/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 04/17/2024 08:14:34 PM
- Form 8-A12B/A - Registration of securities [Section 12(b)]: [Amend] • Edgar (US Regulatory) • 04/16/2024 08:40:04 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 04/16/2024 08:31:46 PM
- Heliogen Extends Limited Duration Stockholders Rights Plan • Business Wire • 04/16/2024 08:30:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 04/05/2024 08:57:23 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 03/26/2024 09:27:28 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/26/2024 08:23:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/25/2024 08:13:30 PM
- Heliogen, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operational Results; Appoints New CFO • Business Wire • 03/25/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/18/2024 08:13:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/18/2024 08:12:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/18/2024 08:11:38 PM
- Heliogen, Inc. Schedules Release of Fourth Quarter and Full Year 2023 Financial Results and Conference Call • Business Wire • 03/14/2024 10:20:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:06:33 PM
- Heliogen and Omanor Forge Collaboration for Solar Energy Expansion in Mexico • Business Wire • 01/16/2024 01:00:00 PM
- Heliogen Announces CFO Transition • Business Wire • 01/12/2024 01:00:00 PM
- Heliogen’s CEO to Lead Public Presentation in Sidoti’s Virtual Investor Conference • Business Wire • 01/05/2024 01:00:00 PM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 12/21/2023 10:27:07 PM
- Heliogen Unveils Significant Achievement in Concentrating Solar Technology with Successful Demonstration of Advanced Control Software at Sandia Labs • Business Wire • 12/05/2023 01:00:00 PM
- Small-Cap Growth Virtual Investor Conference: Presentations Now Available for Online Viewing • GlobeNewswire Inc. • 12/01/2023 01:35:00 PM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM
Snakes & Lattes Opens Pop-Up Location at The Wellington Market in Toronto: A New Destination for Fun and Games - Thanks 'The Well', PepsiCo, Indie Pale House & All Sponsors & Partners for Their Commitment & Assistance Throughout The Process • FUNN • Jun 13, 2024 8:18 AM
HealthLynked Introduces Innovative Online Medical Record Request Form Using DocuSign • HLYK • Jun 12, 2024 8:00 AM
Ubiquitech Software Corp (OTC:UBQU) Posts $624,585 Quarterly Revenue - Largest Quarter Since 2018 • UBQU • Jun 11, 2024 10:13 AM