Heliogen Inc (HLGN)

[WeTheMarket]

Heliogen, Inc. Announces First Quarter 2023 Financial and Operational Results
May 09 2023 - 04:13PM
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/91005815/heliogen-inc-announces-first-quarter-2023-financ

Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its first quarter 2023 financial and operational results.

Recent Highlights

- Began high-volume automated heliostat production at Heliogen’s manufacturing facility in Long Beach, CA

First Quarter 2023 Highlights

- Entered into an agreement to provide front-end concept design and R&D engineering services
- Completed the preliminary design and secured a site for the “Proxima” green hydrogen project in Lancaster, CA
- Implemented cost reduction program to streamline operations and extend liquidity runway
- Following the leadership transition of Heliogen’s CEO in February 2023, announced Strategic Plan and formed - Board-level Corporate Strategy Committee to oversee the implementation of Heliogen’s long-term strategic plan and specific strategic initiatives

Executive Commentary

“During the first quarter of 2023, we embraced a new chapter of growth and resilience at Heliogen. After introducing our strategic initiatives aimed at delivering significant value to our shareholders and customers, we devised our cost reduction program and began to implement it at the end of March,” said Christie Obiaya, Heliogen’s Chief Executive Officer.

Ms. Obiaya continued, “We are committed to accelerating our sales and establishing stronger relationships with our commercial partners, as well as leveraging research and development opportunities that validate important applications for decarbonization. Our focus on perfecting our product-market fit, expediting the deployment of large-scale projects, and ensuring financial stability will help drive Heliogen’s success in the coming quarters. In a short time, we have made great progress on our strategic initiatives, and we will continue to forge ahead with determination to deliver on the promise of our groundbreaking technology.”

First Quarter 2023 Financial Results

For the first quarter 2023, Heliogen reported total revenue of $1.9 million and net loss of $10.5 million. Heliogen’s net loss in the fourth quarter 2022 was $35.0 million. The change in net loss for the first quarter 2023 compared to the fourth quarter 2022 was driven primarily by a non-cash reduction of share-based compensation expense of $17.5 million and a $6.6 million decrease of R&D expenses. Heliogen’s Adjusted EBITDA was negative $17.8 million for first quarter 2023.

Conference Call Information

The Heliogen management team will host a conference call to discuss its first quarter 2023 financial results on Wednesday, May 10, 2023, 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 1-877-300-8521 (1-412-317-6026 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.

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 [e-mail].

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, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, 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.